ENGLISH TEXTS
first three crops, he achieved winners in the UK, Ireland, France, Saudi Arabia, Spain, Italy and the Czech Republic, with runners showing an incredible versatility from sprinting to middle distances. Flagbearers Lady Of The Lamp and Shayem both secured Black Type victories, with the Karl Burke-trained Shayem displaying possible Classic credentials with a success in the Silver Tankard Stakes( Listed). Their wins, alongside Miss Of Change and Onemoredance, left King Of Change as the second-best stallion in 2025 for Black Type to runners ratio, surpassing Night Of Thunder, Frankel and Wootton Bassett. Purchased by Tweenhills at the end of his lucrative third-crop year, King Of Change will stand at their Gloucestershire base for an introductory fee of £ 8,500 in 2026. David Redvers, Managing Director of Tweenhills, said:“ I am thrilled to have been able to acquire a proven stallion of the clear and obvious ability of King Of Change.“ It is a coup for Tweenhills and great news for the British breeding industry. We are not alone in considering him to be one of the best value stallions currently standing in Europe.“ From very limited opportunities King Of Change has delivered outstanding results, and it is mouthwatering to think what he could achieve going forward with more quality and quantity. It goes without saying that we will be supporting King Of Change with our brood- mare band and our partners in the stallion will do likewise.” From humble origins in Ireland, standing for a mere 7,000 euros at Derrinstown Stud in his opening season in 2021, King Of Change has achieved the implausible – matching strides with the best stallions in the business, the same way he did on the track.
ECO
THE( BELOVED) WOLF OF WALL STREET
BY IGOR DE MAACK
BACK TO ARTICLE
In Intermarché’ s now global advertising campaign( more than one billion views), an unloved wolf occupies the position of the main character among the animals of the forest. In 2025, one also had to be a“ Wolf of Wall Street,” loved and loving equity markets and risky assets, without forgetting gold, which shattered records against a backdrop of the dollar’ s loss of credibility. Indeed, the broad U. S. index S & P 500 ended the year up 16 %, while the Nasdaq rose by nearly 19 % and the Dow Jones Industrial Average finished with a gain of 13 %. If in the United States it was indeed technology stocks that drove the index’ s performance, in Europe it was rather banking stocks and those linked to armaments / defense that pushed indices higher, like a rider clearing an oxer in a show-jumping competition.
Thus, the DJ Stoxx 600 rose by nearly 17 %. In Asia( notably with the Korean KOSPI index at + 75 % and the Japanese Nikkei index at + 27 %), it was the whole range of stocks that led to an appreciation of the indices. Dividends once again demonstrated their effectiveness in terms of stock-market performance. Thus, when comparing the performance of the CAC 40 index without the inclusion of dividends(+ 47 %) with that of the CAC 40 Gross Total Return index with dividends included and without taxation( 71 %+), the difference in performance is significant: 24 % cumulatively over the last five years, i. e. 5 % more each year for those who receive dividends. The logic of dividends therefore remains key in equity investments alongside the search for capital gains. On the interest-rate segment, the central banks of the two major monetary areas( dollar and euro) cut their rates, which had the consequence of steepening yield curves, as long-term rates at the 30-year maturity rose against a backdrop of fears of budget deficit slippage. Nevertheless, 10-year interest rates remain largely manageable: 3.6 % for the 10-year OAT and 4.1 % for the 10-year Treasury Note. Finally, the Venezuelan president, Nicolás Maduro, was captured against a backdrop of control over the largest oil reserves in the world( 235 billion barrels). This announcement and the speech by the American president confirm the global
# 16 154