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Lionel Rayon

Lionel Rayon

Lionel joined Schroders as part of the acquisition of Cazenove Capital in the summer of 2013, having been at Cazenove since 2005. He is a senior member of the pan-European equity team and manager of the Schroder ISF* European Alpha Absolute Return (circa $1 Billion AuM). He is also responsible for developing and maintaining a fundamental and valuation screen of European stocks. The screen forms the basis for generating ideas for potential further detailed investigation by the European team within the framework of their disciplined Business Cycle Approach. Lionel joined from Citigroup where he was a Director in the European Tech Research Team. Prior to Citigroup, Lionel had been with Schroders Securities, as a French specialist, Nomura Research Institute, as a metals & mining specialist, Enskilda and Chevreux de Virieu. Lionel graduated from Indiana University (MBA) and Institut d'Etudes Politiques de Paris (BSc economics & finance). He has 20 years of equity research experience.

Tesla: An Armour-Plated Bubble

 

Tesla: The analysis of a dream and one of the most controversial stocks on the market. Is Tesla another Amazon success story or a massive bubble about to explode? How long can this go on? Fund manager Lionel Rayon sheds some light on the Tesla project and his mysterious founder Alon Musk...

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Will Draghi Succumb to Greenspan's Fate?

Recent developments in Greece, France, Italy and Germany all point at further fudges of various kinds as a way to prolong life of the Euro zone, rather than addressing the root of the problem (the widening divergence between the North and the South). Mario Draghi remains the de facto undisputed ruler in the Euro zone...

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Too Many Questions

How is it possible for economic activity to be satisfactory if most industrial companies are struggling? Maybe it is just political uncertainties (Brexit, US presidential elections, political stalemate in Spain, referendum in Italy, uncertainty on central banks’ policies) delaying or pushing out some decisions and incentivising anyone to do destocking. If so, we should find out soon, because if these results do not improve fast in the first quarter of next year, it is going to be “Houston, we have a problem...”...

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On Central Banks and Brexit

I have to admit that I thought the Fed would hike in September and I was wrong. I thought she would because she should, but eh this is Janet Yellen. She will just not press the button unless she is in the last days of December and she has to do it because she said she would raise rate this year and this is the last time she can actually deliver on her promise...

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On Central Bankers, Brexit and How This Could Impact Us

Draghi and Yellen are both facing their own moment of truth in the short term. For the latter, it may well be this month. Communications from Fed members have obviously been carefully orchestrated in August so as to suggest a more hawkish stance, despite the fact that there are still signs that activity in the US might be more subdued than thought...

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The Code Word for Dithering on Rate Hikes

The most dispiriting feature in the world's current situation is the feeling that there is almost a total lack of progress, and nothing epitomises it better than the Greek saga recapturing the headlines. In case you missed it, the posse formerly known as the troika is still haggling with the Greek government over the terms of the memorandum supposedly agreed upon last August. They are in a hurry now...because they fear another long hot Greek summer...

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Stabilisation for Now

The macroeconomic background has not changed much in the recent weeks and is far from being as dire as some say, especially central banks, which never miss the opportunity to paint the gloomiest picture as possible. On the continent, the composite PMI showed steady expansion. Even the sick man of Europe, France, saw stabilisation...

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Volatility Remains Extremely High and Nerves are Anything but Steady

The FTSE World Europe index lost 2.1% in February, a rather modest drop after all and a poor reflection of the turmoil faced by investors last month. The index was down 6% at the worst point and volatility remains extremely high. Nerves are anything but steady.

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Central Banks Are Powerless, But What Can They Do?

The message implicitly carried by the high VIX and VSTOXX indices at the end of 2015 was not an empty threat. I spent most of my last monthly comment highlighting the risk factors for 2016, but I had not clearly identified the one which seems to be at work at the moment. It is not the oil price as I have seen in many comments in the media...

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What Could Be The Main Drivers in 2016?

Equity investors are probably the only category of adults who still believe in Santa Claus. In 2014, the European index lost 7% in the first two weeks of December, bringing the year to date performance to a meagre 1.5%. Fortunately, the market staged a miraculous rebound in the two weeks of the year...

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About Us

Shorex is a specialist media group for the wealth management industry and the high-end luxury market. Our purpose is to provide our partners, delegates and visitors with an effective networking platform where they can forge productive relationships and come away with strong ideas... read more

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