Partners’ View September 2022

Issue 03 / 2022 of our magazine Partners' View on Focus: People. Request your personal copy of the print edition by sending an E-mail to: marketing@swisspartners.com

Issue 03 / 2022 of our magazine Partners' View on Focus: People. Request your personal copy of the print edition by sending an E-mail to: marketing@swisspartners.com


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The art of reading.<br />

PART<br />

NERS‘<br />

VIEW<br />

03|<strong>2022</strong><br />

<strong>September</strong> <strong>2022</strong><br />

FOCUS:<br />

PEOPLE<br />

TOPICS<br />

< Interview with<br />

Reinhard K. Sprenger<br />

< The art of health<br />

< Financial markets<br />

< swisspartners Charity<br />

< Who is?<br />


FOCUS:<br />

PEOPLE<br />

PART<br />

NERS‘<br />

VIEW<br />



A<br />

As the title “Focus: People” suggests,<br />

the <strong>September</strong> <strong>2022</strong> edition of <strong>Partners’</strong><br />

<strong>View</strong> shines a spotlight on the very<br />

thing that has motivated me in my work<br />

for swisspartners over the past 27<br />

years: people.<br />

My relationships with our customers<br />

and staff are what bring me joy.<br />

Each one of these people has a unique<br />

history – a history that is reflected in all<br />

of our conversations and encounters. It<br />

is what makes my work so exciting and<br />

fulfilling.<br />

Managing wealth and advising<br />

investors are services in which people<br />

have always been at the heart of all<br />

that we do. If there is one constant in<br />

this field, then it is the fact that the<br />

focus will, with certainty, always<br />

remain on the individual – even in the<br />

future.<br />

The financial industry can be as<br />

innovative as it likes – developing<br />

new products, digital customer portals<br />

and automated investment processes –<br />

but there is nothing that can replace<br />

personal consultations, from one<br />

human to another. That’s the only<br />

way for us to gain insight into our<br />

customers’ minds, their hopes and<br />

their worries.<br />

For management author and leadership<br />

expert Reinhard K. Sprenger, too, it is<br />

people that make all the difference. In<br />

our exclusive interview, he discusses<br />

the ideological return to the three Cs:<br />

“customers”, “collaboration” and<br />

“creativity”.<br />

Christian Dietsche, CEO Wealth<br />

Management, always keeps people’s<br />

needs in mind. We’ve interviewed him<br />

for our WHO IS column this time<br />

around.<br />

To be able to focus on the well-being of<br />

our customers day in and day out, our<br />

employees need to stay mentally and<br />

physically fit. Vanessa Burkart and<br />

Pascal Schmohl show us that corporate<br />

health management can be fun.<br />

swisspartners’ work with various<br />

charity projects – such as building<br />

a better life for the people of<br />

Muntigunung in Bali – is another source<br />

of joy.<br />

What else will this year bring? “The<br />

only constant is change”, says Peter<br />

Ahluwalia, Chief Investment Officer, as<br />

he takes a look at future developments<br />

in the financial markets.<br />

With that in mind: stay agile and happy<br />

reading!<br />

Yours<br />

Markus Wintsch<br />

CEO swisspartners Group<br />

PARTNERS‘ VIEW | Editorial 3


4 Contents | PARTNERS‘ VIEW



Interview with Reinhard K. Sprenger<br />



The art of health – workplace health management<br />

at swisspartners<br />


IN THE WIND 14<br />

Financial market analysis by Peter Ahluwalia<br />




swisspartners Charity<br />

WHO IS? 22<br />

Profile: Christian Dietsche<br />


PARTNERS‘ VIEW | Contents 5


THE<br />





ÜBER<br />






Das CONFLICTS. Interview führte Kathrin Meister.<br />

Interview by Kathrin Meister.<br />

Photo © Robin Sprenger<br />

Mr Sprenger, you really are a man of many talents: the most<br />

popular business writer in Germany, a successful management<br />

consultant and leadership expert, speaker, coach, philosopher<br />

and musician. How do you fit it all in?<br />

It's actually not that difficult. Many of the things you’ve<br />

mentioned are related, after all. Aside from that, I’m what you’d<br />

call a “happy workaholic”. Many years ago, I decided to focus<br />

on the things that I really want to do, with little compromise. It<br />

means that I do whatever my energy is naturally channelled<br />

towards, things that feel exciting, new ideas and such like. The<br />

translation of the Christian “Lord’s Prayer” that talks about God<br />

giving us our daily bread is far too narrow an interpretation. It<br />

isn’t really talking about bread from the baker – it’s about a<br />

daily dose of inspiration and personal expansion. When I live<br />

like that, I don’t watch the clock, and I don’t fantasise about alternatives.<br />

