Independent thinking
We do not sell financial products, but we do have an opinion
Our investment specialists possess years of experience and an outstanding track record in their field. Financial information is processed with a proven, systematic investment method that is subject to constant, structured dialogue with our client advisors. We are not afraid to voice opinions that run counter to the prevailing mainstream.
We use our international network to generate knowledge
Globally active family offices, well-established links with leading banks in Switzerland and abroad, and a lively exchange with trading and research teams all create a first-class network for generating knowledge. We also have access at any time to proven, strong partners for special questions. In this way, our clients can approach investment decisions with the benefit of an optimal combination of experience, continuity, and cutting-edge expert knowledge from renowned organisations.
Independent communication
Private Client Report
In our «Private Client Report», our investment specialists present one to a maximum of two pages that give a broad overview of the current market, key macroeconomic data, and the performance of our equity investments. The «Report» is intended only for our clients and supports our periodic reporting in a manner that is efficient and to the point.
Private Client Letter
The four-page «Private Client Letter» published at the end of each quarter, highlights major trends that are relevant to investors from a strategic perspective. The CEO of our bank addresses a specific topic in detail and the Chairman comments on the current situation. You can subscribe to the «Letter» by requesting it here info[at]privateclientbank.ch. Examples and a brief description of previous issues can be found here
Q4/2021 (October)
«Less quiet waters»: In the last couple of weeks, fears of inflationary spikes and setbacks in economic growth are rife. The very image of stagflation was even recently conjured up in the Anglo-Saxon press. It is true that consumer prices in virtually all countries have risen more sharply in recent months than in many years. And there are signals from the Chinese economy, in particular, which are giving cause for concern. However, we believe that the general conditions for the markets have not fundamentally changed. It's a matter of staying the course, even if it might get a little rougher.
«Tally-ho! Blithely hunting the rich»: At this year's central bank meeting in Jackson Hole, three American economists presented a paper that – to put it briefly – blames the rich for the sustained low interest rates. That is reason enough to address the issue in a short commentary.
Q3/2021 (July)
«Sound Money, Unsound Money»: Liquidity is an asset class, and not simply an account balance. Safe and stable money does not fall from the sky, but must be constantly hammered out anew. We should pay more attention to this, even when times are good.
«A Special Bank in a Special Country»: The sometimes stubborn individualism of the swiss people and the quest for “being different” has its price. Ultimately, however, it is an expression of vibrant diversity and thus of diversification. This is also what our bank stands for.
«Virtual Economy»: Networks and digital products that can be used free of charge do not appear in any accounts. The accompanying changes do not invalidate the coordinate system of the economy, but they do lead to a fundamental upheaval. Familiar methods of analysis and historical comparisons must be closely scrutinised.
«SPACs: Catching flies with honey and vinegar»: Special Purpose Acquisition Companies are causing a stir in investor circles these days. On the one hand, they provide welcome efficiency gains in capital markets. On the other hand however, with financial vehicles of this kind the danger lies in buying a pig in a poke and then being taken to the cleaners by rascals.
Q1/2021 (January)
«No Free Lunch»: The financial markets weathered the turbulence of the crisis year 2020 well. The reckoning for the great corona bailout, however, is far from settled. And once again, we were reminded that the mindful dealing with uncertainty is an essential component of an entrepreneurial investor’s toolbox. But those who take a few basic rules to heart can be confident even in challenging times.
«Uncomfortable thoughts at year’s begin»: The corona crisis has opened floodgates to more public intervention, even to the point of literally locking up citizens. It is to be feared that interventions in individual rights could ultimately also affect private property – in particular real estate investments, which are highly dependent on local conditions and legislation.
“A Great Crossing”: Private market investments are experiencing a boom. There are plenty of good reasons for this. However, those aiming for success should also recognise the pitfalls. Genuine entrepreneurship is required, and this cannot be delegated.
«Zombie banking is reality»: Our once proudly client-friendly commercial banks have become semi-governmental bureaucratic monsters. In such an environment, it is actually quite easy to be a good banker: You just have to focus rigorously on the interests and needs of your clients.
Q3/2020 (July)
«Anchoring in Real Assets»: Financial markets are recovering rapidly from the corona shock; the state of the real economy, on the other hand, is still far from normal. In times of great uncertainty, it is worth taking a look at the long-term trends. These speak for real assets.
«The Hotel in the Bedroom and the Office in the Living Room»: With the corona crisis, there has been an enormous shift. Fewer offices and fewer aircraft will be needed. Already existing capital will be better utilised.
Q2/2020 (April)
«Low on Reserves»: The global economy already had a weakened immune system when the coronavirus struck. Nonetheless, the chances are good that it will stage a timely recovery. Times of great uncertainty call for diversification, discipline, patience – and a dose of courage.
«There is a Tomorrow»: People, and the economy, are more resilient than is generally assumed and more than the well-meaning regents believe.
«Strategic Confidence»: There is certainly no shortage of potential triggers for the next financial crisis. However, fear and anticipation of the big crash are not good advisors. Rather, an appropriate dose of confidence is called for. And confidence means being invested.
«The Right Direction»: The polluter pays principle belongs in a market economy. We have always known that we were environmental free-riders. Now we have the tools to change this – and change it we will.
Q4/2019 (October)
«Genie in a Bottle»: The smartphone is becoming a wallet. This opens the door to digital forms of money that seemed inconceivable until now. If the result were to be robust, global, secure currencies, then consumers and investors could benefit.
«Calm and composed – yes, but...»: Financial market agnostics are aware that the trigger of the next crisis cannot be predicted, not even with artificial intelligence. Even in the midst of dramatic price fluctuations, they stand by their chosen strategy.
«La La Land»: Cheap money is playing the music on the financial markets. Those who have been invested in the US stock market for the last ten years have nearly tripled their assets. The policy of cheap money is likely to continue; however, there are doubts as to its sustainability. Sober investors should be positioned in such a way that they are prepared to act when the wind changes.
«Reassuring self-deception»: Financial crises have very little effect on the real world. Factories are not destroyed nor are merchant fleets scuttled.