How would you value the beginning of 2025?
It has been a startprobably, surprising After the elections in the United States and with Trump’s possession, it seemed that the beginning of the year was going to be dominated by threats, tariff wars and territorial invasions of some European territories. And in that environment for us it has been surprising how well European stock markets have done at all and in relative to the American.
Since Friday of the Week of the Elections, since November 8, the Eurozone Stock Exchange earned 9% and the American was basically at the same level. Which would say that a start of the year that many should have surprised them a lot.
What sectors can be benefited from Trump’s arrival?
I would say that all those who are not in their spotlight, neither positive nor negative. It is well known that Trump wants to favor the hydrocarbons industry in the United States, but basically and in its previous mandate, that attempt to favor what ends up generating is that there is excess investment and ends up being harmful to companies. We also know that Trump wants to favor the investment of infrastructure necessary for artificial intelligence And it has probably already happened that there have been excess investments, since the Deepseek has made us know that the models need much less irons, much less infrastructure to function well.
Yes that the sectors that Trump wants to favor would be sectors to avoid. And the sectors that Trump wants to punish that they can be in the area of the defensive sectors, communications, etc. are probably sectors to take into account. Playing a little against his wishes, not for being naughty, but because so far, he has normally hurt those who have favored and has not favored those he wanted.
Is the real estate sector an opportunity for portfolios?
Globally it is difficult to give an opinion, because really The real estate sector has a single source of profitability that is demography. In countries where the population grows, the real estate sector is doing well; In countries where the population falls to the real estate sector.
In JapanIn fact, residential construction companies are companies of residential destruction, because they are dedicated to throwing houses where no one else is going to live. Countries that have the ability to increase their population, through immigration, without generating social friction and Space It is the best example we know, the country capable of incorporating foreign population, there the affective real estate component. In Italiathat has population losses not as serious as the Japanese, but every year they live less Italians in Italy and there are more empty houses, it is not at all attractive. Then it is very geographically located.
And the ASG funds? Should we take them into account?
They are funds that You have to have Because there is a customer base that want your investment if it does not contribute to being a better world, at least it does not contribute to making the world worse. There is a nucleus of faithful customers.