Someone sitting at their desk dreaming about<br />

Hawaii is neither at their desk, nor in Hawaii.<br />

6 Lead Article Focus: People | PARTNERS‘ VIEW

But some things must still get short-changed, don’t they?<br />

Of course. Whenever you say yes to something, you are saying<br />

no to something else. Sometimes it can have a negative impact<br />

on a friendship, or hobbies, or my family. But I accept that,<br />

because you really can’t have everything, and some things are<br />

more important to me than others. That is why the idea of a<br />

balanced lifestyle is unrealistic – even though many people<br />

dream about it. Our lives are always unbalanced. Balancing is<br />

necessary but balance itself is an illusion.<br />

The Financial Times once described you as “the manage ment<br />

philosopher with the sharpest tongue”. Your often revolutionary<br />

theses are based on a very libertarian view of humanity.<br />

What are the cornerstone characteristics of this “fundamental<br />

humanism”, as you call it?<br />

Anyone who considers the things I say and write to be<br />

revolutionary is making more of a statement about themselves<br />

than about me. That label really goes to show how extreme the<br />

collective illusion has become at this point. There is hardly any<br />

area of business management that doesn’t have foregone conclusions<br />

about what can be said and what must be done. That<br />

hypnosis mostly relates to beliefs about humanity; it is based<br />

on certain fundamental anthropological premises. Businesses<br />

are not prepared to view their employees as free beings. They<br />

don’t see them as adults who can take personal responsibility,<br />

but rather as children who need to be raised, guided, motivated,<br />

and even provided with therapy. By the way, that’s true to the<br />

exact extent that they claim the opposite to be true. Sometimes<br />

this stance is also the result of the latest management<br />

gimmicks; sometimes it is due to a lack of thought or clarity.<br />

But it has consequences. Unclear thinking leads to unclear<br />

speech, which in turn leads to unclear action.<br />

What are the benefits of acting responsibly, and how can<br />

people learn to do so?<br />

Businesses can no longer outperform the competition with a<br />

corporate culture of “yes-men”, simply following the herd or<br />

“top-down management”. That’s why we need to encourage<br />

more individual initiative and entrepreneurial spirit throughout<br />

the entire company. This also benefits the individual. I am<br />

convinced that the ability to act responsibly is the best skill<br />

that can be shared in the world. Everyone has a real chance to<br />

assume personal responsibility, to treat themselves with<br />

respect, to be committed and to fulfil their own potential as a<br />

means of actualising their freedom. We must create conditions<br />

in which this potential can be fully realised.<br />

„ Someone sitting at their<br />

desk dreaming about Hawaii<br />

is neither at their desk, nor<br />

in Hawaii.”<br />

Which specific conditions are you thinking of there?<br />

First of all, insight – insight into the benefits of thinking and<br />

acting in an entrepreneurial way, especially in the peripheral<br />

parts of the company. And then necessity – that is, economic<br />

necessity. There must be an urgent need to “emerge” from the<br />

old way of doing things. Lofty goals won’t be enough. Thirdly,<br />

decluttering rather than repairing! In management, new things<br />

are always being added to the pile. It’s rare for someone to say:<br />

“We won’t do that anymore.” But you have to give one thing up<br />

in order to start doing something else. You need to stop doing<br />

things that have become part of a stale routine over the last<br />

several decades. Inflexible targets, for example, or endless<br />

planning rituals. Moving things aside that are just there to<br />

distract us from our customers allows us to breathe more<br />

easily again.<br />

In your book “Radikal digital” (Radically Digital), you somewhat<br />

provocatively call for the “reintroduction of the human being”<br />

in business as a response to digitalisation. What exactly does<br />

that mean?<br />

Digitalisation is only a technological revolution at the surface<br />

level. In reality, it is a social upheaval. The more digital<br />

companies become, the more important people become. It<br />

sounds like a paradox, but it isn’t at all. At its core, digitalisation<br />

doesn’t mean a technological revolution, especially not the<br />

“might of the machine” or the “authority of the algorithm”. It<br />

means focusing on the essential things that only human beings<br />

can do. In this sense, the digital transformation is not in its<br />

essence a purely technological revolution. It is a cultural<br />

revolution. And it involves crucial processes in companies, for<br />

example shifting from “me” to “we”, from “avoiding mistakes”<br />

to “trying it out” and from “motivating” to “motivation”.<br />

The more digital companies<br />

become, the more important<br />

„people become.”<br />

PARTNERS‘ VIEW | Lead Article Focus: People 7

Photo © Robin Sprenger<br />

It is ideas that will<br />

determine who wins the<br />

„battle for the future.”<br />

You define employee motivation as an “activated willingness<br />

to perform”. How can a company best encourage this willingness<br />

to perform in its employees?<br />

To put it into a simple formula, I would say: (1) Find the right<br />

