Monthly Report, September 2026

Everything we don’t see…

• Guidance has become king.
• The markets’ blind spot.
• The break was sudden. Its build-up was not.

What consequences can we expect for the markets?

The market had priced in Nvidia almost to the dollar; it was, however, less prepared for the Warsh crack. This month’s lesson: implied volatility may show up on the calendar, but real risk is measured elsewhere. Stay invested but keep an eye on what hasn’t made the headlines yet.

– by Julien Malet, Senior Investment Advisor – Portfolio Manager (Geneva, Switzerland)

Click here to read our monthly financial markets update report.

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