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Interview «I Still Think There’s Potential for a Second Step at ABB»

«In my view, there’s some underappreciated power in having a reliable long-term shareholder on your register»: David Samra. (Photo: Bloomberg)

«I Still Think There’s Potential for a Second Step at ABB»

David Samra, lead portfolio manager of the Artisan International Value Fund, explains why he believes the Swiss industrial conglomerate could benefit from further reorganization. He also comments on his positions in Holcim, UBS and Richemont – and explains why he is calling for a complete turnover of the Board of Directors at Novartis.

Christoph Gisiger 19.04.2024

Why I Love Investing in Unfair Fights

Why I Love Investing in Unfair Fights

Why I Love Investing in Unfair Fights

Companies can leverage their dominance based on a durable competitive advantage and best-in-class operational efficiency to push weaker competitors out of the market and gain further market share. All in repeat mode. The result? A flywheel effect leading to perpetual growth machines.

Thierry Borgeat vor 3 Stunden

«We’re About to Witness a Historic Migration of Capital»

«Names such as Chevron, ExxonMobil, BHP and Rio Tinto will be among the top 10 most valuable companies in the world, whereas today it’s predominantly tech companies»: Larry McDonald.

«We’re About to Witness a Historic Migration of Capital»

Larry McDonald, creator of «The Bear Traps Report» and New York Times best-selling author, talks about his new book. He explains why the financial world will change fundamentally in the coming years and how to prepare your portfolio for a new regime with sticky inflation and colossal commodity shortages.

Christoph Gisiger

Overcapacity in China: A Burden for the World Economy and for China Itself

Overcapacity in China: A Burden for the World Economy and for China Itself

Overcapacity in China: A Burden for the World Economy and for China Itself

Overcapacity in China has been an ongoing theme for more than fifteen years: From steel and cement it has now morphed to green technologies and automobiles. It would be in Beijing's own interest to tackle the problem.

Joerg Wuttke

The Demographic Time Bomb

This investment commentary is an excerpt from «How to Listen When Markets Speak» by Lawrence G. McDonald. Copyright © 2024 by Lawrence G. McDonald and James P. Robinson. Published in the United States by Crown Currency, an imprint of the Crown Publishing Group, a division of Penguin Random House LLC.

The Demographic Time Bomb

Low interest rates and the movement towards passive investing have facilitated a capital surge into equities. Most of these inflows were based on savings from the baby-boomer generation. Given today's attractive yields on bonds, capital flows are likely to reverse – with far-reaching consequences for equity markets.

Lawrence G. McDonald

Interview «Gold Has Surprised Market Participants by Being so Resilient»

Juan Carlos Artigas

«Gold Has Surprised Market Participants by Being so Resilient»

The price of gold is at an all-time high. What are the most important factors driving the market? How do supply and demand relate to each other? And why are central banks buying on a massive scale? Juan Carlos Artigas, Head of Research at the World Gold Council, explains what’s going on.

Christoph Gisiger 15.03.2024

The Swiss National Bank Should Lower its Policy Rate

The Swiss National Bank Should Lower its Policy Rate

The Swiss National Bank Should Lower its Policy Rate

The SNB has managed to bring inflation back into the target range. By cutting interest rates at its next policy meeting on March 21, it can help reduce the real overvaluation of the Swiss franc and support the economy’s return to potential growth.

Karsten Junius 13.03.2024

Interview «Interest Rates Will Stay Higher for Longer»

«We came into last year saying ‹recession is coming, recession is coming›, and that turned out to be wrong. Then we came into this year saying ‹Oh, it’s a soft landing, it’s a soft landing›, and maybe that will also turn out to be wrong.»: Torsten Sløk.

«Interest Rates Will Stay Higher for Longer»

Torsten Sløk, Chief Economist at Apollo Global Management, is concerned that inflation will heat up again. He expects that central banks will have to keep a hawkish stance and explains the risks for financial markets.

