What investment question has been lingering in the back of your mind without a satisfying answer? Ask it here—I’ll take the time to respond to comments 👇

25 years old, with approximately €32,000 in assets and an apartment targeted for 2028 👀 This subscriber returned from South Korea and is preparing to purchase property in the Paris region. Here’s the allocation he shared with us: 💶 Savings Accounts Livret A: €10,000 LDDS: €12,200 📈 Stock Market CTO: approximately €6,600 PEA: €557 🏦 Life Insurance: €1,100 🏢 Employee Savings Plan (PEE): €1,200 🪙 Crypto: €236 🇰🇷 Bank Account in Korea: approximately €300 Total: approximately €32,000, rounded On the CTO, Penguin Solutions represents 41%—about €2,700, or 8.5% of his total net worth. A single stock thus holds a significant portion of his stock portfolio, but a much smaller share of his overall assets. The €22,200 in savings accounts also takes on new meaning given his goal: a €40,000 down payment for a property in the Paris region by the end of 2028. He’ll need to plan how much he wants to keep aside after the purchase to move in without depleting his reserves 🏡

Under 30? Have you already started investing? If yes, how much have you invested so far?

Novo Nordisk reports on November 4. +3% or +7% sales growth? Both are true. In Q2, at constant exchange rates: Reported growth: +3% Adjusted growth: +7% A reversal of provisions for drug rebates in the U.S. inflated Q2 2025 sales. Removing this effect from the comparison reveals higher growth in 2026. On Wednesday, a headline about sales growth won’t be enough. Actual volumes and realized prices will show whether increased prescriptions are reflected in the financials—or if deeper rebates are absorbing part of the growth.

Amazon is releasing results tonight, with the conference at 10 PM Paris time. AWS reported strong earnings, but its machines are also expensive. In the most recent Q2 results: AWS: $16.6 billion in operating income Total company: $27.5 billion Cash flow after investments over the 12 months ending June: -$7.6 billion These periods differ: the last figure measures a year of cash flow, while the first two reflect quarterly profits. But together, they reveal what a simple profit figure hides—massive cash outflows from investments, primarily in AI. Tonight, AWS’s growth must be evaluated alongside its server purchases and actual cash generation.

And I’ll be happy to talk to a robot the day my million is locked 😹😹😹

1M on TRADE Republic? Are you out of your mind?

The stock rises after its earnings report, but the call option bought beforehand can still drop 😅 Before the announcement, the option price incorporates uncertainty about the upcoming move. Once the results are known, this uncertainty can disappear—this is the decline in implied volatility. If this drop outweighs the stock’s upward movement, the call loses value despite the anticipated direction. That’s why a call option before earnings isn’t just “I think the stock will go up.” The price paid for that expectation matters too.

Visa published on October 27: Its customers also cost it billions 💳 When you pay with a card, Visa charges for the use of its network. But to convince banks, merchants, and partners to choose it, the company also provides rebates and financial incentives. For the quarter ended June 30, these “client incentives” reached $4.7 billion, an 18% year-over-year increase. Net revenue rose 14% to $11.6 billion. On Tuesday, after U.S. markets closed, this line item deserves as much attention as the number of transactions. Higher rebates often accompany new contracts—so an increase alone doesn’t indicate that Visa is performing worse. The key question to explore with management: Are these incentives driving new transaction volumes, or is Visa having to pay more just to retain existing clients?

€254,433 in investments, but €47,500 due to be repaid in August 2027 👀 After deducting the Lombard loan, €206,933 in net financial assets remain from this loan, before any withdrawal taxes and excluding real estate. Of the €59,298 in the euro fund, €47,500 is already allocated for repayment. The difference—€11,798—before loan interest and any potential tax on redemption—cannot be fully counted as a reserve for purchasing additional ETFs. The €126,193 in the World SRI fund alone represents approximately 61% of the net financial assets from this Lombard loan. The PEA further adds equities, including several holdings linked to semiconductors. Diversifying across accounts does not reduce this exposure. Before evaluating the addition of an energy ETF, the loan’s interest rate and the terms of its repayment in 2027 are still missing. The planned repayment from the euro fund should be calculated net, and equity exposure should be recalculated after this repayment.