Highlights

October, 28 2015
Stop TAFTA

The central problem of TAFTA/TTIP is the corporate sovereignty that is inherent in ISDS -- the fact that companies are allowed to place the preservation of their future profits above any other consideration, such as the environment, health and safety or social goals. Thus far from protecting the environment, TAFTA/TTIP is shaping up to be a very toxic trade deal. Read more...

May, 07 2014
R.I.P.

The Swiss Banking Secret is dead and rests in peace on the Federal Council's desk. Please do not pay any visit and instead of flowers make a donation in favor of our beloved FINMA. Read more...

April, 14 2014
Growing the Green Bond Market

Green bonds create a new flow of finance for low-carbon development. That’s crucial. But they do more – they have the potential to move the finance fulcrum in a cleaner direction, away from traditional fossil fuel investments and into the projects that will build our low-carbon future. Read more...

April, 08 2014
From Russia with Love : How to Play Russia

Nineteenth century statesman Lord Palmerston famously said that “nations have no permanent friends or allies, they only have permanent interests.” As anyone who has ever opened a history book knows, Russia’s permanent interest has always been access to warm-water seaports. So perhaps we can just reduce the current showdown over Crimea to this very simple truth: there is no way Russia will ever let go of Sevastopol again. Read more...

March, 25 2014
Financial Advisors Need Relationship Alpha

It takes a delicate mixture of compassion, knowledge and courage to provide direction to clients during uncertain or confusing markets. All markets are perplexing to some degree. This is the irony of investing . . . we trade actual capital today for the possibility of future returns Read more...

March, 19 2014
China is approaching its “Minsky Moment”

"It is clear to us that speculative and Ponzi finance dominate China’s economy at this stage. The question is when and how the system’s current instability resolves itself. The Minsky Moment refers to the moment at which a credit boom driven by speculative and Ponzi borrowers begins to unwind. It is the point at which Ponzi and speculative borrowers are no longer able to roll over their debts or borrow additional capital to make interest payments.... We believe that China finds itself today at exactly this juncture." Read more...

February, 24 2014
Les dessous pas sexy des accords transfrontaliers

Longtemps, le banquier suisse ne s’est préoccupé que du respect des lois suisses. La simple évasion fiscale que pouvait commettre un client étranger en lui confiant de l’argent ne concernait pas la banque suisse et ses employés. Ceci reposait sur la noble idée que chaque citoyen est responsable de déclarer sa fortune ainsi que ses revenus à ses autorités fiscales et que les banques n’ont pas à prêter assistance au fisc, a fortiori si celui-ci est étranger. Read more...

January, 30 2014
Feng shui investing in the year of the horse

It’s that time of the year again where visitors to China are deafened by firecrackers, mobbed by mass ranks of red-capped tourists, and overcharged for, well, everything. The year of the slippery snake is drawing to a close, the year of the galloping (and in 2014, wooden) horse is upon us. But it’s also the time to use our feng shui compass to figure whether this year’s qi will be good or bad news for investors. Read more...

January, 22 2014
Thunder Road Report : The New New Great Game

Here is the long awaited Paul Mylchreest’s Thunder Road Report. In this latest must read Monument Securities' report Paul talks about the geo-political confrontation between the US on one hand and China (in increasingly close cooperation with Russia) on the other, is evolving rapidly. We see a “New New Great Game” (NNGG) emerging Read more...

January, 21 2014
Russia a Glimpse into 2014

At this time of year, asset managers and brokers make forecasts as to which markets will perform the best in the coming year. We have done our work too, and we see the low valuation in both China and Russia as an opportunity for high returns on investment. Read more...

January, 14 2014
Emerging Chronicles : Shaping the Next Decade

As we embark upon a new year, Templeton EM believes 2014 could be an important year for many emerging markets, possibly establishing trends that could play out through much of the remainder of the decade. In particular, Chinese government reform initiatives announced in late 2013 could have far-reaching significance. And, major elections in a number of countries in 2014 could bring dramatic (or not-so-dramatic) changes. Read more...

January, 14 2014
Gutsy Traders Are About to Lose Everything

We're just 10 trading days into 2014 and investors are already fretting over major market shifts that haven't even happened yet... Everyone is falling prey to prediction season. They're extrapolating what they think might happen in the markets into actionable trades--instead of reacting to clear-cut trading signals. Read more...