Christoph Gisiger 01.03.2024

The Perfect Company Does Not Pay Dividends

The Perfect Company Does Not Pay Dividends

The Perfect Company Does Not Pay Dividends

Dividends are important, but it is necessary to understand the concept. Maximizing your profits does not depend on investing in companies that pay high dividends. The perfect company does not even pay dividends. Why? Because of simple mathematics.

Thierry Borgeat vor 49 Minuten

Interview «The Last Mile of the Inflation Fight May Be More Challenging Than People Think»

«In a world where investors are wondering if the Fed will cut interest rates four, five, or six times this year, sticky inflation is going to kill that. It will just take all of the talk about rate cuts off the table»: Jim Bianco. (Photo: Bloomberg)

«The Last Mile of the Inflation Fight May Be More Challenging Than People Think»

Jim Bianco worries that inflation in the US will remain persistently high given the robust economy. Therefore, the President and Macro Strategist at Bianco Research does not expect the Fed to cut interest rates quickly. In an in-depth interview, he explains where opportunities arise in a more challenging market environment.

Christoph Gisiger 19.02.2024

Interview «The Last Mile of the Inflation Fight May Be More Challenging Than People Think»

«In a world where investors are wondering if the Fed will cut interest rates four, five, or six times this year, sticky inflation is going to kill that. It will just take all of the talk about rate cuts off the table»: Jim Bianco. (Photo: Bloomberg)

«The Last Mile of the Inflation Fight May Be More Challenging Than People Think»

Jim Bianco worries that inflation in the US will remain persistently high given the robust economy. Therefore, the President and Macro Strategist at Bianco Research does not expect the Fed to cut interest rates quickly. In an in-depth interview, he explains where opportunities arise in a more challenging market environment.

Christoph Gisiger 19.02.2024

Interview «The Structural Bull Case for Energy is Very Strong»

«I have lived through a few bubble episodes, and one learning is that you have to make sure you don’t get off the train too early»: Rajiv Jain. (Picture: GQG Partners)

«The Structural Bull Case for Energy is Very Strong»

Rajiv Jain, Founder and CIO of Florida-based investment firm GQG Partners, shares his best investment ideas and explains why companies in the semiconductor industry still have enormous potential for profit growth.

Mark Dittli vor 2 Stunden

Interview «European Equities Are Incredibly Cheap»

«Europe is now trading at the biggest discount to the US market I have ever known, and I have been managing European equities for 35 years»: Stuart Mitchell (Source: JPMorgan, S. W. Mitchell Capital)

«European Equities Are Incredibly Cheap»

Stuart Mitchell, founder and CIO of the British fund boutique S. W. Mitchell Capital, explains why Europe could be rediscovered by investors, where he sees the greatest opportunities and why he recently bought Roche but otherwise steers clear of Swiss stocks.

Gregor Mast 16.02.2024

Interview «The Rate Hikes Could Have Done a Lot of Damage Which We Just Can’t See Yet»

«China is experiencing its longest deflationary streak since 1998»: Christopher Wood. (Source: Jefferies)

«The Rate Hikes Could Have Done a Lot of Damage Which We Just Can’t See Yet»

Christopher Wood, Global Head of Equity Strategy at Jefferies in Hong Kong, sees the risk of a downturn in the US economy and a lack of economic competence in China. He likes individual tech stocks, India, Japan and gold.

Mark Dittli 02.02.2024

English Big Macs and the Armey Curve

Big Macs and the Armey Curve

Big Macs and the Armey Curve

The Armey Curve is an economic concept which posits that there is an optimal level of government intervention to stimulate the economy. But what does this look like in terms of investor returns and the purchasing power of citizens?

Alexander M. Ineichen 30.01.2024

Interview «There’s No White Knight for the Global Economy»

«There’s No White Knight for the Global Economy»

«There’s No White Knight for the Global Economy»

Risky behavior is back on the rise. Markets are betting that the US economy will remain strong. Bryan Whalen, Co-Chief Investment Officer at bond giant TCW, doesn’t trust this narrative. He explains why the risk of a recession should not be underestimated and how investors can position themselves for a downturn.

