Research Notes

How to Choose a Wealth Manager in Geneva: What You Need to Know

Geneva is home to hundreds of wealth managers. Understanding how to evaluate them — regulation, fees, strategy, and independence — can make a signific

Tax for Foreign Residents in Switzerland: The 5 Most Common Mistakes

Switzerland's tax system is more complex than it appears — especially for expatriates. Here are the five mistakes that cost foreign residents the most

How the Swiss Wealth Tax Works in 2026: A Practical Guide

Switzerland is one of the few countries in the world that still levies an annual wealth tax. Here is how it works across Swiss cantons, what is taxabl

Pillar 3a vs Pillar 3b: Which Strategy for Your Retirement in Switzerland?

Switzerland's private pension system offers two distinct structures. Understanding how pillars 3a and 3b work — and how to combine them — is key to bu

Passing on Wealth in Switzerland: The Rules Many People Overlook

Switzerland reformed its succession law in 2023, giving individuals significantly more freedom to distribute their estates. Here is what changed and w

Q2 2026 Earnings: The Strongest Season in Five Years

Corporate America just delivered one of its best earnings seasons in recent memory. With the vast majority of S&P 500 companies now reporting, the

Kevin Warsh Wants to Rebuild the Fed.

The financial markets have had a rocky relationship with Jerome Powell over the years. With Kevin Warsh now stepping in, many investors are hoping thi

Crude Economic Realities

While the “blockade of the blockade of the Strait of Hormuz” was initially mocked by many, the U.S. naval blockade has fundamentally changed the econo

Could Private Lending Cause a Market Crash?

Investors worry that private debt could trigger a 2008-style crisis. We believe the comparison is flawed: private credit today is far smaller, better

Do Geopolitical Risks Matter?

Geopolitical risks seldom have a lasting impact on asset prices. Investors who panicked and sold during COVID, Ukraine, or the 2025 tariff shock ended

The Trade Tariffs Are Illegal: What Happens Next?

In a 6-3 ruling, SCOTUS struck down U.S. trade tariffs as unconstitutional. While the administration announced 15% replacement tariffs, these cannot r

Kevin Warsh and the Fed

If confirmed as Fed Chairman, Kevin Warsh will push for lower inflation, a smaller balance sheet, and a narrower mandate — developments we view as sig

The U.S. Government Shutdown(s)

U.S. government shutdowns are political stints with no long-term consequences on the economy, the dollar, or U.S. treasuries. Investors should treat t

What will Happen to U.S. Trade Tariffs?

We believe the SCOTUS will rule Trump's tariffs illegal under the IEEPA. Tariffs will ultimately be limited to those legally permitted under Section 2

Is the U.S. Trade Deficit Unsustainable?

The U.S. trade deficit is the consequence of the U.S. being the largest and wealthiest economy in the world. As long as the American economy remains s

Understanding Donald Trump

Trump's announcements can be explained by four factors: a craving for attention, a bombastic negotiation style, a preference for appearances over subs

UBS will Not Leave Switzerland. Here is Why.

After the demise of Credit Suisse, the Swiss parliament and authorities have been discussing tougher capital rules for the four Swiss systemic banks.

There Are No Alternatives to the US Dollar

One can go through all the currencies in the world. But at the end, the dollar is the only currency that offers investors safe and liquid sovereign bo

U.S. Trade Tariffs

The 90-day moratorium on tariffs does not remove a base 10% tariff for all goods. We expect the moratorium to be extended to fall, and the tariff situ

Greek debt yields converge with those of France

Greek government debt may soon become less risky than that of France — an incredible turn of events over the past ten years.

The 3 lessons that companies must learn from the defeat of Kamala Harris and the Democrats in the 2024 US elections

The outcome of the 2024 US elections carries three timeless lessons for any business — on listening to clients, communicating clearly, and never takin