Totalreturn blog

Gábor Czachesz, Head of Multi-Asset and Quantitative Investment Strategies at VIG Asset Management, recently gave an interview to Forbes, where he highlighted the most common mistakes made by novice retail investors and shared practical advice on how to start investing. Gábor pointed out that less experienced investors often fall into the trap of chasing past […]

Earlier this January, we published our hypothetical equity index based on FIFA World Cup winning probabilities: the VIG Football World Cup Equity Portfolio Index. Its performance has been particularly strong, theoretically outperforming both the European EURO STOXX 50 Index and the U.S. S&P 500 Index. However, in June, VIG Asset Management did not want to […]

VIG Asset Management has prepared a new equity index for the FIFA World Cup. We created the hypothetical VIG Football World Cup Equity Portfolio Index by combining the stock market indices of the countries considered most likely to win the tournament. How did the process begin? You can find out in our previous articles. We […]

In their latest article published on Telex.hu, Zsófia Béri, Portfolio Manager at VIG Asset Management, and Bálint Jagadics, Analyst, highlight the importance of the conversion exchange rate linked to the introduction of the euro. At first glance, the debate over adopting the euro may seem distant and technical: Maastricht criteria, central bank flexibility, fiscal deficits. […]

Lately, there has been no shortage of articles and posts claiming that the euphoric gains of the dotcom era were driven exclusively by unprofitable companies. That is simply not true. The “MAG7” of that period consisted of Cisco, Intel, Oracle, Microsoft, Dell, Sun Microsystems, WorldCom, and Ericsson. Every single one of these stocks fell by […]

The FIFA World Cup has not even started yet, but bookmakers’ decisions have already led to continuously changing odds, reshaping the field. Based on these odds, we can derive implied probabilities. This logic underpins the hypothetical VIG Football World Cup Equity Portfolio Index. The index is a conceptual model portfolio that weights leading equity indices […]

Global financial stability was built for decades on the 1974 Kissinger agreement. Following the 1973 Yom Kippur War, Kissinger personally mediated between Arab countries and Israel, laying the foundation for the region’s subsequent stability. As a result, Saudi Arabia priced oil in U.S. dollars and reinvested excess profits into U.S. government securities – primarily Treasuries. […]

Since the outbreak of the Iran war, the price of gold has declined by around 12% and currently stands at approximately $4,700 – well below its peak of $5,600. This is particularly surprising given that the market environment, at first glance, would seem to support a rise in gold prices. Geopolitical tensions, rising oil prices, […]

What do betting odds tell us? Sports enthusiasts know that if you want to identify the favorites in a tournament, all you need to do is look at bookmakers’ odds. These figures are not just payout ratios – they also represent implied probabilities. Since they are formed by a broad market of actively engaged participants, […]

In Hungary, a university degree has long meant more than just a ticket to the labor market: it also represents status and security. In many families, it signals not only that “you have a qualification,” but also that it will be easier to change jobs, that you will have greater mobility, and that you will […]

Over the past decade, it has become fashionable to declare value investing dead. The growth factor has won: large technology stocks and compelling growth stories have dramatically outperformed traditional value portfolios. Well-known value benchmarks – such as the S&P 500 Value or the Russell 2000 Value – have underperformed the broad S&P 500 for most […]

As the FIFA World Cup approaches, we do not only watch the matches – we also look at the odds. Behind bookmakers’ numbers lie probabilities, models, and expectations. This was our starting point when we created the concept of the hypothetical VIG Football World Cup Equity Portfolio Index. Our idea is simple: if we convert […]

In connection with the upcoming Football World Cup, at the beginning of 2026 we created the hypothetical VIG Football World Cup Equity Portfolio Index which is more than a creative reinterpretation of football odds – it is also a clearly structured hypothetical global equity portfolio. Its composition reveals which countries, regions, and economic sectors currently […]

Behind the World Cup’s winning probabilities lies an immense amount of analytical work: statistics, performance data, risk assessments, and expected outcomes. Exactly as in financial markets. This simple idea is the foundation of the VIG Football World Cup Equity Portfolio Index – an imaginary thematic equity portfolio that translates World Cup probabilities into the language […]