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Tag: equities
Quarterly Investment Review – Q4 2020
“Capitalism without bankruptcy is like Catholicism without hell. Markets work best when participants have a healthy fear of loss. Howard Marks “The US is now on a path whereby every sitting US president seems intent on adding as much debt into the national ledger as all of his predecessors combined.”…
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Chart of the Month – Equities: focus on sectors & themes
Equities: focus on sectors & themes In the early days of Notz Stucki, the country was an important factor to cherry pick the best companies for an equity portfolio. Capital markets were more isolated, trade flows were smaller, interest rates differed among countries, and some countries had specific political risks.…
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Chart of the Month – 2019: Everything was positive! 2020: Be selective!
2019: Everything was positive! 2020: Be selective! One year ago, we stated the following conclusion when we summarized 2018: “2018 was the “annus horribilis” of the capital markets with no place to hide to make money. 2019 has started with attractive valuations and some challenges (US-China trade war, Brexit, Central…
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Investment Review Q4 2018
2018 was a brutal year for financial assets. A chart issued by Morgan Stanley shows all 17 major asset classes down for the year. Fixed income and equities in both Developed and Emerging Markets, and Commodities all fell. The indices disguise the true extent of the damage. The index heavy…
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Chart of the Month – 2018: No place to hide to make money. 2019: Typically, reversion.
2018: No place to hide to make money. 2019: Typically, reversion. During 2018, all major asset classes delivered negative returns as can be seen above. EQUITIES 2018: Starting valuations were very demanding. During the year, equity investors were scared by the coming slowdown (some even talk about recession), the US-China…
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Investment Outlook Q2 2017
Notz Stucki has just released its investment outlook for the second quarter of 2017. The first quarter was considerably calmer than that of 2016. On the political front the Dutch election was won by the sitting Prime Minister, which marked a break of a string of losses by incumbents in recent…
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Perception vs. Reality: Are Equity Emerging Markets linked to Commodities? No.
Daniel Kahneman, the Nobel Prize in Economic Sciences in 2002, wrote a best-selling book entitled “Thinking, Fast and Slow”. The central thesis of the book is that human beings have two modes of thought: System 1: Fast, instinctive and emotional; System 2: Slow, deliberative and logical. We can say that…
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Sector performance and bond yields: an interview with Dukascopy TV
Defensive equities have behaved like long term Government bonds: US 30 year Treasury has returned almost 20% this year, in line with the performance of Utilities or Telecom Services. Click here to watch Pierre Mouton discussing sector performance and bond yields on Dukascopy TV. You can find all Notz…
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Investment Outlook Q2 2016
Notz Stucki has just released its investment outlook for the second quarter of 2016. Please click here to download the document.
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