Journal
September 2025
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Two Kinds of Gold; Concluding Article in our Series on Wealth
Good Morning Ladies and Gentlemen ”To love or have loved, that is enough. Ask nothing further. There exists no other pearl to be discovered within the dark folds of life.” Victor Hugo, Les Misérables Welcome to the concluding article in our series on the intriguing topic of wealth. In our previous three articles, we have […]
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From Interest Rate Cuts to Constraints in Diplomacy
Good Morning Ladies and Gentlemen ”In the real world, nothing happens at the right place and time. It is the job of journalists and historians to correct that.” Mark Twain The Financial Times reported that for individuals purchasing health insurance in the U.S. through government exchanges, the median increase in 2026 is 18%, more […]
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2025 Year-End Competition; an Update
Good Morning Ladies and Gentlemen ”The greatest mistake you can make in life is to be continually fearing you will make one.” Elbert Hubbard The first article in our series exploring a broader conceptualisation of wealth was published in Executive Global Magazine. Just in case you feel like spending a moment reading it, feel […]
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Notes from the Road 2025
After nearly two weeks in the U.S. attending the Precious Metals Summit (Beaver Creek) and Mining Forum Americas (Colorado Springs), we return with renewed focus and valuable insights to share with you. These conferences allowed us to meet with management teams from our portfolio companies and gain clarity on key milestones. The mood is constructive and […]
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Hello, again! – The iPhone/Gold Ratio 2025
Hello, again! – The iPhone/Gold Ratio 2025 The past 12 months have been more turbulent than Tim Cook, Apple’s CEO, would have liked. Donald Trump’s controversial and erratic tariff policy has also had a major impact on Apple. Surprisingly, however, the tariffs have not led to a price increase in US dollars. The price of […]
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O’zapft is! The Gold/Oktoberfest Beer Ratio 2025
O’zapft is! The Gold/Oktoberfest Beer Ratio 2025 On Saturday, September 20, it’s that time again – the 190th Oktoberfest will be opened with the traditional beer tapping. Yet, the exuberant atmosphere on the Theresienwiese continues to be dampened by a glance at the beer price. This year, a Maß of beer at the Oktoberfest costs […]