Author Archive

House View, September 2019

Asset allocation We remain underweight global equities, but continued stimulus and an economic backdrop that is not catastrophic mean this is nuanced by neutral positions in some regions. We favour stocks of companies that have pricing power as well as those showing healthy dividend growth and low leverage. We are neutral US Treasuries as a […]

The era of economic slowbalisation

Sisyphus was punished by the gods by having to repeatedly roll a boulder up a hill after it rolled back down each time he reached the summit. Today, markets are subjecting the world’s central bankers to the same punishment. According to César Pérez Ruiz, PWM’s Head of Investments & CIO, “each time central banks attempt […]

Exceptional Swiss hospitality and haute cuisine

This independently managed, family-owned hotel in the City of Basel attracts guests from all over the world for its luxurious accommodation, its superb restaurant with three Michelin stars, and its talented staff team offering superior service The Grand Hotel Les Trois Rois, which sits on the Rhine in the historic centre of Basel, is one […]

House View, August 2019

Asset allocation While dovish central banks have resulted in an impressive ‘everything rally’ this year, we now need to see an improvement in fundamentals, as 12-month forward earnings for global equities are still 2% below their highs of October 2018. We therefore remain generally cautious on equities, waiting for a correction before we increase exposure. […]

Uncertainty mounts over Mexico’s direction

Carlos Urzúa, the Mexican Finance Minister, unexpectedly quit on Tuesday. His resignation, announced in a letter in which he set out the “many” disputes he had had with the administration of president Andrés Manuel López Obrador (AMLO), is meaningful from several standpoints. A respected official, Urzúa was seen by financial markets as a moderate, whose […]

House View, July 2019

Asset allocation Although the US-China ‘trade truce’ and dovish central banks are giving a short-term fillip to equities, our analysis suggests that expansion of valuations from here is limited, making us globally cautious on equities. But we see opportunities in high-quality stocks in individual sectors We remain underweight government bonds given low yields, except US […]

House View, June 2019

Asset allocation We have turned tactically underweight on global equities, including US equities, given elevated valuations, mixed economic data and rising trade tensions. We remain neutral on euro area equities, where valuations are generally more reasonable than in the US. We have also moved from an overweight to neutral stance on Asian emerging-market equities. At […]

Swiss start-up grows diamonds of exceptional purity

Physicist Pascal Gallo co-founded a company in partnership with Lausanne’s Federal Institute of Technology to create ultra-pure lab-grown diamonds for demanding high-tech applications, longer lasting watches and high-quality jewellery The reason for developing the lab-grown diamonds was a search for ultra-pure stones that could enhance the power of energy trans­mission using lasers. Diamonds have extraordinary […]

A premium mode of transport for urban commuters

Technological innovations offer a Swiss solution to modern traffic problems in the form of a powerful e-bike capable of long-distance, high-speed urban commuting with full connectivity modelled on global brands such as Tesla Switzerland may not feature on lists of the world’s leading carmakers, but it is home to the manufacturer of a state-of-the-art form […]

House View, May 2019

Asset Allocation There were no changes to our asset allocation in April. While we are encouraged by better-than-expected Q1 earnings and some improvement in earnings expectations, we remain neutral on global equities as we await new catalysts to justify current valuations. At the same time, we have a positive view of Chinese and Indian equities. […]

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