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Monthly macro reviews, deep dives, and annual reports — written by our analysts.
Monthly Macro Review - May 2026
Ukraine intensified attacks on Russian energy infrastructure throughout May, targeting refineries and export facilities across multiple locations. By mid-month, Kyiv reported striking 11 Russian oil facilities.
Tim Cook's Departure
On April 20, 2026, Apple announced Tim Cook's departure with minimal fanfare—"eleven sentences" for a company he transformed from a $350 billion enterprise into a $4 trillion empire.
Monthly Macro Review - April 2026
A temporary ceasefire between the United States and Iran announced on April 8 quickly unraveled due to disagreements about whether Lebanon was included. The Strait of Hormuz remained partially closed with severely disrupted shipping by month's end.
Monthly Macro Review - March 2026
Over one month into the conflict, the U.S. and Israeli operations against Iran have stalled despite striking more than 10,000 targets. President Trump's anticipated "quick operation" evolved into a regional conflict with significant military, energy, and political ramifications.
Signa Holding: The Largest Bankruptcy in Austrian History
Few corporate collapses in recent European real estate have matched the scale, prestige, and symbolic weight of Signa Holding. Built by Austrian entrepreneur René Benko, the group grew into a vast property and retail empire with holdings that stretched from prime assets in the German speaking world to stakes in Selfridges and New York's Chrysler Building.
Monthly Macro Review - February 2026
Following weeks of diplomatic tensions, the United States and Israel conducted military operations against Iran on February 28. The strikes targeted regime leadership, atomic facilities, and ballistic weapon sites.
Monthly Macro Review - January 2026
The United States has reasserted global influence through geopolitically significant interventions. Following Nicolás Maduro's removal from Venezuela, new privatization laws enabled immediate oil sector opening.
Investment Society Lausanne - Annual Report 2025
The Investment Society Lausanne is a student-run, non-profit investment fund established in 2019, operating on the UNIL-EPFL campus. As the largest fund of its kind in the Lausanne region, it offers students from the University of Lausanne (UNIL) the opportunity to gain hands-on experience in investment management.
Monthly Macro Review - December 2025
The EU-Mercosur trade agreement emerged as a contentious issue during December, exemplifying how fragile trade liberalization remains amid rising protectionism and tariff concerns.
Monthly Macro Review - November 2025
Japan's November economic activity centered on the "Takaichi Doctrine," with the Cabinet approving a ¥21.3 trillion ($135 billion) stimulus package to address stagflation.
Monthly Macro Review - October 2025
Argentina's October 26 legislative elections became a pivotal test of President Javier Milei's economic policies. His La Libertad Avanza party achieved approximately 41% of the national vote, defying earlier polls suggesting weakened support.
Monthly Macro Review - September 2025
Saudi Arabia and Pakistan established a mutual defence agreement on September 17, marking a significant shift in regional security dynamics. This formal pact treats attacks on either nation as collective threats.
Argentina on the Edge of Reform: Politics, Prices, and the Road to October 26
Argentina's economic reform drive under President Javier Milei has reached a critical juncture. After nearly two years of aggressive stabilization measures, Milei's libertarian coalition suffered a bruising electoral defeat in Buenos Aires Province on September 7, 2025, a result widely seen as a referendum on his austerity agenda.
Monthly Macro Review - August 2025
Trump's mid-August meeting with Putin in Alaska concluded without achieving a ceasefire accord, despite the president's initial optimism. European officials and Ukrainian leadership subsequently convened at the White House to deliberate security arrangements.
The New Age of Tariffs: Economic Tool or Political Weapon?
In recent months, tariffs have dominated economic and political discussions, reshaping global markets and influencing strategic decisions across industries. For economics and finance students, comprehending how trade barriers affect economic interactions domestically and internationally—and alter investment decisions—proves essential.
Beyond Debt-to-GDP: A French Perspective on National Debt and the Bigger Picture
The debt-to-GDP ratio dominates public finance discussions globally, from Friedrich Merz's fiscal consolidation plans in Germany to Donald Trump's budget proposals and François Bayrou's French budget initiatives. For those raised in France, this metric appears inescapable—discussed in schools, election campaigns, and news coverage as if it were the ultimate measure of economic health.
Monthly Macro Review - July 2025
Recent diplomatic developments have fundamentally altered global trade dynamics. The United States reached a significant framework agreement with Japan, establishing a 15% tariff on Japanese imports while Japan committed to a $550 billion investment in the U.S.
