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Personal opinions and comments on financial topics of all kinds.

perspectives 03/2024

The central banks once again proved to be the key market drivers in the second quarter. The Swiss National Bank set the tone and surprised the world by cutting interest rates in March, and then again in June. The European Central Bank is keen to demonstrate its independence from the Fed and also risked a cut in June.

Gold as a safe haven

Gold is seen as a safe haven in times of uncertainty. Read our blog post to find out more about how the gold price has performed and the factors that affect it.

Opinions on the stock market: sandoz

As a global market leader in generics and biosimilars, Sandoz benefits more than average from rising patent expiries. The first annual financial statements as an independent company released in mid-March showed that the high-margin biosimilars business in particular is growing strongly (+15%). The company is looking to expand this division. Total revenue was up 7% in 2023, but the margin fell to 18% due to one-off costs from the spin-off, amongst other things. Financial analysts were originally looking for a target of CHF 40, but the stock price has moved sideways around the CHF 25 level since the IPO on 4 October 2023. Given the forecast revenue growth of 5% and margins that should hit 20%, a price/earnings ratio of 11 is far too low.

perspectives 02/2024

The first quarter is already behind us and performance was positive. Artificial intelligence remained a focus of attention and was one of the main drivers of the positive return from financial markets. According to a study published recently, the number of companies mentioning AI in their financial reports has reached a new record: 36%.

Opinions on the stock market: Swatch

The Swatch share is at the same price level as in the year 2000, even though the company has more than doubled its turnover and profit during this time. The weak share price can be attributed to the vague corporate strategy, a lack of vision and poor communication with shareholders and financial analysts.

Is ESG worthwhile for investors?

ESG is becoming an increasingly prominent issue for private clients, and for younger ones in particular sustainable investing is essential. Even more attention will be focused on the issue from 1 January 2024, when the mandatory minimum investment standards of the Swiss Bankers Association come into effect.

Regular contributions to pillar 3a: the way to ensure a carefree retirement

The sooner you pay into pillar 3a, the more you profit later. Pillar 3a is worth it, regardless of the size of the annual contributions. The fact that payments are regular is crucial and each franc contributed is worthwhile. Not just because every franc is tax-deductible, but also because the effect of compound interest ensures that your savings grow each year without you having to do anything.

Opinions on the stock market: Roche

from the collapse in demand for COVID tests. Even so, it grew 7% in the third quarter and reported double-digit growth rates in the high-margin pharma division for the first time in years. Patent expires on the three big cancer drugs (Avastin, Herceptin and Rituxan) are becoming less significant, as are the COVID tests, and from 2024 onwards Roche will be back on track for double-digit growth.

«Food Revolution» - Investing in the sustainable food production of the future

«Let food be thy medicine and medicine be thy food,» proclaimed Hippocrates, founder of western medicine, as long ago as 460 BC. This means just as much now as it did then. The pressing health and social challenges of today include not only obesity and sugar, but also the growing impact of food production on the planet. But it is precisely here that we are experiencing more than just a trend reversal – it is an outright food revolution. This presents attractive investment opportunities.

Ukraine, Russia and trade finance

Ukraine has long been recognised as one of the largest producers of grain in the world. Its fertile land and favourable climate make it an agricultural powerhouse, contributing significantly to the world’s food supply. According to the European Commission, Ukraine accounts for 10% of the global wheat market, 15% of the corn market and 13% of the barley market. It is also a key global player in the sunflower oil market. As of today, with the Black Sea Grain Corridor agreement not being extended by Russia, trade finance managers find themselves at a crossroads.

Opinions on the stock market: After the bull rally...

The sizeable revision to Nvidia second-quarter revenue forecasts set off a series of events on the markets. Valuations of AI stocks rose, cheering investors’ spirits.

Throw the equity switch!

Equity strategy: Anyone willing to take their Swiss equity investments into their own hands can beat the market over the long term with a relatively simple strategy of switching from one ETF to another. And they can do so without becoming hyperactive.

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