Partners’ View September 2022

The art of reading.
PART
NERS‘
VIEW
03|2022
September 2022
FOCUS:
PEOPLE
TOPICS
< Interview with
Reinhard K. Sprenger
< The art of health
< Financial markets
< swisspartners Charity
< Who is?
PARTNERS‘ VIEW | Inhalt 1

FOCUS:
PEOPLE
PART
NERS‘
VIEW
ISSUE 05

EDITORIAL
A
As the title “Focus: People” suggests,
the September 2022 edition of Partners’
View shines a spotlight on the very
thing that has motivated me in my work
for swisspartners over the past 27
years: people.
My relationships with our customers
and staff are what bring me joy.
Each one of these people has a unique
history – a history that is reflected in all
of our conversations and encounters. It
is what makes my work so exciting and
fulfilling.
Managing wealth and advising
investors are services in which people
have always been at the heart of all
that we do. If there is one constant in
this field, then it is the fact that the
focus will, with certainty, always
remain on the individual – even in the
future.
The financial industry can be as
innovative as it likes – developing
new products, digital customer portals
and automated investment processes –
but there is nothing that can replace
personal consultations, from one
human to another. That’s the only
way for us to gain insight into our
customers’ minds, their hopes and
their worries.
For management author and leadership
expert Reinhard K. Sprenger, too, it is
people that make all the difference. In
our exclusive interview, he discusses
the ideological return to the three Cs:
“customers”, “collaboration” and
“creativity”.
Christian Dietsche, CEO Wealth
Management, always keeps people’s
needs in mind. We’ve interviewed him
for our WHO IS column this time
around.
To be able to focus on the well-being of
our customers day in and day out, our
employees need to stay mentally and
physically fit. Vanessa Burkart and
Pascal Schmohl show us that corporate
health management can be fun.
swisspartners’ work with various
charity projects – such as building
a better life for the people of
Muntigunung in Bali – is another source
of joy.
What else will this year bring? “The
only constant is change”, says Peter
Ahluwalia, Chief Investment Officer, as
he takes a look at future developments
in the financial markets.
With that in mind: stay agile and happy
reading!
Yours
Markus Wintsch
CEO swisspartners Group
PARTNERS‘ VIEW | Editorial 3

CONTENTS
4 Contents | PARTNERS‘ VIEW

REINTRODUCING THE
HUMAN BEING 6
Interview with Reinhard K. Sprenger
WITHOUT HEALTH,
NOTHING ELSE MATTERS 12
The art of health – workplace health management
at swisspartners
THE ANSWER IS BLOWING
IN THE WIND 14
Financial market analysis by Peter Ahluwalia
A HELPING HAND FOR
PEOPLE, ANIMALS AND
THE ENVIRONMENT 16
swisspartners Charity
WHO IS? 22
Profile: Christian Dietsche
PUBLISHING INFORMATION 23
PARTNERS‘ VIEW | Contents 5

REINTRODUCING
THE
HUMAN BEING
MANAGEMENTAUTOR AUTHOR UND AND
FÜHRUNGSEXPERTE
LEADERSHIP DR. REINHARD K. SPRENGER
ÜBER
FÜHRUNG DISCUSSES IN LEADERSHIP DIGITALEN ZEITEN,
SELBSTVERANTWORTLICHES
IN A DIGITAL ERA, ACTING
HANDELN RESPONSIBLY, UND AND DIE BELEBENDE THE
KRAFT INVIGORATING VON KONFLIKTEN. POWER OF
Das CONFLICTS. Interview führte Kathrin Meister.
Interview by Kathrin Meister.
Photo © Robin Sprenger
Mr Sprenger, you really are a man of many talents: the most
popular business writer in Germany, a successful management
consultant and leadership expert, speaker, coach, philosopher
and musician. How do you fit it all in?
It's actually not that difficult. Many of the things you’ve
mentioned are related, after all. Aside from that, I’m what you’d
call a “happy workaholic”. Many years ago, I decided to focus
on the things that I really want to do, with little compromise. It
means that I do whatever my energy is naturally channelled
towards, things that feel exciting, new ideas and such like. The
translation of the Christian “Lord’s Prayer” that talks about God
giving us our daily bread is far too narrow an interpretation. It
isn’t really talking about bread from the baker – it’s about a
daily dose of inspiration and personal expansion. When I live
like that, I don’t watch the clock, and I don’t fantasise about alternatives.
Someone sitting at their desk dreaming about
Hawaii is neither at their desk, nor in Hawaii.
6 Lead Article Focus: People | PARTNERS‘ VIEW

