Keith Bortoluzzi

Death of Memory Chips: timing its fall

Samsung Electronics crossed $1 trillion in market cap, SK Hynix is nearing $500 billion, and the KOSPI is up 30% YTD on the back of two stocks. The last time memory stocks looked this good was May 2018. How long will it last?

March 13, 2026 at 07:12 am EDT

Let's get Hormuz straight

44% of the world's traded sulphur, 31% of its urea, 20% of its LNG and 20% of its crude oil all squeeze through this tiny shipping lane and Iran just shut it down. The worst hit is not only oil, but fertilisers for Western agriculture & Asian petrochem producers and the winners are sitting thousands of miles away.

March 06, 2026 at 05:51 am EST

You don't own enough LatAm

MSCI LatAm delivered +56% in 2025 vs. 16.3% for the S&P 500. The AI-driven tech rotation into real assets has collided with three structural drivers in LatAm for a decade-long bull run. And you're barely exposed to it.

February 26, 2026 at 09:37 am EST

Defence 2.0: Next great catchup trade?

NATO allies agreed to spend 5% of GDP on defence by 2035. Most only just hit 2%. The 2022-2024 defense rally rewarded obvious names across the board. The second leg, however, will reward precision.

February 19, 2026 at 10:19 am EST

Software Apocalypse: It's the model not the sector.

Last week, public software companies lost $300B in market value in a single session. Leading banks have already coined the term "SaaSpocalypse". Forward P/E multiples across the sector compressed from 39x to 21x in four months. The culprit? This blog post from Anthropic (1).

February 12, 2026 at 11:23 am EST

What can break the gold rally?

Gold crashed 19.6% over the past weekend in reaction to Warsh nomination by Trump. Silver fell 39% in the same timeframe. Is the gold rally broken forever?

February 09, 2026 at 03:17 am EST

Risks are mounting, time to short Japan?

Japan's 40-year bond yield hit an all-time high of 4.24%, regional banks are sitting on record unrealised losses of $21.3 billion, and nearly 80% of Japanese mortgages are variable-rate. Will Japanese held foreign assets be enough to save them?

January 28, 2026 at 01:49 pm EST

AI Slowdown: a blessing in disguise?

Inference now accounts for half of all AI compute workloads. By the end of this year, it will be two-thirds. That single sentence explains more about where AI investing is headed than anything else you'll read this quarter.

January 24, 2026 at 12:00 pm EST

Will Trump finally get Greenland? What to expect for your portfolio and how to play it

Greenland hosts 25 of 34 EU-designated critical raw materials, sits atop the only U.S. military installation above the Arctic Circle, and controls emerging shipping lanes that could cut East Asia-to-Europe transit times by 7,000 kilometers.

January 15, 2026 at 01:25 pm EST

Venezuela: Panama 2.0? How to play the reconstruction of a failed state

We all know the regime was on borrowed time. But even for seasoned geopolitical analysts, the speed of collapse was breathtaking. What could go wrong (or right) for your portfolio now?

January 04, 2026 at 01:13 pm EST

Silver squeeze: catching up to gold, $100 ahead?

(Editor's note: Silver crossed the symbolic $80-an-ounce threshold for the first time in its history on Monday, climbing as high as $84, but fell 11% later because the Chicago Mercantile Exchange (CME) once again increased margin requirements on futures contracts, for the second time in two weeks, forcing the most exposed traders to cut their positions. The sell-off was also amplified by a series of posts on X, including one by Elon Musk referring to new Chinese restrictions on silver exports) Silver just broke a 40-year price record by shooting past $81/oz, setting a new all time high. It has also outperformed gold, decoupling from the "common knowledge" of silver and gold prices being in tandem.

December 29, 2025 at 06:29 am EST

Guochao 2: Chinese video games take over

Tencent & NetEase dominate a domestic $50B market, yet trade at 55% discounts to their Western & Japanese counterparts. With regulatory headwinds easing up, now looks like a great time to buy into the second phase of 'guochao'.

December 19, 2025 at 12:01 pm EST

Brazil housing boom, flash in the pan or Lula's masterstroke?

Despite Brazil's interest rates being at 15%, the 8.5 million unit housing deficit, 50%+ middle-class penetration rate, and accelerating credit growth via Brazil's payments system have made housing widely accessible to its growing population.

December 12, 2025 at 10:27 am EST

Copper is the new oil

Copper almost hit $11,300 per tonne today, marking an all-time high and a 30% surge year-to-date. Mining companies won't green light new projects until copper reaches $12,000 per tonne. We're still 6% short, but the market is already pricing in scarcity for good reason.

December 02, 2025 at 11:05 am EST

Uranium: underpriced commodity for a nuclear future

Uranium trades at ~$75-80/lb today. Roughly half the $150/lb needed to incentivise new mine development, while reactor demand grows 28% by 2030 and annual production barely covers today's consumption.

November 28, 2025 at 09:14 am EST

Dealmakers' revenge: M&A is back from the dead

Investment banks are on track to print $4T in deal value with record bonuses to go out after three brutal years, just as markets start to show cracks.

November 18, 2025 at 10:08 am EST

Inflection for Insurers?

While Wall Street chases NVIDIA earnings, countercyclical specialty insurers are printing 21% returns at 10-15x earnings

November 13, 2025 at 09:49 am EST

The next 10x trade? Forget AI, it's Argentina

While everyone piled into Nvidia, Argentina's stock market has rallied 250% in two years. The US government believes that this is only the beginning with their $40B bet.

November 07, 2025 at 09:37 am EST

ImpactFull Weekly - Asian CDMOs boom

Welcome to this week's edition of ImpactFull Weekly, where we analyse strong and weak signals across asset classes, connecting the dots of what we are seeing unfold in the global markets. This week, we turn our attention to CDMOs, or contract development and manufacturing organisations, which stand out in the pharmaceutical industry by combining drug development and industrial-scale production under one roof. CDMOs thus offer laboratories an integrated solution that speeds up time to market while ensuring regulatory compliance.

October 31, 2025 at 02:13 pm EDT

ImpactFull Weekly #11 - OpenAI goes Vertical

Welcome to this week's edition of Impactfull Weekly, where we analyse strong and weak signals across asset classes, connecting the dots of what we are seeing unfold in the global markets.

October 27, 2025 at 11:33 am EDT

ImpactFull Weekly - Gold: from commodity to dedollarisation champ

Welcome to this week's edition of ImpactFull Weekly, where we analyse strong and weak signals across asset classes, connecting the dots of what we are seeing unfold in the global markets.

October 14, 2025 at 08:13 am EDT