Student research on financial markets
Thirteen analysts on three desks: macro, equities and deals, and alternatives. We publish a weekly market recap, articles and equity research reports. Every piece is reviewed before publication.
The team
Meet the analysts
Select a profile to read more and see their articles.
Leadership
Hugo Benoit
Head of Market Research
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BBA in Finance at HSG, class of 2028. Previously in M&A and ECM, Oil & Gas advisory, at Auctus Advisors in London. Special interest: equity capital markets and M&A.
Caitlyn Fischli
Associate
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BBA in International Management at HSG, class of 2027. Previously in commercial due diligence with BCG across 11 markets and at the International Trade Centre. Special interest: China, where she spent an exchange semester at Fudan University.
Analysts
Marie-Lisa Ture
Analyst, Macro desk lead
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BA in Economics at HSG, class of 2027. Previously in wealth management advisory at MX Family Office and in finance at the Mouratoglou Academy. Special interest: fixed income and structured products.
PS
Paweł Sternicki
Analyst, Equities and Deals desk lead
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BA in Economics at HSG, class of 2028. Previously on the investment team of Futureal Group in Warsaw, and in law and tax at A&O Shearman and TPA Poland. Special interest: systematic trading strategies.
Melina Filliez
Analyst, Alternatives desk lead
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BBA in Finance at HSG, class of 2028. Previously at Banque Cantonale Vaudoise (BCV), on financial systems and the digital banking supply chain. Special interest: commodities.
MD
Mikhail Dubin
Analyst
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BA in Business Administration at HSG, class of 2028. Previously in marketing at Carvolution and in signals intelligence with the Swiss Air Force. Special interest: geopolitics and sanctions.
JX
Jiaji Xie
Analyst
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Special interest: derivatives and quantitative finance.
Junior Analysts
First-year students. They follow our training programme and write their first pieces with a mentor.
AM
Ampalan Murugavel
Junior Analyst
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Assessment Year at HSG, class of 2029.
AD
Arnit Dey
Junior Analyst
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BA in Economics at HSG, class of 2029. Previously in operations oversight at Amundi Asset Management in Luxembourg, and founder of the assistive-technology venture RAADAR. Special interest: news-driven systematic trading.
LK
Lucius Küng
Junior Analyst
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Assessment Year at HSG, class of 2029. Special interest: derivatives and alternatives.
LR
Luzius Richter
Junior Analyst
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BA in Economics at HSG, class of 2029. Previously an emergency medical technician, with internships in an ambulance service and an intensive care unit. Special interest: behavioural economics.
RR
Rasesh Rathi
Junior Analyst
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BA in Economics at HSG, class of 2029. Previously in finance and accounting at Abhinandhan Motors in Hyderabad. Special interest: mathematics and statistics.
13analysts, from the Assessment Year up
3desks: macro, equities and deals, alternatives
8training sessions a year
What we publish
Our publications
01
The Market Recap
Every Monday: indices, macro, deals and other news. Short and written for beginners.
03
Equity research reports
Company reports with an investment thesis, a valuation and the risks, on Swiss and international companies. Each report is presented to members.
Our desks
Three desks, with rotation
Each desk writes its section of the Market Recap every week. Analysts rotate between desks during the year.
4 to 5 analysts
Macro
Central banks, interest rates, inflation, government bonds and currencies, including the Swiss franc. Growth, trade and geopolitics when they move markets.
2 to 3 analysts
Equities and Deals
Stock indices, sectors and company results, with a focus on Swiss companies. M&A, IPOs and private equity.
2 to 3 analysts
Alternatives
Commodities, private credit, hedge funds, real estate, crypto, options and volatility.
Equity research
Our research process
Every report follows the same process and house format. It answers four questions: what the company does, what the market is missing, what it is worth and what could go wrong.
- Investment thesis in three points on page one
- Business model, competitive position and key figures
- Valuation by DCF and trading multiples, with bull, base and bear cases
- Catalysts, risks and what would change our view
- Sources for every figure. For education only, not investment advice
01
Idea
The analyst pitches a company to the desk: what the market is missing, and why now.
02
Model
Financial statements, a three-statement model and a valuation by DCF and trading multiples, with three scenarios.
03
Review
The desk challenges the thesis. The Head of Market Research checks figures, sources and wording.
04
Publish and present
The report is published on the site, sent to subscribers and presented to members.
Training
How we train our analysts
Analysts learn mainly by writing every week with a mentor. The training covers what is harder to learn on the job: reading financial statements, valuation, Excel modelling and how markets connect.
- Eight 45-minute sessions, four per semester
- A mentor for every Junior Analyst
- Sessions led by our Associate with a co-lead
- Training guide, Excel workbook and case exercises
- Feedback on every piece before publication
01
How markets fit together
02
From news to prices
03
Reading a company
04
Valuation methods
05
Excel, step by step
06
Central banks, rates and bonds
07
Commodities, alternatives, derivatives
08
Deals and private markets
09
Writing and presenting
Timeline
This year so far
- 29 Sep 2026SGMS KickoffStart of the academic year and of the new Market Research team.
- OctoberThe team grows to thirteenAn Associate, new Analysts and five Junior Analysts from the Assessment Year join.
- OctoberTraining programmeLaunch of the Market Research Handbook and the Junior Analyst Training Guide.
- 20 OctHedge funds evening with Ceresio InvestorsA talk on how hedge funds work. The first Market Recap is presented the same week.
- 25 OctFirst newsletter and first articleCloudy With a Chance of Default, on who holds the debt behind AI data centres.
- 26 to 28 OctEurope and AIC’est la Dette on France’s borrowing costs, and Limited Offer, While Stocks Last on Anthropic’s IPO filing.
- 2 to 6 NovCommodities and creditFear by the Barrel, Safe Haven’t, Plenty, Just Not Here and Semi-Liquid, Fully Stuck.
- November 2026OxCapital M&A competitionA Market Research team competes in the OxCapital international M&A competition.
Research
Latest research
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Semi-Liquid, Fully Stuck
Private credit sold wealthy investors funds with an exit. In 2026 they tried to use it, all at once. Why it matters…
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Plenty, Just Not Here
On paper the world has enough copper. Chinese buyers are paying the most in 13 years to get some. Why both are…
Join the team
Write for SGMS
We recruit analysts every semester, including first-year students. No experience required: an interest in markets and three hours a week.