people, (2) challenge them, (3) talk with them frequently,<br />

(4) trust them, (5) pay them well and fairly and (6) get out of<br />

the way.<br />

You say that an ideological return to the three factors of<br />

“customers”, “collaboration” and “creativity” has the power to<br />

radically transform businesses. Can you give us a little insight<br />

into your thesis?<br />

The Cs you mention used to be part of business, but the<br />

modern organisational process has crowded them out. Once<br />

upon a time, customers were the driving force behind the<br />

business. Then companies grew larger, and focused more and<br />

more on themselves. The decades of appeals for companies to<br />

be more “customer oriented” are proof of that. But now, the<br />

time has once again come to consider the entire company<br />

from the customer’s perspective. To enter into co-evolution<br />

with the customer. To stop thinking about the company from<br />

the inside out, and start thinking about it from the outside in.<br />

The organisational process has also weakened collaboration<br />

within the company – in favour of specialisation, expertise and<br />

coordination. Managers divided up tasks and then pieced<br />

them back together again. But now digitalisation demands<br />

entirely new forms of collaboration between employees –<br />

across hierarchies, across business functions, across departments.<br />

Even across companies. That’s why it is important not<br />

to think of companies as an arena for coordination, but to<br />

think of them – once again, and more than ever – as an arena<br />

for collaboration. Collaboration must be prioritised at all<br />

levels. And this also includes the awkward conversations<br />

about working from home.<br />

That still leaves creativity.<br />

Creativity has been the greatest victim of the efficiency<br />

paradigm. It became more and more alien to businesses,<br />

which is why it was then outsourced to special institutions,<br />

like universities, laboratories and start-ups. But businesses<br />

can't afford to do that anymore. It is ideas that will determine<br />

who wins in the battle for the future – because technology<br />

cannot create ideas. Ideas create technology.<br />

Would you like to elaborate on that last point?<br />

As I see it, the only legitimate goal of management is for<br />

people to manage themselves. Wouldn’t it be a good thing if<br />

employees didn't just use their hands to help the company<br />

survive, but their heads and hearts too? Wouldn’t it be<br />

wonderful if employees worried about the fate of the company<br />

as a whole, and not just about their own job or their next<br />

promotion? If they sought to improve business processes that<br />

don't even fall within their own remit? If they could drive<br />

innovation without waiting for instructions? Wouldn’t it be<br />

amazing to know that all the employees are with your<br />

customers – and not at the head office? Wouldn’t it be helpful<br />

to have experts who take responsibility for themselves, who<br />

develop new ideas and who coordinate and integrate their<br />

activities? In short: wouldn’t it be fantastic if you didn't have to<br />

pay for management? Of course that sounds illusory right<br />

now. But if companies took just a few steps in that direction,<br />

they wouldn’t need to worry about employee motivation or the<br />

company’s future viability. The real purpose of management<br />

is less about teaching and much more about raising people<br />

up. About encouraging others to reach their full potential. At<br />

some point in our lives, we all need someone to say: “I believe<br />

in you!”<br />

„ The real purpose of<br />

management is to<br />

encourage others to<br />

reach their full potential.”<br />

8 Lead Article Focus: People | PARTNERS‘ VIEW

Conflicts are the lifeblood of<br />

a team that will stand the test<br />

„of time.”<br />

Your last book is titled “Magie des Konflikts” (The Magic of<br />

Conflict). In it you suggest that we should “replace ‘conflict<br />

resolution’ with ‘conflict as a solution’”. How can the magical<br />

power of conflict be used constructively – in the workplace and<br />

in our private lives?<br />

We owe all of our abilities and all of our skills to situations<br />

that pushed us to our limits – that is, obstacles and problems.<br />

They challenge us and allow us to grow. It starts in childhood.<br />

A strong sense of self, for example, can only develop through<br />

conflict – i.e., becoming independent from our parents. This<br />

harnesses power – power that we need to grow. Conflict is<br />

also decisive in romantic relationships; in the same way that<br />

architecture is not defined by the spaces, but rather by the<br />

edges, corners and transitions. Relationships are strengthened<br />

by conflict, and conflict has a stabilising effect on the rules of<br />

partnerships. Those who have never experienced or had to<br />

overcome a conflict in their relationship will remain susceptible<br />

to shocks and uncertainties. Smooth-running daily<br />

routines aren’t the proving grounds for “perfect couples” –<br />

disputes are. After a dispute is when they know: we got<br />

through that together and were able to look each other in the<br />

eye again at the end of it.<br />

But in business, people tend to avoid conflict. You want<br />

everyone to pull together.<br />

If you view conflict within the company as a catalyst for<br />

