A Latam Refresher in Challenging Times
In this week’s market commentary, we address recent macroeconomic, political, and market developments across Latin America and their implications for the region’s investment landscape.
First Quarter 2026 Earnings Recap: Acing the Test
Some memories, insignificant as they might seem, stay with us forever. When I was in middle school, I vividly remember walking into a geometry exam in a class taught by a notoriously tough math teacher, feeling nervous and unprepared, convinced of my impending failure. Shock could not describe my surprise when I received my test back and saw I had received a perfect score.
The Mythos Effect: Cybercrime-as- a-service
Ever had a random “prince” or mysteriously rich stranger slide into your inbox offering you a massive inheritance for almost nothing? Mankind’s development has generally followed a path from mythos to logos, from belief to reason. But in cybersecurity, that trajectory now appears to be reversing.
The Fog of Peace: Potential Investment Implications From the Conflict with Iran
Many of us have heard about the “fog of war”. Often occurring during the heat of battle, it is a period fraught with miscommunication, confusion, and uncertainty. In other words, a time of utter informational chaos, when no one is exactly sure what is going on or what is going to happen next.
IMF April Publications – Fiscal Stains and Select Opportunities in a Fragmenting World
The global economy in 2026 finds itself navigating a far more complex and fragile landscape than many anticipated at the start of the year. What began as a gradual post-pandemic normalization and recovery from the price dislocations associated with Liberation Day, has been disrupted by the escalation of conflict in the Middle East.
Peru Elections – of Old Acquaintances and Electoral Chaos.
On April 12th, Peruvians went to the ballots to elect their ninth president in the last ten years, against a back drop of a polarized country with decreasing trust in institutions and with a ballot of 35 candidates.
The Consumer (in)discretion
It has been long said that the American economy relies more on the health of its consumers than on other factors. However, since the start of the Covid-19 pandemic, the U.S. consumer has seen a shift in its spending trends. its pent-up savings have been allocated towards services instead of goods, with a stark intention to make up for the time of lockdown.
Second-Order Opportunities
Japan and Korea: Two Tiny Tigers Take Two Taxis to Town
While the world has been fixated on the war in Iran, two other market stories have been unfolding in parallel. Japan and South Korea, one the seasoned mentor, the other the export-driven tiger, have rallied in recent months for very different reasons.
A High Yield Primer for Volatile Times
With volatility elevated in early 2026, we wanted to take a closer look at the U.S. high yield market to assess how issuers and investors are positioning, what current pricing and flows are signaling, and what this implies for credit conditions over the coming months.
Private Credit: 750,000 Pages of Unread Documents
Due to the complexity of the private credit industry, this weekly piece is divided into two sections. Part I provides an overview of the current private credit market landscape, while Part II examines the impact of private credit on the technology and software industries, as well as its potential implications for the broader market.
Industrial Pressure
Following this morning’s ruling by the Supreme Court of the United States, which struck down the tariff framework promoted by Donald Trump, the decision reinforces how political volatility is likely to remain a key driver for industrial materials. Nevertheless, we maintain our views on aluminum, silver, and copper as outlined in the analysis below, as structural supply-demand dynamics continue to be the main drivers over the medium to long term.