Opinions

2018-03-01

Federer, Chainsaw, and Russian Roulette: Lessons from the Recent Volatility Spike

Following February’s volatility spike, Pierre de Saab, Partner and Head of Asset Management at Dominicé, contemplates the lessons to be learned.
2018-02-28

(S)Watch it Johnny! Scratch-resistant Ceramic arguments

Pierre Cloux, Partner and Swiss equities fund manager, contemplates the influence of the smartwatches on the future of the Swiss watch industry.
2018-01-19

We sang the Blues, we like the Blues - BUT we didn’t have the Blues

Pierre Cloux celebrates the 10th anniversary of his fund. He explains the investment philosophy that has made him successful this past decade.
2018-01-08

Temenos – A cut above the rest

In this month’s opinion, find out how Temenos, the software for banking and finance, has risen above the rest over the last 20 years
2017-12-05

Aryzta – hands in the dough

November’s opinion brings us a fresh take on Aryzta. Pierre Cloux walks us along the tale of an Irish bakery turned baking giant.
2017-11-09

About Style Drift, Portfolio Shift & Music Riff

In October’s Opinion, Pierre Cloux reflects on the raging bull market and how to adjust equity strategies to such extreme market behaviors.
2017-10-05

How Mr. Market finds its own cure

Pierre Cloux reflects on the parallels between Mr. Market and Molière’s “Imaginary Invalid”. With patience & diligence, Mr. Market finds its own cure and delivers the correct valuation.
2017-09-06

Ah Sugar, ah Emmi Emmi

In this article, you will find Pierre Cloux’s thoughts regarding Emmi’s sugar reduction policy entwined with some refreshing Bazooka bubblegum analogies.
2017-07-07

Fund management - Why? Why? Why? – all you wanted to know about investment and didn’t dare to ask

In a recent article, the Economist was mulling over the question why fund managers do not perform consistently. So, what has been the trend over the past years? Well, the big shift has been from active – company picking, like I’m doing – to passive – buying an ETF or passively tracking a benchmark by buying the shares that compose an index. Why? because it’s cheaper. But investors are happy to pay more if it translates into a better performance. Active fund management is a difficult exercise, as I can testify from my experience. The average fund fails to beat the index. Our Swiss equities strategy has beaten the index 5 out of the last 8 calendar years, including 3 years in a row: 2014, 2015 & 2016. Even though we are in positive territory, we are currently below our reference index year-to-date. You, the Investors, hope that the strategy will deliver superior returns over the long term, even if you can’t expect its fund manager to beat the index every single year.
2017-06-02

Covfefe – Mad Max beyond the Thunderdome, Aunty Entity, but who’s “TINA”?

As reported last month, according to my methodology, half of our corporates have reached or surpassed their intrinsic value. So has Mr. Market become Mad Max, the post-apocalyptic action hero stranded in the Australian desert at the hands of Aunty Entity, aka ruthless central bankers?