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Tesla: Driving Without Wheels
At a $1.25 trillion market cap, only 12% of Tesla's value comes from making cars. The rest is a bet on Robotaxi, Self-Driving Subscriptions, and Optimus…
Mar 24
•
Giulio Bertini
2
1
2
Beating the Herd: Sizing Your Trades
Most investors focus on whether they're right. Fewer ask how much to bet on it. What blackjack and poker can teach us about probability and position…
Mar 17
•
Giulio Bertini
4
2
1
How Iran Tipped the Scales
The Iran conflict has repriced global rate expectations from cuts to holds. Here's what to expect from the Fed, ECB and BoE next week.
Mar 12
•
Giulio Bertini
8
4
Looking Through Chaos: Why Wars Don't Crash Markets
Since WWII, US stocks have averaged 6% returns in the 12 months after war breaks out.
Mar 10
•
Giulio Bertini
9
2
4
February 2026
Why Benchmarks Win
A structural explanation for why benchmark assets outperform in the long-run, and why capital concentrates there.
Feb 24
•
Giulio Bertini
5
2
2
Resilient Markets, Concentrated Risk and the Bid for Gold
Supportive macro conditions, elevated S&P 500 concentration and gold’s outperformance.
Feb 17
•
Giulio Bertini
7
4
2
Japan Prints. Markets Price.
Japan’s macro backdrop remains constructive, rates look set to continue repricing, equity valuations appear stretched, and USDJPY holds within a range.
Feb 10
•
Giulio Bertini
7
2
1
January 2026
Geopolitics as a Structural Driver of US–EU Rate Divergence
Geopolitical tensions risk becoming a structural driver of US–EU rate divergence, as tariffs may affect inflation and growth asymmetrically.
Jan 27
•
Giulio Bertini
5
1
1
Skating on Thin Ice
An assessment of the current US macro and market backdrop, examining the interaction between monetary policy, fiscal expansion, and financial market…
Jan 20
•
Giulio Bertini
11
4
2
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