develop ment and growth then you are pulling together.<br />

Conflicts are an impetus for change. They are like a flashing<br />

warning light: something needs to happen here! This is especially<br />

important for the future viability of the company. Only conflict<br />

can release us from the shackles of past success. We all know<br />

that success gives us a kind of “learning disability". Every innovation,<br />

every moment of progress is the result of a conflict. Or,<br />

let’s take collaboration within the company as an example.<br />

Conflict makes collaboration smarter and gives it greater<br />

substance. Conflicts reveal the true complexity of situations,<br />

which would otherwise go unnoticed. This happens when we<br />

see the world from another person's point of view; when we<br />

are truly interested. Conflict lets us find out what the other<br />

person really wants. I will never learn more about another<br />

person and what is important to him than when he starts an<br />

argument for that reason! So conflicts are productive in the<br />

best sense of the word. For a company, they are like rain for<br />

the fields – they are the lifeblood of a team that will stand the<br />

test of time.<br />

While we’re talking about conflicts: what really makes you<br />

mad?<br />

I don’t have to think about that one very long. The fact that<br />

moralising supersedes all other values. That no society in<br />

history has ever lived with such a highly developed sense of<br />

guilt. That dim-witted social therapists constantly attack<br />

every hint of individuality, demanding “You must change your<br />

life!” That tiny minority groups are destroying our everyday<br />

language. That some cliques of activists have successfully<br />

shaken justice to its foundations through forced, morally<br />

based rule-breaking. That an entire society has been<br />

kidnapped and dragged around by its guilty conscience like a<br />

bull by its nose ring.<br />

You are considered one of the most important economic<br />

visionaries and Germany’s most prominent management<br />

consultant. Does that ever put you under pressure?<br />

No. It has not and it does not. And anyway, I’m just riding<br />

along slowly into the sunset. Before long, the time will come<br />

when you will forget everything and everyone will forget you.<br />

Besides, drawing constant comparisons is bad for the soul.<br />

And for financial success. I was never really interested in my<br />

competition, I just wanted to forge my own path. Jeff Bezos<br />

once said that we shouldn’t obsess about the competition, but<br />

rather focus on the customer. Because your competition<br />

doesn’t give you money – the customer does.<br />

What motivates Reinhard Sprenger, the human being, in these<br />

times of enormous global challenges?<br />

The thing you actually left out in the “fit it all in” question at<br />

the beginning: my children. I would like to be optimistic about<br />

their futures but, unfortunately, I’m not. I see that democracy,<br />

above all, is on the retreat around the world, and that we are<br />

naively squandering our freedom. Our emotional freedom, as<br />

well. To me, stopping this development is “time well wasted”.<br />

In this interview with Reinhard Sprenger we have used “he/him” as the default<br />

pronouns at his request. It goes without saying that all genders are intended equally.<br />

PARTNERS‘ VIEW | Lead Article Focus: People 9





(Radically Digital – 111 Recipes for Leadership)<br />



Because people make all the difference –<br />

111 recipes for leadership<br />

ISBN: 978-3-421-04809-7 (German)<br />

The company as a well-oiled machine – this concept has dominated the world of<br />

business management for a long time. Anything that seemed unnecessary was<br />

sacrificed for the sake of efficiency. Particularly the human being. People were seen<br />

as a stopgap solution for the tasks that machines couldn’t handle. In this sense, they<br />

were just tolerated: they were expected to work, not think, and their individuality<br />

got in the way. Paradoxically, technological developments are precisely what is<br />

forcing the reintegration of the human being into the value creation process.<br />

Digitalisation has had an unexpected side-effect: human abilities are being<br />

re-evaluated and viewed with a new appreciation. There is now a real opportunity<br />

for them to be realised. Because the market demands them. And technology is<br />

paving the way for them. (...)<br />


Why we all need it and how it<br />

drives us forward<br />

ISBN: 978-3-421-04854-7 (German)<br />

If you want to create a truly comprehensive plan for digital transformation, the<br />

human being is the only “computer” that can do it. A computer that is simple and yet<br />

complex. An incomputable computer that, as a result, is able to observe customer<br />

desires, technological change and the global markets – every single day, all at once,<br />

with all their mutual dependencies. The human being, who interacts with the<br />

company at each different touch point. Outside of the organisation, as a customer<br />

whose individuality is constantly increasing, who wants everything to be easier,<br />

faster and more convenient. Internally, as an employee who is forced to work<br />

together with colleagues – whose existence he was unaware of until now. And<br />

someone who must now rediscover his long-buried creative potential. It’s no<br />

coincidence that the “unicorns” in Silicon Valley were the staunchest protesters<br />

