Musings on economics and finance
History doesn’t repeat itself—but investors often do. Especially lately. While markets drift sideways, the familiar tune plays on. And that’s not necessarily a bad thing. For years now, I’ve introduced my financial columns with a song. It’s a small ritual that helps me step back, put things into perspective, and view market events through a…
In recent months, central banks around the world have embarked on a concerted effort to combat the specter of rising inflation by aggressively raising policy interest rates. While the goal is clear – to cool down overheating pockets of the economy and rein in inflationary pressures – the consequences of such a move are far…
My view on thematic investments has always been clear: I think investors should avoid them unless necessary. Before I explain why, let me clarify two things: First, I am not against themes in general – identifying emerging trends and monetizing them is the essence of investing – I am more questioning how the financial industry…
The last numbers reported by consultancy agencies on Private Equity markets are not particularly exciting: Is it surprising? Not really… Private equity can add value to portfolios but marketing narratives have become pervasive in recent years: consistent overperformance in all market environments, unrivaled flexibility, access to niche opportunities, diversification, alignment of interests with underlying firms,…
The Swiss National Bank started to raise rates to curve inflation. We don’t know how many more hikes will be needed at this stage, but tightening credit conditions put pressure on different market segments, and real estate is one we don’t talk about enough. Higher rates = less enthusiasm At the time of this writing,…
The foundation of any meaningful investment strategy is a clear vision. One that can be communicated,debated and, more importantly, translated into action. Here I am about to introduce you to the framework I use for assessing investment opportunities. Can a simple investment research framework answer with 100% accuracy whether or not to buy or sell…
Open any investment document or brochure and you are likely to see the following disclaimer somewhere at the bottom of the page. “Past performance is not a guarantee of future results”. It’s a reminder that history is filled with stories of those who lost money because they believed that if an an investment had recorded…
How is money created? That’s a question that has received considerable attention in recent years. Yet, despite the emergence of a plausible theory, a feeling of unfinished business lingers. And I wanted to offer some thoughts here. In this article, I am going to focus on a specific type of money: the money created by…
I officially became a collector about 10 years ago. Since then, I have scoured auction houses, fairs and online marketplaces to pursue my passion. What has always amazed me is the incredible variety of things that can be collected: wine, coins, stamps, artworks, books, video games, posters, figurines, vinyl records, cards, furniture, jewels, memorabilia…militia! And…
Working in the financial industry, I have had the privilege of discussing wealth-related topics with people from diverse walks of life. Billionaires, entrepreneurs, celebrities, family members, friends, or even at cocktail parties. All with very different situations, aspirations and perspectives on money. Regardless of their wealth, one thing always stood out. We humans are not programmed…