January, 08 2014
2014 Outlook : Market Melt-Up

If world leaders can successfully navigate the treacherous waters of global restructuring over the coming years, eventually today’s seemingly endless period of weak economic performance will lay the foundation for a powerful secular bull market that may last for decades. Until then, investing today will require flexibility, risk management, and a willingness to embrace the fact that buy-and-hold investing has taken a back seat for the time being. Read more...

January, 08 2014
2014 Surprises and Predictions

Byron Wien, vice chairman of Blackstone Advisory Partners today issued his list of Surprises for 2014. This is the 29th year Wien has published his outlook and predictions on a number of economic, financial market and political surprises and trends likely to play out over the coming year. Will these surprises pan out? We don’t know, but they would certainly change the landscape in 2014 if they do. As Monty Python has famously said “nobody expects the Spanish Inquisition”. Read more...

December, 26 2013
2014 Outrageous Predictions

Outrageous Predictions 2014 is out Saxo's analysts have put together 10 potential scenarios that, underpinned by serious analysis from our Chief Economist Steen Jakobsen and Saxo Bank's Strategy Team, could unfold in 2014. Read more...

December, 11 2013
Bail-Ins Are Likely To Take Place


The era of bondholder bailouts is ending and that of depositor bail-ins is coming. Preparations have been or are being put in place by the international monetary and financial authorities for baili-ns. The majority of the public are unaware of these developments, the risks and the ramifications. Read more...

December, 06 2013
Looking Over our Shoulders : 2014 Outlook

It is said that making predictions is often a risky business, particularly when they're about the future. The “early line” is what book makers call the very first predictions by odd makers about a given outcome. Early lines are the riskiest predictions of all. Sheer folly. Pure chutzpah. All hat, no cattle. With that in mind, and tongue firmly in cheek, here are our early lines for 2014 – in no particular order of importance as we discuss the top risks to our 2014 central scenario. Read more...

December, 04 2013
Risk is a four-letter word

The markets seem to think we live in a largely riskless world. One hedge fund manager once proudly stated that life is a bull market intersected by corrections. In the midst of the credit crisis I laughed at him. Looking at the state of the world now, he might be laughing back, having concluded that the 2007 financial crisis and the 2008 fall of the House of Lehman were nothing more than bigger corrections and hence thumping buying opportunities that could only have been missed by idiots. Read more...

November, 22 2013
Russia 2013 : A Mixed Picture

In Russia, 2013 we saw a confirmation of the economic slowdown that became obvious by the second semester of 2012.  The slowdown has even get worse over this summer. Still, during the same period, Russia has also experienced a strong increase in foreign direct investments, confirming the attractiveness of the Russian economy. This gives us a view to the mixed picture of an economy in search of its identity among various models. Read more...

November, 21 2013
Emerging Markets Chronicles: Submerging Markets ?

Global stock markets have been on a tear. In the U.S., large- and small-caps are each up about 30% so far this year. Even the struggling euro zone markets have gained almost 20%. Emerging markets, however, are a different picture. The MSCI Emerging Markets Index is down around 5% this year, with many countries struggling mightily. Read more...

November, 14 2013
Thunder Road Report : Into a Bubble ?

One of the slightly irregular economic publications I look forward to receiving is Paul Mylchreest’s Thunder Road Report. In this latest must read Monument Securities' report Paul starts "Here we go again, creating another asset bubble for the third time in a decade and a half".“Have we really got to the point where it’s just about more and more QE, corralling more and more flow into the equity market until it becomes (unsustainably) ‘top-heavy’?“ Read more...

September, 11 2013
Swissness : Swiss private banking’s competitive advantages

The bank deal signed between Switzerland and the United States aimed at ending the long-running dispute over US tax dodgers with money in Swiss bank accounts has had a very lukewarm reception in the Swiss opinion. Read more...

August, 21 2013
Sustainable Investment has Entered the Mainstream

While there was a time when ethical, sustainable and responsible investment were very much niche areas, in the 21st century, investors want much more than just a decent financial return from the money they’ve invested. Environmental, social and governance (ESG) issues are now seen as paramount to a large proportion. This shift is being led by some brilliant organisations, and is placing sustainable investment at the forefront of a really significant change in the investment industry. Read more...

