Power Transmission - Now comes the hard part
Electricity distribution is a sovereign national responsibility; with sizzling demand, energy generation and distribution is also a major EU priority ...a fork in the road of European construction
Pininvest Insights
facts – however patchy – provide guidance in investment decisions,
performance & risk exposure will be a reality check
Energy Policies - Hither and Yon
Pulled in many directions, here and there, access to electricity has become too critical to be left under the guidance of mere state utilities - with unpredictable outcomes as political factions take sides
AI - Preparing Intelligence Explosion ?
As if the promises of targeted artificial intelligence were not great enough, investors have been underwriting hard infrastructure in data centers to unlock a super-human state of uncertain magnitude. Do AI architects know if this mirage is for real?
AI - Great Expectations ?
In the run-up of tranformative discoveries such as AI, it is not so hard to set bubbly excess apart from sensible investment opportunities. By scrutinizing chokepoints and toll-keepers, risk exposure and competitive strengths will stand out
Japan - Lessons of Restoration
Restoration earmarking Japan's Meiji era (from 1857) was not just about 'opening up' to Western trade but a determined industrial effort to catch-up on its sole strengths (and sacrifices) - still holding lessons to this day
Japan - Supply chains
Inspired by the Meiji Restoration, mutually supportive relationships anchored Japanese industrial firms on strong foundations, in Japan and globally, making partnerships on Western markets attractive and mutually beneficial
China's People - Strolling through the XXth Century
As actors and as victims, China's people suffered the indignities of the Qing Court's divided politics and of a massive geopolitical shift, setting Japan on course to dominate Asia until the 1940's
China and the West - Strolling through the XXth Century
An opening act in a century of unbridled violence sets Russia's imperial ambitions on a deadly course with Japan's obsessive thirst of control beyond its borders, all at the expense of China
China and the West - The Actuators Gap
Gaps are not where you look - in rare earhs, they are real in the processing and the refining, not in the mining. In actuators, there is no real gap in the technology but an abysmal gap in volume supply at low price for fast growing novel industries
Portfolio construction - Old School Rules
It is easy to overthink a portfolio construction because of the massive data you can access - By selecting filters, the investor will be clarifying true priorities (and test their relevance)
The Yuan also rises
Reflecting global reach, credibility of national governance and economic dominance, currency convertibility can be facilitated in practice but cannot be summoned by diktat; trust will be earned in the long haul
U.S. dollar - Indispensable and Challenged
Debt issuance in U.S. dollars is privilege but the reserve currency status is a straight jacket with flaws - Expectations run high, everyone wants a piece while American control gets harder, diluting responsability and credibility
China - a 21st Century Industrial Revolution
Self-sufficiency in the production of intermediate goods and machinery is powered by automation, generating a structural mismatch between growing exports of all types and weakened imports of advanced manufactured products
Building EVs with picks and shovels
Factory equipment manufacturers are on a roll as automakers rush the installation of EV (electrical vehicles) production lines
ASML and the semiconductor ecosystem
The year on year share price performance (topping 100%) is compelling but investors anticipate very strong earnings, going forward, to bring PE in line with the high flyers of the semiconductor supply chain
ASML the horse and the barn
The disruptive potential of AI-based technologies has raised American concern about China's 'military-civil fusion' strategy and the forceful geopolitical pressure by U.S. Administrations on foreign allies has been successful, up to a point...
A Golden Age - Make the Dutch Provinces Great !
With victory in the Revolt against Spain in 1648, the challenge had evaporated and the Dutch Republic needed to find a fresh purpose in itself, above and beyond its outstanding economic success
A Golden Age - Holland's Power by the Numbers
The Seventeenth Century - or at least its first 75 years - was called 'Golden' in the Northern Netherlands not just as symbol of material abundance but by virtue of the social cohesion the small Republic achieved