𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗥𝗲𝘃𝗶𝗲𝘄 – 𝗗𝗶𝘀𝗰𝗶𝗽𝗹𝗶𝗻𝗲, 𝗥𝗲𝗯𝗮𝗹𝗮𝗻𝗰𝗶𝗻𝗴 𝗮𝗻𝗱 𝗩𝗼𝗹𝗮𝘁𝗶𝗹𝗶𝘁𝘆 𝗙𝗲𝗯𝗿𝘂𝗮𝗿𝘆 𝟮𝟳, 𝟮𝟬𝟮𝟲 This month has been particularly intense in the markets. Between tensions in Iran, the war in Ukraine, and statements from Donald Trump fueling uncertainty, volatility has clearly increased. Geopolitical tensions and political positioning in the United States continue to keep markets on edge. In this environment, I made clear strategic decisions. 𝗡𝗲𝘁𝗳𝗹𝗶𝘅: 𝗗𝗶𝘀𝗰𝗶𝗽𝗹𝗶𝗻𝗲 𝗥𝗲𝘄𝗮𝗿𝗱𝗲𝗱 Netflix ultimately chose not to outbid Paramount-Skydance for Warner Bros. Discovery ($ 111B including debt). The market welcomed this decision: ➡️ +10% intraday ➡️ Relief after months of uncertainty Market capitalization had declined by nearly 40% between September and late February, largely due to this potential transaction. I therefore invested in Netflix. 𝗘𝘅𝗶𝘁 𝗳𝗿𝗼𝗺 𝗚𝗼𝗹𝗱 𝗮𝗻𝗱 𝗚𝗼𝗹𝗱 𝗠𝗶𝗻𝗶𝗻𝗴 𝗦𝘁𝗼𝗰𝗸𝘀 Despite a tense geopolitical backdrop, I decided to exit gold and gold-related equities. Why? A deliberate shift toward companies and assets with stronger growth potential. Gold plays its defensive role, but I currently prefer allocating capital to businesses capable of generating long-term value creation. 𝟮𝗖𝗥𝗦𝗶: 𝗔𝘀𝘀𝘂𝗺𝗲𝗱 𝗩𝗼𝗹𝗮𝘁𝗶𝗹𝗶𝘁𝘆, 𝗦𝗼𝗹𝗶𝗱 𝗢𝗿𝗱𝗲𝗿 𝗕𝗼𝗼𝗸 2CRSi continues to announce structuring developments: Strategic partnership with Chemours on liquid cooling. Deployment with Valeo in India. €140M order for AI servers. The order book remains strong and positioned on the AI infrastructure wave. Yes, the valuation (~€600M) implies volatility. Yes, it is a small cap sensitive to market flows. $NSDQ100 $SPX500 $ENR.DE $AL2SI.PA $NFLX ⚠️ 𝘙𝘪𝘴𝘬 𝘞𝘢𝘳𝘯𝘪𝘯𝘨: 𝘛𝘩𝘪𝘴 𝘪𝘴 𝘢 𝘱𝘦𝘳𝘴𝘰𝘯𝘢𝘭 𝘴𝘵𝘳𝘢𝘵𝘦𝘨𝘺, 𝘯𝘰𝘵 𝘧𝘪𝘯𝘢𝘯𝘤𝘪𝘢𝘭 𝘢𝘥𝘷𝘪𝘤𝘦. 𝘞𝘩𝘦𝘵𝘩𝘦𝘳 𝘺𝘰𝘶 𝘢𝘱𝘱𝘭𝘺 𝘪𝘵 𝘰𝘳 𝘯𝘰𝘵 𝘪𝘴 𝘺𝘰𝘶𝘳 𝘤𝘩𝘰𝘪𝘤𝘦. 𝘗𝘢𝘴𝘵 𝘱𝘦𝘳𝘧𝘰𝘳𝘮𝘢𝘯𝘤𝘦 𝘥𝘰𝘦𝘴 𝘯𝘰𝘵 𝘨𝘶𝘢𝘳𝘢𝘯𝘵𝘦𝘦 𝘧𝘶𝘵𝘶𝘳𝘦 𝘳𝘦𝘴𝘶𝘭𝘵𝘴.