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Recent Blog

Nov 1, 2023

5 Minute Read

Has Quantitative Tightening killed the bull market?

The massive asset purchases by central banks post-2008 have raised questions about its impact on the stock market and the risks arising once balance sheets start to shrink.

Jan 15, 2023

4 Minute Read

Generative AI - a productivity revolution or bullshit machine?

Only just released, ChatGPT has taken the internet by storm and drawn attention to a new breed of software writing computer codes and poems or drawing cartoons.

Aug 15, 2022

3 Minute Read

What's up with the Great Resignation?

The labour force participation rate has recovered slower than expected post-Covid, causing shortages and soaring wages. We analyze the demographic drivers of the phenomenon in five charts.

Aug 11, 2022

1 Minute Read

Amadeus to provide research to new investment fund

After two years of successful internal testing, a global macro strategy developed by Amadeus Capital will be used for the management of the newly launched W Multi-Asset Balanced ESG.

May 23, 2022

4 Minute Read

ESG investing will never be fully objective - and that's ok

In a controversial decision, S&P removed Tesla from its ESG indices. We believe that for Wealth Managers, the subjective nature of ESG investing can be an opportunity.

May 16, 2022

3 Minute Read

Valuation doesn't matter... until it does

For more than a decade, expensive stocks kept getting more expensive while value investing looked like a fool's game. Now, many active strategies have shredded years of outperformance within weeks.

Mar 28, 2022

4 Minute Read

Suddenly, the Swiss currency looks almost cheap

Switzerland is expensive. We have become accustomed to the thought that what's true for its hotels and restaurants also applies to its stable safe-haven currency. Rightfully?

Jan 25, 2022

2 Minute Read

China is still not a value play

Comparably low P/E ratios make China's equity market look cheap but net cash returns provide a very different picture. Top-down, Chinese stocks remain a bet on growth.

Nov 30, 2021

6 Minute Read

Are value stocks a good inflation hedge?

Value stocks are often assumed to have a shorter duration than growth stocks and are therefore expected to outperform during times of rising interest rates. In practice, this is all but clear.

Nov 18, 2021

7 Minutes Read

How many stocks sufficiently diversify a portfolio?

Many investors learn that the full benefits of diversification can be harvested with 20-30 stocks. However, it has been shown that this idea is based on a misunderstanding.

Aug 30, 2021

5 Minute Read

An efficient frontier for FX hedging

Many investors either neglect FX risk or tackle it in an overly simplistic way. This publication therefore elaborates on different heuristics and introduces a mean-variance based approach.

Aug 30, 2021

7 Minute Read

An efficient frontier for FX hedging

Many investors either neglect FX risk or tackle it in an overly simplistic way. This publication, therefore, elaborates on different heuristics and introduces a mean-variance based approach.

Nov 27, 2023

5 Minute Read

Why higher rates won't spark a return of stock picking

Over the past decade, poor performance has frequently been attributed to markets "being driven by cheap money instead of fundamentals". Does this argument hold?

Aug 15, 2022

3 Minute Read

What's up with the Great Resignation?

The labour force participation rate has recovered slower than expected post-Covid, causing shortages and soaring wages. We analyze the demographic drivers of the phenomenon in five charts.

May 16, 2022

3 Minute Read

Valuation doesn't matter... until it does

For more than a decade, expensive stocks kept getting more expensive while value investing looked like a fool's game. Now, many active strategies have shredded years of outperformance within weeks.

Jan 31, 2022

2 Minute Read

The considerable effects of long-term inflation differentials

For many years, the strong CHF has taken a bite out of the performance of Swiss investors' global portfolios. However, in real terms, they have not been worse off than their envied American peers.

Dec 4, 2020

6 Minute Read

The Fixed Income Conundrum of Asset Allocators

Asset allocators who have not given up on generating returns exceeding fees and inflation face tough choices. Those who do not want to bet the bank on equities should better look for alternatives.

Jan 28, 2021

5 Minute Read

The ESG trend from a systematic investor's perspective

Those of us who don't yet trade based on reddit forums may remember that another topic was poised to gain relevance this year: Environmental, Social & Governance (ESG) criteria.

May 11, 2022

6 Minute Read

Should I invest all at once or spread it out?

Many investors are uncomfortable with significant lump-sum investments in risky assets. It is therefore often recommended to stagger the market entry. But does this strategy indeed reduce risk?

Mar 28, 2022

4 Minute Read

Suddenly, the Swiss currency looks almost cheap

Switzerland is expensive. We have become accustomed to the thought that what's true for its hotels and restaurants also applies to its stable safe-haven currency. Rightfully?

Jan 5, 2024

10 Minute Read

The 2024 recap of consensus expectations

What's in stock for 2024? Following a tradition we started in 2022, we have again reviewed and summarized the market outlooks published by leading banks and asset managers.