But some things must still get short-changed, don’t they?
Of course. Whenever you say yes to something, you are saying
no to something else. Sometimes it can have a negative impact
on a friendship, or hobbies, or my family. But I accept that,
because you really can’t have everything, and some things are
more important to me than others. That is why the idea of a
balanced lifestyle is unrealistic – even though many people
dream about it. Our lives are always unbalanced. Balancing is
necessary but balance itself is an illusion.
The Financial Times once described you as “the manage ment
philosopher with the sharpest tongue”. Your often revolutionary
theses are based on a very libertarian view of humanity.
What are the cornerstone characteristics of this “fundamental
humanism”, as you call it?
Anyone who considers the things I say and write to be
revolutionary is making more of a statement about themselves
than about me. That label really goes to show how extreme the
collective illusion has become at this point. There is hardly any
area of business management that doesn’t have foregone conclusions
about what can be said and what must be done. That
hypnosis mostly relates to beliefs about humanity; it is based
on certain fundamental anthropological premises. Businesses
are not prepared to view their employees as free beings. They
don’t see them as adults who can take personal responsibility,
but rather as children who need to be raised, guided, motivated,
and even provided with therapy. By the way, that’s true to the
exact extent that they claim the opposite to be true. Sometimes
this stance is also the result of the latest management
gimmicks; sometimes it is due to a lack of thought or clarity.
But it has consequences. Unclear thinking leads to unclear
speech, which in turn leads to unclear action.
What are the benefits of acting responsibly, and how can
people learn to do so?
Businesses can no longer outperform the competition with a
corporate culture of “yes-men”, simply following the herd or
“top-down management”. That’s why we need to encourage
more individual initiative and entrepreneurial spirit throughout
the entire company. This also benefits the individual. I am
convinced that the ability to act responsibly is the best skill
that can be shared in the world. Everyone has a real chance to
assume personal responsibility, to treat themselves with
respect, to be committed and to fulfil their own potential as a
means of actualising their freedom. We must create conditions
in which this potential can be fully realised.
„ Someone sitting at their
desk dreaming about Hawaii
is neither at their desk, nor
in Hawaii.”
Which specific conditions are you thinking of there?
First of all, insight – insight into the benefits of thinking and
acting in an entrepreneurial way, especially in the peripheral
parts of the company. And then necessity – that is, economic
necessity. There must be an urgent need to “emerge” from the
old way of doing things. Lofty goals won’t be enough. Thirdly,
decluttering rather than repairing! In management, new things
are always being added to the pile. It’s rare for someone to say:
“We won’t do that anymore.” But you have to give one thing up
in order to start doing something else. You need to stop doing
things that have become part of a stale routine over the last
several decades. Inflexible targets, for example, or endless
planning rituals. Moving things aside that are just there to
distract us from our customers allows us to breathe more
easily again.
In your book “Radikal digital” (Radically Digital), you somewhat
provocatively call for the “reintroduction of the human being”
in business as a response to digitalisation. What exactly does
that mean?
Digitalisation is only a technological revolution at the surface
level. In reality, it is a social upheaval. The more digital
companies become, the more important people become. It
sounds like a paradox, but it isn’t at all. At its core, digitalisation
doesn’t mean a technological revolution, especially not the
“might of the machine” or the “authority of the algorithm”. It
means focusing on the essential things that only human beings
can do. In this sense, the digital transformation is not in its
essence a purely technological revolution. It is a cultural
revolution. And it involves crucial processes in companies, for
example shifting from “me” to “we”, from “avoiding mistakes”
to “trying it out” and from “motivating” to “motivation”.
The more digital companies
become, the more important
„people become.”
PARTNERS‘ VIEW | Lead Article Focus: People 7

