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Interview «We Will See Considerable Easing by the Fed in 2024»

English

«The global economy is living through this transition from abundant liquidity to a world where liquidity is being withdrawn»: Simona Mocuta.

Interview

«We Will See Considerable Easing by the Fed in 2024»

Simona Mocuta, chief economist at State Street Global Advisors, on key developments in the broader global economy, monetary policy normalization and the rather confident sentiment in financial markets.

Mark Dittli 05.06.2023

Interview «Streaming Has Plenty of Room for Growth»

English

«Apart from Netflix, nobody makes any money on streaming right now»: Michael Pachter.

Interview

«Streaming Has Plenty of Room for Growth»

Michael Pachter, veteran tech analyst at Wedbush Securities, talks about the fundamental trends in the TV and film landscape, the latest developments in the streaming wars and the future of theatrical movies.

Christoph Gisiger 31.05.2023

Interview «China is in Danger of Growing Far Below its Potential»

English

«China today not only has a one-party system, but a one-man decision-making system»: Joerg Wuttke

Interview

«China is in Danger of Growing Far Below its Potential»

Joerg Wuttke, outgoing president of the EU Chamber of Commerce in China, talks about the disappointing economic recovery after the end of the zero Covid policy, the ideological isolation of the Party leadership and the great power conflict with the United States.

Mark Dittli vor 57 Minuten

English «Long-term, Conditions for Gold are Perfect to go to Record Highs»

English

«When this super bubble really starts to collapse and the capitulation comes, who knows how high gold goes»: Fred Hickey.

English

«Long-term, Conditions for Gold are Perfect to go to Record Highs»

Fred Hickey, editor of the investment bulletin «The High-Tech Strategist», warns that the stock market is headed for trouble. In this in-depth interview he explains why he thinks the current run on big tech stocks like Apple and Nvidia is extremely dangerous and how he is preparing his portfolio for the coming surge in the price of gold.

Christoph Gisiger 26.05.2023

Neglecting Emerging Markets is a Huge Mistake

English

Neglecting Emerging Markets is a Huge Mistake

Despite the rise of China, India and other emerging powers, Swiss investors don’t see a profusion of product offerings to take part in this big economic shift, apart from a variety of Exchange Traded Funds. The risk: To miss out on big opportunities.

Myret Zaki vor 41 Minuten

Interview «We Should Be on the Alert for More Problems»

English

«At some point, we need to pay more attention to easy monetary policy, creating the kind of financial vulnerabilities that lead to the problems we’re seeing today»: Raghuram Rajan. (Photo: Bloomberg)

Interview

«We Should Be on the Alert for More Problems»

Raghuram Rajan, Professor of Finance at the University of Chicago and former Governor of the Reserve Bank of India, fears that the crisis in the US banking sector is not over. He explains why he thinks the stress in the financial system is an unintended consequence of easy monetary policy, and why a soft landing seems unlikely.

Christoph Gisiger vor 3 Stunden

Interview «We Should Be on the Alert for More Problems»

English

Interview

«We Should Be on the Alert for More Problems»

Christoph Gisiger 15.05.2023

The New Harmony in the Governing Council of the ECB

English

The New Harmony in the Governing Council of the ECB

Neither the ECB nor its president could complain about a lack of criticism in recent years. But worries that high government debt would make it impossible to fight inflation effectively were exaggerated – thanks to the ECB president’s consensus-oriented leadership style and an astonishingly good performance of the euro periphery.

Karsten Junius 08.05.2023

English Are Financial Attacks the Modern Economic Wars?

English

Are Financial Attacks the Modern Economic Wars?

The case of Credit Suisse shows how hedge funds have acquired oversized power on markets and on the fate of entire countries. In the era of speculative shadow banking, finance has become a war of narratives, and of central bank size.

Myret Zaki 28.04.2023

European Companies Are Reassessing the Risks of R&D in China

English

European Companies Are Reassessing the Risks of R&D in China

A survey by the European Chamber of Commerce shows that companies worry about an erosion of predictability and reliability of the business environment in China. Some are shifting their R&D to other regions.

Jörg Wuttke 21.04.2023

English One App to Rule Them All?

English

English

One App to Rule Them All?

