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Articles by Thierry Borgeat
1998 All Over Again. Buy Tech.
Hedge funds have just cut their gross exposure faster than at any point, trend-following funds sit near maximum short, and the momentum trade in technology has crashed harder than after the dot-com bust. All while the S&P 500 stood a few percent below its high. A forced seller is the best counterparty an investor can ask for. Thierry Borgeat10.11.2026, 04.41 Uhr Deutsche Version Themarket.ch benötigt JavaScript für wichtige Funktionen. Ihr Browser oder Adblocker verhindert dies momentan.
Sir Gold, the Oil Baron, and Dr. Copper: 15 Stocks for the Supercycle
A real-asset supercycle has begun – it started in the Covid panic, and now the great cycles are converging. Part 2: Specific investment ideas, or where Investors with different profiles can find what they’re looking for. Thierry Borgeat07.09.2026, 22.18 Uhr Deutsche Version Themarket.ch benötigt JavaScript für wichtige Funktionen. Ihr Browser oder Adblocker verhindert dies momentan. Bitte passen Sie die Einstellungen an.
Sir Gold, the Oil Baron, and Dr. Copper: They Are Sending a Message
A real-asset supercycle has begun – it started in the Covid panic, and now the great cycles are converging. Part 1: A macro perspektive, or why – as a quality investor – I learned to love the sector. Thierry Borgeat31.08.2026, 22.05 Uhr Deutsche Version Themarket.ch benötigt JavaScript für wichtige Funktionen. Ihr Browser oder Adblocker verhindert dies momentan. Bitte passen Sie die Einstellungen an. April 20, 2020: The day WTI oil went negative. It was the day oil cost less than nothing.
AI Like in AI-rlines? Bad for the Hyperscalers – Good for You
Chinese AI now sells intelligence for cents on the dollar, and the market is asking whether America’s 700-billion-dollar capex bet will ever pay off. This is a piece about why that fear is justified – and why it is bearish for the wrong companies. It is not a story about the end of AI. It is a story about who pays for it. And who gets paid. Thierry Borgeat27.07.2026, 03.07 Deutsche Version Themarket.ch requires JavaScript for important functions.
What Were You Thinking?
Half of the S&P 500’s market capitalization now sits in stocks trading above ten times sales. This is a piece about what that number means and what history says happens next. It is not a prediction. It is arithmetic. And arithmetic does not care how you feel about it. Thierry Borgeat17.06.2026, 21.39 Deutsche Version Themarket.ch requires JavaScript for important functions. Your browser or ad blocker is currently preventing this. Please adjust your settings.
In Times of Market Turmoil, Look for Basketballs Under Water
Deutsche Version Themarket.ch benötigt JavaScript für wichtige Funktionen. Ihr Browser oder Adblocker verhindert dies momentan. Bitte passen Sie die Einstellungen an. «What has happened in the past will happen again. This is because markets are driven by humans and human nature never changes.» Jesse Livermore, American Investor and Stock Trader (1877–1940) The US stock market is in turmoil, and bearish sentiment is on the rise.
Thierry Borgeat on investing: Focus on the top line
Deutsche Version Themarket.ch benötigt JavaScript für wichtige Funktionen. Ihr Browser oder Adblocker verhindert dies momentan. Bitte passen Sie die Einstellungen an. «If you do the right things on the top line, the bottom line will follow.» Steve Jobs, co-founder of Apple (1955–2011; in an interview in 1997) This quote is etched in my memory. It underscores a simple but powerful truth: the top line is the engine that drives everything else.
Thierry Borgeat on Stock Investing: Valuation does not matter - until it does
Deutsche Version «The discipline to not just buy anything at any price, regardless of the enthusiasm of others, is one of the most important qualities an investor can have.» Howard Marks, American Investor, Co-Founder of Oaktree Capital (*1946) «Is everybody out there nuts?» This is a line from Gordon Gekko’s famous university speech in the movie «Wall Street 2 - Money Never Sleeps».
Risk vs. Reward: Your Margin of Safety is Razor-Thin
Deutsche Version «If you want to have a better performance than the crowd, you must do things differently from the crowd.» Sir John Templeton, Brit.-American entrepreneur and fund manager (1912–2008) Risk. It is the crucial and unavoidable half of the investment scale. As investors, we are first and foremost risk managers, because the law of large numbers applies. When you lose 10%, you need to earn 11% to break even.
