Asset management in the era of big data While the departure of the ‘bond king’ Bill Gross at Pimco has dominated headlines in the asset management industry, behind the scenes, leaders are worrying about possible future competition from tech giants such as Google, Facebook or Alibaba. But what is there to fear, a priori, from […]
Eight years after its launch, the structural abnormality captured by the “Distrusted 50” strategy remains intact and a hedged implementation that mitigates exposure to market risk still makes much sense.
Reversion to the mean: a matter of when, not if The new record high of America’s S&P 500 index in nominal terms has revived the debate on the possible overvaluation of stock markets. Equities are seen as totally disconnected from the real economy due to the intended consequences of unconventional monetary policy, specifically the inflation […]
The euro, government debt and Mario Draghi Given that the economic background in the eurozone has remained depressed, the recovery by the euro and European markets since summer 2012 is all the more spectacular. A good example of this divergence is the fact that, while outstanding Italian government debt has risen from one all-time high […]
After the current phase of consolidation of European indices, one of two things can happen. Either we exit this phase on the up, which seems unlikely without the big European names being involved. Or we return to renewed cyclical or political tensions, in which case quality stocks will benefit from their defensive characteristics. Either way, it seems wise not to offload large blue chips.
We have described the current economic cycle as being driven by the technology sector and by innovation. In this respect it echoes the 1990s, which were marked by the growth of the Internet and the mobile telephone. Today, innovation is found on varied fronts.These include the transition from PC to mobile, robotics, the convergence of life sciences and technology, low-cost ‘big data’ processing, electric cars.
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 […]
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 […]
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