The founder of the World Economic Forum says that Switzerland has retained its top place in the Global Competitiveness Index for the fifth year running as a result of the excellence of its economic and business performance, its human capital and the strength of its public institutions.
Just as Ben Bernanke passes the baton to the new Chair of the Federal Reserve, increasing tensions in emerging markets have reminded us that the main structural risk remains deflation, not inflation as his detractors have always claimed.
At the end of the opening day of Pictet Wealth Management Strategy Committee’s annual seminar at Villars-sur-Ollon in October, our digital screens were all displaying the names of the winners of the 2013 Nobel Prize for Economics. On the one hand, Robert Schiller, a proponent of the theory of investors’ irrationality, was rewarded for his […]
Equities On track for 2014 After an outstanding year for stock markets in developed nations, attention is now being redirected towards earnings growth expectations for the year ahead. We reach the end of 2013 with some outstanding returns notched up by equity markets in the developed world. In contrast, earnings growth this year is likely to be very mixed, with listed Japanese companies […]
In mid-January, the era of Janet Yellen as Chairman of the US Federal Reserve begins. Her nomination has reassured investors, who see her as providing continuity in the monetary policy of the world’s most important central bank. The Dow Jones Industrial Average, at a new high of over 16,000 at the time of writing, reflects […]
Switzerland is a small land-locked country with around 8 million inhabitants, four official languages and a history as a federal republic dating back less than two centuries. Yet when the World Economic Forum published its annual Global Competitiveness Index earlier this year, Switzerland was in first place for the fifth successive year. In this issue […]
A leading financial historian discusses the origins of banking in Switzerland, its evolution through the years and how it has adapted to the internationalisation and then globalisation of financial markets. Perspectives: When did banking first come to Switzerland? Professor Youssef Cassis: Like most European countries, Switzerland has a banking tradition going back to the Middle Ages, […]
Yossi Vardi has founded and helped build more than 60 high-tech companies since 1969, in fields such as software, the internet and mobile applications. He attributes Israel’s record of innovation to its entrepreneurial ecosystem—and an open culture of risk versus failure The difference between an entrepreneur and the rest of the population is easy to explain, he says, explaining it as some […]
• Editorial outlook: A failure of momentum • Macroeconomics: Economic dynamics favourable overall • Strategy: Cyclical plays to the fore • Headline news from around the world: Monetary policies moving in divergent directions • Asset classes: Risk factors confirmed as taking over as driving forces • Topic of the month: Are hedge funds staging a comeback? […]
With markets focused on the likely timing and scale of reduced quantitative easing by the US Federal Reserve, Yves Bonzon, Pictet's chief investment officer, argues that their focus is on the wrong place. Instead, the US fundamentals that will dictate the Fed's eventual decision should be closely watched and assessed as to whether any QE […]