Monthly Macro Review - June 2025
Mid-June tensions between Iran and Israel, including Iranian missile attacks and subsequent U.S. airstrikes on nuclear facilities, raised concerns about potential Strait of Hormuz disruptions. With approximately 20% of global oil supply transiting through this passage, fears of closure drove Brent crude up more than 10%, briefly topping $77 per barrel.
Monthly Macro Review - May 2025
During a Middle Eastern visit from May 13-16, Donald Trump secured over $2,000 billion in cumulative commitments with Saudi Arabia, Qatar and the United Arab Emirates. In Riyadh, he finalized a $142 billion defense contract and committed $600 billion toward energy, infrastructure, and artificial intelligence initiatives.
Daniel Křetínský: A Long-Term Contrarian Investor Across Sectors
Daniel Křetínský is a Czech billionaire investor renowned for his methodical, long-term approach to value investing across diverse industries. At age 49, he built a sprawling European business empire spanning energy, retail, media, logistics, and sports.
Monthly Macro Review - April 2025
Canada's Liberal Party, under Prime Minister Mark Carney, secured 168 of 343 electoral districts, up from 153 previously, though falling short of majority control against the Conservative Party. April 2 marked a pivotal economic moment as Trump's tax initiatives triggered global reverberations.
Monthly Macro Review - March 2025
Germany's Bundestag approved a significant budget overhaul on March 18, eliminating the nation's strict 0.35% GDP debt constraint. With parliamentary support exceeding two-thirds, Europe's largest economy has decided to increase its budget by 1000 billion euros for national infrastructure.
RJR Nabisco leveraged buyout: The story of one of the biggest deals ever
RJR Nabisco was formed in 1985–1986 when tobacco giant R.J. Reynolds (maker of Winston and Camel cigarettes) merged with Nabisco Brands, a leading consumer foods company known for Oreo cookies and Ritz crackers. This merger created a diversified conglomerate with both a tobacco business and a food business.
Investment Society Lausanne - Annual Report 2024
The Investment Society Lausanne operates as a student-run, non-profit investment fund established in 2019 on the UNIL-EPFL campus. The organization represents the largest fund of its type in the Lausanne region, providing hands-on investment management experience to students from both universities.
Elon Musk, Tesla's Biggest Asset and Liability
Tesla's transformation from a Silicon Valley startup into the world's most valuable automaker is fundamentally connected to Elon Musk. His visionary leadership and distinctive personality have propelled the company forward, establishing him as its most significant advantage.
Monthly Macro Review - February 2025
Germany's February 23rd federal elections reflected widespread economic dissatisfaction. Friedrich Merz's CDU/CSU secured 28.5% support, while the AfD achieved a historic 20.8%—indicating population's distrust of the traditional parties.
Banking Consolidation in Italy: A New Era of Strategic Mergers
European Central Bank President Christine Lagarde has emphasized the necessity of cross-border mergers to strengthen the banking sector and reduce financial fragmentation. The ECB advocates consolidation to help European banks compete against American and Chinese financial giants.
Monthly Macro Review - January 2025
President Trump, inaugurated January 20, 2025, unveiled significant economic initiatives. He proposed cutting corporate taxes to 15% for U.S.-based production, funded by higher tariffs, including a universal 2.5% import tax alongside targeted duties on China, Canada, and Mexico.
Monthly Macro Review - December 2024
The Federal Reserve reduced benchmark rates by 100 basis points beginning in September, yet paradoxically, the US 10-year Treasury yield rose by an equivalent amount. Following the Fed's December announcement revising inflation targets upward for 2025 and 2026, market sentiment shifted toward a more hawkish outlook.
Monthly Macro Review - November 2024
The Trump administration established a new Department of Government Efficiency led by Elon Musk and Vivek Ramaswamy, targeting significant reductions in regulations, bureaucracy, and public spending. This initiative responds to concerns about the U.S. national debt reaching approximately 120% of GDP.
Monthly Macro Review - October 2024
U.S. Treasury yields have increased substantially since early October despite the Federal Reserve's pivot toward rate reductions. The surge stems from mounting national debt and electoral uncertainty.
Monthly Macro Review - September 2024
On September 24, China's government and central bank unveiled stimulus measures targeting 5% economic growth. Chinese stock markets surged dramatically, with the CSI 300 index gaining 25% between September 23-30—their biggest weekly rises since 2008.