Every year again, the most prestigious banks, asset managers and consultancies publish extensive market and economic outlooks highlighting key themes and convictions for the year ahead. While the half-life of these articles is debatable, to put it politely, we nevertheless believe that these publications provide a good snapshot of consensus risks and opportunities at a given point in time.
Over the past decade, many market participants have been quick to attribute the poor performance of stock-picking strategies to the low interest rate environment. Essentially, the argument goes, central bankers have driven up the prices of all assets, creating a situation where markets no longer distinguish between "good" and "bad" stocks, making it impossible for wise stock pickers to show their worth. Our article examines whether this argument stands up to scrutiny.
Dans le cadre de nos publications collaboratives, nous avons le plaisir de partager ici un article sur « Le bouclier fiscal – les points essentiels ». Cet article a été rédigé par Me Frederic Vuilleumier et Me Anca Kessler, de l’Etude OBERSON ABELS SA, et est complété par une réflexion fruit de notre expérience chez Amadeus Capital. ...................................................................................................................................................... As part of our collaborative publications, we are pleased to share here with you an article on “Tax shield – the key point” . This article was written by Me Frederic Vuilleumier and Me. Anca Kessler, OBERSON ABELS SA, and is complemented by a reflection based on our experience at Amadeus Capital.