---
title: "Blog"
description: "Führender unabhängiger Vermögensverwalter der Schweiz. Gegründet 1986 von Dr. Pirmin Hotz. Sitz in Baar, Kanton Zug. FINMA-bewilligt als Verwalter von Kollektivvermögen (Art. 24 FINIG). Familienbesitz, nicht zum Verkauf. Handelsregister: CH-170.3.018.685-4."
url: "https://www.hotz-partner.ch/en/blog"
date: "2026-05-24T18:32:01+00:00"
language: "en-GB"
---

#  Blog

Short – Concise

 [ ![The Wages of Fear](https://www.hotz-partner.ch/images/publikationen/Hotz_Poblikation_35_750px.jpg)12. March 2026 | Dr. Thomas Hauser

###  The Wages of Fear

**This is firstly the title of a 1953 film; but secondly an apt description for the involuntary thought that comes to mind when analysing 100 years of Swiss equity returns.**

Real equity returns - after deducting inflation - are the most meaningful basis for comparison with today, given that inflation in Switzerland is currently virtually zero.

Read more

 ](https://www.hotz-partner.ch/index.php?option=com_content&view=article&id=463:the-wages-of-fear&catid=11&lang=en-GB)

 [ ![Gold is not the only thing that glitters](https://www.hotz-partner.ch/images/publikationen/Hotz_Poblikation_28_750px.jpg)7. March 2025 | Dr. Thomas Hauser

###  Gold is not the only thing that glitters

**Everyone is talking about gold due to its remarkable performance of around 47% in Swiss francs since the beginning of 2024 (as at 31 January 25). Swiss equities have yielded a ‘mere’ 15%, and even their global counterparts – driven by the performance of US tech stocks – have delivered 33% less than gold.**

Is gold really the most glittering asset opportunity?

Read more

 ](https://www.hotz-partner.ch/index.php?option=com_content&view=article&id=423:gold-is-not-the-only-thing-that-glitters&catid=11&lang=en-GB)

 [ ![Will US equities continue to leave the Swiss market behind?](https://www.hotz-partner.ch/images/publikationen/Hotz_Poblikation_52_750px.jpg)29. January 2025 | Dr. Thomas Hauser

###  Will US equities continue to leave the Swiss market behind?

**Over the past year, the Swiss SPI index has risen by around 6%, while the US stock market, measured in Swiss francs, has delivered more than five times that return.**

It is fair to say that the US market has recently outperformed the Swiss index, especially as the difference in returns over the last two years is around 40%.

Read more

 ](https://www.hotz-partner.ch/index.php?option=com_content&view=article&id=420:will-us-equities-continue-to-leave-the-swiss-market-behind&catid=11&lang=en-GB)

 [ ![The eighth wonder of the world](https://www.hotz-partner.ch/images/publikationen/Hotz_Publikation_60_750px.jpg)2. October 2024 | Dr. Thomas Hauser

###  The eighth wonder of the world

**When markets are booming, many people believe they can get rich quick. When the markets are faltering, you sometimes hear people say: “Investing is pointless anyway; better to use the money today.”**

Neither of these attitudes leads to financial success: Saving money is a marathon.

Read more

 ](https://www.hotz-partner.ch/index.php?option=com_content&view=article&id=405:the-eighth-wonder-of-the-world&catid=11&lang=en-GB)

 [ ![Real estate in Switzerland: Varying liquidity and returns](https://www.hotz-partner.ch/images/publikationen/Hotz_Publikation_107_750px.jpg)28. June 2024 | Thomas Hauser

###  Real estate in Switzerland: Varying liquidity and returns

**Over the past 25 years, indirect Swiss real estate investments have contributed to satisfactory results for many investors, including pension funds.**

But “how they are packaged” has led to varying outcomes. What can we learn from this?

Read more

 ](https://www.hotz-partner.ch/index.php?option=com_content&view=article&id=393:real-estate-in-switzerland-varying-liquidity-and-returns&catid=11&lang=en-GB)

 [ ![Why investors don’t need hedge funds](https://www.hotz-partner.ch/images/publikationen/Hotz_Poblikation_01_750px.jpg)21. March 2024 | Thomas Hauser

###  Why investors don’t need hedge funds

**I have a confession to make: In my article of the same name in NZZ of 24 April 2008 (only available in German) I made a mistake.**

I came to the conclusion that hedge funds are unable to improve on either the returns or risk of a mixed portfolio of shares and bonds, particularly after costs are taken into account.

Read more

 ](https://www.hotz-partner.ch/index.php?option=com_content&view=article&id=379:why-investors-don-t-need-hedge-funds&catid=11&lang=en-GB)

 [ Semi-annual reports ](https://www.hotz-partner.ch/index.php?Itemid=1553)

 [ Webinar ](https://www.hotz-partner.ch/index.php?Itemid=810)

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