SF Club Cassino

Research & Report

Original analysis on markets, M&A, macro and investments, written by club members with rigour and independence.

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Geopolitics · Defense · Investments
Europe's Rearmament: The New Investment Megatrend
Post-Ukraine European rearmament is creating one of the most significant investment megatrends of the last decade. We analyze Rheinmetall, Leonardo, defense ETFs and the implications for portfolios in the new European security order.
Research Report · 2025 · SF Club Cassino Read →
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Latest · Summer 2026 3 reports
IPO · Tech · Markets
Bending Spoons: The $18.4B Italian Roll-Up Collecting the Internet's Ghosts
AOL, Evernote, Vimeo and WeTransfer under one Milan owner. Inside the +39.7% Nasdaq debut: the serial-LBO playbook, $4.36B of debt, and a valuation that prices in the next fifty deals.
IPO Analysis · Jul 2026 →
Markets · Weekly Recap
Markets Week 27: The Record Half Ends, Chips Pay the Bill
Best quarter since 2020 wraps, a semiconductor selloff, Meta Compute shakes AI stocks and a soft US jobs report wipes out July hike bets. The week of June 29 - July 2 in one read.
Weekly Recap · Jul 2026 →
Credit · Rates · Sovereign
The Spread That Didn't Move: What Italian Bonds Priced During the War
Italy's 10-year yield jumped from 3.30% to 3.82%, yet the BTP-Bund spread stayed pinned near 70bp. Rate risk vs credit risk, explained through a live case study.
Credit · Jun 2026 →
Macro & Markets 3 reports
Macro · Energy
Oil at $100: The Stagflation Specter Returns
Oil above $100, inflation and slowing growth. Analysis of stagflation risk in 2026 with historical parallels 1973-2026 and portfolio impacts.
Macro · 2026 →
Credit · Private Markets
The Private Credit Crunch: The Silent Bubble
Gating, PIK loans and liquidity mismatch in the $2 trillion private credit market. The silent crisis no one wants to look at.
Credit · 2026 →
ETF · AI · Investments
AI & Robotics ETF Investment Guide
Complete guide to thematic ETFs on AI and robotics. Selection methodology, profiles of the main ETFs and comparative analysis.
ETF Guide · 2025 →
Tech & AI 1 report
AI · Tech · Markets
OpenAI Misses Its Targets: The 600 Billion Dollar Compute Question
The WSJ report on OpenAI missing revenue and user targets, the $600 billion in compute commitments and the market reaction on Oracle, Nvidia, SoftBank and Nasdaq.
Tech & AI · 2026 →
M&A Analysis 2 reports
M&A · Financial Services
Capital One / Discover: The $35B Bet on Payments
Analysis of the Discover Financial acquisition. Strategic rationale, synergies, Porter's Five Forces and regulatory implications for the US payments market.
M&A · 2025 →
M&A · Tech · Cloud Security
Google / Wiz: The $23B Cloud Security Move
Google's largest acquisition ever. Why Alphabet bet on cloud cybersecurity and what it means for the industry.
M&A · 2025 →

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