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Ruth Bergman
@RUTH_BERGMAN · JOINED 2025
3.2K FOLLOWERS
Israeli banks and the macro that moves them.
Tel Aviv based. Rates, shekel and the domestic credit cycle.
LATEST
0:18
CALLICL.TALongVIDEO · CALL
ICL Group: an energy input change that the model has not caught
A change in the energy input mix moved this producer down the global cost curve. Cost curve position, not price, determines who survives the trough.
AUG 21, 2026 · 4,477 VIEWS · 1753.24 → 1679.00 · -4.2%
Everything
0:18
CALLICL.TALongVIDEO · CALL
ICL Group: an energy input change that the model has not caught
AUG 21, 2026 · 4,477 VIEWS · 1753.24 → 1679.00 · -4.2%
0:18
CALLICL.TALongVIDEO · CALL
ICL Group: the annual reset landed above the spot narrative
AUG 13, 2026 · 4,863 VIEWS · 1804.30 → 1754.00 · -2.8%
0:20
NOTEISRAELVIDEO · CARDS
Bank Hapoalim: deposit costs peaked before consensus thinks
AUG 9, 2026 · 185 VIEWS
CALLICL.TALong
ICL Group: the cost position moved down the curve
A change in the energy input mix moved this producer down the global cost curve. Cost curve position, not price, determines who survives the trough.
JUL 28, 2026 · 5,085 VIEWS · 1833.60 → 1660.00 · -9.5%
RESEARCHICL.TALongCALL · THESIS · CARDS
ICL Group: contract pricing reset higher and the market missed it
The spot market gets the headlines and the contract book gets the revenue.
JUL 25, 2026 · 6,450 VIEWS
NOTEISRAELCARDS
Bank Leumi: the reserve is adequate and the earnings path is not
Normalisation is arriving faster than the provision schedule anticipates. That is an earnings problem before it is a capital problem.
JUL 18, 2026 · 7,715 VIEWS
CALLLUMI.TAShortCALL · CARDS
Bank Leumi: credit normalisation is not in the card book
Normalisation is arriving faster than the provision schedule anticipates. That is an earnings problem before it is a capital problem.
JUN 30, 2026 · 9,219 VIEWS · 3180.56 → 7553.00 · -137.5%
RESEARCHISRAELTHESIS · CARDS
Bank Leumi: margin guidance assumes a curve that is not there
Loan yields have stopped rising while funding costs have not fully stopped. That spread is the whole guide.
JUN 14, 2026 · 5,181 VIEWS
CALLLUMI.TAShortCALL · CARDS
Bank Leumi: the NIM bridge depends on a repricing that has stalled
The guided margin path requires asset repricing at a pace the current curve does not support. The gap compounds each quarter it persists.
JUN 4, 2026 · 3,457 VIEWS · 3055.68 → 2917.07 · +4.5%
CALLPOLI.TALong
Bank Hapoalim: fee income is now carrying the quarter
Fee lines grew through a period when spread income did not, which is what a diversified franchise is supposed to do and rarely does.
MAY 28, 2026 · 1,768 VIEWS