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Withdrawing capital on retirement is a capital mistake – supplementary benefits will increase
Our balanced forced savings system is designed to provide financial security in old age. 1st pillar: AHV pay-as-you-go system, 2nd pillar: BVG funded system and voluntary payments into the 3rd pillar. Examples from abroad – 401K plans in the USA, surrounding countries – show insufficient voluntary pension savings and/or the overburdening of states with the financing of the pay-as-you-go system.

Infrastructure as an «independent» class of investment:
A chimera
Low or negative interest rates favored private market investments. High returns, low risks and correlations, so the mantra went. With a time lag, infrastructure investments emerged, with similar arguments in favor. Are the expectations realistic?

Are Swiss pension funds investing appropriately? The real restrictions, wasted returns and a harebrained scam
Are Swiss pension funds investing appropriately?

Holcim, Adecco and Mobilezone: cheap, but also good value?
Some shares still appear to be cheap by the usual valuation standards.