- About Us
- Fund Management
- Research & Inflation Signal
- Austrian School of Economics
- An Introduction to the Austrian School of Economics
- Main Tenets of Austrian Economics 5
- What are the main Differences between the Austrian School and the Neoclassical Schools?
- Correct Predictions by the Austrian Economists 6
- The Austrian View on ‘Value’
- The Austrian School and its Take on Interventionism
- The Austrian School and its View on Gold 7
- August 1971: The Beginning of a Global Fiat-Monetary Regime
- Monetary Inflation versus Price Inflation
- Inflation and the Cantillon Effect
- The Relevance of the Austrian School for us at Incrementum
- Excursus ’Austrian’ Money Supply – A Brief Excursion Into Monetary Theory 10
Stefan Markus KremethCEO, Partner & Investment Manager
Stefan, born in 1963 in Adliswil, Switzerland attended a Commercial School followed by the Swiss Banking School (Swiss Finance Institute) in Zurich and an Executive Masters of Business Administration in International Asset Management program at the University of Liechtenstein in Vaduz.
He began his career with an apprenticeship at UBS Zurich. Following the program, he worked for the Securities Administration Department, UBS Toronto and UBS Madrid. In 1993, Stefan was appointed to the staff unit of the president of the group executive board of UBS. In 1995, he changed to Investment banking as an advisor for institutional clients at UBS Zurich.
After 16 years at UBS, Stefan moved to Bank Sal. Oppenheim as an investment advisor for Swiss, UK and German institutional clients. Later on, he moved to Lombard Odier & Cie, Zurich as Co-Head of Sales and a member of the Lombard Odier Zurich Management Board. At Lombard Odier, Stefan built up and managed the Sales Trading desk and became Executive Vice President.
In 2006, Stefan returned to Bank Sal. Oppenheim AG to build up and manage the Sales- & Execution Trading Desk. In addition to this role, he continued advising for UK, Swiss and German institutional clients and was a member of the Stock Selection Committee.
In 2009, Stefan became Partner and co-owner of Incrementum advisors AG, Baar as well as Manager of the Incrementum UNO Commodity Fund.
Ronald-Peter StöferleManaging Partner & Investment Manager
Ronald, born 1980 in Vienna, Austria, is a Chartered Market Technician (CMT) and a Certified Financial Technician (CFTe). During his studies in business administration and finance at the Vienna University of Economics and the University of Illinois at Urbana-Champaign, he worked for Raiffeisen Zentralbank (RZB) in the field of Fixed Income/Credit Investments. After graduation, he participated in various courses in Austrian Economics.
In 2006, he joined Vienna-based Erste Group Bank, covering International Equities, especially Asia. In 2006, he also began writing reports on gold. His six benchmark reports called ‘In GOLD we TRUST’ drew international coverage on CNBC, Bloomberg, the Wall Street Journal and the Financial Times. He was awarded 2nd most accurate gold analyst by Bloomberg in 2011. In 2009, he began writing reports on crude oil. Ronald managed 2 gold-mining baskets as well as 1 silver-mining basket for Erste Group, which outperformed their benchmarks from their inception. In 2014 he published a book on Austrian Investing („Österreichische Schule für Anleger – Investieren zwischen Inflation in Deflation“)
His favourite books are ‘The World of Yesterday’ by Stefan Zweig, ‘Human Action’, by Ludwig von Mises and ‘The Raven of Zurich: The Memoirs of Felix Somary’ by Felix Somary. His favourite quote is ‘Whatever you are, be a good one’ (Abraham Lincoln).
Fritz ChristenPartner & Investment Advisor
Fritz, born 1960 in Switzerland, began his career in 1976 as part of a Bank training program at UBS Switzerland. From 1979-1987, he held various positions at UBS. Following an internal traineeship as Financial Market specialist, he worked for 1½ years as Portfolio Manager. In 1991, he became a representative at UBS Bogota.
After his return to Zurich, he managed the Private Banking teams covering Brazil, Mexico, Venezuela, Colombia, Peru, Ecuador, Central America and the Caribbean at UBS. In 1998, he moved back to South America, as CEO of the bank subsidiary UBS (Panama) SA and Regional Head of the Private Banking Region Ecuador, Colombia, Central America and the Caribbean. Following a strategic decision by UBS, Fritz was responsible for the closure of the bank and subsequent establishment of a new company with an investment advisor license for UBS. From 2001 to 2007, Fritz successfully managed the new company, and, together with his team, increasing client numbers and assets under management by a factor of 6.
