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  1. An energy crisis … and then?

    Ok, so Russia shut down the Nord Stream 1 gas pipeline. I’m not convinced that we should be surprised, not at this point, but that does not lessen the sense of urgency. There has been little time for Europe – and Germany in particular – to secure the necessary energy for the coming winter from alternative sources.

  2. Estival exuberance

    Financial markets are not always intuitive. In July, preliminary figures showed a 0.9% annualised decline in US GDP, following a decline of 1.6% in the first quarter.

  3. Fear and facts

    Much has already been written about the S&P 500 posting its worst first six months in 52 years, falling by a full 20 per cent. Just as much should probably be said about the bond market, as global corporate bonds recorded a loss of 16 per cent – in investment grade!

  4. Tough times, tough measures, soft measures

    It’s 2022 and we honestly never imagined a European country invading another European country. The Russian invasion of Ukraine is a shocking, atrocious, detestable act of aggression.

  5. Results from election meeting

    At the election meeting, held on 20 May 2022, two unitholder representatives were elected to the board of Pareto Asset Management.

  6. A catch indeed

    In 2004, Pareto Aksje Norge invested in Lerøy Seafood Group, a stock market rookie with a market value of just over one billion.

  7. Chaos and predictability

    I just learned that April has been designated as Financial Literacy Month. In case you wondered, we owe that designation to our fellow finance professionals across the pond. New such-and-such days and months tend to originate there.

  8. Nice, predictable weakness

    Microsoft had a poor start to this millennium. Over almost 15 years, from Christmas in 1999 to July 2014, total return was a dismal zero.

  9. Annual report 2021

    At the outset of 2021, financial markets had shaken off the shock following the outbreak of the pandemic in the winter/spring of 2020.