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Anthropic’s Missing Multiplier

The $5 billion AI company that chose principles over billions had exceptional origins and a vision for humanity. Then came «Keep Thinking.» How forgettable positioning turns differentiation into confusion – and why this matters beyond AI.

Thomas Ruck 23.10.2025

Interview «China Is going to Have Alternatives to Most, if not All, of the Key Bottlenecks in the Semiconductor Supply Chain»

«Huawei is making a lot more progress than people realize in getting to advanced process semiconductor manufacturing»: Jonathan Goldberg.

Interview

«China Is going to Have Alternatives to Most, if not All, of the Key Bottlenecks in the Semiconductor Supply Chain»

The semiconductor sector is the epicenter of the AI boom. Industry analyst Jonathan Goldberg warns that signs of a classic bubble are mounting. He explains why Nvidia’s stock is likely to disappoint going forward and why China’s progress in semiconductor technology is alarming.

Christoph Gisiger 08.10.2025

Interview «We Are Entering a Phase of Dollar Debasement»

«This AI capex boom will end in massive tears, but I can’t say when it’s going to happen. And the hit will be mainly taken by the US equity market»: Marko Papic. (Photo: Bloomberg)

Interview

«We Are Entering a Phase of Dollar Debasement»

Marko Papic, Chief Strategist for GeoMacro at BCA Research, talks about the positive mood in financial markets, the myth of the Federal Reserve’s independence, and the best investment opportunities for the coming years.

Mark Dittli 03.10.2025

The Best Idea in Modern Investing: Scale Economies Shared

Some companies succeed by giving more than they take. By reinvesting scale, they convert efficiency into loyalty, compounding growth, and enduring competitive advantage. Let’s examine three notable examples.

Thierry Borgeat vor 4 Stunden

Interview «The Stock Market is Going to Have one of these ‹Wiley E. Coyote› Moments»

«Ironically, materials and energy companies might indirectly profit more from AI than the AI companies themselves»: Peter Berezin.

Interview

«The Stock Market is Going to Have one of these ‹Wiley E. Coyote› Moments»

Peter Berezin, Chief Global Strategist at BCA Research, is wary of the current calm in the market. He fears the economy is susceptible to a recession and that the AI bubble might burst. In an in-depth interview, he explains how investors can prepare for potential troubles.

Christoph Gisiger vor 3 Stunden

Starbucks and the Big Idea Trap

Brian Niccol is essentially acting as a Chief Experience Officer and doing a lot of things right. But even the world’s best CEO can’t save Starbucks – as long as he’s clinging to the wrong idea.

Thomas Ruck 03.09.2025

The Crocodile Will Soon Snap

Markets are flashing textbook warning signs. Divergences are stacking up, valuations are stretched, and the crocodile’s jaws are wide open. History says they won’t stay that way for long — and investors must choose a side.

Thierry Borgeat 19.08.2025

Interview «There’s a Significant Chance that the Trump Administration Could Impose Capital Controls»

«US government debt has ballooned to alarming levels and is rising so fast that a major bond market crisis is likely just a few years away»: Kenneth Rogoff. (Photo: Bloomberg)

Interview

«There’s a Significant Chance that the Trump Administration Could Impose Capital Controls»

The dollar is the universal language of the global financial system. In his new book, economist Kenneth Rogoff argues that the greenback’s supremacy could be shaken. Due to the high level of US debt, investors should brace themselves for volatile markets and unorthodox government intervention.

Christoph Gisiger vor 1 Stunde

Interview «Every Country Should Implement a Tobin Tax on Capital Inflows»

«The idea that the dollar has a special role in global trade and that this benefits the US is nonsense»: Michael Pettis.

Interview

«Every Country Should Implement a Tobin Tax on Capital Inflows»

Beijing-based economist Michael Pettis calls for a fundamental rethinking of global trade. Short-term capital flows should be taxed, and surplus countries like China or Germany urgently need to boost their domestic demand.

