Over the last few months the global economy has held up thanks to strong U.S. fiscal stimulus and widespread deficits elsewhere, but for the first time public debt worldwide is around 100% of global GDP, reducing governments’ room to respond to future shocks.

Nearly all asset classes look expensive and U.S. rate cuts are already priced in; moreover, Washington appears to be overstimulating the economy, partly with an eye on next year’s midterm elections.

There is also exuberance around AI: to justify current valuations, roughly $2 trillion of additional revenues would be needed by 2030—an implausibly large figure compared with the current revenues of the “Magnificent Seven.”

This and other takeaways in Davide Serra's (Founder and CEO, Algebris Investments) latest analysis.

Markets have adapted to a new, less orthodox economic order, supported by expansionary fiscal policies and more accommodative central banks. Artificial intelligence is seen as the main driver of growth, although for now its impact remains more perceived than real.
On the geopolitical front, the Middle East appears more stable, while challenges between the United States, Russia and China remain unresolved. In Europe, initial enthusiasm for German fiscal policy has waned, with growth still weak.

In the latest Algebris podcast, Gabriele Foà (Global Credit Portfolio Manager) – interviewed by Douglas Branson (Head of Business Development UK) – highlights the fiscal deterioration of advanced countries and predicts an era of “financial repression”, in which government yields will remain close to inflation. In this context, credit offers interesting opportunities, provided a selective approach is taken.

(Episode recorded on 29th October 2025)

A single query on ChatGPT can consume up to 10 times the energy of a traditional search, highlighting the urgent need to address infrastructural and environmental challenges.Datacentres currently account for around 2% of global energy demand, with estimates pointing to further growth. Key issues to be addressed include shortages in the electricity grid, physical space and adequate cooling systems. 

From energy producers to advanced technology providers: what and where are the investment opportunities in this context?

In the new episode of the Algebris podcast, Simone Ragazzi (Global Equity Portfolio Manager), Iacopo Esposito and Antonio Focella (Analysts) from the global equity team explore the topic of datacentres and their growing energy impact, driven by the development of artificial intelligence, interviewed by Douglas Branson (Head of Business Development UK).

The United States is facing growing uncertainty due to rising tariffs and a projected $10 trillion in debt issuance, which is pressuring markets and weakening confidence in the dollar. Investors are increasingly hedging as they doubt the administration’s commitment to stable, growth-oriented policies. 

In contrast, Europe is experiencing a revival, led by Germany's industrial policy shift that is attracting capital, with financials offering compelling value and strong dividends. China is also emerging as an undervalued opportunity, signaling renewed support for the private sector and presenting a strong investment case compared to the U.S. Overvaluation of the dollar and massive Treasury issuance are driving diversification into euros and yen, with a favorable macro backdrop for financial equities and credit.

Listen to Davide Serra (Founder and CEO, Algebris Investments) in his latest analysis. 

On 2 April, Trump announced a new set of “reciprocal” tariffs to strengthen the US economy, signalling a significant shift in global economic policy. What happens now?

Davide Serra, Founder and CEO of Algebris Investments, explains what tariffs really mean for investors around the world and what to expect from the Fed and the markets in the upcoming months.

The Trump 2 administration has shifted the focus from Wall Street to Main Street, with active tax policies and tariffs to protect domestic industry, while increasing uncertainty and risks. Markets are in correction territory and growth is showing signs of slowing, with data calling for caution and increasing uncertainty. 

Markets have reacted with the underperformance of US equity and reallocation towards Europe and China. In fixed income, government remains volatile, while credit still offers opportunities, with a selective approach. 

This and more in the latest Algebris podcast with Gabriele Foà (Global Credit Portfolio Manager) and Douglas Branson (Head of Business Development UK). 

The episode was recorded on 27 March 2025.

With obesity rates soaring and GLP-1 weight-loss drugs revolutionising the pharmaceutical space, what does this mean for investors? How are traditional food companies adapting to a world where consumers are prioritizing health over convenience?

Silvia Merler (Head of ESG & Policy Research), Simone Ragazzi (Global Equity Portfolio Manager), and Iacopo Esposito (Analyst) join us to break down the key insights from the latest Clean Alpha note, Appetite for Destruction, and explore where the biggest opportunities and risks—lie in this evolving landscape.

"You wouldn't be doing your fiduciary duty as an investor if you decided to ignore the financial sector altogether because you are afraid of what’s happened in the past. It has really turned a new leaf; it is completely different—it's a totally compelling, different investment case."

Listen to our latest podcast with Benjie Creelan Sandford (Financial Equity Analyst), Bruno Duarte (Financial Credit Portfolio Manager), interviewed by Douglas Branson (Head of Business Development UK) from Algebris Investments.

Women are more likely to have lower incomes compared to men, a disparity rooted in systemic inequalities in the labor market and societal roles.

Lower incomes over the life cycle and interrupted career trajectories have profound consequences on women’s financial security, especially in old age as the income gap directly translates into a pension gap. 

One way to empower women towards the late stages of their career and retirement is to provide returns to their savings by supporting them in their investment journeys. 