August, 20 2013
Gold : From the Situation Room

Public opinion and sentiment towards gold remains rotten, which is exactly what you expect to see at a major low, with the investing public at large, having been duly “educated” by the mainstream media, harboring a negative attitude to gold and if anything inclined to short it. Lastly, seasonal factors couldn’t be better – August and September are traditionally the best months of the year for gold. Read more...

August, 08 2013
Panorama des agences de notations extra-financière

Le métier d’analyse extra-financière s’est surtout développé depuis la fin des années 90. Il consiste à évaluer les politiques Environnementales, Sociales et de Gouvernance (ESG) des entreprises, des États ou d’autres types d’émetteurs de titres. En l’espace de quinze ans, le marché de la notation extra-financière s’est fortement développé et a déjà traversé une première phase de consolidation (2008-2010). Read more...

July, 30 2013
Zermatt Summit 2013 : The Common Goods

At a time of enduring financial crisis, widening gaps between developed and vulnerable economies and increasing nationalist agendas; it is more than ever necessary to remind ourselves that our interdependence makes us de facto an international community. Read more...

July, 02 2013
Switzerland to be the world leader in sustainable finance by 2015

Switzerland has to create the culture shift required to combine market mechanisms in order to promote sustainable outcomes. The Swiss tax regimes, legal and regulatory structures must be both domestically and internationally attractive and competitive to incorporate institutional and individual investors into these opportunities over time. Read more...

July, 02 2013
LEX AMERICANA

The portrayal of the assault of the IRS against Swiss Banks has usually been seen from a U.S. perspective. There is an insinuation that the IRS will put Swiss banks in their place, and they certainly do have the power to do that. While the Swiss have complied with the IRS to some extent, through the revelation of tax evaders names inside the UBS branches in the U.S. the Swiss are not cow-towing to the IRS demands in disclosing all names of U.S. clients they have despite the pressure from the IRS to do so. Read more...

June, 18 2013
The Golden Opportunity

I had the opportunity to attend the Swiss Mining Institute seminar in Geneva and meeting with leading gold miners management and commodity experts. If the Gold mining sector has been slammed with Gold sharp drop, mining companies are more “pie in the sky” than owning actual bullion, so mining shares typically move much more sharply than Gold does. Read more...

June, 14 2013
Emerging Chronicles : Check In - Check Out

There are several notable emerging market performers where positive local macroeconomic developments have attracted strong investment flows. Given that yields on some assets seen as “safe” are close to record lows, the attraction to potentially higher-yielding, but riskier assets such as emerging-market equities has continued to grow. Of course, we’ve seen some disappointments too. Most larger emerging markets have lost ground year-to-date. Read more...

June, 10 2013
Path to the Sustainable Financial Centre Switzerland.

Making sustainability an inherent part of the Swiss Financial Centre brings tangible and lasting benefits for its actors in terms of positioning, attractiveness and competitiveness on an international level. Furthermore, Switzerland can build upon a strong tradition of democratic values and high environmental standards. The country is therefore placed at the forefront in a journey towards a sustainable financial system. Read more...

June, 02 2013
Switzerland : After the Rain...the Storm

Five months after U.S. action over tax evasion led to the closure of the country's oldest private bank, and with formal investigations under way into some of its biggest institutions, the Swiss government urgently wants a compromise to end threats of criminal charges that have hurt a vital national industry. Switzerland aims to save its banks from heavier punishment in the United States for helping wealthy tax cheats by sidestepping its own famed secrecy laws to let bankers disclose data to U.S. prosecutors. Read more...

May, 10 2013
Overcoming the Crises Through Sustainable Action

In Geneva mid April we went to the biggest conference on sustainable development in Europe, delegates discussed how cities can drive a transition towards sustainability in the face of the current economic, environmental and social crises. As global policy processes have largely failed to put the world on the track to sustainability, hopes are increasingly placed on local and regional actors. Read more...

May, 06 2013
Impact Investing : Can Economic Returns And Social Impact Be Achieved Together ?

Responsible investment is an integral part of the investment beliefs shared, among many socially responsible actors, by Investlogic, taking account of mankind, the environment and society in our investment decisions. We operate on the basis of a belief that financial and social returns can go hand in hand. At the same time we are aware that this is an ongoing process that is not yet complete. Read more...

April, 26 2013
Eternal Russia - Reboot ?

