Opinions (en)

2020-09-14

Noah’s Ark, Time To THINK! & “Happy Birthday, Warren!”

Warren Buffett and his partner Charlie Munger have been criticized recently. Value investments, their credo, reached an epic level of underperformance versus the index and especially in growth stocks, the so-called GAFA. Now let me remind you that “it wasn’t raining when Noah built the Ark. And he didn’t look that smart for 39 days.”
2020-08-18

Seeking Wisdom VI – “In those unprecedented times, why not think “backwards”?”

We are now 6 months into COVID-19 and during this hot summer lull, I thought it might be time to step back a bit, take stock and reconnect with our “seeking wisdom” series.  These are unprecedented times, where we do need to avoid certain behaviours, risks, attitudes, etc.  So why not approach things in an unprecedented fashion and think things backwards. “A lot of success in life and success in business comes from knowing what you really want to avoid – like early death and a bad marriage”, said Charlie Munger, Warren Buffett’s partner and Vice Chairman of Berkshire Hathaway.
2020-07-22

Geberit – Interesting times! - When boring gets exciting!

We certainly live in interesting times, but sometimes I wish, like a wise oriental man once said, to be spared of that fate, and that I could live in uninteresting times. Well, enough talk, let’s walk, I told myself. Amid COVID-19, why not walk through Switzerland. And that’s what I did and after 2 weeks, I arrived at the village of St Gallenkappel, where the most innovative toilet manufacturer originated.
2020-05-15

“The elephant in the room” (2) – Shakespeare, Newton, Elon Musk and me?

Like most of us, I have just spent one of the most singular months of April that I can remember. “Comparaison n’est pas raison”, but let’s wind back a few centuries to see what we can learn from history!
2020-04-17

“It won’t last forever, but let me talk about “the elephant in the room””

We are now in the eye of the storm. Whenever & wherever you switch on, you only hear about the “elephant in the room”. We are where it feels the most unpleasant and/or unwise to own any equities, or any financial assets, as a matter of fact. The only good news that I can serve is: It won’t last forever.
2020-03-23

Seeking Wisdom V – “Markets in turmoil” – On the path to “OCS”

In investment, as in other endeavours in life, it is a good idea, when in stress situations, to pause & think. In light of recent developments, namely the spread of COVID-19, the US primaries and a panicky Mr. Market, one is naturally tempted to cling to the latest piece of information, as if this will disclose some eternal truth.
2020-03-13

Market Volatility Spike – Doctor, Is It Serious?

For the past 2 weeks, the financial markets have been feeling the effects of COVID-19. Are they really ill?
2020-02-17

CALIDA GROUP – It all started with a T-shirt

During the 12th anniversary of the launch of our Swiss equities strategy, the CFO of Calida Group, one of the Fund's holdings, presented company's strategy and how it is adapting to the rapidly evolving clothing industry.
2020-01-06

May we live in (un)interesting times

Long-term, Mr. Market is a compounder, short-term he is often a disruptor. Pierre Cloux discusses Swiss equities performance in 2019 and what we may expect in the year to come.
2019-11-13

The Joyous Life of an Investor

The FOBO/FOMO combination is for me the permanent fear of backing the wrong horse and being stuck with a “value trap” in the Fund, while other stocks are skyrocketing, not to mention the concern as to what/how FCI (Friendly Competitors Incorporated) is doing/performing!