Newsletter Archive


After eighteen years of price wars, Russia, the world's largest oil producer, had enough and lifts the white flag. Putin is ready to conclude an agreement with OPEC.

The Russian government has so far rejected all invitations from OPEC to join in a joint venture. However, the talks took a different turn last week. According to influential politicians, Russia and OPEC should join forces.

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As time goes by, stock prices of listed companies closely follow profit growth. We have looked closely at earnings trends in Norway, the US and Europe.

2016 has started with panic attacks in the equity markets. Whether current weakness is the start of something bigger or a buying opportunity depends on the company’s earnings. What can we expect of them?

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It has been an exceptionally difficult start of the year, but the probability of help from the ECB in the form of interest rate cuts and increased quantitative easing is now increasing.

Financial markets have started 2016 in rebellion mode. Most stock exchanges are down 20-30 percent since the highs of last year, while the bottom has completely fallen out of the oil price.

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The financial crisis is currently in its third act. This time the victims are emerging markets and commodity producers. Russia is suffering most of all. What went wrong?

While the first act took place in the US in 2008, the second was around the Mediterranean in 2011-2012. During recent years the private sector has been reducing debt in Europe and the US, while the credit boom continued in emerging economies.

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The most important information in the financial analysts' reports is the change in their estimates and not the actual recommendation or the level of the estimated future earnings.

Although there are notable exceptions, analysts’ recommendations in aggregate create little or no excess return. This is according to a number of academic studies carried out in this area.

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