One of the many announcements of Elon Musk after purchasing Twitter was the promise to turn Twitter into a super app. While a lot of chaos has ensued since his take-over, there are other reasons why the euphoria around the concept of a super app has died down.

Nicolas Zahn 19.04.2023

(Value) Stocks Do Offer Inflation Protection

English

(Value) Stocks Do Offer Inflation Protection

A recent article argued that equities offer poor protection against inflation. However, the data tells another story, one which is much more favorable for equities. The story is even better for value equities.

Urban Müller vor 2 Stunden

REITs and the Elephant in the Room

English

Global REITs: Dividend Yields, Risk Premiums and Total Return Index (USD). (Source: Bloomberg, Macro Real Estate)

REITs and the Elephant in the Room

Listed real estate funds have corrected sharply with the rise in interest rates. Valuation levels are now much more attractive, but the crisis in U.S. office properties could weigh on the entire market. What investors should watch out for.

Zoltan Szelyes vor 3 Stunden

English The Cost of Ignoring the Shadow Banking System

English

The Cost of Ignoring the Shadow Banking System

Credit Suisse had high capital ratios, but it didn’t help because it was exposed to the shadow banking system. Hence its failure and that of regulators, who chose to ignore the elephant in the room.

Myret Zaki 23.03.2023

Will Silicon Valley Bank Change Monetary Policy?

English

Will Silicon Valley Bank Change Monetary Policy?

The rapid rate hikes of the past twelve months expose the fragilities in the financial system. Silicon Valley Bank is only the first victim; others will follow. Difficult times lie ahead for monetary policy.

Stefan Gerlach vor 4 Minuten

English «Commodities are the only attractively valued asset class»

English

«I’m more worried about the Swiss franc than I’ve ever been in my life»: Jim Rogers. (Photo: ZVG)

English

«Commodities are the only attractively valued asset class»

Legendary investor and author Jim Rogers says why he expects massively higher interest rates in the medium term and explains which assets are still cheap and why he is worried about the Swiss franc.

Sandro Rosa vor 16 Minuten

«The Only Winner in This Deal is UBS»

English

«The Only Winner in This Deal is UBS»

Jim Bianco, founder and President of Bianco Research, shares his take on the Credit Suisse takeover, the banking crisis in the US and the implications for the financial markets.

Christoph Gisiger vor 3 Stunden

«The Only Winner in This Deal is UBS»

English

«The Only Winner in This Deal is UBS»

Jim Bianco, founder and President of Bianco Research, shares his take on the Credit Suisse takeover, the banking crisis in the US and the implications for the financial markets.

Christoph Gisiger 20.03.2023

Interview «The Window Is Closing Fast on the Fed»

English

«It’s very easy to be tough on inflation when the CPI is at 10%, but we’re now headed lower, and it becomes harder and harder for the Fed to hold the line»: Marko Papic. (Photo: Bloomberg)

Interview

«The Window Is Closing Fast on the Fed»

The crisis in the banking sector is rattling the world. Marko Papic, Partner and Chief Strategist at Clocktower Group, talks about the consequences for the markets, the dilemma facing the Federal Reserve and attractive investments in uncertain times.

Christoph Gisiger 17.03.2023

English «European Equities Still Have Plenty of Upside Potential»

English

«The US market is still expensive and has downside risks»: Peter Perkins. (Bild: MRB Partners)

English

«European Equities Still Have Plenty of Upside Potential»

Peter Perkins, market strategist at research boutique MRB Partners, says in an interview how he sees the outlook for the global economy and why he likes eurozone and emerging market equities.

Sandro Rosa vor 3 Stunden

Meinung European ESG Regulation Overshoots the Mark

English

Meinung

European ESG Regulation Overshoots the Mark

Regulation does not equal progress. The miss-effect of the European Sustainable Finance Disclosure Regulation shows what should determine the future of regulation in Switzerland: materiality.

Philipp Aeby 09.03.2023

Interview «The Fed Will Continue to Hike Even if Things Break»

English

«So far financial markets have remained calm because a last-minute deal has always emerged to lift the debt ceiling. But default is now a much greater possibility»: Megan Greene. (Photo: Bloomberg)

Interview

«The Fed Will Continue to Hike Even if Things Break»

Macroeconomic developments are dominating the financial markets. In an in-depth interview, economist Megan Greene talks about the outlook for the US and Europe, what’s next for inflation and interest rates, and which underestimated risks should be on investors’ radar.