Mark Dittli 31.07.2025

Interview «The Risk of a Recession Is Being Grossly Underestimated»

«The consensus narrative is that the US economy is doing just fine. However, the data tells a very different story»: David Rosenberg.

Interview

«The Risk of a Recession Is Being Grossly Underestimated»

David Rosenberg, Founder and President of Rosenberg Research, is one of the few remaining contrarian voices expecting an economic downturn. He explains why stock markets are behaving recklessly and how to protect investment portfolios from the coming turmoil.

Christoph Gisiger 25.07.2025

Interview «There Will Be a Day of Reckoning for the Treasury Market»

«Here's the biggest challenge right now for wanting to step into the Treasury market: Will foreign buyers show up? We definitely need them, because we’re going to have more supply»: Jeffrey Sherman. (Bild: Bloomberg)

Interview

«There Will Be a Day of Reckoning for the Treasury Market»

Jeffrey Sherman, Deputy Chief Investment Officer at DoubleLine, cautions against the potential fallout from escalating US government debt. He explains why the risk of an interest rate shock shouldn’t be underestimated and where he’s focusing on high-quality investments in fixed income markets.

Christoph Gisiger 10.07.2025

Interview «As Value Investors, We Find Better Opportunities Outside the US»

«Nestlé needs to get more focused on the growth areas and be quicker in dealing with the business areas that are challenged like the water business or the healthcare business»: Thomas Shrager. (Picture: Tweedy Browne)

Interview

«As Value Investors, We Find Better Opportunities Outside the US»

Thomas Shrager and Jay Hill, partners at New York-based value boutique Tweedy, Browne, share their investment ideas and explain what they like about stocks such as Roche, Nestlé, Rheinmetall, Fresenius, and Berkshire Hathaway.

Mark Dittli vor 50 Minuten

The Next Kodak Moment Is Coming

What if the companies you trust most – tech giants, financial titans, iconic brands – aren’t as safe as they seem? In an AI-driven world of accelerating disruption, only one thing matters: how deep is your moat?

Thierry Borgeat vor 3 Stunden

Think Different: How Apple Quietly Reinvented the AI World

While everyone’s staring at the biggest AI models, Apple is quietly building the infrastructure to finally get AI where it belongs: seamlessly woven into our daily lives. A masterclass in platform strategy.

Thomas Ruck 19.06.2025

Interview «I’m Wary of a Significant Sell-off Towards the End of the Year»

«Right now, the most important thing is to stay alert to changes in the big picture»: Dan Niles.

Interview

«I’m Wary of a Significant Sell-off Towards the End of the Year»

Stocks have recovered rapidly since the April lows. Dan Niles thinks it’s time to reduce risk. The astute tech-investor believes that the strength of the US economy is being overestimated. He shares his views on the prospects of the biggest tech heavyweights and explains why he thinks an outsider bet provides the best opportunities.

Christoph Gisiger 18.06.2025

Interview James Zelter: «Monetization is going to be more challenging. Returns will be lower»

James Zelter, President of Apollo Global Management. (Apollo Global Management)

Interview

James Zelter: «Monetization is going to be more challenging. Returns will be lower»

James Zelter expects a negative impact from higher rates for the private equity industry in the coming years. The President of Apollo Global Management sees opportunities in European credit markets and explains where Apollo wants to invest up to 100 bn. $ in Germany over the next decade.

Mark Böschen vor 2 Stunden

Steady Compounders: Six Under-the-Radar Stocks for Your Buy List

Forget moonshots and deep value – real wealth is built quietly. These six underappreciated compounders may lack flash, but they deliver where it matters.

