Head of Research and Global Chief Strategist, Steno Research

Andreas Steno

Head of Research and Global Chief Strategist

Macro and Geopolitical Research House

Steno Research

Steno Research is a new macro and geopolitical research house. We are based out of Copenhagen, Denmark, but have an international team and a strong network of sources and partners around the world. The team is lead by Andreas Steno, previous global head of strategy at Nordea Bank, and Mikkel Rosenvold, former chief consultant in the Danish Ministry of Finance.

Macroeconomics

<ul><li>If you know me, you know I have a thing for charts, especially those showing momentum in the macro cycle.</li><li>Forget nominal levels; it’s the rate of change that really drives asset markets.</li><li>This analysis is chock-full of rate of change charts, just to remind you that we’ve only managed to nudge inflation back to just above target levels—right as the cycle’s rate of change is shifting towards re-acceleration in many places.</li></ul>

If you know me, you know I have a thing for charts, especially those showing momentum in the macro cycle.Forget nominal levels; it’s the rate of change that really drives asset markets.This analysis is chock-full of rate of change charts, just to remind you that we’ve only managed to nudge inflation back to just above target levels—right as the cycle’s rate of change is shifting towards re-acceleration in many places.

Inflation Watch: What if the Cyclical Prices Are Not Truly Tamed? Lessons from Canada and Sweden

Institutional Investor, In Conversation with Julie Segal

In Conversation with Julie Segal

Institutional Investor

In Conversation with Julie Segal is a dialogue with the people who have shaped and continue to influence the world of institutional investors. The podcast will feature both familiar names talking about new ideas and upstarts who want to do things differently.

Cross Asset Strategy

<ul><li>The importance of logic and rational investing is emphasized in various sectors of the market</li><li>The guest, a partner at Bain Capital Credit, discusses his career trajectory and the evolution of private credit at the firm</li><li>Significant changes at Bain Capital over the years include geographic expansion, diversity of strategies, and international growth</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

The importance of logic and rational investing is emphasized in various sectors of the marketThe guest, a partner at Bain Capital Credit, discusses his career trajectory and the evolution of private credit at the firmSignificant changes at Bain Capital over the years include geographic expansion, diversity of strategies, and international growthThis content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

In Private Credit, It’s Peak Popularity — and Peak Worries

External broker reports(aggregated public sources), ABN AMRO

ABN AMRO

External broker reports(aggregated public sources)

ABN AMRO is a personal bank in the digital age. A bank committed to playing a serious role in society. This digital age helps us to bring banking ever closer to our clients and what they need. Our areas of focus are inclusion, sustainability, social entrepreneurship, innovation, daily banking and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>OPEC+ decides to extend their voluntary cuts, but with a plan to start phasing out cuts starting this October and lasting until September 2025</li><li>Geopolitical risk premium went down significantly on latest signs of de-escalation between Israel and Iran</li><li>From the demand side, no signs of strong recovery from main markets yet</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

OPEC+ decides to extend their voluntary cuts, but with a plan to start phasing out cuts starting this October and lasting until September 2025Geopolitical risk premium went down significantly on latest signs of de-escalation between Israel and IranFrom the demand side, no signs of strong recovery from main markets yetContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Oil market update - Tapering of OPEC+ cuts from October

<ul><li>Hello everyone, and welcome back to our weekly positioning watch.</li><li>The divergence between market-cap weighted and and non market-cap weighted indices is slowly normalizing, but the impact that NVIDIA (and some of the other big tech firms) has on both broad equity returns is notable with the 5 largest companies in the S&amp;P 500 accounting for roughly 30% of the index by now.</li><li>This does not only have implications for the distribution of returns between bigger indices (Nasdaq vs Dow Jones for instance), but also on indices option volatility, with the VIX ex NVIDIA hitting lows of around 9 in May (2017/2018 lows).</li></ul>

Hello everyone, and welcome back to our weekly positioning watch.The divergence between market-cap weighted and and non market-cap weighted indices is slowly normalizing, but the impact that NVIDIA (and some of the other big tech firms) has on both broad equity returns is notable with the 5 largest companies in the S&amp;P 500 accounting for roughly 30% of the index by now.This does not only have implications for the distribution of returns between bigger indices (Nasdaq vs Dow Jones for instance), but also on indices option volatility, with the VIX ex NVIDIA hitting lows of around 9 in May (2017/2018 lows).

Positioning Watch – Turmoil in Markets Is Returning

Podcast On the Business of Semiconductors, The Circuit

The Circuit

Podcast On the Business of Semiconductors

A Podcast On the Business of Semiconductors. With Jay Goldberg and Ben Bajarin

Thematic (Sector/Industry)

<ul><li>Paul Karazuba is the vice president of marketing at Expedera, an NPU IP startup in Silicon Valley.</li><li>NPU, or neural processing unit, is a key topic of discussion in the podcast, with its unique ability to process at a much lower wattage compared to CPU and GPU cores.</li><li>The necessity for dedicated NPU cores in running AI workloads, to allow CPU and GPU cores to focus on other tasks, is highlighted by both Paul and Austin.</li></ul>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Paul Karazuba is the vice president of marketing at Expedera, an NPU IP startup in Silicon Valley.NPU, or neural processing unit, is a key topic of discussion in the podcast, with its unique ability to process at a much lower wattage compared to CPU and GPU cores.The necessity for dedicated NPU cores in running AI workloads, to allow CPU and GPU cores to focus on other tasks, is highlighted by both Paul and Austin.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only.

Kazakhstan
Insights on Kazakhstan

Inflation Watch: What if the Cyclical Prices Are Not Truly Tamed? Lessons from Canada and Sweden

If you know me, you know I have a thing for charts, especially those showing momentum in the macro cycle. Forget nominal levels; it’s the rate of...

Steno Research

In Private Credit, It’s Peak Popularity — and Peak Worries

The podcast discusses the growth and evolution of Bain Capital Credit, highlighting the importance of logic and rational thinking for investors in...

In Conversation with Julie Segal

Oil market update - Tapering of OPEC+ cuts from October

OPEC+ decides to extend their voluntary cuts, but with a plan to start phasing out cuts starting this October and lasting until September 2025

ABN AMRO

Positioning Watch – Turmoil in Markets Is Returning

Hello everyone, and welcome back to our weekly positioning watch. The divergence between market-cap weighted and and non market-cap weighted...

Steno Research

Episode 70!!! NPUs!!!!!!!!

In this podcast, Paul Karazuba discusses the importance of NPUs in chip design for efficient processing of AI workloads in battery-powered devices.

The Circuit