Christoph Gisiger 03.03.2023

Interview «A Number of Inflationary Forces Will Remain in Place For a Long Time»

English

«Not only are we going to see negative supply shocks, but at the same time we’ll have positive demand shocks. That's a recipe for higher inflation and higher real interest rates»: William White.

Interview

«A Number of Inflationary Forces Will Remain in Place For a Long Time»

William White, former chief economist of the Bank for International Settlements, sees several reasons why structural inflationary pressures remain high – and why central banks face an almost insurmountable task.

Mark Dittli vor 2 Stunden

Meinung The SNB’s exposure to US stocks imports volatility

English

Meinung

The SNB’s exposure to US stocks imports volatility

The Swiss central bank has been exposed to the GAFAM (Google, Apple, Facebook, Amazon, Microsoft) for as much as 40 bn. $ at last year’s peak. Its heavy losses owe much to the volatility of the US tech sector. The SEC filings of the SNB are full of valuable information and need to be monitored.

Myret Zaki vor 2 Stunden

English «I’m not Sure Speculation Is Gone»

English

«The Fed might stop raising rates, maybe it lowers them a little bit, but I don’t think they will go to zero percent anymore»: Jim Chanos. (Photo: Bloomberg)

English

«I’m not Sure Speculation Is Gone»

Jim Chanos, president and founder of Chanos & Company, believes the level of silliness and speculation seen in 2020 and 2021 marked an important moment for valuations. He talks about the biggest fraud which is hiding in plain sight and why he believes Tesla has a long way to go down.

Gregor Mast vor 4 Stunden

President Lagarde and the ECB

English

President Lagarde and the ECB

Since taking the helm of the European Central Bank, Madame Lagarde had to deal with a set of rolling crises. Her communication skills with financial markets still need to improve.

Stefan Gerlach 14.02.2023

Interview «Are You Bullish on China? Then Buy Brazil»

English

«You can’t have it both ways. Either the economy rolls over, which will lead to Fed cuts. Or the economy does not roll over, but then there won’t be any rate cuts»: Rajiv Jain. (Picture: GQG Partners)

Interview

«Are You Bullish on China? Then Buy Brazil»

Rajiv Jain, Founder and CIO of Florida-based investment boutique GQG Partners, shares his best investment ideas and says why the derating in the tech sector is not over yet.

Mark Dittli 10.02.2023

Interview «The Most Important Question Is Whether We’re Going to Have Stagflation»

English

«Now is a good time to sit on your hands, read about how to be a good investor, ignore the noise, and try to get ready for the opportunities when they come»: Howard Marks. (Photo: Bloomberg)

Interview

«The Most Important Question Is Whether We’re Going to Have Stagflation»

The benign environment of low interest rates is a bygone era, thinks Howard Marks, co-chairman of Oaktree Capital. In an in-depth interview, the legendary investor explains why he expects a fundamental shift in the market environment, what that means for your portfolio, and what he considers the worst sin in investing.

Christoph Gisiger ✉ 30.01.2023

English Why Banks Merge Less, And Partner More

English

Why Banks Merge Less, And Partner More

Regulatory pressure is driving the search for alliances that complement product offerings at little risk and reasonable cost. This pragmatic approach is helping Swiss finance to achieve a soft turnaround in the era post Swiss banking secrecy.

Myret Zaki vor 50 Minuten

Interview «Our Business is Much More Resistant to Economic Fluctuations»

English

Jan Jenisch: «The share price is not yet there where it should be.» (ZVG)

Interview

«Our Business is Much More Resistant to Economic Fluctuations»

Holcim CEO Jan Jenisch explains why the cement business is less cyclical today, why the valuation of Holcim's shares remains depressed, and how long he intends to stay at the helm of the company.

Giorgio Müller ✉ vor 3 Stunden

Interview «The Best Time in Many Years to Buy Asian And Emerging Market Equities»

English

«Once the market sniffs out that the Fed will cut rates, then I think gold and silver will rise sharply. That also bodes well for gold and silver mining stocks.»: Christopher Wood.

