GEAB 194
As in every stock market crisis, stocks will change hands. Insofar as the crisis is largely provoked, it is likely that state structures – starting with the United States – will take advantage of it to regain control of part of the economy. We propose a series of recommendations that take account of three predicates: fiscal uncertainty, the rise of state capitalism and the current geo-economic fragmentation.
State capitalism – Betting on sovereign champions
At a time when governments are strengthening their economic role by buying up or influencing key sectors (energy, telecoms, semiconductors, sovereign cloud, cybersecurity, data centres, 5G networks), certain companies deemed strategic may benefit from implicit or explicit support. Investing in these sectors, especially when they are temporarily undervalued in times of crisis, can offer good leverage to returns over the medium term. This type of asset can also benefit from greater protection against the vagaries of the market, as it is seen as essential to national sovereignty. Login
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