Overzicht columns

Han Dieperink: The Rotation Correction

Thu, 23 Jul 2026 08:53:31 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Han Dieperink, written in a personal capacity

Following the strong rally in IT stocks, investors are now looking for opportunities in other sectors. Industrials, financials and even utilities are benefiting from this shift. Some interpret this rotation as the beginning of the end for technology, but that is a misconception. At the same time, sceptics have introduced a new argument: it is not stock prices that are in a bubble, but corporate earnings themselves. This so-called "earnings bubble" deserves a critical examination.

Harry Geels: The Homeownership Windfall: Myth or Reality?

Wed, 22 Jul 2026 08:11:12 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

The core problem in these debates about additional taxes—whether inheritance taxes or windfall taxes—is that they often fail to present an accurate picture of the actual profit made on a house. This is a significant omission. When those gains are calculated in full, they often turn out to be considerably smaller than is commonly suggested.

Ortec Finance: The evolution of insurance asset portfolio optimization

Wed, 22 Jul 2026 08:13:37 +0200

By Ashish Doshi, Head of UK Insurance at Ortec Finance

How machine learning is transforming investment strategies for insurance asset managers

Han Dieperink: The Rotation Correction

Wed, 22 Jul 2026 08:14:38 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Han Dieperink, written in a personal capacity

AF Advisors: Be aware - Not Investing Comes with Risks!

Thu, 16 Jul 2026 08:01:46 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Teun van Kampen, Consultant, Legal & Regulatory Solutions at AF Advisors

Perhaps this common-sense wisdom applies to a large share of Dutch households that do not invest. In fact, a significant number of them may be exposing themselves to risk precisely by not investing. This presents a major opportunity for the sector—provided it can effectively meet the needs of this target group.

Harry Geels: Inheritance tax is a tax on future prosperity

Wed, 15 Jul 2026 10:16:45 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

Supporters of higher inheritance taxes argue that an inheritance represents a form of new income for the beneficiary and should therefore be taxed heavily, just like earned income. Opponents point out that the assets have often already been taxed before and refer to this as double taxation. However, there is a third, less frequently heard perspective: that of classical economics.

AI and the Dunning–Kruger Effect

Tue, 14 Jul 2026 09:52:02 +0200

^{This column was originally written in Dutch. This is an English translation.}

By Bob Homan, Head of ING Investment Office

I recently read about the Dunning–Kruger effect, and I recognized it immediately. This effect refers to the tendency of people with limited knowledge to underestimate the complexity of experts' work. I sometimes catch myself doing this, and perhaps you recognize it as well.

Pim Rank: The European banking sector must become more competitive

Thu, 23 Jul 2026 12:09:02 +0200

^{This column was originally written in Dutch. This is an English translation}

On 17 April 2026, the Netherlands submitted its response to the European Commission’s consultation on the competitiveness of the European banking sector. The response calls for the strengthening of the internal market and the simplification of the regulatory framework.

By Prof. Mr Pim Rank, Solicitor at NautaDutilh in Amsterdam and Professor of Financial Law at Leiden University

Harry Geels: Trump not a classic capitalist but an economic nationalist

Wed, 08 Jul 2026 06:01:57 +0200

^{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

Recent remarks by Trump (during his 4th of July speech) and Vance (in an interview with The Daily Wire) point more towards conservative-Christian, or even mercantilist, politics than towards liberal-capitalist views. Once again, it is clear that the traditional left-right framework is intellectually impoverished and unnecessarily polarising.

Frans Verhaar: Don't let the managers decide what is 'in line with the market'

Tue, 07 Jul 2026 08:02:08 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Frans Verhaar, Managing Director, Head of Continental Europe at bfinance

It is early July. In some parts of the Netherlands, people are already haggling over a carpet or a leather bag at a market abroad, whilst stallholders call out to them, ‘Only look, no buy’. There, everyone understands that the asking price isn’t necessarily the actual price.

Han Dieperink: The premature funeral of the dollar

Tue, 07 Jul 2026 06:04:47 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Han Dieperink, written in a personal capacity

Last Thursday, the surprising US employment figures were released. Less than an hour later, Société Générale had already published a report. The message: the dollar’s heyday is over. The euro rose immediately by 0.7 per cent. And once again, the familiar narrative was heard. The dollar is falling out of favour and the world is slowly moving away from it. It’s a compelling narrative. But it hasn’t come to pass for well over ten years.

Maven 11: The institutional crypto revolution: no tulip mania

Fri, 03 Jul 2026 06:01:45 +0200

While the tulip mania analogy holds true for the speculative retail fringes of crypto, fixating on this noisy periphery blinds observers to the profound institutional infrastructure and innovation scaling at its core.