Thierry Borgeat on Investing: Boring is Good
Deutsche Version «The big money is not in the buying or selling, but in the waiting» Charlie Munger, Vice Chairman and Architect of Berkshire Hathaway (1924–2023) The more risk you take, the higher the return. We would intuitively agree with this statement, and it would confirm the efficient market hypothesis. Financial markets are «efficient» in the sense that an investor cannot consistently achieve returns above the average market returns on a risk-adjusted basis.
Hold Tennis Balls and Sell Eggs
Deutsche Version «Simplicity is the ultimate sophistication» Leonardo da Vinci, Italian polymath (1452–1519) When to hold and when to fold? This is one of the most difficult questions when it comes to investing. Buying stocks is easy. But when should you sell? I addressed this question in an earlier article. But from time to time the market moves up in a dull way, making it difficult to make decisions. We are in such a market right now.
The Stock Market's "Great Paradox"
Deutsche Version «Remember that stocks are never too high for you to begin buying or too low to begin selling.» Jesse Livermore, American investor and stock trader (1877–1940) How does a stock go from $50 to $100 for the first time? How does a stock become a super-performer, a multi-bagger, a long-term wealth compounder? By inevitably hitting new all-time highs along the way. It climbs into new high ground. Uncharted territory.
Why I Love Investing in Unfair Fights
Deutsche Version «The stock market is filled with individuals who know the price of everything, but the value of nothing.» Phil Fisher, American investor and founder of Fisher & Co. (1907–2004) Life is unfair. That is a given. But amidst the inequities of life, there is one lesson I have learned from difficult times that has remained with me to weather all upheaval: when you find the right thing to do and when you find the right people to work with, invest deeply.
The Perfect Company Does Not Pay Dividends
Deutsche Version «Compound interest is the eighth wonder of the world. He who understands it, earns it… he who does not… pays it» Albert Einstein, theoretical physicist (1879–1955) Dividend season begins. It has never been a characteristic of a company that has piqued my interest. Yet, after more than a decade in the financial industry, I am still amazed at how much dividends fascinate the investment community.
When Should You Sell? Twelve Rules Show the Way
Deutsche Version «If the job has been correctly done when a stock is purchased, the time to sell it is almost never» Phil Fisher, American stock investor and founder of Fisher & Co. (1907–2004) The best offense is a strong defense. A lovely sports cliché. The funny thing about clichés is that they are usually true. The best example is Greece, who won the 2004 European Football (Soccer) Championships because they played an incredible defense and somehow always scored a free-kick header goal.
What Keeps Me Awake at Night
Deutsche Version «The biggest risk is not taking any risk.» Mark Zuckerberg The title. I love it asked as a question. It cannot be beaten for simplicity, and it enters deep into your mind. Whether privately or professionally. Every now and then, your well-earned night’s sleep is disturbed by thoughts that you must deal with. Especially when I invest professionally and analyze companies, this is an important question in terms of risk management.
Thierry Borgeat: History Does Not Repeat, But It Often Rhymes
Deutsche Version «Three men came to Wall Street. The first always knew WHAT was best buy. Second knew WHY it was best buy. But the third knew neither of those things; he only knew WHEN to buy. He made the most money.» Richard D. Wyckoff, 1932, American Investor (1873–1934) Emotions. They are an essential ingredient not only in life, but also in investing. When it comes to putting your hard-earned income to work, they are something like your biggest enemy.
Winners Keep Winning
Deutsche Version «It is one of the great paradoxes of the stock market that what seems expensive and too high usually continues to go higher and what seems cheap and too low usually continues to go lower.» William O'Neil, Founder of Investor’s Business Daily & CAN SLIM (1933–2023) I wrote my first article for The Market one month ago on arvy’s investment philosophy: «Good Story & Good Chart».
"Good Story & Good Chart" saves you a lot of trouble when investing
How can one increase the odds of being right and making money in the stock market? In a perfect world, things are kept simple: Buy great businesses. Do not overpay. Hold them for a long time by keeping the trend work in your favor. Deutsche Version «Investing, like economics, is more art than science. And that means it can get a little messy.» Howard Marks, American Investor, Co-Founder of Oaktree Capital Management I am a passionate believer in equities.
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