The Spotlight - Generali Investments Podcast

Q4 Investments View | The New Age of Financial Repression

Listen to the Podcast by Vincent Chaigneau, Head of Research at Generali Insurance Asset Management S.p.A. Società di gestione del risparmio

In this podcast Vincent Chaigneau, Head of Research at Generali Investments, provides an executive summary of the latest Investment View Report released by our Research team. In particular, he focuses on the signs of fatigue showed in September by the stock market rally and the possible clouds mounting on markets by the Autumn due to a resumption of the Covid pandemic, the Brexit deal, the US elections’ related risks and positions’ concentration. Finally he shares his recommendations in terms of asset allocation looking beyond the Covid crisis.

Vincent Chaigneau
Vincent Chaigneau

Head of Research

Vincent Chaigneau joined Generali Investments in August 2017 as the Head of Research and Head of Group Investment Strategy. In his current role, he is in charge of a unit currently consisting of 25 economists, strategists and credit/equity analysts based in Paris, Cologne, Trieste and Milan. In addition to this, he manages Generali’s Group Insurance Research, a 10-strong team covering insurance and financial service markets around the world and delivering proprietary industry forecasts, market intelligence and megatrend studies.

Vincent joined the Generali Group from Societe Generale Corporate & Investment Banking, where he spent 24 years between Paris, New York and London, last serving as the Co-Head of Fixed Income Research, and Head of Rates & FX Strategy.

A French citizen, Vincent Chaigneau holds a Master’s Degree in International Economics and Finance, and a Poprdraduate Degree in Economics and Finance from the University of Bordeaux.

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US President-elect Joe Biden has unveiled a $1.9 trillion stimulus package proposal. Following the recent increase in cases, China has imposed new restrictions and lockdowns in the Hebei province. Canada has implemented new restrictions and a provincewide curfew in Quebec that will last until February 8. German Chancellor Angela Merkel warned that the recent rise in Covid-19 cases could force the country to prolong the nationwide lockdown until April.
Following a monster rally in stocks last autumn, multiples are well above historical averages, but equity investors can count on lingering low yields, tighter credit spreads and increasing central banks’ balance sheets which in turn maintain low the cost of equity and the discount rate of future cash flows.
Video Outlook 2021: Repair and Despair
Watch the Outlook video with Vincent Chaigneau, Head of Research at Generali Investments