London has had a long run as the default destination for ambitious Europeans. But the gap is closing, and Milan is making a genuinely compelling case. There are some obvious reasons why Milan would be a sexier place to live, but let`s focus on the facts.

The wealth angle. This is follow the money in practical terms. In 2017 Italy introduced a flat tax regime for new residents, pay a fixed annual sum and your foreign income is essentially untouchable by Italian tax. The rate has gone up twice since, but demand hasn't slowed. Milan now hosts 115,000 millionaires and 17 billionaires, third in Europe behind only London and Paris.

Money brings money. The restaurants get better, the startups get funded, the real estate gets competitive, the city gets more international. Property prices in Milan are up 49% since the flat tax launched, versus 10.9% across Italy's other major cities.

The opportunity is real. Milan's startup ecosystem has expanded 15 times over the past decade, with startups collectively valued at over €29 billion. Milan is the home of companies like Bending Spoons, Satispay, Scalapay. Not yet major, but an ecosystem forming.

Something to keep an eye on.

I feel like many following the markets are quietly waiting for a US`downfall. But the US is looking pretty resilient, the probability of a US recession in the next 12 months has fallen from 30% to 25% according to chief economist at Goldman Jan Hatzius. In my POV a US recession is probably about time, and people seem to be extremely bullish on US with or without too much to show for it. It is also a hot topic of the new world order, where US probably will have to live with a new sense of importance to the world.

Taking a look at P/E ratio over the last 150 years, there is only one time investors have been so euphoric as they are currently, and it was back in the late 1990s. We were not even born back then (hehe), but we have been lectured enough on what happened.

It looks like the markets are ignoring reality. All time highs in gold, an energy shock, hormuz closed, and active war, resulting in all time highs in the stock market. It is not quite making sense.

The passive investing strategy has a concentration problem. The top 10 stocks in the S&P 500 now make up 36.5% of the entire index. This composition increasingly moves with the fortunes of a handful of companies, much so fuelled by people that might not really know what they are doing.

Concentration alone doesn't equal volatility, and it doesn't mean those stocks are overvalued (even though they might be). The return prospects of those dominant names matter just as much as how dominant they are. But concentration does create risks worth understanding:

You can't hide in passive. Index funds replicate whatever concentration exists. If sentiment turns sharply against the largest holdings, if you are invested, you're fully along for the ride.

Earnings season hits differently. As indexes become more sensitive to a shrinking group of companies, one bad quarter from a mega-cap will move the benchmark.

Active managers are boxed in. In the MSCI All Country World Index, half the stocks collectively represent just 5% of the index. Underweighting all of them frees up a grand total of 5% to work with elsewhere. The math limits conviction.

It`s kind of like a cool bar, but before everyone starts going there. When it gets too crowded you will find a new and better spot, where there is still air to breathe. So do with this information what you will, but in my POV; stay active, and look at the parts of the market that aren't as crowded.

I have also touched on this previously read index bubble trouble again if you are interested.

A protein bar feels good until you flip it over and read the label; Maltitol, Soy protein isolate, Sunflower oil, and Natural flavours whatever that means. That composition feels illegal, and it starts making sense why they taste like sweet plastic. And it annoys me that it`s bypassing as healthy food, and it`s a little too easy to fall victim for those.

Lucky for you, making your own protein bars is easy: Protein powder of choice, nut butter of choice, flour of choice and voilà thats it. Add whatever extra you want like dark choc or dried fruits.

Other products where i often find myself disappointed with the branding / content combination are Nut/oat/soy milks, often contain surprising amounts of seed oil, and sugar? what does sugar even do there. Low-fat anything, replacing fat with sugar and thickeners makes a perfectly fine product ultra processed for no good reason. Not all pickles are equal, some have as much sugar as candy, which is mindblowing if you are trying to eat fermented for your gut health.

I have gotten my hands on a pair of bangles and the pilates sessions are hitting at a whole new level even with just 1lb at each leg. The burn is real and I consider it a great investment for the extra burn it is giving, and hopefully also the results down the line. I know many also use them for walks or tasks at home which is also quite convenient.

They are cute and lowkey makes everything harder.