As always, the answer to this question depends on where you find yourself. A French investor who sees his successive governments' survival times becoming shorter and shorter will find it difficult to be optimistic. On the other side of the Atlantic, investors are experiencing a very different atmosphere. As the earnings season progresses, it is very likely that the results will be good, with 80% of US companies that have reported beating estimates in terms of revenue and profit. However, this month has not been without its hiccups, with a few abrupt down sessions. Despite this, equity markets quickly returned to their upward trend, buoyed by enthusiasm for artificial intelligence. Such fervor is reminiscent of the dot-com bubble and raises questions about its sustainability. Amongst other topics, we address these questions in our investment letter.
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