Only people can turn<br />

the old world of economics<br />

„upside down.”<br />

10 Book Excerpts “Radikal Digital” | PARTNERS‘ VIEW

„ Digitalisation has had an<br />

unexpected side-effect: human<br />

abilities are being re-evaluated<br />

and viewed with a new<br />

appreciation.”<br />

Photo © Robin Sprenger<br />

against Trump’s plans to limit the immigration of even<br />

qualified migrants. These companies know that the most<br />

important thing driving them forward is not technology, but<br />

people. In their eyes, only people can turn the old world of<br />

economics upside down. (...)<br />

Although you might find the thought surprising, digitalisation<br />

is an ideological homecoming, as far as humanity is<br />

concerned. If you look closely, you’ll see terms that we have<br />

been discussing for years: personal responsibility, selfmotivation,<br />

trust. Because digital technology is the great<br />

equaliser, but people are what make all the difference. Smart<br />

machines can be copied quickly enough. But that isn’t true of<br />

humans. (...) As a manager in the digital era, you are<br />

confronted with a challenge that has much less to do with<br />

technology than it does with people. A cultural transformation<br />

is needed in business.<br />

Accordingly, the defining moment for a company comes when<br />

it understands that digital transformation is not a question<br />

of technology, but of culture. At its core, it is a social<br />

transformation – for the individual employee and for the organisational<br />

structures.<br />

Unclear thinking leads to<br />

unclear speech, which in turn<br />

„leads to unclear action.”<br />

ABOUT<br />

Reinhard K. Sprenger, born in 1953 in Essen, studied<br />

history, philosophy, psychology, business administration<br />

and sports in Bochum. As Germany’s most prominent<br />

management consultant and one of the most important<br />

visionaries in the field of economics, Reinhard K. Sprenger<br />

serves as a consultant to all of the important DAX-100<br />

companies. His books have all become bestsellers, have<br />

been translated into multiple languages and have<br />

changed corporate reality from the ground up over the<br />

past 30 years. His most recent books, “Radikal digital”<br />

(Radically Digital) (2018) and “Magie des Konflikts” (The<br />

Magic of Conflict) (2020) were published by DVA<br />

(Deutsche Verlags-Anstalt). He has also released three<br />

albums as a rock musician in his spare time. Reinhard K.<br />

Sprenger lives in Winterthur, Switzerland and Santa Fe,<br />

New Mexico.<br />

PARTNERS‘ VIEW | Book Excerpts “Radikal Digital” 11

THE<br />

ART<br />

OF<br />

HEALTH<br />







It is only possible to consistently focus our daily work on our<br />

customers’ well-being when we work in an environment<br />

shaped by team spirit, dedication and mutual appreciation. As<br />

a small, globally active company, we maintain a close-knit<br />

corporate culture that is based on a sense of teamwork. And<br />

workplace health management is an increasingly important<br />

part of this culture. We deeply value those resources that are<br />

absolutely irreplaceable – the people at swisspartners, and<br />

their physical and mental well-being.<br />

When we pay more attention to our health, we are better able<br />

to cope with stress, crises, and exceptional challenges. It<br />

helps us to develop a steadfast resilience. That’s why, a few<br />

years ago, we carried out an internal study to evaluate the<br />

current situation and the needs of our staff as far as<br />

workplace health management goes. As a result, a few<br />

important topics emerged for us: exercise, nutrition, stress<br />

management, relaxation techniques and mental health. This<br />

study served as the spark behind our current workplace<br />

health management programme “The art of health”.<br />



We spend two-thirds of our waking hours at work. So a good<br />

working environment is essential, as it is giving people<br />

enough freedom to look after their own health. Over the years,<br />

we have developed numerous ideas for health management<br />

and implemented them with great enthusiasm.<br />

▪ Participation in the Zurich marathon as a swisspartners<br />

team<br />

▪ Lunch walks: monthly lunchtime walks through Zurich.<br />

After walking for an hour, we enjoy a healthy shared lunch<br />

with superfood-to-go<br />

▪ Fruit baskets and booster drinks in the office on a regular<br />

basis<br />

▪ Mindfulness cards for all employees, for a little break<br />

during their day<br />

▪ Training about topics like nutrition, resilience and stress<br />

management/relaxation techniques<br />

▪ A day-long “Racketlon” with table tennis, badminton,<br />

squash and tennis for anyone who wants to get involved<br />

▪ Enough free time during lunch breaks for activities like<br />

jogging or yoga – showers are available<br />

▪ Nuts and healthy juices to everyone working from home<br />

▪ Table tennis tournament as part of charity events<br />

▪ Team ski weekends in the winter months<br />

▪ Discounted gym memberships for all employees<br />

▪ Ergonomics in the workplace: after the renovations, the<br />

new office will feature height-adjustable desks<br />

▪ Wall gardens and plenty of plants for a relaxing, healthy<br />

work environment in the new office<br />

12 The art of health | PARTNERS‘ VIEW


Covid and the increased numbers of people working from<br />

home changed the world of work for us as well. On the one<br />

hand, working from home has given people more time to take<br />

a quick walk or get some exercise during their lunch break.<br />

On the other hand, there’s a danger of not being able to switch<br />

off. Our employees miss the chance to discuss things with<br />

their colleagues – and the swisspartners team spirit we’ve<br />

mentioned so often. Not all the activities we discussed previously<br />

were possible during the pandemic. And the renovations to<br />

our offices have meant that many employees seldom have the<br />

chance to see each other, which makes it difficult to do things<br />

together.<br />

„ When we pay more attention<br />

to our health, we are better<br />

able to cope with stress and<br />

crises.” Vanessa Burkart<br />


OUR TEAM<br />

But, for the future, one thing is certain: We want to support<br />

our employees – who have a wide age span from their midtwenties<br />

to their mid-seventies – in their health and well-being<br />

as much as possible. And to do that, we plan to relaunch the<br />

existing health programmes and to create new ones. We want<br />

to design working life at swisspartners so that individuals,<br />