Photo © Robin Sprenger
It is ideas that will
determine who wins the
„battle for the future.”
You define employee motivation as an “activated willingness
to perform”. How can a company best encourage this willingness
to perform in its employees?
To put it into a simple formula, I would say: (1) Find the right
people, (2) challenge them, (3) talk with them frequently,
(4) trust them, (5) pay them well and fairly and (6) get out of
the way.
You say that an ideological return to the three factors of
“customers”, “collaboration” and “creativity” has the power to
radically transform businesses. Can you give us a little insight
into your thesis?
The Cs you mention used to be part of business, but the
modern organisational process has crowded them out. Once
upon a time, customers were the driving force behind the
business. Then companies grew larger, and focused more and
more on themselves. The decades of appeals for companies to
be more “customer oriented” are proof of that. But now, the
time has once again come to consider the entire company
from the customer’s perspective. To enter into co-evolution
with the customer. To stop thinking about the company from
the inside out, and start thinking about it from the outside in.
The organisational process has also weakened collaboration
within the company – in favour of specialisation, expertise and
coordination. Managers divided up tasks and then pieced
them back together again. But now digitalisation demands
entirely new forms of collaboration between employees –
across hierarchies, across business functions, across departments.
Even across companies. That’s why it is important not
to think of companies as an arena for coordination, but to
think of them – once again, and more than ever – as an arena
for collaboration. Collaboration must be prioritised at all
levels. And this also includes the awkward conversations
about working from home.
That still leaves creativity.
Creativity has been the greatest victim of the efficiency
paradigm. It became more and more alien to businesses,
which is why it was then outsourced to special institutions,
like universities, laboratories and start-ups. But businesses
can't afford to do that anymore. It is ideas that will determine
who wins in the battle for the future – because technology
cannot create ideas. Ideas create technology.
Would you like to elaborate on that last point?
As I see it, the only legitimate goal of management is for
people to manage themselves. Wouldn’t it be a good thing if
employees didn't just use their hands to help the company
survive, but their heads and hearts too? Wouldn’t it be
wonderful if employees worried about the fate of the company
as a whole, and not just about their own job or their next
promotion? If they sought to improve business processes that
don't even fall within their own remit? If they could drive
innovation without waiting for instructions? Wouldn’t it be
amazing to know that all the employees are with your
customers – and not at the head office? Wouldn’t it be helpful
to have experts who take responsibility for themselves, who
develop new ideas and who coordinate and integrate their
activities? In short: wouldn’t it be fantastic if you didn't have to
pay for management? Of course that sounds illusory right
now. But if companies took just a few steps in that direction,
they wouldn’t need to worry about employee motivation or the
company’s future viability. The real purpose of management
is less about teaching and much more about raising people
up. About encouraging others to reach their full potential. At
some point in our lives, we all need someone to say: “I believe
in you!”
„ The real purpose of
management is to
encourage others to
reach their full potential.”
8 Lead Article Focus: People | PARTNERS‘ VIEW

