Think Tank

Valuation of Credit Default Swaps CDS

Interview with participants from Swiss Rock: Dr. Roman von Ah

Lukas Riesen from PPCmetrics and Roman von Ah discussed the topic under the direction of Editor-in-Chief Kaspar Hohler:

"Are Swiss pension funds investing appropriately? Two investment specialists discuss risks, the long term and diversification in the portfolio. A critical discussion that is not conducted in this way in the decision-making bodies of many pension funds."

We are delighted that the professional journal Schweizer Personalvorsorge has published this interview (in German only) in its latest issue (04-24 Akzent).

Author: Dr. Roman von Ah

The rampant inflation, even if it tends to decrease, will accompany us for a long time. The effects on the Swiss 2nd pillar can be great.

In particular, a late career entry as well as reduced savings years endanger the security of the pension (in german only). Lump-sum withdrawals are not recommended.

The article was published in Finanz und Wirtschaft - Vorsorgebeilage on September 9, 2023.

Author: Dr. Roman von Ah

Are we living in an inflationary environment with rising interest rates in the longer term? Fundamental factors argue for a decline in interest rates once the central banks have won the battle against interest rates.

The following article was published in the trade journal Schweizer Personalvorsorge of 03/2023 (in German / French only)

Stock market bear markets regularly raise the question of stock alternatives. The simple answer: Of course there are alternatives. Whether they are better is an open question.

The article "Es gibt keine Chancen ohne Risiken" in Sonderbund Vorsorge der FuW (Finanz und Wirtschaft, 10. September 2022, in German only) shows why equities must always have the highest expected returns on economically sound grounds.

Dr. Roman von Ah

Fear of the new Corona variant and of higher inflation is rampant on the stock markets. Financial experts and asset managers discuss at the NZZ Roundtable (Neue Zürcher Zeitung NZZ, 6.12.2021) how savers and investors should act now

Dr. Roman von Ah

How can investors protect their money from predatory monetary policy?
Wealth manager Roman von Ah on debt, equities, gold and crypto.

Author Dr. Roman von Ah

Swiss Rock Navigator Special, published in the special edition «Vorsorge» of Finanz und Wirtschaft FuW, September 11, 2021

Author Dr. Roman von Ah

MILLENNIALS: AHV and BVG will disappoint future generations. Self-responsible saving should therefore start early.

Published in Finanz und Wirtschaft FuW, Sonderbund Vorsorge, September 12, 2020

The stock market crash and recession are reminiscent of previous crises.
The recovery was often better than expected in the panic.
Asset manager Roman von Ah advises buying stocks.

Author Dr. Roman von Ah

Many market participants have behaved in panic in the recent price plunge and have intensified the downward trend - even though they know that fear is a bad advisor.

Published in Finanz und Wirtschaft FuW of March 26, 2020

Author Dr. Roman von Ah

Passive portfolio management is unfortunately an illusion:

2019 serves as proof to institutional investors that passive investing pays off. Pension funds boast of their good performance. Forgotten is that the tide lifts all boats

Published in Finanz und Wirtschaft FuW, special issue institutional investing, March 14, 2020

Author Dr. Roman von Ah

More differentiated investment awareness thanks to ESG

The willingness to invest according to ESG principles has increased significantly.
The opportunities and risks involved need to be weighed up consciously

Published in the journal Schweizer Personalvorsorge SPV, September 2019

Interview with Dr. Roman von Ah

Roman von Ah, CEO of the institutional asset manager Swiss Rock, criticizes the too low equity quota of pension funds and advises a radical rethink. Private investors should start early with a savings plan

Published in Finanz und Wirtschaft FuW, Sonderbund Vorsorge, September 2019

Author Dr. Roman von Ah

Pension provision concerns us all

The Swiss pension system is good, but the imbalance between generations is escalating and calls for change.

Published in Finanz und Wirtschaft FuW, Sonderbund Vorsorge, September 2018

Authors Dr. René Dubacher & Dr. Ivan Petzev

Value-oriented investing - also called substance-oriented investing or "value investing" - has been experiencing an underperformance against growth-oriented investing globally since the first quarter of 2017, which has been historically very rare.

Published in Swiss Rock Navigator Special November 2018

Author Dr. Roman von Ah

In Switzerland, online banking, digital investment platforms, robo advice and hybrid solutions have been around for many years. That digital solutions are taking off would be a bold statement.

Published in Finanz und Wirtschaft FuW, October 28, 2017

Author Dr. Roman von Ah

Alternative Risk Premiums: Evidence-based asset management uncovers miscalculations.

Published in Finanz und Wirtschaft FuW, Special Issue Institutional Investing, October 2016.

Author Dr. Roman von Ah

Investment success thanks to industrialization: The management of institutional assets follows an industrial logic. But the ritualized approach also has its drawbacks. Most private investors do not have a recognizable strategy, but a hodgepodge of products.

Published in Finanz und Wirtschaft FuW, Sonderbund Institutionelles Anlegen, October 2015

Author Dr. Roman von Ah

Implication of negative interest rates on pension funds:
Collective thinking taboos and herd instinct get us nowhere

Published in Schweizer Personalvorsorge SPV, 04-15

Author Dr. Roman von Ah

A must in the portfolio manager's school bag: the successful asset manager combines great expertise with a lot of experience and shows a certain humility

Published in Finanz und Wirtschaft FuW, November 29, 2014

Author Dr. Roman von Ah

Frankly speaking: Stop badmouthing Switzerland as a financial center

Published in Finanz und Wirtschaft FuW, June 14, 2014

Author Dr. Roman von Ah

Bond index kolkhozes: Index obedience clouds view of risks

Published in Schweizer Personalvorsorge SPV, 12-13

Authors Dr. Roman von Ah and Bruno Heusser

Securities lending is touted as an attractive opportunity to increase securities returns. Pension funds are confronted with the question whether they want to lend securities for a fee. In the past, the focus was on increasing returns. More recently, the associated risks have become an issue.

Published in Schweizer Personalvorsorge SPV, May 2013

Author Dr. Roman von Ah

Tomorrow's value drivers: where are the opportunities, and where are investors walking on black ice? A cross-section of asset classes

Published in Finanz und Wirtschaft FuW, December 15, 2012

Author Dr. Roman von Ah

Overpriced blue chips: Small-cap expert thinks it's a very good idea to invest in shares of smaller companies at the moment

Published in Bilanz, December 11, 2012

Author Dr. Roman von Ah

Asset management from a family office perspective: A family office seeks to optimize very large private assets (securities, investments, real estate, etc.), often for several generations. In addition to this, the family office is responsible for bookkeeping and presentation, tax planning, succession, philanthropy, etc.

Published in Le Temps, 3. December 2012

Author Dr. Roman von Ah

Sources of returns in the financial markets: To determine the investment strategy, we need to understand which asset classes exist and what characteristics they have. Only non-diversifiable risks will be systematically compensated by the market. Successful investing means: taking advantage of opportunities that yield returns and foregoing risks that are not compensated for.

Published in Schweizer Personalvorsorge SPV, 10-12

Author Dr. Roman von Ah

Poor Pension Fund Insureds of the Future: Politicization of the Second Pillar Leads to Collective Wishful Thinking and Blurs the View of Economic Reality

Published on Inside Paradeplatz, December 6, 2011

Author Dr. Roman von Ah

"At worst still 5 to 10% lower": Independent investment professionals advise equity investments - Dividend yields are higher than interest rate levels - Investment stocks are well protected in an inflation scenario

Published in Finanz und Wirtschaft FuW, July 20, 2011