Thierry Borgeat vor 3 Stunden

Interview Tom Gayner: «Warren Buffett and Charlie Munger Laid Out the Playbook»

Tom Gayner at the Acatis Value Conference in Frankfurt 2025. (Acatis)

Interview

Tom Gayner: «Warren Buffett and Charlie Munger Laid Out the Playbook»

Specialty insurer Markel Group is regarded as a smaller and more agile version of Berkshire Hathaway. In an interview, CEO Thomas Gayner talks about his views on Berkshire after Buffett, the crisis at Novo Nordisk and his investments in private equity companies Brookfield, KKR and Apollo.

Mark Böschen 18.05.2025

The Role of Europe in a Changing Global Trade Order

Europe’s economies have benefited from globalization. Now they – especially Germany – must adapt to a new world order. To avoid becoming a shock absorber between the U.S. and China, Europe must act decisively.

Michael Pettis 14.05.2025

Interview «The Fed Will Have to Move Sooner Than the Market Expects»

«What seems to be clear is that there is a Trump put, but it may not be on equities, but actually on yields»: Bryan Whalen.

Interview

«The Fed Will Have to Move Sooner Than the Market Expects»

Bryan Whalen, Chief Investment Officer at bond giant TCW, warns that the markets are underestimating the risk of a recession. He talks about the recent turmoil in US government bonds, the consequences of tariffs, and the delicate situation of the Federal Reserve. This is his strategy for navigating an economic downturn.

Christoph Gisiger vor 4 Stunden

Interview «Swatch Group Is a Company With Incredible Potential»

«One sign that tells you that Swatch Group has a problem is the fact that they can’t fill key executive roles in their luxury brands. Many good people decline roles like that in the current construct. But I know they are willing to join if they see that things change at the top of the company»: Steven Wood. (Picture: GreenWood)

Interview

«Swatch Group Is a Company With Incredible Potential»

Steven Wood, founder of the New York investment firm GreenWood Investors and candidate for the board of directors of Swatch Group, explains what the Swiss watch company would need to do better in order to shine again.

Mark Dittli 28.04.2025

Interview «Nobody Can Win This Trade War»

«The confluence of rising bond yields and falling currency is definitely an ill wind. This is not supposed to happen. It speaks to fragile confidence, an expression of angst. If this happened persistently, it would tell you something horrible is going on.» George Magnus.

Interview

«Nobody Can Win This Trade War»

George Magnus, the former chief economist of UBS Investment Bank and author of the book «Red Flags», talks about the trade war between the US and China, the Trump administration’s approach and the question of what a more stable global economic system could look like.

Mark Dittli vor 43 Minuten

Basketballs Under Water: Three Defensive and Three Higher-Beta Ideas

When markets sink, watch what floats. These are the basketballs under water: stocks showing strength in chaos. From defensive to high-beta, these six names are ready to shoot up once pressure lifts.

Thierry Borgeat 14.04.2025

Interview «The Big Dollar Super-Cycle Is Coming to an End»

«Speculation is mounting about whether the SNB will make an inter-meeting cut, bringing the overnight rate down to zero again»: Marc Chandler. (Photo: Bloomberg)

Interview

«The Big Dollar Super-Cycle Is Coming to an End»

Financial markets are experiencing significant turmoil. Marc Chandler, chief strategist at Bannockburn Capital Markets, shares his insights on the dollar’s weakness, the Swiss franc’s surge, and the U.S. administration’s efforts to reshape the global trade landscape under President Trump.

Christoph Gisiger 14.04.2025

Interview «I Expect that Novartis Will Be Able to Improve its Margins up to Peer Levels»

«ABB has made significant efforts to establish local manufacturing, which has paid off»: David Samra.

Interview

«I Expect that Novartis Will Be Able to Improve its Margins up to Peer Levels»

David Samra, lead portfolio manager of the Artisan International Value Fund, explains why he is investing in the Swiss pharma giant. He talks about his positions in Holcim, UBS and ABB – and explains why he believes in the turnaround of the chocolate manufacturer Barry Callebaut.

Christoph Gisiger 04.04.2025

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