The Algebris Podcast

The key variable for markets is the duration of the conflict between the US, Israel and Iran. A short conflict would likely result in only temporary oil price volatility, allowing markets to return to previous levels. However, a prolonged disruption could impact the Gulf region, which represents roughly 20% of global oil supply, potentially creating a physical deficit and triggering stagflation...

The central macro message from the 2026 World Economic Forum in Davos is that the US may be moving away from the post-war order, forcing other nations to reinvest in defence and economic resilience.Global growth remains strong, supported by large fiscal deficits, but that also keeps the door open to a resurgence of inflation. AI-led capex is significant and may be outpacing the realistic revenue...

Over the last few months the global economy has held up thanks to strong U.S. fiscal stimulus and widespread deficits elsewhere, but for the first time public debt worldwide is around 100% of global GDP, reducing governments’ room to respond to future shocks.Nearly all asset classes look expensive and U.S. rate cuts are already priced in; moreover, Washington appears to be overstimulating the...

Markets have adapted to a new, less orthodox economic order, supported by expansionary fiscal policies and more accommodative central banks. Artificial intelligence is seen as the main driver of growth, although for now its impact remains more perceived than real.On the geopolitical front, the Middle East appears more stable, while challenges between the United States, Russia and China remain...

A single query on ChatGPT can consume up to 10 times the energy of a traditional search, highlighting the urgent need to address infrastructural and environmental challenges.Datacentres currently account for around 2% of global energy demand, with estimates pointing to further growth. Key issues to be addressed include shortages in the electricity grid, physical space and adequate cooling...

The United States is facing growing uncertainty due to rising tariffs and a projected $10 trillion in debt issuance, which is pressuring markets and weakening confidence in the dollar. Investors are increasingly hedging as they doubt the administration’s commitment to stable, growth-oriented policies. In contrast, Europe is experiencing a revival, led by Germany's industrial policy shift that is...

On 2 April, Trump announced a new set of “reciprocal” tariffs to strengthen the US economy, signalling a significant shift in global economic policy. What happens now?Davide Serra, Founder and CEO of Algebris Investments, explains what tariffs really mean for investors around the world and what to expect from the Fed and the markets in the upcoming months.

The Trump 2 administration has shifted the focus from Wall Street to Main Street, with active tax policies and tariffs to protect domestic industry, while increasing uncertainty and risks. Markets are in correction territory and growth is showing signs of slowing, with data calling for caution and increasing uncertainty. Markets have reacted with the underperformance of US equity and reallocation...

With obesity rates soaring and GLP-1 weight-loss drugs revolutionising the pharmaceutical space, what does this mean for investors? How are traditional food companies adapting to a world where consumers are prioritizing health over convenience?Silvia Merler (Head of ESG & Policy Research), Simone Ragazzi (Global Equity Portfolio Manager), and Iacopo Esposito (Analyst) join us to break down...