Points of view of Dorval AM experts

18/05/2020
Exposure rates of the Dorval Asset Management Range – 15th May 2020
The reopening of western economies is more a source of questions than enthusiasm for the moment.
11/05/2020
Exposure rates of the Dorval Asset Management Range – 7th May 2020
In a surprising judgment handed down on May 5, the German Constitutional Court has given the ECB three months to demonstrate that it sufficiently considered the impact of the public sector purchase program launched in 2015.
04/05/2020
Exposure rates of the Dorval Asset Management Range – 30th April 2020
The publication of first quarter GDP figures – down sharply across all countries – was set against continued world stock-market gains, in a paradox that sparked off observer doubts again on potential market complacency.
27/04/2020
Exposure rates of the Dorval Asset Management Range – 24th April 2020
World stock-markets have staged a clear rebound since March 23, so confirmation of an upbeat scenario now not only requires a gradual resumption in work, but will also need an extension in support and stimulus measures.
20/04/2020
Exposure rates of the Dorval Asset Management Range – 17th April 2020
Most countries across the world will have started partly normalizing by mid-May, and despite the slew of uncertainties that still remain on Covid-19, investors have two reasons to hope that lifting the lockdown will facilitate a significant economic recovery.
09/04/2020
Exposure rates of the Dorval Asset Management Range – 9th April 2020
With the extremely severe but temporary shock on the economy, corporate earnings and dividends in 2020, investors are losing their bearings on asset valuations. As the first quarter 2020 earnings reporting season draws near, we sometimes hear said that current stock-market levels underestimate the reality of the slump. Yet this reasoning boils down to a considerable overestimation of the impact of an admittedly spectacular but inherently temporary shock, which seems unreasonable.
06/04/2020
Exposure rates of the Dorval Asset Management Range – 3rd April 2020
The world economy has shut down to save lives, so it is senseless trying to decipher the economic indicators that are still being issued. 
30/03/2020
Exposure rates of the Dorval Asset Management Range – 27th March 2020
A number of observers are wondering why the stock-markets have surged again (the MSCI World has climbed 17% since the low on March 23) while the economic situation is deteriorating drastically, as shown by the record number of new jobless claims in the US, which soared to 3.28 million.
23/03/2020
Exposure rates of the Dorval Asset Management Range – 20th March 2020
The plunge on the world stock-markets since the start of the coronavirus crisis can be seen as a build-up of risk premiums i.e. economic uncertainty premium, health uncertainty premium, liquidity premium, solvency premium, volatility premium, political risk premium, etc.
16/03/2020
Exposure rates of the Dorval Asset Management Range – 13th March 2020
The stock-market crash over the past few days has primarily been a result of panic surrounding management of the current extensive – but albeit temporary until we see proof to the contrary – health crisis.
09/03/2020
Exposure rates of the Dorval Asset Management Range – 6th March 2020
With the financial markets having succumbed to an epidemic of pessimism, stabilization on the world stock-markets seems to require three main factors: 
28/02/2020
Exposure rates of the Dorval Asset Management Range – 28th February 2020
Overview: investors have often been described as complacent of late when faced with the economic risks of the efforts to contain the coronavirus, but panic has now set in. 

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