Conflicts are the lifeblood of
a team that will stand the test
„of time.”
Your last book is titled “Magie des Konflikts” (The Magic of
Conflict). In it you suggest that we should “replace ‘conflict
resolution’ with ‘conflict as a solution’”. How can the magical
power of conflict be used constructively – in the workplace and
in our private lives?
We owe all of our abilities and all of our skills to situations
that pushed us to our limits – that is, obstacles and problems.
They challenge us and allow us to grow. It starts in childhood.
A strong sense of self, for example, can only develop through
conflict – i.e., becoming independent from our parents. This
harnesses power – power that we need to grow. Conflict is
also decisive in romantic relationships; in the same way that
architecture is not defined by the spaces, but rather by the
edges, corners and transitions. Relationships are strengthened
by conflict, and conflict has a stabilising effect on the rules of
partnerships. Those who have never experienced or had to
overcome a conflict in their relationship will remain susceptible
to shocks and uncertainties. Smooth-running daily
routines aren’t the proving grounds for “perfect couples” –
disputes are. After a dispute is when they know: we got
through that together and were able to look each other in the
eye again at the end of it.
But in business, people tend to avoid conflict. You want
everyone to pull together.
If you view conflict within the company as a catalyst for
develop ment and growth then you are pulling together.
Conflicts are an impetus for change. They are like a flashing
warning light: something needs to happen here! This is especially
important for the future viability of the company. Only conflict
can release us from the shackles of past success. We all know
that success gives us a kind of “learning disability". Every innovation,
every moment of progress is the result of a conflict. Or,
let’s take collaboration within the company as an example.
Conflict makes collaboration smarter and gives it greater
substance. Conflicts reveal the true complexity of situations,
which would otherwise go unnoticed. This happens when we
see the world from another person's point of view; when we
are truly interested. Conflict lets us find out what the other
person really wants. I will never learn more about another
person and what is important to him than when he starts an
argument for that reason! So conflicts are productive in the
best sense of the word. For a company, they are like rain for
the fields – they are the lifeblood of a team that will stand the
test of time.
While we’re talking about conflicts: what really makes you
mad?
I don’t have to think about that one very long. The fact that
moralising supersedes all other values. That no society in
history has ever lived with such a highly developed sense of
guilt. That dim-witted social therapists constantly attack
every hint of individuality, demanding “You must change your
life!” That tiny minority groups are destroying our everyday
language. That some cliques of activists have successfully
shaken justice to its foundations through forced, morally
based rule-breaking. That an entire society has been
kidnapped and dragged around by its guilty conscience like a
bull by its nose ring.
You are considered one of the most important economic
visionaries and Germany’s most prominent management
consultant. Does that ever put you under pressure?
No. It has not and it does not. And anyway, I’m just riding
along slowly into the sunset. Before long, the time will come
when you will forget everything and everyone will forget you.
Besides, drawing constant comparisons is bad for the soul.
And for financial success. I was never really interested in my
competition, I just wanted to forge my own path. Jeff Bezos
once said that we shouldn’t obsess about the competition, but
rather focus on the customer. Because your competition
doesn’t give you money – the customer does.
What motivates Reinhard Sprenger, the human being, in these
times of enormous global challenges?
The thing you actually left out in the “fit it all in” question at
the beginning: my children. I would like to be optimistic about
their futures but, unfortunately, I’m not. I see that democracy,
above all, is on the retreat around the world, and that we are
naively squandering our freedom. Our emotional freedom, as
well. To me, stopping this development is “time well wasted”.
In this interview with Reinhard Sprenger we have used “he/him” as the default
pronouns at his request. It goes without saying that all genders are intended equally.
PARTNERS‘ VIEW | Lead Article Focus: People 9

BECAUSE PEOPLE MAKE
ALL THE DIFFERENCE
EXCERPTS FROM THE BOOK
“RADIKAL DIGITAL – 111 FÜHRUNGSREZEPTE”
(Radically Digital – 111 Recipes for Leadership)
BY REINHARD K. SPRENGER
RADICALLY DIGITAL
Because people make all the difference –
111 recipes for leadership
ISBN: 978-3-421-04809-7 (German)
The company as a well-oiled machine – this concept has dominated the world of
business management for a long time. Anything that seemed unnecessary was
sacrificed for the sake of efficiency. Particularly the human being. People were seen
as a stopgap solution for the tasks that machines couldn’t handle. In this sense, they
were just tolerated: they were expected to work, not think, and their individuality
got in the way. Paradoxically, technological developments are precisely what is
forcing the reintegration of the human being into the value creation process.
Digitalisation has had an unexpected side-effect: human abilities are being
re-evaluated and viewed with a new appreciation. There is now a real opportunity
for them to be realised. Because the market demands them. And technology is
paving the way for them. (...)
THE MAGIC OF CONFLICT
Why we all need it and how it
drives us forward
ISBN: 978-3-421-04854-7 (German)
If you want to create a truly comprehensive plan for digital transformation, the
human being is the only “computer” that can do it. A computer that is simple and yet
complex. An incomputable computer that, as a result, is able to observe customer
desires, technological change and the global markets – every single day, all at once,
with all their mutual dependencies. The human being, who interacts with the
company at each different touch point. Outside of the organisation, as a customer
whose individuality is constantly increasing, who wants everything to be easier,
faster and more convenient. Internally, as an employee who is forced to work
together with colleagues – whose existence he was unaware of until now. And
someone who must now rediscover his long-buried creative potential. It’s no
coincidence that the “unicorns” in Silicon Valley were the staunchest protesters
Only people can turn
the old world of economics
„upside down.”
10 Book Excerpts “Radikal Digital” | PARTNERS‘ VIEW

