Opinions

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.
2020-02-17

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!
2019-08-30

“Driving Miss Daisy” – from upheaval to new start

25 years ago, a Swiss Miss Daisy didn’t exist! It bloomed in 2006, as the result of a graft between Zschokke & Batigroup, and was baptized Implenia, the company with the Daisy logo.
2019-08-15

Ponder the uncomfortable, the imponderable & walk the blues!

What I have learned over the last 12 years as an investor & fund manager, is that, even though there are long stints of calm & serenity along the way, there are also some uncomfortable events & looming imponderables.
2019-07-16

TINA – Are we in the ZIRC? II – “Do Gentlemen really prefer Bonds?”

In this month's opinion, Pierre Cloux examines the Mr. Market 2019 projection vs. Bond rates, questioning the current environment and its possible consequences.
2019-06-13

Seeking Wisdom IV – “Value Investing”

As the saying goes: “When the going gets tough, the tough get going!” Even though the month of April showed some clemency, even optimism, as I outlined here a month ago, Mr. Market in May seems to be of a more jittery and moody disposition. That is why I dug deep once again in order to seek wisdom and quench any whim of nervous trading activity. It is not the house-style anyway, as our philosophy is “Value Investing”.