Jul 4, 2020

5 Minute Read

Learning from mistakes

In the fast paced financial world it is easy to get carried away by the daily ups and downs but taking a step back now and then to calmly reflect our actions is essential for lasting success.

Aug 9, 2023

7 Minute Read

LP Led Secondaries - The Private Market ETF Equivalent?

How can smaller investors access private markets without being strangled by fees or betting the bank on a few concentrated positions? Buying second-hand is a solution.

Aug 30, 2024

10 minutes read

Investing in mean reversion works, but the devil is in the detail

Mean reverting behaviour has been observable in major stock markets for decades. Our article looks at why this is the case and how it can be exploited by investors.

May 9, 2023

4 Minute Read

How bad is the credit crunch and what does it mean for the stock market?

Financial conditions have worsened considerably on the back of tighter monetary policy. Is this a bad omen for equity markets? We think the 90s may hold the answer.

Nov 18, 2021

7 Minutes Read

How many stocks sufficiently diversify a portfolio?

Many investors learn that the full benefits of diversification can be harvested with 20-30 stocks. However, it has been shown that this idea is based on a misunderstanding.

May 3, 2024

7 Minute Read

How much risk-taking is required to beat inflation?

Can risk-free deposits and government bonds alone shield an estate from a gradual decline in purchasing power, or is buying equities a must? We took a dive into the data.

Jan 15, 2023

4 Minute Read

Generative AI - a productivity revolution or bullshit machine?

Only just released, ChatGPT has taken the internet by storm and drawn attention to a new breed of software writing computer codes and poems or drawing cartoons.

Nov 1, 2023

5 Minute Read

Has Quantitative Tightening killed the bull market?

The massive asset purchases by central banks post-2008 have raised questions about its impact on the stock market and the risks arising once balance sheets start to shrink.

May 23, 2022

4 Minute Read

ESG investing will never be fully objective - and that's ok

In a controversial decision, S&P removed Tesla from its ESG indices. We believe that for Wealth Managers, the subjective nature of ESG investing can be an opportunity.

Mar 20, 2022

5 Minute Read

Friedman revisited - Philantropy, ESG and the purpose of business

Should private businesses pursue non-monetary goals? The question has been fiercely debated for generations and with the recent rise of the ESG movement the question is as timely as ever.

Jan 25, 2022

2 Minute Read

China is still not a value play

Comparably low P/E ratios make China's equity market look cheap but net cash returns provide a very different picture. Top-down, Chinese stocks remain a bet on growth.

Jan 4, 2020

1 Minute Read

Don't stockpile on crude

Every crash, however painful, can be seen as an opportunity. We are therefore putting a lot of effort in evaluating possibilities to capitalize on current price dislocations.

Apr 7, 2021

6 Minute Read

Does 1 and 1 really make 3 in value investing?

Based on various backtests, we challenge allegedly enhanced value strategies and highlight the importance of using appropriate multi-factor benchmarks for multi-factor strategies.

May 11, 2021

6 Minute Read

Demystifying share buybacks

In this paper we elaborate on the often misunderstood mechanics of buyback programs and show why we think that their influence and importance is widely exaggerated.

Jun 21, 2024

6 Minute Read

Challenging the case for investing in India

What's not to like as an investor in an emerging economic superpower? This question has prompted us to take a critical look at the Indian economy under Modi and the stock market in particular.

Jul 9, 2021

4 Minute Read

Beware of the lies of history

Analyzing historical data comes with a lot of pitfalls. This publication looks into the revision of macroeconomic data and its impact on observed correlation and lead/lag relationships.

Aug 30, 2021

7 Minute Read

An efficient frontier for FX hedging

Many investors either neglect FX risk or tackle it in an overly simplistic way. This publication, therefore, elaborates on different heuristics and introduces a mean-variance based approach.

Nov 30, 2021

6 Minute Read

Are value stocks a good inflation hedge?

Value stocks are often assumed to have a shorter duration than growth stocks and are therefore expected to outperform during times of rising interest rates. In practice, this is all but clear.

Aug 30, 2021

5 Minute Read

An efficient frontier for FX hedging

Many investors either neglect FX risk or tackle it in an overly simplistic way. This publication therefore elaborates on different heuristics and introduces a mean-variance based approach.

Aug 31, 2023

5 Minute Read

A '70s-like second inflation wave is still unlikely

A repeat of the double wave of inflation in the '70s is a spooky scenario. We have therefore analyzed last century's high inflation period to detect similarities and differences.

Aug 11, 2022

1 Minute Read

Amadeus to provide research to new investment fund

After two years of successful internal testing, a global macro strategy developed by Amadeus Capital will be used for the management of the newly launched W Multi-Asset Balanced ESG.

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