and their aptitude for change, are more at the heart of things<br />

than ever before – so we can reach our shared goals as a<br />

company.<br />


Vanessa Burkart | Partner<br />

Head Human Resources<br />

vanessa.burkart@swisspartners.com<br />


We treat others with respect and appreciation.<br />

TRUST<br />

We support our clients and staff as trustworthy partners.<br />


We support every one of our employees and their individuality.<br />


We live and breathe team spirit and pursue our goals –<br />

dynamically and consistently.<br />


We think innovatively, make the most of opportunities<br />

and strive for continuous development.<br />

Pascal Schmohl | Member of the<br />

Management | Partner<br />

Compliance Officer<br />

Wealth Management<br />

pascal.schmohl@swisspartners.com<br />

PARTNERS‘ VIEW | The art of health 13

“To buy when others are<br />

despondently selling and<br />

to sell when others are<br />

greedily buying requires<br />

the greatest fortitude and<br />

pays the greatest reward.”<br />

Sir John Templeton<br />







WWhilst<br />

the much-expected “excitement” finally arrived to<br />

markets, it was not the kind most investors would call “fun”.<br />

The signs had all been pointing to a downturn: the Crypto<br />

bubble was nearing its bursting point. The continuous rise in<br />

housing prices and certain stocks was unsustainable. And<br />

bond yields were long-overdue for an increase after decades<br />

of decline.<br />

With so many economic cross-currents at the moment, calling<br />

the current outlook “murky” would be an understatement.<br />

Investors are still fluctuating between gambling on inflation<br />

and recession like lovesick teenagers …<br />

Since the financial industry is not much better at forecasting<br />

than a daisy is at predicting true love, we should shift our<br />

focus. Rather than predicting the future, we should figure out<br />

the definites and identify productive courses of action.<br />


Every bear market is followed by a bull market, without<br />

exception. We never know how long it will last, but we can<br />

make an educated guess. I believe this one will be longer than<br />

the covid downturn, because governments and central banks<br />

cannot flood the economies with free money this time. That<br />

free money is, after all, the main reason for the inflation we<br />

are seeing now.<br />

However, this recession/slowdown is caused by the central<br />

banks, which means they can back off when the timing is<br />

14 Financial markets | PARTNERS‘ VIEW

ight. Don’t get me wrong – I’m not talking about rate cuts!<br />

That would prove that they are no better at steering<br />

economies than drunken sailors (no offence intended to<br />

drunks or sailors). But the tightening cycle could pause<br />

earlier than expected, which would bring us some relief. I<br />

expect this recession to be shallow and short-lived; we may<br />

be able to get on with the economic recovery later in the year.<br />


For a well-prepared investor, a bear market is an opportunity,<br />

as they don’t come along too often. Historically, the market<br />

has spent more years in a bull market than a bear market.<br />

Whilst no one can consistently predict the duration or<br />

magnitude of bear markets at the company level, a good<br />

investment manager should be able to pick up some bargains<br />

for the not too distant future. But don’t pick up high-flying<br />

stocks just because they are cheaper. Instead, pay attention to<br />

fundamental financial metrics and understand the business<br />

you are investing in.<br />

It is highly unlikely that you will get the bottom price for most<br />

stocks, so you have to be prepared for some short-term pain.<br />

However, the rewards on the other side will be significant.<br />

Often, the only reason stocks fall is because people are<br />

selling, which convinces others to sell.<br />

Essentially, you need to invest like a psychopath! That’s not to<br />

say that you should be morally depraved, of course, but when<br />

it comes to investing, you must stay unemotional and have<br />

blatant disregard for what others think.<br />


Most of the declines (or at least 75% of them) in equity indices<br />

have already occurred. As economic growth stays resilient<br />

and actually picks up, moderating inflation, less hawkish<br />

central banks and consumers (who are nervous but still in<br />

fairly good shape) will narrow the losses at the index levels.<br />

On a global basis, housing is likely to remain challenged,<br />

especially outside of the USA, where prices have not adjusted<br />

yet. The combination of higher rates and overvaluation will<br />

probably lead to a correction of 20% or so, but not a 2008<br />

scenario.<br />

2023 is the year we enter a new bull market, making up all the<br />

losses and seeing some gains as well. Investors are likely to<br />

be wary, so it might take time for things to heat up.<br />

2023 is also an uneven year – haven’t you noticed the recent<br />

trend? 2017 great, 2018 challenging, 2019 great, 2020<br />

challenging, 2021 great, <strong>2022</strong> – well you know …<br />

„<br />


Chief Investment Officer<br />

peter.ahluwalia@swisspartners.com<br />

Investors are still fluctuating<br />

between gambling on inflation<br />

and recession like lovesick<br />

teenagers.”<br />

Peter Ahluwalia<br />

PARTNERS‘ VIEW | Financial markets 15

Photo © Marco Gaiotti<br />


HAND FOR<br />

PEOPLE,<br />


AND THE<br />





Do good and spread the word ... You may know swisspartners as a renowned<br />

financial services provider with Swiss roots, but did you also know about our<br />

charity work? For over 13 years, we have been supporting projects and non-profit<br />

organisations both domestically and abroad with our independent association<br />

“swisspartners Charity”. Our work focuses on humanitarian aid, environmental<br />

protection and animal welfare.<br />

I have been the new president of the swisspartners Charity since May of this year<br />

and I am really excited to be working with a highly motivated team to support five<br />

important projects, each of which has a connection to Switzerland.<br />

1. Since 2016, we have been sponsoring ONG Bouge – an organisation based in<br />

Bénin, West Africa, which was founded in 2007 by Swiss-born Irmgard Meier.<br />

The donations are used to expand the availability of apprenticeships in Bénin<br />

and to purchase school books for orphans.<br />

2. We have also been supporting the Future for Children organisation since 2016.<br />

Its mission is to help disadvantaged people in Bali, Indonesia. Founder Daniel<br />

