Interview «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 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
Interview «This is an Exciting Time for Value Investors» Thomas Shrager, Managing Director of investment boutique Tweedy, Browne, talks about the market environment, the appeal of the «Magnificent Seven» and reveals where he currently sees the best buying opportunities. Mark Dittli 27.11.2023
English Is the Passive Investing Bubble Bound to Burst? Investing in the S&P 500 index is no longer attractive, as it gets more expensive than in small caps and non-index caps. Passive outperformance has done its time. Myret Zaki vor 3 Stunden
Should the SNB Pay Interest to Banks? The practice of remunerating commercial banks for reserves they hold with the central bank is a fairly recent phenomenon. In the new world of higher interest rates, it should be scrapped. Stefan Gerlach, Yvan Lengwiler & Charles Wyplosz vor 2 Stunden
History Does Not Repeat Itself, But It Often Rhymes Would you allow a doctor to open you up and perform surgery if he had not utilized the critical necessary tools? Of course not. That would be just plain irresponsible. Then why would you do it when investing? Thierry Borgeat 30.10.2023
English «People Are Still Trying to Deal with the Shock of Much Higher Rates for a Long Time» The world is experiencing a historic surge in interest rates. Jim Grant, editor of «Grant’s Interest Rate Observer», believes the turmoil could be the beginning of a multi-decade bear market in bonds. In this in-depth interview, he explains what the risks are – and where opportunities arise. Christoph Gisiger 27.10.2023
Meinung Further Thoughts on Sea Change Das wichtigste Ereignis in der Finanzwelt der letzten Jahrzehnte war der Zinsrückgang zwischen 1980 und 2020. Dieser Trend ist zu Ende und mit ihm die einfachen Zeiten – und das leichte Geld. Howard Marks vor 1 Stunde
Interview «We Are Going to See a Dramatic Slowdown» Marc Chandler, Managing Partner and Chief Market Strategist at Bannockburn Global Forex, talks about the consequences of the war in Israel for the financial markets. He sees the recent rise in oil prices as an additional burden on the economy and expects the dollar to depreciate. Christoph Gisiger vor 3 Stunden
English China’s Failure of Governance: Why the Police Move In It has become standard practice: Prominent Chinese business leaders who openly criticize the government suddenly disappear or are imprisoned. The latest example is the arrest of Evergrande’s Chairman. The move exposes the Communist Party’s weaknesses in dealing with the real estate giant and other corporate behemoths. Anne Stevenson-Yang 10.10.2023
English «We’ve Hit an Interest Rate Level That Is Very Attractive for Bond Investors» Mike Gitlin, incoming president and CEO of Capital Group, shares his views about the current economic environment, monetary policy, rising interest rates and how investors should deal with them. Mark Dittli 29.09.2023
Winners Keep Winning The philosophy is simple: Winners among companies have a remarkable ability to sustain their winning streak, often surpassing even the most optimistic expectations. The reason? Returns are persistent. Thierry Borgeat 12.09.2023
Interview «China Has to Convince Financial Markets that It Is not Suicidal» Marko Papic, Partner and Chief Strategist at Clocktower Group, talks about the solution to China’s economic weakness, the Fed leadership’s concerns, and his arguments why the commodity supercycle is far from over. Mark Dittli vor 4 Stunden
The Swiss National Bank Should Not Raise its Key Interest Rates The global economic environment and inflationary pressure in Switzerland have weakened significantly recently. Another interest rate hike by the SNB is not necessary this month. Karsten Junius vor 4 Stunden
English Can Cash Ever Die? The usage of cash has been in notable decline, but the Swiss clearly remain attached to it. Two initiatives aim at preventing the disappearance of cash. Above all, private investors fear the loss of freedoms and of the private property notion. Myret Zaki vor 3 Stunden
The Swiss National Bank should raise Interest Rates Inflation in Switzerland is significantly lower than in other developed economies, but for various reasons, the SNB is doing well to tighten monetary policy further. Stefan Gerlach 04.09.2023
Interview «This Is an Ideal Environment for Value Investors» Cole Smead, CEO and portfolio manager at investment boutique Smead Capital, doesn’t trust the relaxed summer mood in the stock market. He explains why he sees turmoil brewing and why he is betting on attractively valued stocks in the commodity sector. Christoph Gisiger vor 4 Stunden
English The risks of actively managed ETFs Contrary to passive ETFs, active and buffer ETFs promise downside protection. However, there is no absolute guarantee and costs are higher, which reduces their advantage over the long term. Myret Zaki 10.08.2023
«Good Story & Good Chart» Saves You a Lot of Trouble How can one increase the odds of being right and making money in the stock market? In a perfect world, things are kept simple: Buy great businesses. Do not overpay. Hold them for a long time by keeping the trend work in your favor. Thierry Borgeat vor 3 Stunden
Interview «Everything Is in Place for a Capex-Driven Commodity Super-Cycle» The situation in Ukraine remains volatile. Marko Papić, Partner and Chief Strategist at Clocktower Group, talks about the consequences of the war for financial markets and explains why he sees political destabilization in Russia as a catalyst for a structural bull market in commodities. Christoph Gisiger 18.07.2023
Interview «This Is an Inflection Point in the Semiconductor Cycle» Stacy Rasgon, veteran semiconductor analyst at Bernstein Research, talks about the outlook for the chip sector, the impact of artificial intelligence on the industry, and his take on behemoths such as Nvidia, Broadcom, Intel and Qualcomm. Christoph Gisiger vor 3 Stunden
Interview «Value over Growth is the Trade for the Second Half of 2023» Larry McDonald, creator of «The Bear Traps Report» and New York Times best-selling author, thinks inflation will remain much more stubborn than investors currently hope. He explains why he spots the best opportunities in attractively valued energy, metals and mining, and emerging markets stocks. Christoph Gisiger vor 3 Stunden
English Malthus and the misallocation of capital The prophets of ecological doom commit the same mistake time and again: they underestimate the imagination of mankind. The number of atoms is limited, but the number of their combinations is infinite. It is not about limiting growth, what counts is innovation. Alexander M. Ineichen vor 1 Stunde
Interview «China will not be able to De-Dollarize under Xi Jinping» George Magnus, the former chief economist of UBS Investment Bank and author of the book «Red Flags», explains the disappointing economic recovery in China and says why the talk of de-dollarization remains wishful thinking. Mark Dittli vor 4 Stunden
English Who has the Oil Price Advantage: the Saudi Prince or the Speculators? Oil bears, beware. Prices are still determined by the physical market (not the futures market) and by the supply side (not the demand side). And China might well surprise on the upside. Myret Zaki 20.06.2023