From 2007 to 2008, Fritz was Senior Representative for Central America. After returning to Switzerland in 2008, he decided to establish an independent investment advisory business and founded Incrementum advisors AG in Zug in late 2008 and the Incrementum UNO Commodity fund in March 2009. In 2010, he founded and became CEO of Incrementum Panama SA, an investment advisory company located in Panama.
His favourite quote is: ‘You do not need a great many investment ideas to do well. What is key is to get the big moves right and stay with them’.
Sören SammannPartner & Investment Advisor
Sören, born 1966 in Hamburg, Germany started his career in 1982 as part of a Bank training at Dresdner Bank AG, Stuttgart , Germany. After his military service he joined the Private Banking Unit for Domestic Clients. From 1989-1993 Sören had different responsibilities as preparation for his career in Latin America amongst these responsibilities he managed the banks Option & Future positions and participated in the set-up of the first Dresdner Bank Group Bond Fund for Latin America.
In 1993 he moved to Chile to take over the responsibility for the Private Banking & Institutional Asset Management Business for the Dresdner Group in its Representative Business in Chile. From 1999 to 2001 Sören became Country Manager for Chile and thus responsible for all business units of the Dresdner Bank Group in Chile. In 2001 Sören moved to Panama to take over as Head of Personalbanking for Dresdner Bank Lateinamerika. In late 2003 he took over the responsibility as Senior Private Banker for Central America. After Dresdner’s Latin American Business was sold to UBS in 2005, Sören worked in the same positon at UBS Asesores SA in Panama until in 2008 he moved to Montevideo to become Business Head Latam South ( Argentina, Bolivia, Chile, Paraguay, Peru & Uruguay ) for Financial Intermediaries and Representative for UBS. In 2010 he decided to join Incrementum Advisors AG as partner and established Incrementum Advisors S.A. (Uruguay ).
He has not found his favorite book yet and his favorite quote is ‘Please grant me the serenity to accept the things I cannot change, Courage to change the things I can change and wisdom to know the difference’ by Reinhold Niebuhr.
Mark Justin ValekPartner & Investment Manager
Mark, born 1980 in Moedling, Austria is Chartered Alternative Investment Analyst (CAIA) charterholder and Certified Portfolio Manager (CPM). He studied business administration and finance at the Vienna University of Economics and Business Administration. Following graduation, he participated in various courses in Austrian Economics.
From 1999, Mark worked at Raiffeisen Zentralbank (RZB) as an intern in the Equity Trading division and at the private banking unit of Merrill Lynch in Vienna and Frankfurt.
In 2002, Mark joined Raiffeisen Capital Management. He was ultimately part of the multi-asset strategies team, with total assets under management of more than EUR 5 bn. His responsibilities included fund selection of alternative investments and as well as inflation protection strategies. In this role, he was fund manager of an Inflation Protection Fund as well as fund manager of various alternative investment funds of funds. In 2014 he published a book on Austrian Investing („Österreichische Schule für Anleger – Investieren zwischen Inflation in Deflation“)
His favourite books are ‘Gold Wars’, by Ferdinand Lips, ‘End the Fed’ by Ron Paul and ‘What has Government done to our Money’ by Murray Rothbard. His favourite quote is ‘Out of knowledge of money comes freedom.’
Dr. Christian SchärerPartner & Investment Manager
Christian Schärer was born in Zug, Switzerland. He earned his doctorate in Economics from the University of Zurich in the Economics, Business Administration and Information Technology faculty. His dissertation was entitled “Investment strategy of Swiss pension funds in the real estate market”.
Following numerous internships and a part time teacher position at a regional training centre of Schweizerische Kreditanstalt (Credit Suisse), Christian began his career in 1991 as an investment advisor for institutional clients at Credit Suisse’s head office. He held numerous posts and worked as an advisor at all stages of the investment process for six years while completing his PhD.
