The Entrepreneurs Series, Munich

In this edition of The Entrepreneur Series, we meet with Munich based entrepreneurs to establish how old school tradition of craft and local heritage meet unparalleled industrial design and tech field innovation.
The summer 2015 edition of Pictet Report is available, with interviews from entrepreneurs from the hospitality industry

The food, beverage and hospitality industry

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The June 2015 edition of Perspectives Magazine is now available

Asymmetric asset-price targeting distorts financial markets

Equity markets: bubble or not?

As P/E ratios reach new highs, Christophe Donay, Chief Strategist at Pictet Wealth Management, explains why he believes central banks are sustaining the prices.
Generating long-term performance under the impact of uncertainty and risk

Perspectives: Special edition 2015

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Greece: right to the end

Events in Greece have taken an abrupt turn and, amid increased tensions, contradictory announcements in the last few days have added to the confusion of the situation. Meanwhile, the economic situation in Greece is deteriorating rapidly. The first polls show that Greeks could reject austerity in the referendum on Sunday. Although the risk of Grexit […]

Reflections on the institutional investment process

Howard Marks, chairman of Oaktree Capital Management, lists six core values to be applied in the investment process: The first is whether the organisation thinks markets are efficient or inefficient. Marks states that prices in most markets accurately reflect consensus opinion based on the available information. But he does not believe that all assets are priced […]

Greece: risks for the eurozone are mainly political rather than economic

Greece could still stay in the eurozone. In any case, neither a no nor a yes in the referendum on Sunday will end uncertainty with regards to the euro crisis. We expect that bank holidays and capital controls in Greece will be enough to contain the situation until the likely referendum – if not, the […]

Quantitative investment management: a brief insight

What is quantitative investment management? A simple analogy would be with a three-stage space rocket where all stages are as important and as crucial. The first stage involves pinpointing the signals, those indicators that will prompt a decision to buy or sell an asset. The second stage requires an examination of the signals detected, understanding […]

Euro area: recovery broadens despite the Greek crisis

Recent developments in business surveys have been sending out contradictory indications. On the one side, PMI surveys sounded a strong note in June whereas national surveys (INSEE, IFO, Zew) posted declines. Overall for Q2, surveys do not suggest any pick-up in economic activity and are in line with real GDP growth of around 0.4% q-o-q. […]

Greece: is Aléxis Tsipras about to win his gamble?

Outflows of deposits have accelerated in the last few days: more than €1bn on Monday 22, €1.5bn on Friday 19, and over €6bn last week, prompting urgent requests from Greece’s central bank to the ECB to raise the Emergency Liquidity Assistance (ELA) ceiling. Despite this ongoing haemorrhaging of savings and deposits, there have been no signs […]

Macroeconomy: gradual economic stabilisation continues

In the United States, the most recent data in early June are encouraging. Growth in the eurozone continues gradually to improve. The same is true of Japan, although the recovery remains fragile — a strong Q1 was mainly explained by technical factors. Continued weak corporate investment is hampering the emergence of a stronger recovery. A […]

Greece: update from our euro area economist

The cash balance Greece currently has available should be enough to cover the EUR2.5bn payment of remaining salaries and pensions for June. If withdrawals by depositors continue, the ECB could make up the shortfall through the ELA (Emergency Liquidity Assistance) facility. Banks currently have enough collateral to meet ELA increases. Unrest is not palpable on […]

Strategy: the bull market in equities could have further to run

Since monetary policy is supportive, and assuming that growth in developed markets continues to pick up, we think the rise in equity markets has further to run—unless there is a major shock. At the same time, volatility in exchange rates and bond markets is set to persist, which demands continued robust portfolio diversification. The sudden […]

Asymmetric asset-price targeting distorts financial markets

From the 1980s to 2008, central banks pursued inflation targeting. They sought a stable core rate of inflation of 2%, in order to promote actively economic stability through stable anticipations. Since 2009, in response to the financial and economic crisis, all of the major central banks have switched to forms of quantitative easing (QE) and […]

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