Our viewpoint is best summarised by our repeated assertion that that “Russia is not, and never will be China – it is not Belgium either. Russia is now a middle-sized, middle-income, middle-European country with both greater-than-average potential, and some major problems. Long gone are the days when Russia had the world’s best parties and was either the world’s best – or its worst – financial market, sometimes both in the same year. Read more...

April, 10 2013
Emerging Markets Roundup: Following the Smart Money

In the emerging markets, a more complicated global economy calls for a more sophisticated strategy. The opportunities of investments remain high. It is however necessary to refine from now on our strategy of investment according to the particular case of every country. It is our quest in our search for new emerging countries to inform you of the best opportunities throughout our tours in Emerging Market. Here it is. Read more...

April, 08 2013
Prospérité sans croissance

Si la croissance est une impasse, comment s'en passer? Pour répondre à cette question, il faut comprendre pourquoi nos économies ont aujourd'hui besoin de croissance pour ne pas devenir socialement instable. Comment sortir de cette dynamique devenue insoutenable? Read more...

March, 05 2013
Finding the Value in Environmental, Social and Governance Performance

Today more than ever, investors are scrutinizing a company’s ESG performance for clues about the company’s future performance, and they are becoming increasingly sensitive to ESG risks. At the heart of the matter is the kind of information investors pay attention to — and that is news of an ESG material issue. Read more...

March, 04 2013
Reinvent Capitalism Without Delay

Initially, the business hardly took seriously the initiative Minder while its author, long considered a wacky, was able to detect a “deep” wave in the ultra liberal economy. As such, the result of last Sunday (12.03.03) is already outdated as we shall see. In the world, the trend is not only unanimous against unfair wages, there is also a no way through. Read more...

February, 21 2013
Gold : From the Situation Room

It’s a tad puzzling that gold has broken into new low, despite enough catalysts to move a herd of stubborn mules. But that’s the hand we’re dealt right now. We can’t get up from the table until the game reaches its conclusion. Besides, I think the stall in prices is giving us one last window to buy before prices break permanently into higher levels for this cycle. Read more...

January, 15 2013
Another year of growth for European SRI mutual funds

The 12th edition of Vigeo Italia report “Green Social and Ethical Funds in Europe” offers a general outlook on SRI mutual funds in Europe. The Vigeo study provides data regarding the number and size of funds but also information about SRI approaches, top performing funds, specific costs, companies within the portfolios and asset allocation. Read more...

January, 14 2013
Gestion de Fortune : Activité à Hauts Risques

Les banquiers privés et les gérants indépendants... sont moins soumis à des situations de conflits d’intérêts ... et contribuent à la prospérité de la Suisse, sans risque pour le contribuable de devoir les sauver en cas de défaillance.” Read more...

December, 31 2012
New Year... Old Issues

This is the time of year when all the “experts” will be making their 2013 predictions - but few will address where they were wrong in previous predictions. I’m more interested in why I was wrong. It seems I always underestimate the ability of sociopathic central bankers and their willingness to destroy the lives of hundreds of millions to benefit their oligarch masters. Read more...

December, 20 2012
The Search For New Emerging Markets

The severity of the deepening recession in Europe has shocked government and industrial leaders in all the major emerging-market countries — China, Brazil, Russia and India — and though they have reacted quickly they have discovered that their usual tactics to boost output, such as easier monetary policies and export subsidies, have largely failed so far. Against this backdrop, some other smaller ‘emerging’ or ‘growth’ economies are becoming increasingly important. Read more...

December, 03 2012
SRI in Europe : Reasons of Success

Wealthy Europeans are Deepening and Expanding their Commitment to Sustainable Investments and Impact Investing. The last study of Eurosif shows that the sustainable finance is growing fast. However this success is due to very different factors as the national regulations, the types of clienteles, the decision-making generations, the characteristics of products, the evaluation of the impact. Read more...

November, 23 2012
How to Be an Old Tai Chi Master

It seems counterintuitive, but emerging market growth is a much bigger, slower movement. We tend to think of emerging markets in flashy, sudden bursts. There is a lot of hype out there when it comes to emerging markets. "This is the next hot market!". I just think of it as a lot of noise. It distracts you from making solid investment decisions. If you're always chasing, you're always falling ! Read more...

