Research & Analysis

The Yen unwind

This report dissects Japan’s macroeconomic paradox, exposing the accounting illusion behind its sovereign debt: the state operating as the largest carry trader on the planet. Combining public sector balance sheet consolidation with the historical analysis of cross-asset correlations , it assesses whether the end of zero-rate policy represents a manageable transition or the inevitable trigger for a systemic, global liquidity shock.

Antonio Di Miceli; Luca Pialorsi.

Fortress Financials

This report investigates the disconnect between market pricing and underlying fundamentals across a group of dominant financial franchises. Combining macro analysis with valuation discipline, it assesses whether recent de-rating reflects structural risk or a temporary dislocation driven by sentiment and regime repricing.

Antonio Di Miceli; Carolina Valenti; Federico Bonomi; Ferruccio Cogi; Filippo Vaccheri; Ginevra Bertazzoni; Thomas Ribolla.

Meta - Equity Valuation

The market’s obsession with Meta’s capital expenditure surge has created a classic mispricing, treating a strategic AI infrastructure build-out as a permanent margin impairment rather than the necessary cost of maintaining a digital monopoly. This report cuts through the noise, dismantling the "capital intensity trap" narrative to reveal a business that has institutionalized operational efficiency and free cash flow generation.

Antonio Di Miceli; Gabriele Sgotti; Gaia Mazzoleni; Riccardo Bonfanti; Luca Pialorsi; Andrea Scarpari.