The iPhone combined an aura of excitement with a very flexible toolkit and ease of use that the competition struggled to match in 2007. Currently it is more than just a device: it is a key to access an ecosystem in which many different services can be consumed.
Will ChatGPT become something similar? To say that ChatGPT is the next iPhone would mean that OpenAI could become the most valued company in the world by market cap and stay there for many years, much like Apple did, which developed both hardware and software. It’s likely that Apple wouldn’t have been as successful if it had focused solely on hardware or solely on software.
The post-war energy model in Ukraine
The Russian invasion of Ukraine last February turned energy markets upside down. In no time at all, governments, businesses and citizens became aware of the risks of dependence on fossil fuels (and certain unreliable countries). The answer has been to accelerate the clean energy transition, but it will not be an easy task. Not cheap either.
“The recent energy crisis has prompted many countries to consider accelerating their green energy transition plans to reduce their reliance on third countries,” andexplains Joaquín Robles, XTB analyst. “The main disadvantage of this process is that it is very slow and expensive.”
The share of fossil fuels in the global energy mix has been consistently high at around 80% for decades. According to the International Energy Agency (IEA), this percentage needs to be reduced to 22% by 2050 in a zero-net economy, leaving countries with much work to do to reverse this situation.
This is to be expected with a view to 2023 Key technologies such as wind, solar, hydrogen or carbon capture and storage (CCS) continue to grow. At least they think so Coco Zhang and Gerben Hieminga, analysts at ING Research. “Headwinds from supply chain disruptions and higher interest rates are likely to persist, but policy support and corporate climate commitments point to positive capacity growth.”
Markets are recovering after a bad 2022
“We are not surprised that the gap between fundamentals and prices has closed.” Stéphane Fraenkel, Head of Small and Mid Caps and Deputy Head of Equities and Convertibles at Groupama AM, gives his perspective on the European small and mid cap segment after the 2022 crash and shares the potential this type of company offers .
Pedro Pérez-Riu, Director of Emerging Markets Debt at Trea AM, reviews the state of fixed income in emerging markets after the fund he manages, Trea Emerging Markets Credit Opportunities, was awarded five stars by Morningstar. “The US Treasury curve this year is going to dictate a lot of what EM debt does,” he says.
Gonzalo Bernardos, economics professor at the University of Barcelona, speaks to Susana Burgos, an economics journalist, in the new issue of Real Estate Corner about the new housing law, how it is affecting the sector, why experts agree it won’t be a solution but it will will bring even more problems and what real estate really needs to regulate to ensure access to housing and the balance between supply and demand.
National talent in wealth management
Asset Managers started this year 2023 with a project called Spanish Talent, which aims to give a voice to independent boutique managers with assets under €200 million. Managers who have joined this project include Olea Gestión de Activos, Horos Asset Management and Valentum Asset Management.
Usually the greatest managers grab a good chunk of the headlines when there are very talented managers who don’t have those showcases. In addition, they have very interesting investment strategies, where independence of thought and decision make an important difference, with a full alignment of interests with their participants.
The Spanish fund industry has assets of almost 320,000 million euros. However, 80% of them focus on the top 10 Spanish managers, Belonging to banking groups that also have a wide distribution network through bank branches.
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