Journal
February 2025
January 2025
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European Equities / Common Sense / Liz Taylor
Good Morning Ladies and Gentlemen ”Put on some lipstick and pull yourself together.” Elizabeth Taylor In our increasingly complex world, many individuals seek simple explanations for a wide range of issues. It’s all too easy to assign blame to a single person or group for problems such as unemployment, inflation, pandemics, and other […]
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Schifoan – The Gold/Ski Pass Ratio 2025
Schifoan – The Gold/Ski Pass Ratio 2025 Tomorrow the famous Hahnenkamm races in Kitzbühel will see the first of three events. To mark this annual highlight of the Alpine Ski World Cup, we are publishing our In Gold We Trust Gold/Ski Pass Ratio for the second time, taking a look at the price development of […]
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Central Bank Action / Economic Growth
Good Morning Ladies and Gentlemen ”Just the facts, Ma’am.” Joe Friday, Dragnet Last Week’s “Stefan’s Weekly Thank you for the feedback on last week’s edition of “Stefan’s Weekly”. Before getting into today’s topic, let me add another comment to last week’s discussion. Politicians need to prioritise their service to the state, which encompasses the […]
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Incrementum All Seasons Fund Seasonal Reflections – 2025/01
The fund manager’s reflections on important political and macro topics and how they affect his management of the fund.