October, 24 2012
Guide  des  organismes  d’analyse  sociale et  environnementale : Mise  à  jour 2012

Edité pour sa première version en octobre 2001 et mis à jour à plusieurs reprises, le guide de l’ORSE des organismes d'analyse sociétale dresse un panorama de l'ensemble des organismes dont l'activité porte ou s'étend à l'analyse et à la notation extra financière des entreprises. Read more...

October, 24 2012
Sustainable Lifestyles : Today's Facts & Tomorrow's Trends

Here a basic systemic and holistic approaches through multi-stakeholder involvement for a sustainable future. This process will result in a roadmap for strategic action for policy makers and will deliver innovative ideas for business, research and society, regarding the enabling of sustainable lifestyles in European society. Read more...

October, 18 2012
The Swiss Version of Global Warming

The new Switzerland requires some mental adjustment for those who know its past, but it still remains the world's leading offshore center in every area you may need to grow and protect your wealth – a strong currency, private banking, insurance, annuities and excellent investment management. Read more...

September, 14 2012
Sustainable Investing: Establishing Long-Term Value and Performance

The evidence is compelling: Sustainable Investing can be a clear win for investors and for companies. However, many SRI fund managers, who have tended to use exclusionary screens, have historically struggled to capture this. We believe that ESG analysis should be built into the investment processes of every serious investor, and into the corporate strategy of every company that cares about shareholder value. ESG best-in-class focused funds should be able to capture superior risk-adjusted returns if well executed. Read more...

September, 14 2012
Point Break : Long Term Cycles

Long term cycles generally take a generation to work their way through the investor public, have significant magnitudes of becoming undervalued and overvalued, and have significant implications for the way that investors should approach each of these periods. Due to their length it is sometimes not easy to identify them but generally their effects are significant and rarely can they be avoided. Read more...

June, 29 2012
Elinor Ostrom : La question des « biens communs mondiaux »

Les travaux de E. Ostrom sur les “biens communs mondiaux” dans un courant néo-institutionnaliste opposé à la théorie économique néo-classique qui ont remis en lumière la préoccupation de dessiner un cadre conceptuel capable de fournir des clés politiques pour une gestion de ce qui échappe - ou doit échapper - au marché. Dans la foulée de la déconfiture de Rio+20 il nous a semblé important de rappeler ses travaux. Read more...

June, 04 2012
Le développement durable : le concept d’un monde en mutation ?

L’expression « développement durable » apparaît pour la première fois dans un document de l’Union internationale pour la conservation de la nature (UICN), au début des années 80. Le Rapport Brundtland, au nom plus évocateur de « Our common future » (Notre avenir à tous), publié en 1987, va populariser le concept. Read more...

May, 18 2012
Individual Principles for the Responsible Investor

The aim of these principles is to provide a framework for analysis and discussion that will enable professionals to launch actions consistent with the requirements of a responsible financial sector that benefits a sustainable economy Read more...

May, 14 2012
Voyage au centre de la Russie

Entre Solitude et Frénésie : Intemporelle Russie Le professeur-voyageur Georges Nivat, nous ouvre son carnet de notes prises dans cette partie méconnue du monde où tout y est «profondément russe»: les églises à bulbes poussent (à nouveau) comme sur un terreau uniforme. Et paradoxalement, la Sibérie a été et reste une terre de brassage: Read more...

April, 17 2012
Redefining Emerging Markets And Growth Market Investment Opportunities

In 2005, GS introduced the concept of the “Next 11” or the “N-11” as it has become known. This was a simple description to bracket the eleven most populous countries and to see if they, collectively or individually, might have BRIC-like potential. Read more...

April, 11 2012
Silk Road: Expanding Economic Opportunities

Our focus on Emerging Economies leverages strong and historical cultural links that bind a region to find growth opportunities in several lucrative markets such as in Asia, Central Asia, Russia and CIS. We seek to utilize our domain expertise and leverage our broad network of relationships to create value and contribute substantially to the future growth and success investments. Read more...

April, 10 2012
Sustainability: Care Instructions for our Planet

One of our fields of expertise is Natural Resource Management and Sustainable development. Here you will get our dissertation "Does Socially Responsible Investment Contribute to Sustainable Development ?" The answer is definitely YES. Have a look at the pdf http://scr.bi/HuKrEE Read more...