Author Archives: Giordano Lombardo

About Giordano Lombardo

Giordano Lombardo is Global CIO of Pioneer Investments. In his role, Giordano is responsible for Pioneer's global investment function. He has been with Pioneer's parent company, UniCredit Group, for over 20 years.

How to Invest in the Age of Deflation (and High Volatility)

We are convinced that, after the long bull market run, we are now entering a new phase where volatility is going to remain a principal feature and where returns are going to remain suppressed for a long time. What is materially different … Continue reading

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Beyond QE, U.S. Economy is Getting Traction

The Fed confirmed the end of Quantitative Easing (QE) and changed its rhetoric on the job market. The unemployment rate is (finally) gradually declining, as is the underutilization in the labor market, although it remains high by historical standards. The … Continue reading

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Stay Calm and Carry On: Results of the ECB’s Bank Reviews and Stress Tests

On Sunday October 26th 2014, the ECB released the results of the Comprehensive Assessment (CA) – which encompassed the Asset Quality Review (AQR – which covered all large banks in the Eurozone) as well as Stress Tests that also included … Continue reading

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Mind the Gap

Economic fundamentals (the “real economy”) have been struggling to catch up with the buoyant behavior of financial markets and, eventually, these diverging patterns (gaps) will have to be reconciled. On the economic side, the main global structural imbalances (a mountain … Continue reading

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The Vote for Scottish Independence: Which Way Will It Go?

In 2013, the governments of Scotland and United Kingdom passed the Scottish Independence Referendum Bill inviting all United Kingdom residents living in Scotland and aged 16 and over to vote on the referendum question: “Should Scotland be an independent country?” … Continue reading

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