Listen to the latest Algebris podcast with Silvia Merler (Head of ESG & Policy Research), Simone Ragazzi (Global Equity Portfolio Manager), Elisa Natali (Equity Analyst) and Douglas Branson (Head of Business Development UK)

In 2024, the markets tried to guess what the world would look like after the big rate hikes of 2022-23. In April there was talk of ‘higher for longer’. Growth held, inflation held, and central banks were cautious. In August, the US labour market showed signs of weakening and the markets called for cuts. 

The focus of central banks has therefore shifted from inflation to growth. While the Fed faces a resilient US economy and will have to be cautious in its round of cuts, in Europe the ECB will have to cut to cope with an economic slowdown, albeit not a recession. 

In the latest Algebris podcast, this and an analysis on the upcoming US elections and the delicate situation in the Middle East. Listen to Gabriele Foà (Global Credit Portfolio Manager) and Douglas Branson (Head of Business Development UK). 

https://www.algebris.com/podcast/its-not-easy-like-sunday-morning/

In Europe the economy is slowing, the ECB is behind the curve and will need to cut rates; meanwhile, the US economy is growing faster and deficit won't come down anytime soon. Also, a look at the economy in Japan and China.

After a month of meetings with entrepreneurs and bankers around the world, listen to Davide Serra (Founder and CEO, Algebris Investments) on the latest developments in global markets.

https://www.algebris.com/podcast/interest-rates-check-up/ 

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In their latest Clean Alpha | Not just another brick in the wall report, the global equity team at Algebris explains the benefits of advanced technology in building construction and renovation, and the investment opportunities in the sector.Future buildings will be structures that minimise their environmental impact and enhance the health and wellbeing of their occupants. They will use less energy, water, and materials, and produce less waste and greenhouse gas emissions than conventional buildings. They will also provide better indoor air quality, thermal comfort, and natural lighting.

Listen to the latest Algebris podcast with Silvia Merler (Head of ESG & Policy Research), Simone Ragazzi (Portfolio Manager) and Antonio Focella (Equity Analyst), interviewed by Douglas Branson (Head of Business Development UK).

Over the recent days, global markets have been in turmoil, with the Japanese stock market taking the hardest hit on Monday, followed however by a significant rebound on Tuesday. What happened and what does it mean for investors? 

Listen to Davide Serra, Founder and CEO of Algebris Investments, on the movements that took place in the markets, Asia and global economy.

In their latest report Clean Alpha | Seeds of change: from the plough to the cloud, the global equity team at Algebris explains how agriculture is fundamental to the survival and prosperity of the human species.

When we think of agriculture, we probably have in mind farmers with a tractor and a plough. In reality, there is a very different kind of agriculture, namely precision agriculture, which puts data at the service of farms. What does this mean? Real-time monitoring of a field's weather and productivity and better decision-making systems for farmers; all of which translates into better yields and investment opportunities. 

Listen to the latest Algebris podcast with Silvia Merler (Head of ESG & Policy Research) and Simone Ragazzi (Portfolio Manager), interviewed by Douglas Branson (Head of Business Development). 

In the latest update from Davide Serra (Algebris Investments, Founder and CEO) following his recent trip to Asia, we hear about the global economic views of CEOs and policy makers in the region: covering the recovery in China, the region's strong focus on the US dollar and the role of a risk averse European economy.

How did the events of 2023 impact global financials? What do interest rate expectations mean for banks? And how are banks faring in early 2024?

In this podcast, Douglas Branson, Head of Business Development at Algebris and Benjie Creelan Sandford, Equity analyst at Algebris, discuss the banking sector and outline the opportunities in financial equities.

The US is running a 'hot' economy, Japan is showing signs of growth, Europe is stagnating and China is facing structural problems.

Against this backdrop of positive growth and recovering volumes, especially from a credit perspective, we expect rates to remain at 3-4% in the US and 2-3% in Europe: the financial sector could offer interesting returns, with stocks offering attractive dividends. Also in the bond market, the financial sector offers value, while the rest should be selected carefully.

Find out more in the latest update from Davide Serra, Founder and CEO of Algebris.

In our report Clean Alpha | Don't waste the opportunity, we reference the Disney movie Wall-E, the children's tale about the last robot on Earth, forced to clean up and sort out the endless mountains of waste abandoned by mankind.

As investors, we see this sector as a relevant long-term opportunity.

Listen to the latest podcast with with Silvia Merler (Head of ESG & Policy Research, Algebris Investments), Simone Ragazzi (Portfolio Manager, Algebris Investments) and Douglas Branson (Head of Business Development, Algebris Investments).

In out latest Algebris Bullet, we say that the pricing for 2024 has shifted from no landing and potential credit stress to a comforting soft landing, a scenario where central banks cut despite healthy growth.

Markets decided we now live in a land of doves.

Listen to our latest podcast with Gabriele Foà (Global Credit Portfolio Manager, Algebris Investments) and Douglas Branson (Head of Business Development, Algebris Investments) discussing the key concepts of the bullet.