# St. Gallen Markets Society (SGMS)

> The St. Gallen Markets Society (SGMS) is a student association at the University of St. Gallen (HSG), Switzerland, for students interested in financial markets. It organises talks, workshops and company visits with finance professionals, and runs a student Market Research team that publishes a weekly newsletter (the SGMS Market Recap), articles and equity research. Membership is open to every HSG student, with no finance background required.

Key facts:
- Name: St. Gallen Markets Society, short name SGMS. Website: https://sg-ms.com
- Type: student association at the University of St. Gallen (HSG), St. Gallen, Switzerland
- Address: c/o University of St. Gallen, Dufourstrasse 50, 9000 St. Gallen, Switzerland
- Community: more than 150 members and newsletter readers
- Membership: CHF 20, paid once, valid for a student's whole time at HSG
- Certificate: members who register and attend at least 7 of the 8 SGMS events in an academic year receive the SGMS certificate
- Market Research team: 13 student analysts on three desks (macro, equities and deals, alternatives), led by the Head of Market Research
- Newsletter: the SGMS Market Recap, a weekly summary of the markets published every Monday morning, written for beginners
- Board: President Aline Ducrey, Vice President Mina Massumi, Head of Market Research Hugo Benoit (full board on the Board page)
- Contact: info@sg-ms.com. Partnerships: sponsorship@sg-ms.com
- Social: Instagram @sgms.sg (https://www.instagram.com/sgms.sg), LinkedIn (https://www.linkedin.com/company/st-gallen-markets-society)
- SGMS content is written by students for educational purposes and is not investment advice

## About SGMS

- [About](https://sg-ms.com/about/): who SGMS is, what it does and why students join
- [Board](https://sg-ms.com/board/): the students who run SGMS, with contact addresses
- [Market Research Team](https://sg-ms.com/market-research/): the analysts, desks, training and how to join the team
- [Certificate](https://sg-ms.com/about/certificate/): how members earn the SGMS certificate
- [Become a member](https://sg-ms.com/join/): membership benefits and payment
- [Partners](https://sg-ms.com/partners/): how firms work with SGMS
- [Contact](https://sg-ms.com/contact/): contact form and email addresses

## Events

- [Events](https://sg-ms.com/events/): upcoming and past talks, workshops and company visits

Upcoming events:
- 17 November 2026: CLOs and structured credit, with Alegra Capital. Daniel Riediker, founder and CEO of Alegra Capital, explains CLOs from scratch: market size, default history, risk management, the investment process and past performance. No prior knowledge needed.
- 2 December 2026: Wealth management, with J.P. Morgan. Stefan Gratzer, Managing Director at J.P. Morgan in Zurich, on wealth management.

## Research and newsletter

- [Research](https://sg-ms.com/research/): all Market Recaps, articles and research reports
- [Newsletter](https://sg-ms.com/newsletter/): subscribe to the weekly SGMS Market Recap, free
- [Market Recaps](https://sg-ms.com/category/market-recap/): every issue of the weekly newsletter
- [Articles](https://sg-ms.com/category/articles/): longer pieces by the Market Research team
- [Full text for language models](https://sg-ms.com/llms-full.txt): this file plus the full text of every article and recap

## Articles

- [Plenty, Just Not Here](https://sg-ms.com/plenty-just-not-here/), 5 November 2026: On paper the world has enough copper. Chinese buyers are paying the most in 13 years to get some. Why both are true, and what to watch.
- [Semi-Liquid, Fully Stuck](https://sg-ms.com/semi-liquid-fully-stuck/), 5 November 2026: Private credit sold wealthy investors funds with an exit. In 2026 they tried to use it, all at once. Why it matters beyond Wall Street.
- [Safe Haven’t](https://sg-ms.com/safe-havent/), 4 November 2026: War and inflation are back, so gold should be booming. Instead it is down about 10% this year. What is driving it, and what it tells investors.
- [Fear by the Barrel](https://sg-ms.com/fear-by-the-barrel/), 2 November 2026: Goldman Sachs says about $27 of the oil price is pure fear. How you measure it, what it costs the world, and whether it is fairly priced.
- [Limited Offer, While Stocks Last](https://sg-ms.com/limited-offer-while-stocks-last/), 28 October 2026: Anthropic's IPO filing shows spectacular growth and a first profit. It also shows why the company chose to sell now, before the bill arrives.
- [C’est la Dette](https://sg-ms.com/cest-la-dette/), 26 October 2026: France now pays more to borrow than Italy. How the eurozone's second economy got here, and why the bill keeps growing.
- [Cloudy With a Chance of Default](https://sg-ms.com/cloudy-with-a-chance-of-default/), 25 October 2026: AI data centers need $2.9tr by 2028 and half is borrowed. How that debt is repackaged and sold to pension funds, and why it is not quite 2008.

## Market Recaps

- [Blue Wave, Red Screens](https://sg-ms.com/market-recap-week-45/), 9 November 2026: Nvidia's worst day since 2025, oil's worst week since 2020, the BoE's first hike since 2023 and a $115bn chip deal.
- [Market Recap, Week 44](https://sg-ms.com/market-recap-week-44/), 2 November 2026: Alphabet, Amazon and Intel spook investors with their AI spending, the Fed holds in a split vote, Lagarde announces her exit and the SMI closes at a record. The week in markets from the St. Gallen Markets Society.
- [Market Recap, Week 43](https://sg-ms.com/market-recap-week-43/), 26 October 2026: France borrows at 5%, Brent hits $116.72, chip stocks crash and the SMI stays green. The week in markets from the St. Gallen Markets Society.

## Optional

- [Imprint](https://sg-ms.com/imprint/)
- [Privacy policy](https://sg-ms.com/privacy-policy/)
- [Sitemap](https://sg-ms.com/sitemap_index.xml)