Author Archive

The Pictet Entrepreneurs Summit

Introducing the Pictet Entrepreneurs Summit, the annual invitation-only conference at the crossroad of serial entrepreneurship, personal wealth, and social responsibility.

Hedge funds: the added value of long/short equity

The end of the summer proved rather turbulent when China weakness caused global markets to freefall. Whilst equities worldwide nosedived, long/short equity managers trimmed their exposures only marginally and took advantage of the sell-off to add to core positions or adapt their short books, outperforming markets in relative terms. Popular internet and healthcare names that […]

Euro area: Inflation turns negative in September

The ‘flash’ estimate of euro area Harmonised Index of Consumer Prices (HICP) confirmed what most economists, including at the European Central Bank (ECB), were expecting after the renewed fall in commodity prices over the summer, namely that inflation turned negative again in September. Having reached a trough at -0.6% y-o-y in January 2015, euro area […]

In conversation with Florence Cathiard

After successful careers in skiing, retailing and marketing, Florence and Daniel Cathiard sold all their business interests in 1990 and bought Château Smith Haut Lafitte, applying their skills to awakening a sleeping beauty.

Euro area: credit flows improve further in August, albeit at a slower pace

One of the ECB’s main objectives throughout the crisis years – if not indeed the main one – has been to improve the transmission of monetary policy, with a clear focus on credit-constrained countries and sectors. Euro area SMEs, in particular, accounting for about 60% of the gross value added in the corporate sector and […]

Horizon: update of our expected returns from asset classes over the next 10 years

We have updated our estimates of expected returns in the new edition of Horizon. Expected returns for almost all asset classes are lower than in a historical comparison—in many cases substantially so. A traditional 60/40 portfolio (60% equities, 40% government bonds) would return just 6.9% annually with an innovation shock and 4.2% without, on our […]

European PMIs: negative fallout from China offset by domestic strength

Today’s flash estimates of euro area Purchasing Managers’ Indices (PMI) provided the second set of business confidence indicators since concerns around China (re-)emerged in August. Despite further evidence of a marked slowdown in the Chinese economy – the September Caixin China Flash Manufacturing PMI fell to a 78-month low of 47.0 – euro area PMIs […]

The Power of Brands

Successful brands can generate consistent and superior shareholder returns, explains Mayssa Al Midani, Financial Analyst at Pictet Wealth Management.

A dovish Fed cranks up the pressure on the ECB

The ECB has come under pressure to ease its monetary stance again. This time around, the pressure has come largely from external shocks – sharper than expected slowdown in emerging-market growth, further decline in oil prices and renewed appreciation in the euro’s trade-weighted exchange rate. One question now is whether the Fed will eventually force […]

Euro area politics: overview of upcoming elections and risks

In Greece, recent polls have pointed to a coalition led by either the far-left (Syriza) or the conservatives (New Democracy). Assuming a stronger commitment to implementing the bailout programme, the economic outlook could slowly improve into 2016, with bank recapitalisation, lifting of capital controls, debt-relief measures and even ECB QE on the horizon. In Portugal […]

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