Overzicht columns

Harry Geels: The myth of unearned wealth

Tue, 29 Sep 2026 12:17:25 +0200

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

By Harry Geels

Terms such as ‘unearned wealth’ or ‘taxable windfalls’ are appearing with increasing frequency in economic and tax debates. However, these are not standard analytical concepts from the field of economics, but rather normative and political-philosophical concepts used to justify certain forms of taxation.

Dick Kamp: Towards an agile, relevant pensions sector

Tue, 29 Sep 2026 08:02:34 +0200

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

By Dick Kamp, Director of Pension Investment & Risk at Milliman Benelux

Rapid, coordinated innovation via a sectoral hub could be a powerful way of ensuring that the Dutch pension sector remains relevant and future-proof under the Wtp.

Han Dieperink: Interest rates and share prices are rising in tandem

Tue, 29 Sep 2026 06:02:13 +0200

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

By Han Dieperink, written in a personal capacity

The US 10-year yield is a full percentage point higher this year. Last week, it reached 5.23 per cent. Over the same period, the S&P 500 rose by over 10 per cent. In theory, these figures do not add up.

IVBN: Investing in housing is investing in care

Fri, 25 Sep 2026 10:23:38 +0200

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

An ageing population is often seen as a healthcare issue. But without suitable housing, the healthcare system will grind to a halt. That is why investing in housing is also investing in a future-proof healthcare system.

By Simon van der Gaast, Senior Policy Adviser, IVBN

Valentijn van Nieuwenhuijzen: Is the bond market panicking, or are we?

Wed, 23 Sep 2026 09:38:09 +0200

By Valentijn van Nieuwenhuijzen, Investment Manager and former CIO NN Investment Partners/Goldman Sachs Asset Management

I started my career as a professional investor in the 1990s, working in the Global Fixed Income team at ING Investment Management. Neither the team nor the asset manager exists anymore, but the lessons I learned there about bond markets have stayed with me ever since.

Harry Geels: Put an end to the left-right framework – part 2

Wed, 23 Sep 2026 09:48:56 +0200

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

By Harry Geels

Last week, I argued that the current left-right framework falls seriously short. This week, I’m focusing on the left-hand side of my political axis. There, too, the differences appear to be much greater than is often assumed.

Gerd-Jan van Wiggen: Is the banking rally ‘too good to be true’ or ‘here to stay’?

Wed, 23 Sep 2026 09:36:08 +0200

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

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

Fifteen years ago, whilst attending a banking conference, one of the participants remarked that investing in a bank was the same as donating to a charity: the benefits were social, but there was nothing in it for the investor.

Joeri de Wilde: Don’t expect climate action from universal ownership

Tue, 22 Sep 2026 11:47:41 +0200

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

By Joeri de Wilde, Senior Economist at Triodos Investment Management

With government climate policy falling short, one would hope that the private sector would step up its efforts. But even those whose interests supposedly align with the global economy are doing virtually nothing.

Rik Albrecht: The protection portfolio does not protect everyone

Fri, 18 Sep 2026 10:10:05 +0200

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

There is no shortage of creative solutions amongst asset managers for the optimal hedging portfolio. However, one question that is often overlooked by directors is: who receives the risk premium and who ultimately bears the risk?

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

Danny Dieleman: Private markets do not need to be shackled

Fri, 18 Sep 2026 06:02:05 +0200

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

The ECB, DNB and the Bank of England are currently delving deep into private markets. They are examining growth, interconnectedness and hidden risks. What does this mean for investors?

By Danny Dieleman, Founder of D-Squared Capital

Harry Geels: Put an end to the left-right framework (part 1)

Tue, 22 Sep 2026 10:39:29 +0200

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

By Harry Geels

I have repeatedly argued that the current left-right framework is intellectually shallow and unnecessarily polarising. This time, I shall support this argument by describing the diversity on the ‘right’.

Guido Veul: System-level engagement requires tough decisions

Tue, 15 Sep 2026 08:03:03 +0200

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

By Guido Veul, Director at AF Advisors

Engagement with companies has now become an integral part of sustainable and responsible investment. However, systemic risks such as climate change and biodiversity loss cannot be addressed at company level alone.

Han Dieperink: AI and ESG

Tue, 15 Sep 2026 11:30:48 +0200

By Han Dieperink, written in a personal capacity

ESG is out of fashion. It used to be a useful tool for assessing long-term risks. Now it is mainly a topic that people argue about.