Elber visited us in Switzerland this July and gives us an update about his work<br />

and the current situation in Bali on pages 20 and 21.<br />

3. swisspartners also has a big heart for animals. Since 2019, we have been<br />

supporting two organisations in this area: Four Paws Switzerland and BOS<br />

Switzerland (Borneo Orangutan Survival Switzerland). Four Paws (which has<br />

branches in 15 different countries) is one of the world’s most important animal<br />

welfare organisations. In Switzerland, the organisation’s work revolves around<br />

the humane and appropriate treatment of pets and stray dogs and cats, as well<br />

as wild animals in captivity.<br />

4. Since it was founded in 2004, BOS Switzerland has been committed to protecting<br />

the remaining orangutans in Borneo and preserving their habitat, the rainforest,<br />

which is under severe threat.<br />

5. People with physical disabilities have as much right to a free and self-determined<br />

life as anyone. The Zurich-based organisation Leben wie du und ich (Living like<br />

you and me) makes this possible. It helps people to live in their own apartments,<br />

work creatively and realise their dreams – and is also supported by swisspartners<br />

Charity.<br />

„ If you want to<br />

make a small<br />

contribution that<br />

will have a big<br />

impact, you can<br />

become a member<br />

too!”<br />

Our management board and the organisation are made up entirely of swisspartners<br />

Group employees – all working on a voluntary basis. And here’s the good news: if<br />

you want to make a small contribution that will have a big impact, you can become<br />

a member too! Membership starts at just 100 CHF per year. All membership fees<br />