Christoph Gisiger 26.01.2024

When Should You Sell? Twelve Rules Show the Way

When Should You Sell? Twelve Rules Show the Way

When Should You Sell? Twelve Rules Show the Way

Buying stocks is easy. But when should you sell? If you buy at the right time, it is almost never. But sometimes you have your back to the wall. There is no holy grail, but there are methods to increase the probability of being right, preserving your capital and making money. That is enough to be successful. Here are my twelve sell rules.

Thierry Borgeat 25.01.2024

English Opportunities and Challenges with International Real Estate Investments

Performance of listed and unlisted real estate investments. (Source: Bloomberg, INREV, ANREV, NCREIF, Macro Real Estate)

Opportunities and Challenges with International Real Estate Investments

After a turbulent phase, tensions in global real estate markets eased somewhat towards the end of 2023 thanks to lower interest rates. What’s expecting the sector in 2024? And where can investors profit from attractive opportunities?

Zoltan Szelyes vor 4 Stunden

Interview «Now Is a Good Time to Take Profits and Thank Your Lucky Stars»

Note: Mr. Rosenberg has agreed to provide readers of The Market/NZZ with complimentary access to Rosenberg Research for 30 days, free of charge with no credit card required. Here’s the link to sign up.

«Now Is a Good Time to Take Profits and Thank Your Lucky Stars»

David Rosenberg, head of Rosenberg Research, thinks the so-called soft landing is just the calm before the storm. The renowned contrarian explains why he expects a recession in 2024 and how to protect the portfolio from the looming turmoil.

Christoph Gisiger 12.01.2024

English Why UBS is less highly valued than Morgan Stanley

Why UBS is less highly valued than Morgan Stanley

Why UBS is less highly valued than Morgan Stanley

The valuation of big banks nowadays takes into account who their ultimate backer and rescuer is. That puts UBS at a clear disadvantage relative to U.S. banks.

Myret Zaki 28.12.2023

English «The Main Comparison with the Dotcom Bubble Is the Generative AI Bubble»

«Let me put out a warning: Don’t ask ChatGPT to give you a health diagnosis right now. It’s not quite ready!»: Jim Goodnight. (Photo: Bloomberg)

«The Main Comparison with the Dotcom Bubble Is the Generative AI Bubble»

Jim Goodnight, founder and CEO of analytics software specialist SAS, is skeptical about the hype surrounding AI. The industry veteran explains where the technology is already being used commercially today, where he sees potential for new applications and what he thinks of the risks of a «Terminator»-style rebellion of the machines.

Christoph Gisiger 27.12.2023

Interview «The Fed Will Cut Interest Rates for Political Reasons»

«In my view, the stocks of the Magnificent Seven are overowned, overloved and overvalued. I don’t feel like chasing them»: Louis Gave. (Pictures: Laurent Burst)

«The Fed Will Cut Interest Rates for Political Reasons»

Louis-Vincent Gave, co-founder and CEO of Gavekal Research, talks about the most important developments in the global economy and reveals where he would invest his money with a view to 2024.

Mark Dittli vor 2 Stunden

What Keeps Me Awake at Night

What Keeps Me Awake at Night

What Keeps Me Awake at Night

In the stillness of a winter’s night, a frightening question arises: what happens after the peak of market concentration? Historical patterns reveal incalculable risks and the possibility of a lost decade in the investment landscape. For you and your pension fund alike.

Thierry Borgeat 12.12.2023

Interview «The stock market is quite complacent»

«Bonds might rally a bit in a deep recession, but it will be a correction in what I expect to be a very long bear market, one that could last decades»: Kevin Duffy.

«The stock market is quite complacent»

Investors are celebrating the end of the rate hiking cycle and are reflexively speculating on further gains. Kevin Duffy warns that the classic playbook won’t work this time. The contrarian fears a recession and explains where he nevertheless spots opportunities.

Christoph Gisiger 01.12.2023

English Forget NFTs, Real World Assets are the Right Bet

Forget NFTs, Real World Assets are the Right Bet

Forget NFTs, Real World Assets are the Right Bet

After the non-fungible token speculative craze made millions of losers, it is time to turn to what represents the long-term value investment: RWAs are the tokens worth holding.

Myret Zaki 30.11.2023

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