Christian moved to Lombard Odier & Cie, Zurich in 1997 where he worked as an investment advisor for German-speaking institutional investors. After five years, he moved to Bellevue Asset Management as head of sales and member of the executive board. His responsibilities included co-managing investor relations for the publicly traded investment companies.
In the summer of 2004, Christian established his own company, providing investment advice and portfolio management covering numerous investment themes backed by tangible assets. He joined Incrementum AG June 1, 2015 as a partner and portfolio manager of the “tuma commodities fund” and the “smp uranium fund”. He is also co-manager of the “Incrementum Strategy+ fund”.
Douglas MoserRisk Manager
Douglas was born in Solothurn, Switzerland, in 1971. He spent the first two decades of his life moving every 2-4 years due to his father’s job in the Swiss foreign service. After completing a Bachelor of Arts (Honours) at Monash University, Melbourne, Australia, he returned to Switzerland to begin his career.
In 1994, Douglas joined UBS in Zurich, where he gained a broad insight into the banking world with assignments in Securities Settlement, Economic Research, Private Banking, Buy Side Equity Research & Advisory, Trading, Portfolio Management and Retail Banking during and following two traineeship programs.
After six years at UBS, Douglas moved to Lombard Odier, Zurich, in 2000, where he provided Swiss equities advice to UK institutional clients. Following the unit’s reorganization, he became a sales trader covering institutional buy side trading desks in North America, Scandinavia, continental Europe and the UK, but continued to cover fund managers in the UK and Scandinavia. In 2004, he became a CFA charter holder.
After five years at Lombard Odier, Douglas moved to Sal Oppenheim, Zurich, in 2006, where, in addition to his sales trading, trading and execution responsibilities as co-deputy head of sales trading, he was a member of the equity brokerage unit’s Stock Selection Committee. In 2007, Douglas’ wife was sent to Australia on business. Douglas joined, working from home as an editor for Sal Oppenheim’s Swiss equity research product. Since the birth of his two sons, he has worked from home in Australia, Hong Kong and now back in Switzerland as an editor and translator for a number of research and asset management houses alongside his main task of stay-at-home father.
Married to a mathematician, Nassim Taleb’s ‘The Black Swan’ provided ammunition for his side of many a debate. His favourite quote is ‘The stock market is filled with individuals who know the price of everything, but the value of nothing.’ by Phillip Fisher.
Peter FurrerCompliance Officer
Peter was born in Zurich, Switzerland, in 1956. He attended a Business School in Zurich as well as the Swiss Banking School in Zurich. He holds a Project Manager certificate from the International Project Management Association (IPMA) and has attended the CAS in Finance (Risk Management for Banking & Finance) at the University of Zurich.
He began his professional career with UBS and worked for the institution in Zurich, Geneva and New York. Peter left the bank after 25 years as Managing Director in charge of Global Trade Finance. He subsequently joined Lombard Odier & Cie. as Chief Operating Officer for their Zurich Office. In 2002, he was hired by Alliance Insurance Group in Munich as Global Human Resources Director for their global corporate insurance business and in 2007, Peter moved to Geneva to become the CEO for a foreign exchange broker, actively leading their application for a Swiss banking license. Since 2011, he is CEO and Senior Partner for Strategus Unternehmensberatung GmbH, an independent company that provides comprehensive consulting and project management services for Financial Institutions and Financial Intermediaries.
His favourite quote is: ‘Do not go where the path may lead, go instead where there is no path and leave a trail.’ by Ralph Waldo Emerson. The last book he read is: ‘True North’ by Bill George.
Marcel AegerterClient Relationship Manager
Marcel Aegeter was born in 1951 in Aarau, Switzerland. His financial career began after 15 years at Swissair during which he earned a commercial diploma.
Marcel obtained a Swiss Federal certificate in Life and Property insurance during his time at Winterthur Life. After completing a training course as a financial planner, he moved to Credit Suisse Private Banking.
Marcel has spent the last 10 years in the sales force of AXA responsible for Pension, Financial Planning and Investment advice. He is passionate about financial and monetary system theory and a keen follower of the Austrian School of Economics.
His favourite authors include Ferdinand Lips, Prof. Antal Fekete, Roland Baader and Ron Paul and his favourite quote: “Gold is the money of kings; silver of gentlemen; barter of peasants; debt is the money of slaves” by Franz Norm.