„ Digitalisation has had an
unexpected side-effect: human
abilities are being re-evaluated
and viewed with a new
appreciation.”
Photo © Robin Sprenger
against Trump’s plans to limit the immigration of even
qualified migrants. These companies know that the most
important thing driving them forward is not technology, but
people. In their eyes, only people can turn the old world of
economics upside down. (...)
Although you might find the thought surprising, digitalisation
is an ideological homecoming, as far as humanity is
concerned. If you look closely, you’ll see terms that we have
been discussing for years: personal responsibility, selfmotivation,
trust. Because digital technology is the great
equaliser, but people are what make all the difference. Smart
machines can be copied quickly enough. But that isn’t true of
humans. (...) As a manager in the digital era, you are
confronted with a challenge that has much less to do with
technology than it does with people. A cultural transformation
is needed in business.
Accordingly, the defining moment for a company comes when
it understands that digital transformation is not a question
of technology, but of culture. At its core, it is a social
transformation – for the individual employee and for the organisational
structures.
Unclear thinking leads to
unclear speech, which in turn
„leads to unclear action.”
ABOUT
Reinhard K. Sprenger, born in 1953 in Essen, studied
history, philosophy, psychology, business administration
and sports in Bochum. As Germany’s most prominent
management consultant and one of the most important
visionaries in the field of economics, Reinhard K. Sprenger
serves as a consultant to all of the important DAX-100
companies. His books have all become bestsellers, have
been translated into multiple languages and have
changed corporate reality from the ground up over the
past 30 years. His most recent books, “Radikal digital”
(Radically Digital) (2018) and “Magie des Konflikts” (The
Magic of Conflict) (2020) were published by DVA
(Deutsche Verlags-Anstalt). He has also released three
albums as a rock musician in his spare time. Reinhard K.
Sprenger lives in Winterthur, Switzerland and Santa Fe,
New Mexico.
PARTNERS‘ VIEW | Book Excerpts “Radikal Digital” 11

THE
ART
OF
HEALTH
BECAUSE
WITHOUT HEALTH,
NOTHING ELSE
MATTERS
BY VANESSA BURKART
AND PASCAL SCHMOHL
It is only possible to consistently focus our daily work on our
customers’ well-being when we work in an environment
shaped by team spirit, dedication and mutual appreciation. As
a small, globally active company, we maintain a close-knit
corporate culture that is based on a sense of teamwork. And
workplace health management is an increasingly important
part of this culture. We deeply value those resources that are
absolutely irreplaceable – the people at swisspartners, and
their physical and mental well-being.
When we pay more attention to our health, we are better able
to cope with stress, crises, and exceptional challenges. It
helps us to develop a steadfast resilience. That’s why, a few
years ago, we carried out an internal study to evaluate the
current situation and the needs of our staff as far as
workplace health management goes. As a result, a few
important topics emerged for us: exercise, nutrition, stress
management, relaxation techniques and mental health. This
study served as the spark behind our current workplace
health management programme “The art of health”.
PIMP YOUR HEALTH: PROMOTING EMPLOYEE HEALTH AT
SWISSPARTNERS
We spend two-thirds of our waking hours at work. So a good
working environment is essential, as it is giving people
enough freedom to look after their own health. Over the years,
we have developed numerous ideas for health management
and implemented them with great enthusiasm.
▪ Participation in the Zurich marathon as a swisspartners
team
▪ Lunch walks: monthly lunchtime walks through Zurich.
After walking for an hour, we enjoy a healthy shared lunch
with superfood-to-go
▪ Fruit baskets and booster drinks in the office on a regular
basis
▪ Mindfulness cards for all employees, for a little break
during their day
▪ Training about topics like nutrition, resilience and stress
management/relaxation techniques
▪ A day-long “Racketlon” with table tennis, badminton,
squash and tennis for anyone who wants to get involved
▪ Enough free time during lunch breaks for activities like
jogging or yoga – showers are available
▪ Nuts and healthy juices to everyone working from home
▪ Table tennis tournament as part of charity events
▪ Team ski weekends in the winter months
▪ Discounted gym memberships for all employees
▪ Ergonomics in the workplace: after the renovations, the
new office will feature height-adjustable desks
▪ Wall gardens and plenty of plants for a relaxing, healthy
work environment in the new office
12 The art of health | PARTNERS‘ VIEW

