100 And Not A Bit Tired
It's not the author that turned 100 - in case you wondered

100 And Not A Bit Tired

Are you more “Chief” or more “Investment?” Rainer, a Swiss investor whose company I worked for many years ago, asked me this as he glimpsed the title Chief Investment Officer on my business card. For myself, the answer was quite clear: “Investment”! Investing and the markets in general have been the common thread throughout my career in finance. Consistently, I resisted a promotion that took me away from that. With the robust support of my Gutmann team, I can continue to put my expertise in this area to full use for our clients.

In the "Chief" area, I make decisions, drive ideas forward, take responsibility and communicate extensively both internally and externally. Moreover, standing up for the results of my work is part of the job.

Why am I so thoughtful? You are currently reading the 100th issue of Gutmann Viewpoint - so allow me to do a little soul-searching.

Repetition without boredom

Speaking of which, you are also reading the newsletter because I still have something to say about investing. For myself, this means no quiet weekend without a first draft of a Gutmann Viewpoint.

Such a sense of priority is always based on firm convictions and a mission. Recurring themes are inevitable. Masters of the writing profession, such as Jason Zweig, are a good source of guidance. The US financial journalist and author of the weekly Wall Street Journal column "The Intelligent Investor" explained years ago*:

“I was once asked, at a journalism conference, how I defined my job. I said: My job is to write the exact same thing between 50 and 100 times a year in such a way that neither my editors nor my readers will ever think I am repeating myself.”

It is more my passion than my profession to write a newsletter, but after 100 Gutmann Viewpoints, I know what he means.

Is it enough if it sounds good?

We want to give our clients good advice. Unfortunately, the advice that sounds good is usually the advice that confirms current events and short-term trends. Jason Zweig on this:

“That’s because good advice rarely changes, while markets change constantly. The temptation to pander is almost irresistible. And while people need good advice, what they want is advice that sounds good.”

My aspiration and hope is that each issue of the Gutmann Viewpoint newsletter will stand the test of time for as long as possible. It is our task to protect and increase the wealth of our clients. To achieve this goal, it is not enough to be excellent in terms of craftsmanship and academics. At Gutmann, we must also communicate our convictions to our clients through as many channels as possible.

Access to markets and investment solutions is becoming more and more efficient and yet one factor has not changed: people with all their desires, fears and needs. Emotions and not naked numbers shake confidence in the depths of a bear market and fuel wealth-destroying actions.

Stick with it and persevere

Issue #1 saw the light of day on June 19, 2020. The two concluding sentences were true then and are still true today. Yes, they are even extremely appropriate:

Going completely out of the stock market never makes sense. No matter what development you expect.

For the 100th issue, I want to highlight this statement: It makes no sense to turn your back on the financial markets. Be it stocks or bonds, investing is a marathon, with highs and at times, surprisingly stressful downturns. No matter what is on your mind, we have an ear for your worries, fears and, of course, wishes. We are there for you.

* The full article by Jason Zweig, from which the quotes are taken, can be found here: Saving Investors From Themselves

__________________________________

This is a marketing communication. Investments in financial instruments are exposed to market risks. Past performance or forecasts are not reliable indicators of future results. Tax treatment depends on each client's personal circumstances and may change in the future. Bank Gutmann AG hereby explicitly points out that this document is intended solely for personal use and for information only. Publishing, copying or transfer shall not be permitted without the consent of Bank Gutmann AG. The contents of this document have not been designed to meet the specific requirements of individual investors (desired return, tax situation, risk tolerance, etc.) but are of a general nature and reflect the current knowledge of the persons responsible for compiling the materials at the copy deadline. This document does not constitute an offer to buy or sell or a solicitation of an offer to buy or sell securities.

The required data for disclosure in accordance with Section 25 Media Act is available on the following website: https://www.gutmann.at/en/imprint

Robert, I very much appreciate your patience and dedication to write a viewpoint a week, it is a hard work, quite a responsibility and thus a liability of more than a week. Good luck even with repetitions and keep hitting. Vladimir

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