are used entirely to support our projects.<br />

Get in touch:<br />


President swisspartners Charity<br />

charity@swisspartners.com<br />

PARTNERS‘ VIEW | swisspartners Charity 17


ONE GOAL<br />



PLACE<br />






Photo © Tim Flach







20 Inhalt | PARTNERS‘ VIEW<br />

Photo © Heinz von Holzen

„ Both malnutrition and the<br />

high child mortality rate have<br />

been practically eliminated.”<br />

FFuture for Children was founded in 2004 with the aim of<br />

fighting the poverty experienced by the 6,000 inhabitants of<br />

Muntigunung in northern Bali, and building a better future for<br />

the children there.<br />

The Muntigunung region is extremely dry. Hardly any rain<br />

falls between May and December, and there are no natural<br />

sources of water. To get the water they need to survive, the<br />

residents have to spend up to five hours each day collecting<br />

water from Lake Batur or from the northern coast. This work<br />

is mainly done by women and children. The children don’t<br />

have time to go to school, and the families live without any<br />

regular income. Most of the beggars in Bali come from<br />

Muntigunung.<br />

The Future for Children organisation is actively working<br />

towards four goals: To build a water-supply infrastructure to<br />

help the inhabitants win back time for productive activities. To<br />

create the conditions required for sustainable, paid work in<br />

“social enterprises” in the future through adult training<br />

programmes. Our goal with this step is to ensure that, with<br />

their improved financial foundation, the families will be able to<br />

send their children to school in the future. Aside from that,<br />

improving hygiene and health education will significantly<br />

reduce malnutrition and child mortality in the region. These<br />

four measures create a foundation that helps the inhabitants<br />

to help themselves.<br />

Thanks to the close cooperation with swisspartners Charity<br />

since 2016, Future for Children has been able to supply 35<br />

villages with water and to significantly improve the health of<br />

the local population. Both malnutrition and the high child<br />

mortality rate have been practically eliminated.<br />

In addition, we have three social enterprises that employ<br />

around 200 inhabitants – they have all received intensive<br />

training and gained the skills required to create high-quality<br />

products. Furthermore, nearly 700 farmers supply the raw<br />

materials that these small factories use to produce cashew<br />

nuts, rosella tea, brown palm sugar and other food products.<br />

Trekking tours led by former beggars bring guests over the<br />

mountains to Muntigunung. By having tourists visit the villages,<br />

we are creating a connection between the local population<br />

and the outside world, while allowing interested visitors to<br />

share in the positive developments that have been achieved<br />

so far.<br />

We have built a foundation that will allow us to create even<br />

more jobs in the years to come, as well as to ensure that all<br />

children can overcome the challenges and graduate from<br />

school.<br />

The cooperation with swisspartners Charity is based on a<br />

shared long-term vision. This makes planning and carrying<br />

out sustainable activities so much easier for us as an<br />

organisation. We stay in touch and keep each other up to date<br />

about the results of our shared activities. For us, it’s been a<br />

perfect example of a positive collaboration!<br />

DANIEL ELBER Founder of the organisation “Future for Children”<br />

info@zukunft-fuer-kinder.ch<br />

THE SWISSPARTNERS CHARITY TEAM (from left to right)<br />

Marco Di Canio, Andrea Stalder, Caroline Fiala, Nick Jenni,<br />

Daniel Elber, Simon Knörzer, Simone Töllner, Sanjeev Premchand<br />

PARTNERS‘ VIEW | swisspartners Charity 21

WHO IS?<br />




Christian Dietsche<br />

is simply who he is. Known to many as<br />

“Chrigel” Dietsche, Christian’s trademark<br />

is his authenticity – he stays true to himself<br />

in everything he does. He has been in charge<br />

of wealth management at swisspartners<br />

since November 2019.<br />

His professional training began with an<br />

apprenticeship at ZKB, one of Switzerland’s<br />

largest banks. He then went on to work for<br />

a number of other banks, spending 13<br />

years in the wealth management department<br />

at the Julius Bär bank. Alongside his<br />

regular work, Christian Dietsche studied<br />

sales and marketing, which set him apart<br />

from his colleagues in finance early on. He<br />

also completed various professional<br />

education programmes, including at the<br />

Swiss Banking School. “Almost everyone<br />

who meets me outside of work is surprised<br />

that I work in finance. They expect me to<br />

work in a more creative field – as an architect,<br />

in marketing or communications”, Dietsche<br />

says of himself.<br />

He came to swisspartners at the end of<br />

2016 on a recommendation and found that<br />

it gave him the chance to work in a way<br />

that was more customer-oriented and independent<br />

of the banks. Initially, he worked<br />

as a partner and client advisor, until<br />

taking on his current management role in<br />

2019.<br />

He bubbles over with enthusiasm when<br />

discussing his customers: “They are the<br />

Alpha and Omega of our business. Without<br />

customers, there would be no swisspartners.<br />

Advising clients is something that I<br />

still really enjoy doing. Personal portfolio<br />

management, finding customised financial<br />

solutions – that means a lot to me. I’m not<br />

an administrator – I’m here for my customers<br />

and I’m here to perform!”<br />


CEO Wealth Management, Partner<br />

christian.dietsche@swisspartners.com<br />

5<br />




My heart and soul, and my emotions. That’s all part of it. And that<br />

can also be seen in the way I advise my customers. For me, it often<br />

goes beyond the business side of things – it’s really about the<br />

people. I take care of their needs almost like a psychologist.<br />

(laughs)<br />


I stand behind everything I do. I practise what I preach. I’m a living<br />

example of what I expect from others – in my private life and at<br />

work. And, at this point, I know what I can do well and what I can’t.<br />

That’s also something that comes with experience and age.<br />


By showing emotion, too. I delegate things that weigh me down<br />

but aren’t my responsibility. And I don’t make other people’s problems<br />

my own. I get up every morning and say to myself: “Today is a<br />

good day!” Thinking that way is a choice. Look for the good things,<br />

the positive things ... positive momentum starts in your head.<br />


I have many sources of inspiration. For one, my partner. She is a<br />

very different type of person than me. For example, she shows me<br />

that the day can be filled with more than just work. Besides that,<br />

my two children. They are 30 years younger than I am and have<br />

different opinions about many things, like politics, the environment<br />

and how to live life. And lastly, my two best friends. I can talk with<br />

them openly about anything, and they give me honest answers,<br />

even when it's not necessarily what I want to hear.<br />


I am well aware that I have a lot on my plate with all my different<br />

roles. That’s why I recently gave up my seat on the local council.<br />

I won’t work any less, but I will start taking more control over my<br />

schedule again. Working a lot isn’t a burden for me, even if I’m<br />

busy for 12 or 14 hours. I exercise on the cross trainer for an hour<br />

at 5.15 am almost every morning to relieve stress. It gives me the<br />

energy and strength I need for my day ahead.<br />

Interview by Simone Töllner.<br />





Kathrin Meister | wordflow.de<br />

Simone Töllner | swisspartners.com<br />


Angelika Plag | corporate-concepts.de<br />

© PHOTOS<br />

Getty Images: cover, p. 2, 23, back cover<br />

Adobe Stock: p. 4, 12, 14/15, cat & dog p. 18<br />

Karin Bischof: employees p. 3, 13, 17, 21/22<br />

Robin Sprenger: Reinhard K. Sprenger p. 6, 8, 11<br />

Marco Gaiotti: p. 16<br />

BOS Foundation: orangutan p. 18, orangutan with baby p. 19<br />

Kimberly Brinker: orangutan p. 19<br />

Björn Vaughn: orangutan with girl p. 19<br />

Niklaus Spoerri: Living like you and me p. 19<br />

Tim Flach: background image p. 18/19<br />

Heinz von Holzen, Tony Roseman: Future for children p. 19/<br />

Heinz von Holzen: p. 20<br />


Kristal Fellinger | kristalfellinger.com<br />

PARTNERS‘ VIEW | Publishing information 23

The art of reading.<br />

swisspartners Group AG<br />

Am Schanzengraben 23<br />

P.O. Box<br />

CH-8022 Zurich<br />

Phone +41 58 200 00 00<br />

swisspartners.com<br />

swisspartners-group-ag<br />

swiss.partners<br />


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