Interview

«The Best Time in Many Years to Buy Asian And Emerging Market Equities»

Christopher Wood, Global Head of Equity Strategy for Jefferies in Hong Kong, sees a strong recovery in China and a looming recession in the US. He explains how investors should position themselves in this challenging environment.

Mark Dittli 20.01.2023

Interview «Japan Is Perhaps the Most Important Risk in the World»

English

«If the past is prologue and if the great bond bull market is over, then on form, we are looking at what could be a very prolonged and perhaps gradual move higher in interest rates»: Jim Grant.

Interview

«Japan Is Perhaps the Most Important Risk in the World»

Speculation is mounting that the Bank of Japan is losing control of the bond market. Jim Grant, editor of «Grant’s Interest Rate Observer», believes this could trigger a shock to the global financial system. He also explains why he expects further surges in inflation and why gold should be part of your portfolio.

Christoph Gisiger vor 2 Stunden

Interview «Japan Is Perhaps the Most Important Risk in the World»

English

Interview

«Japan Is Perhaps the Most Important Risk in the World»

Christoph Gisiger vor 4 Stunden

English BREIT: A Canary in the Coalmine?

English

BREIT: A Canary in the Coalmine?

Higher interest rates are changing the environment for real estate investments. The recent turmoil surrounding Blackstone’s BREIT highlights the looming risks of private funds. Investment strategies must be adapted to new market conditions.

Zoltan Szelyes 17.01.2023

English Look Out Below

English

Aktienrückkäufe von Konzernen aus dem S&P 500, in Bio. $. (Source: Yardeni Research)

English

Look Out Below

Due to the liquidity glut from central banks, the stock market has rushed far ahead of economic growth. High inflation and rising interest rates are now bringing valuations back to a more sustainable basis - with ugly consequences for equity prices.

Charles Biderman vor 2 Stunden

English «I think There Has Been Some Kind of Quiet Internal Revolt Against Xi Jinping’s Personal Rule»

English

«I think the new year will bring us more political conflict in China, and that means policy will be confusing, contradictory, and unpredictable»: Anne Stevenson-Yang.

English

«I think There Has Been Some Kind of Quiet Internal Revolt Against Xi Jinping’s Personal Rule»

Beijing abruptly lifts the Zero-Covid policy and takes a more business-friendly course. What is behind these surprising moves? How do they impact the economic outlook for the Middle Kingdom? And what does it mean for investors? To find out, The Market spoke with China expert Anne Stevenson-Yang.

Christoph Gisiger vor 3 Stunden

English The Collapse of FTX Made Us Relearn Basic Risk Lessons

English

The Collapse of FTX Made Us Relearn Basic Risk Lessons

The spectacular demise of the crypto exchange has suddenly reminded us of major risk principles that were forgotten. The FTX failure is similar to the Madoff, WeWork or LTCM cases.

Myret Zaki vor 56 Minuten

Interview «We Are Heading Into a Great Environment for Emerging Markets»

English

«The Fed is talking like they want inflation below 2%, but I’d say that as soon as they get it to 4 or 5% they will start to back off»: Louis Gave. (Pictures: Laurent Burst)

Interview

«We Are Heading Into a Great Environment for Emerging Markets»

Louis-Vincent Gave, co-founder and CEO of Gavekal Research, talks about the most important investment topics in the new year and reveals where he would invest now.

Mark Dittli 23.12.2022

Interview «This Is Not Looking Like a Replay of 1982»

English

«Today, I think Keynesian theory is on the rise again, but not so much in the rhetoric but in the actions»: Alan Blinder. (Photo: Bloomberg)

Interview

«This Is Not Looking Like a Replay of 1982»

Fears of a recession are rising. Alan Blinder, former Vice Chairman of the Federal Reserve, compares the current environment to the big inflation surge in the early Eighties and the economic downturn at the time. He says what’s different today and what’s next for interest rates.

Christoph Gisiger vor 58 Minuten

Transitioning from an «Era of Plenty» to an «Era of Shortages»

English

The Great Demographic Reversal, Springer, 2020.

Transitioning from an «Era of Plenty» to an «Era of Shortages»

A series of negative supply shocks could mean that inflation rates will settle at a higher plateau. Stronger inflationary tendencies in turn could lead to interest rates remaining «higher for longer» than markets currently seem to expect.

William R. White vor 2 Stunden