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Fasanara Capital
Fasanara Capital




16th May 2019

It would take very little to spark a market collapse. Fasanara Capital tells CNBC that a recent Fasanara analysis found global markets are highly fragile.


4th April 2019

Fasanara shared with Angie Cross his perspective on the way financial markets are usually analyzed, and suggested instead to look at financial markets as ecosystems.

The Quant Conference

12th April 2019

We had pleasure to be the leading partner of the third edition of The Quant Conference. Topics discussed on the day included: "How quantitative research differs in the industry and academia", "Practical application of Machine Learning", "Legends on how it all started" and many more.

CFA Society

12th March 2019

How to measure the proximity to a market crash: conceptual framework and tools to monitor the build-up of systemic risks and the approaching of a seismic shif.


26th February 2019

AlphaWeek profile:
Fasanara Capital is a systematic macro hedge fund which is positioned for a market crash in the next 24 months. Fasanara explains why, and also expands on how his firm applies the rules of complexity theory to constructing their models


25th February 2019

Investors’ herd behaviour makes markets more fragile: Years of quantitative easing has created greater vulnerability to sharp sell-offs.


22th February 2019

The macro situation across Europe is 'quite tricky'. Fasanara Capital explains that it is not just Italy, but the whole of Europe, that looks economically unstable.


14th February 2019

Erik Townsend and Patrick Ceresna welcome back Francesco Filia and discuss about how severe could a bear market be, complex dynamic systems, short-term crash vs. extended bear market, phase transitions and twin bubbles, tipping points, crash hallmarks and butterflies, how to play the short side of the markets, and alternative monetary policy 


27th December 2018

Fasanara featured in Best Calls 2018 by MACROVoices (minute 10’)
Join Erik Townsend and Patrick Ceresna as they spend an episode reviewing the best market calls of 2018. They discuss which guests nailed the Bitcoin top, the VIX crash, the Chinese economic turn, emerging markets top, S and P 500 top

Resonance FM

17th December 2018

Hear experts dance with hedge funds & other alternatives, markets & the economy, with cool psychedelia & hot poetry on the [email protected] Short Club- Monday. With: Robert Savage, Philippe Bonnefoy, Simon Kerr, Robert Hillman, Francesco Filia, Jessica StJames​


12th January 2019

Fasanara 2019: Markets In Critical Transformation, Chaotic Behaviour Has Just Begun


9th January 2019

December Market Turmoil Is Just The Beginnin: Fasanara Capital discusses what the latest round of U.S.-China trade negotiations mean for markets.. (1st video)

The Bear Case Vs The Bull Case (2nd video)

Default Rates Set To Pick Up In 2019 (3rd video)


6th December 2018

What are Fake Financial Markets and what effect do they have on the current inflated levels of global stock markets? What do they mean for stock market and bond market performance in the future?​

Sky News

25th November 2018

Fasanara Capital says monetary and fiscal policies in the US will lead to multi-quarter bear market without a possibility for quick recovery.

Financial Times

21st November 2018

Hedge funds reap windfalls from market rout 


14th November 2018

Fasanara Capital:   
Risk Assets Downturn Is Starting To Play Out

Wall Street Journal

24th September 2018

These maverick hedge funds believe the end of easy money could provide the catalyst for disaster

Complexity Live

14th September 2018

Live streaming discussion on the topic of "Systemic Risk" focusing on pandemics and financial crisis.


26th August 2018

"Financial Complexity & Nonlinear Dynamics", a collaboration between Complexity Labs & Fasanara Capital.
A high-level overview to the application of complexity theory to finance, first presenting the more theoretical side to complexity finance before going on to illustrate more practical examples of nonlinear dynamical modeling applied to capital markets.


14th September 2018

Looking for nonlinearities in the market.
Fasanara Capital tells CNBC discusses analyzing the market in a non-traditional way.


27th July 2018

Venezuelan inflation predicted to hit 1 million percent this year


12th July 2018

"Towards A Low-Diversity Trap": Visualizing The DNA Of A Market Crash


11th July 2018

With a new FED increasing interest rates, geopolitics affecting US strength, how can investors think about the next 6 months with an eye to profits? This webinar will dive into how investors can view the US as an investment opportunity going into the last 6 months of 2018.


9th July 2018

Amid political stalemate in the EU, trade tensions are likely to persist for longer


22nd June 2018

Flash crashes in Europe could prewarn potential 'raptures'. 
Fasanara Capital, discusses how political uncertainty In Italy has recently joined to a long list of market vulnerabilities.