Han Dieperink: Back to the old normal

Fri, 11 Sep 2026 10:04:14 +0200

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

Low interest rates were not the ‘new normal’, but an exception. Now that the global savings surplus is disappearing, we are returning to structurally higher interest rates and full-fledged bonds.

By Han Dieperink, written in a personal capacity

IVBN: Why capital is not invested automatically

Fri, 11 Sep 2026 06:01:34 +0200

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

Even when capital is available, it does not automatically lead to new projects. For that to happen, the conditions must be right and the risks must be manageable.

By Judith Norbart, Director, IVBN

Jori Arts: Why impact investing needs the stock market

Thu, 10 Sep 2026 10:03:28 +0200

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

Column by CFA Society Netherlands

Institutional investors are primarily seeking impact in private markets. However, to truly scale up, the hundreds of trillions on the stock market are indispensable.

By Jori Arts, Senior Portfolio Manager at PGB Pensioendiensten, Chair of the Asset Liability Management Committee, and member of the Advocacy Committee of CFA Society Netherlands

Hayo Heerink: An octopus in the media spotlight

Wed, 09 Sep 2026 10:02:38 +0200

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

People want to predict the future. During the 2010 World Cup, that desire for certainty led to a remarkable source of ‘insight’: Paul the octopus, who correctly predicted the outcome of eight matches in a row. It was a period in history when a mollusc was trusted more than many an analyst.

By Hayo Heerink, former investment strategist at pension funds

Pim Rank: Basic current account for entrepreneurs – out of the frying pan into the fire?

Wed, 09 Sep 2026 06:01:55 +0200

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

The Cash Payments Act of 20 May 2026 introduces a statutory right to a basic payment account for business entities. The question is whether this will genuinely benefit these business entities and whether it will unduly restrict the banks’ freedom of contract.

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

Harry Geels: What the rise of big business means for prosperity

Tue, 22 Sep 2026 10:39:33 +0200

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

By Harry Geels

The rise of ever-larger companies is neither a coincidence nor a conspiracy, but the result of five forces that are making scale increasingly important. What does that mean for society?

Bob Homan: When share prices lose their focus

Tue, 08 Sep 2026 10:56:42 +0200

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

By Bob Homan, Head of the ING Investment Office

Which is better: a stock market driven by a handful of winners, or one in which almost everything is rising? The answer is less obvious than many investors think.

Gerd-Jan van Wiggen: The clause that only comes into play when things go wrong

Tue, 08 Sep 2026 10:49:39 +0200

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

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

As a consultant and investor, I have studied thousands of external disclosures from banks over the past 25 years. During that period, we have seen a major financial crisis, as well as significant changes in legislation and regulation. As a result, I have developed an instinct for the way in which matters are phrased.

Marc van Voorst tot Voorst: Europe cannot afford a capital shortfall in biotech and the life sciences

Mon, 07 Sep 2026 12:42:09 +0200

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

Europe boasts world-class scientific research. Yet we are not doing enough to translate that knowledge into successful start-ups, scale-ups and new treatments for patients.

By Marc van Voorst tot Voorst, Head of Public Affairs at Forbion

Han Dieperink: How many shares do you actually need?

Fri, 04 Sep 2026 06:03:20 +0200

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

Ask an asset manager how many shares should be in a portfolio and the answer is almost always the same: it depends on your age and your risk profile. But is that really true?

By Han Dieperink, writing in a personal capacity

Copy_Harry Geels: A new, fair and simple tax system

Wed, 02 Sep 2026 08:58:40 +0200

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

By Harry Geels

There is currently much debate about reforming the tax system. On the one hand, because it has become too complex; on the other, because the government wants to collect more tax. I propose an alternative system that scores considerably better on the so-called ‘canons of taxation’, the classic principles of sound taxation.

Frans Verhaar: There’s a whole world hidden behind the letters ‘ABF’

Tue, 01 Sep 2026 09:10:20 +0200

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

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

Sometimes, a collective term reveals just how little we actually know about something. Take Asset-Backed Finance (ABF). The term is cropping up more and more frequently in discussions with institutional investors, in market reports and at conferences. But anyone who thinks that ABF is an asset class like shares, property or even private debt will soon discover that behind those three letters lies a surprisingly multifaceted universe.