Swiss Trump Cards

This report provides a mid-year market outlook, maintaining a constructive view on equities based on a 'Roaring Twenties' scenario. It also profiles the structural economic success of Switzerland.

Key Takeaways

• 1.The 'Roaring Twenties' scenario continues to support equity markets, with the bull market (since Oct 2022) appearing young historically.
• 2.Switzerland maintains a strong competitive position globally, characterized by low debt, high innovation, and superior long-term stock market performance.
• 3.Data is identified as the 'fourth factor of production,' where its collapsing cost due to the AI revolution helps dampen global inflation.

Table of Contents

• 1. Blockbuster moments: Reflections on an alpine marathon
• From poorhouse to global success story
• Success brings responsibility
• 2. Halftime: Do equity markets still have room to run?
• Our "Roaring Twenties" scenario continues to serve us well
• Check-up: The bull market still has room to run
• Productivity and earnings: The race that never ends
• The "fourth" factor of production
• Hidden in plain sight: Growth, change, and "prospects for tomorrow"
• The new world order: Construction everywhere
• The best reason for optimism
• 3. Summer reading: Two books for "rouleurs"

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