Most recent columns

Han Dieperink: Emerging markets call for selectivity

Wed, 19 Aug 2026 08:28:19 +0200

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

By Han Dieperink, written in a personal capacity

For the first time in years, emerging markets have been outperforming the developed world since 2025. This followed a long period of underperformance. Growth in China slowed, commodities were cheap, and large amounts of investment capital flowed into the United States.

Han Dieperink: The returns of cheap AI

Wed, 05 Aug 2026 08:30:56 +0200

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

By Han Dieperink, written in a personal capacity

When the Chinese AI model Kimi K3 was released in mid-July, semiconductor stocks reacted as they increasingly have in recent months: they fell. The logic was straightforward: if artificial intelligence becomes ever cheaper, less computing power will be required, and therefore fewer chips will be needed. Yet that conclusion is mistaken.

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

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.

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.

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.