Feb 24, 2020
Weekly Investment Focus

“Following the recent flash crash, what to do with risk-off assets?”
Who should we believe: investors who protect their portfolios by selling oil, buying bonds and gold or those who buy equities?

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Feb 19, 2020
Weekly Investment Focus

“Chip stocks won’t get cheap”
The cyclical nature of the semiconductor industry allows it to generate
twice the performance of the S&P 500 index; 60% versus 29% last year.
With the economic recovery, 2020 will be no exception.

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Feb 19, 2020
Weekly Investment Focus

“Should we trust in the real estate investing business?”
Real Estate Investment Trusts (REITs) have produced abnormally low returns over the past five years.
In 2019, the relative performance of the sector has been negatively correlated with the market.
Nevertheless, there are pockets of performance.

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Feb 04, 2020
Weekly Investment Focus

“Public health emergency and low global growth, really?”
The World Health Organization describes the coronavirus as a high international threat,
while Gross Domestic Product for the fourth quarter of 2019 was published in slowdown.
This worrying news has prompted investors to take profits and buy hedging strategies.
This risk-off period will not last.
The outlook is much better than it appears… Investment opportunities are emerging on the stock market.

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Jan 27, 2020
Weekly Investment Focus

“Winter is the time for viruses, but it is also the sale period”
In 2003, the most visible impact of SARS was on airlines international traffic. The epidemic reduced global growth by only -0.1%.
The financial markets were temporarily impacted, before completely erasing this incident a few months later.

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Jan 20, 2020
Weekly Investment Focus

“In Switzerland, tax-free dividends offer a major advantage”
The Swiss equity market is characterized by an attractive dividend yield, especially in times of negative bond yields.
The advantage is even more obvious if one considers the tax exemption that is applied to some of these dividends.

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Jan 14, 2020
Weekly Investment Focus

“US election won’t knock healthcare stocks down”
In the United States, during the presidential election years, debates on reforming the healthcare system usually penalise the sector… but not always!
Since concerns were already priced last year, 2020 promises to be an excellent year for pharmaceutical, biotechnology and healthcare services stocks.

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Jan 06, 2020
Weekly Investment Focus

“2020: one year to price the cyclical recovery”
Except for a few details, the year 2019 will have looked very much like 2017.
This does not mean that 2020 will have the appearance of 2018…
Two years ago the economic cycle was slowing down, while today it is accelerating:
it is not too late to invest!

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Dec 16, 2019
Weekly Investment Focus

“To invest in oil, do not just focus on OPEC”
Oil prices edge higher as investors digest contrasting figures such as supply growth
by non-OPEC countries and the latest bearish comments from the International Energy Agency (IEA).

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Dec 09, 2019
Weekly Investment Focus

“The Yen is ready to fall again”
The VAT increase and the stimulus package are going to contribute to a jump in inflation rate and,
ultimately, to the depreciation of the Japanese yen. After a long consolidation phase,
the USD/JPY exchange rate should test its strong resistance at 114.75 yen.

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