By Victor van Eijk, Director Global Business Development, Maven 11

Harry Geels: DNB approves its own inequality policy

Wed, 01 Jul 2026 09:05:43 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

It is often claimed that monetary policy exacerbates inequality. According to recent research by DNB, this assertion is incorrect. However, there are some points to be made regarding DNB’s view.

Joeri de Wilde: SpaceX is selling a future without planetary boundaries

Tue, 30 Jun 2026 10:21:24 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Joeri de Wilde, Senior Economist at Triodos Investment Management

Financial analyses show that SpaceX is grossly overvalued. Yet the prospect of being able to continue living in the same way remains an attractive prospect for many.

Edward Roozenburg: Business continuity is more than just IT

Tue, 30 Jun 2026 10:27:06 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Edward Roozenburg, Senior Risk Management Consultant, Probability & Partners

When a cyber incident occurs, the first questions directors often ask are: ‘Is everything still working? Can customers log in? Can payments go through? Are the core applications available?’ These are logical questions. But they are not enough.

Bert Leffers & Hayo Heerink: Cryptocurrencies, the tulip bulb and the story

Wed, 24 Jun 2026 11:49:57 +0200

^{Deze column is oorspronkelijk geschreven in het Nederlands. Dit is een Engelse vertaling.}

Can the tulip mania of the seventeenth century be compared to today’s crypto hype? Or is this one of those moments when financial history, whilst not repeating itself, does rhyme?

By Bert Leffers, independent investment consultant, and Hayo Heerink, former investment strategist at pension funds

Han Dieperink: Oil heading for $50

Tue, 23 Jun 2026 08:02:53 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Han Dieperink, written in a personal capacity

The price of oil is at its lowest level in three months. Brent crude is just under $80 a barrel and WTI crude is slightly below that. It looks like a breather, but in reality this is part of a long-term trend.

Harry Geels: Government and business are becoming more entangled

Tue, 23 Jun 2026 09:33:11 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

The era of completely free markets is long gone. Over the last two decades, Western governments have built up increasingly significant stakes in companies. This has important implications for investors.

Rik Albrecht: Why concentration is not an investment mistake

Fri, 19 Jun 2026 06:02:44 +0200

^{This column was originally written in Dutch. This is an English translation.}

The dominance of US big tech in the MSCI World Index triggers one instinct: to avoid it. That is understandable, but those who try to avoid concentration often end up taking the greatest investment risk.

By Rik Albrecht, CFA, director and chair of the investment committee at various pension funds and investment manager at Roccade.

Harry Geels: The SpaceX IPO presents five litmus tests at once

Tue, 16 Jun 2026 12:28:06 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

Last week, SpaceX went public in what was the biggest IPO of all time. This rightly attracted a great deal of attention and sparked controversy. However, if one looks beyond the surface, it becomes clear that this IPO challenges and tests the market and society in five ways at once.

Dick Kamp: The Wtp makes the board accountable for the system

Tue, 16 Jun 2026 09:46:11 +0200

_{This column was originally written in Dutch. This is an English translation.}

In my previous column, I wrote that the Wtp entails a new role for the board. What does this shift mean in practical terms for risk management, governance and supervision?

By Dick Kamp, Director of Pensions, Investment and Risk, Milliman Pensions

Gerd-Jan van Wiggen: SpaceX IPO, where did I see this before?

Tue, 16 Jun 2026 10:36:42 +0200

By Gerd-Jan van Wiggen, Partner at Probability & Partners

Last Friday, when I was following the SpaceX listing, my mind wandered off to the late 1990s, when I was looking to invest in the now infamous Lernout & Hauspie.

Han Dieperink: The best time to get on board

Fri, 12 Jun 2026 06:01:56 +0200

^{This column was originally written in Dutch. This is an English translation}

From a rational point of view, the best time to invest is always today. Staying in the market beats trying to time the market. But investors are, after all, not rational beings.

By Han Dieperink, written in a personal capacity

Harry Geels: Piketty’s five fallacies

Tue, 09 Jun 2026 12:16:52 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Harry Geels

In his recent report, Thomas Piketty once again sets out an ambitious worldview. Climate change, inequality and economic structure are brought together in a single, overarching project. However, his solutions contain five systematic fallacies.

Danny Dieleman: The invaluable value of a reliable valuation

Tue, 09 Jun 2026 09:58:44 +0200

_{This column was originally written in Dutch. This is an English translation.}

By Danny Dieleman, Wholesale Banking Director, Capital Treasury, ING

Private debt is playing an increasingly significant role in institutional portfolios, but its valuation is often less transparent than that of listed investments. How do you determine what a private loan is actually worth?