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CIO UPDATE

Investing in uncertain times

Foreword

Dear reader
Recovering from the stock market setback in October will likely take longer than previously thought. Though the USA and China have agreed to a truce regarding their trade war, this fact does not provide greater certainty around the outcome of the negotiations. Moreover, further Twitter releases have the potential to whip up market volatility again. And while the US Federal Reserve (Fed) has recently tried to counter this with soothing statements, the Fed cannot halt the slowdown in economic growth in the short term. As a consequence, we expect risky assets will face a challenging environment in the months ahead. Nevertheless, given favorable valuations this also offers several opportunities.
Yours faithfully
Philipp E. Bärtschi, CFA
Chief Investment Officer