18th June 2018

We’re seeing the greatest asset inflation bubble in 20 years, fund manager warns


18th June 2018

Investors still love equities but ‘market fragility’ could be ahead in the second half of 2018


13th June 2018

  • Gestore: “Mercati come negozio di porcellane cinesi con dentro elefanti” - WSI  (1st article) 
  • Ci sono segnali di un crollo del mercato? - Sputnix (2nd article)  
  • El mundo podría estar al borde de una catástrofe económica  - Money  (3rd article)
  • Signs showing world could be on brink of CRISIS - Express (4th article) 


11th June 2018

The signs of a potential market crash are now appearing, asset manager warns


8th June 2018

Fasanara: The Crash Triggers Are Elephants, Not Butterflies


23rd May 2018

An Unexpected Warning From Goldman Sachs: "Something Is Not Quite Right"


18th April 2018

Shift into passive strategies creating a systemic risk: The risks associated with passive investing are overlooked too often. (1st video)
S&P 500 could imminently dive down to 2,400, analyst says. (2nd video)
Upcoming Federal Reserve decisions will be good for equities, JP Morgan Asset Management says. (article)


Outlook 2018

VIX volatility shock is an early warning signal that markets are approaching a critical tipping point​


Fake Market Narratives Are Masking The Roots Of The Next Crisis

Class CNBC

12th April 2018

Fasanara discute gli scenari possibili che possono seguire al primo trimestre 2018, ponendo l'accento sul rischio volatilità.


11th April 2018

Lira Bounces As Turkey Reaches "Whatever It Takes" Moment


9th April 2018

Stock Market's Soaring Volatility Mirrors 1987 Crash


19th March 2018

An Unexpected Warning From Goldman Sachs: "Markets Themselves" Will Cause The Next Crash


12th February 2018

Fasanara Capital: The Vol Feedback Loop Has Reversed; What Comes Next?


7th February 2018

BofA: This Was A "Minsky Moment" For The VIX


5th February 2018

Low Volatility May Spur Stock Market Crash: Filia


5th February 2018

"Termination Event" Arrives: Traders Panic As XIV Disintegrates -90% After The Close


3rd February 2018

"The Market Is On The Edge Of Chaos, A Zone Where Rare Events Become Typical"


2nd February 2018

Some investors are worried low volatility might be the start of a market crash. Here’s why.
  • Loose monetary policy has lasted for about a decade, meaning that investors have become used to central banks protecting the financial system.
  • As a result, they feel safer in taking added risk, which could lead to a market crash.


19th January 2018

Berlusconi has been in politics for nearly three decades. This is the secret to his popularity


17th January 2018

Fasanara Capital (1st video) speaks about challenges facing markets in 2018. In the 2nd video, 
Fasanara discusses his take on stock valuations.. Finally in the last video,   
Fasanara takes a look at the upcoming Italian election.​​


17th January 2018

"Stocks are now in 'complete bitcoin territory,' asset manager says". 
  • Impending tipping point for markets is due to a synchronicity of enterprise overvaluation, high indebtedness, low cash balances and a drawback in public flows’’


11th Janunary 2018

GS: just a 3-point spike in the VIX would force some $110 million vega to buy

Neue Zürcher Zeitung

13th January 2018

The markets have decoupled from reality | Die Märkte haben sich von der Realität abgekoppelt

FASANARA debate with Blackrock

12th December 2017

The London Quant Group event - 12/12/2017 at 18:30 - 
Low Volatility & Systemic Risks

Class CNBC

18th December 2017

Fasanara discute gli scenari di mercato per il 2018, con enfasi sulle azioni delle banche centrali, il nodo liquidita’, e il fenomeno Bitcoin

Neue Zürcher Zeitung

3rd December 2017

The downturn risk due to the declining liquidity supply of the central banks: change of central bank policy can lead to a self-reinforcing bear market.


29th Novemebr 2017

Fasanara explains market complacency is too strong to be suprirised by North Korea's latest missile test.


28th November 2017

"It’s All One Single, Giant $22 Trillion Position": How Market Risk Became Systemic Risk.


26th November 2017

Fake Market Narratives Are Masking The Roots Of The Next Crisis


25th November 2017

Francesco Filia: The World's Twin Asset Bubbles Could Collapse Under Their Own Weight


22nd November 2017

Erik Townsend and Francesco Filia discuss Twin Bubbles, Fake Narratives and Feedback Loops.


22th November 2017

Positive Feedback Loops, Financial Instability, & The Blind Spot Of Policymakers.

Wall Street Italia

30th October 2017

Wall Street Italia spiega perchè la liquidità delle banche centrali si esuirirà lasciando un buco da $2 mila miliardi. 


