We are expecting the environment for equities to remain constructive, as global economic growth should strengthen further. However, as inflation is now also trending upwards, it is probably only a question of time before capital market interest rates – which have paused for breath – continue their upward march. So while the current phase may no longer be the ideal “Goldilocks” phase, equities and their returns still look rather more appealing than bonds, which continue to offer very poor yields from a historical standpoint.

This year, Switzerland – much like other countries – has staged a noticeable economic recovery. But while countries such as the United States owe this mainly to government cash hand-outs, the Swiss economy is managing to recover under its own steam. As a result, the country’s government debt remains moderate, even by international standards. In addition, Switzerland still has lower inflation than other countries. Swiss equities remain attractive.

The quest for assets that enjoy inherent protection against inflation is increasingly raising investor awareness of the world of digital assets (cryptocurrencies and tokens). For example, Bitcoin has recorded an impressive rise of around 500% since the stock markets hit bottom in March 2020 – and this already includes the sharp setback in May 2021. But: How will things play out over the remainder of this investment year?