The acquisition of Credit Suisse has made UBS easier to describe with superlatives, but considerably more difficult to understand through any single statistic. The combined institution is simultaneously Switzerland’s dominant universal bank, one of the world’s largest wealth managers, an important asset manager, a major corporate lender and service provider to the Swiss economy, and […]
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From targeted technology restrictions to severe market fragmentation: the same Chinese company can carry very different risks depending on whether it is held as an ADR, Hong Kong share, A-share or ETF The obvious reaction to the Sberbank experience is to ask whether China could one day present the same problem. It is also the […]
Why valuation, diversification and a Swiss passport were not enough when sanctions, capital controls and financial plumbing collided Investors normally think about risk in terms of price. A company can earn less than expected, interest rates can rise, currencies can fall, competitors can improve, or an expensive share can simply become cheaper. Diversification exists largely […]
For more than a decade, one of the easiest investment decisions was also one of the most profitable: own the United States, particularly its largest technology companies, and allow American exceptionalism to do the rest. The combination of deep capital markets, extraordinary companies, a strong entrepreneurial ecosystem and ultimately the artificial-intelligence boom made the US […]