18th October 2017

$1 Trillion In Liquidity Is Leaving: "This Will Be The Market's First Crash-Test In 10 Years"


18th October 2017

What To Look For If This Is Indeed A Major Bubble

Class CNBC

2nd November 2017

Fasanara discute gli scenari di investimento per il quarto trimestre


11th September 2017

"The Ratio Is Literally Off The Chart": Measuring The Real Bond Bubble


14th September 2017

Fasanara Capital discusses the Bank of England’s monetary policy agenda with Daniel Fuss, vice president at Loomis Sayles and CNBC’s Gemma Acton. (First Video)

Fasanara Capital discusses the possibility to short S&P, Nasdaq and Nikkei stocks due to their dangerously high market valuations. (Second Video)


24th August 2017

"Peak PEG" - The S&P Has Never, Ever Been This Expensive


25th July 2017

When Do We Know These Are Delusional Markets

Class CNBC

25th August 2017

Fasanara discute il rischio bolla sul mercato azionario US e su quello obbligazionario europeo   


20th July 2017

The "Wipeout Scenario": 250% Losses If VIX Spikes To 20.
​How Bad a Damage If Volatility Rises: The Bear Trap of Short Vol ETFs


3rd July 2017

Fasanara sees Twin Bubbles in Stock and Bond Markets


28th June 2017

Fasanara Capital (1st video) talks about how complacent markets became insensitive to news and macro data, and how Central Banks passive flows are changing the structure of the markets. In the 2nd video, Fasanara discusses what could trigger the next financial crisis: diminishing effectiveness of credit expansion. Finally in the last video,   
Fasanara takes a look at the state of the commodities market and where it could be heading from here​ - Article​​

Class CNBC

7th June 2017

Fasanara discute gli scenari possibili che possono seguire alle elezioni nello UK e la probabilita’ crescente di una ‘Soft Brexit’


4th May 2017

Fasanara Capital Explains How The "Fake Market" Works In One Chart.

Bloomberg Briefs

17th March 2017

Hedge Funds Europe: Q&A with Fasanara Capital on the outlook for oil price.`


24th February 2017

Why this investor is shorting both equities and bonds

Class CNBC

23rd May 2017

Fasanara discute le politiche della ECB e le opportunita’ di investimento che ne derivano: la prospettiva di un restringimento del differenziale dei tassi tra EU e US, nonche’ una sovraperformance dell’Euro rispetto al Dollaro. Commenti sulle implicazioni di medio-periodo della fine del QE.  


Press & Videos

14 Sep 2018 CNBC (Video):  "Looking for nonlinearities in the market"
11 Jul 2018 BrightTALK:  Fasanara in a BrightTALK webminar
18 Apr 2018 CNBC (Video)S&P 500 could imminently dive down to 2,400
12 Apr 2018 CLASS CNBCTrimestre al via, rischio volatilità
08 Feb 2018 CLASS CNBCTurbolenza sui mercati, quali rischi?
19 Jan 2018 Investopedia:   Stock Valuations Now in 'Bitcoin Territory'
18 Jan 2018 Estrategias de InversionLa bolsa está completamente en terreno bitcoin
13 Jan 2018 Neue Zürcher ZeitungThe markets have decoupled from reality
03 Dec 2017 Neue Zürcher Zeitung: Die Märkte haben sich von der Realität abgekoppelt
29 Oct 2017 ZeroHedge: A Technical History Of Market Melt-Ups
24 Oct 2017 StreetWisePopping the Bubble
29 Aug 2017 Daily Reckoning UK:  Is the ‘Omen’ signalling a market top?
25 Aug 2017 CLASS CNBC: Mercati: rischio bolla vicino?
25 July 2017 ValueWalk: Fasanara on the "Fake Market Cycle"
28 June 2017 CNBC (Video) The narratives that drive global markets
28 June 2017 CNBC (Video) What could trigger the next financial crisis
28 June 2017 CNBC (Video): The Outlook for Commodity Markets
23 May 2017 Class CNBC: Investimenti e crescita Europa vs Usa
03 May 2017  ValueWalk | Fasanara Capital May – Fake Markets  
08 Dec 2016: Class CNBC:   Prolungato QE: cosa comporta la decisione della BCE?   
5 Dec 2016  MORNINGSTAR:   Euro Recovers Losses After Italy's 'No' Vote  
3 Aug 2016  ZeroHedge:   5 Things To Focus On
22 Mar 2016: VALUEWALK: Short European Banks Thesis
25th Jan 2016: CNBC:   Could technology lead to stagnation?
03rd Dec 2015: CNBC: How to trade the ECB meeting
08th Jul 2015: CNBC: Deflationary Boom Markets
28th May 2015: CNBC:   European equities poised for a leg-up
16th Mar 2015: CNBC:   European rates to move even lower
26th Sep 2014: CNBC:  W as the US sell-off 'quite normal'?
18 Nov 2013: OPALESQUE:    Exclusive: Analysing the Great Rotation
14th Oct 2013: BLOOMBERG Trading tactically around debt ceiling
25th Sep 2013: CNBC:   Is the US heading for a correction?
5th Sep 2013: CNBC: Expecting a Market Correction
28th Nov 2012: CNBC: European Equities Will Jump
31st Aug 2012: CNBC: How to hedge fatal scenarios