When you invest, your capital is at risk.



Trying new things involves risks and rewards. Patience helps avoid mistakes. Diversity and balance lead to better results. This could be about the pie chart that is your portfolio, but it's about making a good old pizza pie.

Pizza is such a beloved dish that it's often cited as the most popular in the world. Some fans even argue the shape of a slice represents the entire food pyramid. Though this overstates its nutritional value, the baked treat does allow for incredible variety. With something for everyone, pizza easily brings people together.

As we know it today – with a tomato base plus cheese and toppings – the pizza originated in Naples, Italy. Migrants would eventually take it to the U.S., where it evolved into a staple. Variations like the Chicago deep dish or Papa John's ($PZZA) cheesy crust have emerged, but pizza largely remains a simple, quick and accessible meal.

In New York, famous for its own pizza culture, slices provide an affordable bite in an expensive city. The Pizza Principle became an important metric: the average cheese slice should cost the same as a subway ride. This long-held link broke when transit fares froze in 2022 and inflation kept impacting pizza shops. But they're still the place, along with subway cars, where New Yorkers from all walks of life rub shoulders. 

In fact, it's not unusual to enjoy a slice on public transport, as it's a very portable meal. So much so that pizza was the OG of the food delivery game. For decades, people called their local joints, until online orders arrived in the 1990s – just over a hundred years after a margherita pizza was supposedly delivered to the Italian queen that would inspire its name. 

By 2001, Pizza Hut ($YUM) had sent some cheesy goodness to the International Space Station. Nowadays Domino’s ($DPZ) offers seven ways of ordering in the U.S., and its Pinpoint Delivery can serve customers at locations like parks and beaches. 

While there will always be purists, pizza is a canvas where anything goes. If you think pineapple is controversial, toppings can get much wilder across the globe: from kimchi to kebabs to Nutella to sheer silliness. Things may have gone full circle in Italy, where a Pizza Americana might be topped with hot dog meat and chips. 

If that's too much, you can stick to a core-satellite approach: focus on the handful of classic ingredients, then experiment sparingly. Or strip it right back to the 'plain’ New York slice: nothing but cheese. Or – at a time when US$1 buys nothing and investors cut back on takeaway to stay in the market – you can just pass on the pizza and get yourself a slice of Wall St instead.


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