INTO THE FUTURE
Covid and the increased numbers of people working from
home changed the world of work for us as well. On the one
hand, working from home has given people more time to take
a quick walk or get some exercise during their lunch break.
On the other hand, there’s a danger of not being able to switch
off. Our employees miss the chance to discuss things with
their colleagues – and the swisspartners team spirit we’ve
mentioned so often. Not all the activities we discussed previously
were possible during the pandemic. And the renovations to
our offices have meant that many employees seldom have the
chance to see each other, which makes it difficult to do things
together.
„ When we pay more attention
to our health, we are better
able to cope with stress and
crises.” Vanessa Burkart
THE ART OF HEALTH –
OUR TEAM
But, for the future, one thing is certain: We want to support
our employees – who have a wide age span from their midtwenties
to their mid-seventies – in their health and well-being
as much as possible. And to do that, we plan to relaunch the
existing health programmes and to create new ones. We want
to design working life at swisspartners so that individuals,
and their aptitude for change, are more at the heart of things
than ever before – so we can reach our shared goals as a
company.
WORKPLACE HEALTH MANAGEMENT WITH FIVE VALUES
Vanessa Burkart | Partner
Head Human Resources
vanessa.burkart@swisspartners.com
RESPECT
We treat others with respect and appreciation.
TRUST
We support our clients and staff as trustworthy partners.
INDIVIDUALITY
We support every one of our employees and their individuality.
PERFORMANCE
We live and breathe team spirit and pursue our goals –
dynamically and consistently.
INNOVATION
We think innovatively, make the most of opportunities
and strive for continuous development.
Pascal Schmohl | Member of the
Management | Partner
Compliance Officer
Wealth Management
pascal.schmohl@swisspartners.com
PARTNERS‘ VIEW | The art of health 13

“To buy when others are
despondently selling and
to sell when others are
greedily buying requires
the greatest fortitude and
pays the greatest reward.”
Sir John Templeton
THE ANSWER, MY
FRIEND, IS BLOWIN’
IN THE WIND
BOB DYLAN
FINANCIAL MARKETS ANALYSIS
BY PETER AHLUWALIA
WWhilst
the much-expected “excitement” finally arrived to
markets, it was not the kind most investors would call “fun”.
The signs had all been pointing to a downturn: the Crypto
bubble was nearing its bursting point. The continuous rise in
housing prices and certain stocks was unsustainable. And
bond yields were long-overdue for an increase after decades
of decline.
With so many economic cross-currents at the moment, calling
the current outlook “murky” would be an understatement.
Investors are still fluctuating between gambling on inflation
and recession like lovesick teenagers …
Since the financial industry is not much better at forecasting
than a daisy is at predicting true love, we should shift our
focus. Rather than predicting the future, we should figure out
the definites and identify productive courses of action.
THE ONLY CONSTANT IS CHANGE
Every bear market is followed by a bull market, without
exception. We never know how long it will last, but we can
make an educated guess. I believe this one will be longer than
the covid downturn, because governments and central banks
cannot flood the economies with free money this time. That
free money is, after all, the main reason for the inflation we
are seeing now.
However, this recession/slowdown is caused by the central
banks, which means they can back off when the timing is
14 Financial markets | PARTNERS‘ VIEW

ight. Don’t get me wrong – I’m not talking about rate cuts!
That would prove that they are no better at steering
economies than drunken sailors (no offence intended to
drunks or sailors). But the tightening cycle could pause
earlier than expected, which would bring us some relief. I
expect this recession to be shallow and short-lived; we may
be able to get on with the economic recovery later in the year.
WHAT TO DO IN THE CURRENT MARKET?
For a well-prepared investor, a bear market is an opportunity,
as they don’t come along too often. Historically, the market
has spent more years in a bull market than a bear market.
Whilst no one can consistently predict the duration or
magnitude of bear markets at the company level, a good
investment manager should be able to pick up some bargains
for the not too distant future. But don’t pick up high-flying
stocks just because they are cheaper. Instead, pay attention to
fundamental financial metrics and understand the business
you are investing in.
It is highly unlikely that you will get the bottom price for most
stocks, so you have to be prepared for some short-term pain.
However, the rewards on the other side will be significant.
Often, the only reason stocks fall is because people are
selling, which convinces others to sell.
Essentially, you need to invest like a psychopath! That’s not to
say that you should be morally depraved, of course, but when
it comes to investing, you must stay unemotional and have
blatant disregard for what others think.
MY BEST GUESS
Most of the declines (or at least 75% of them) in equity indices
have already occurred. As economic growth stays resilient
and actually picks up, moderating inflation, less hawkish
central banks and consumers (who are nervous but still in
fairly good shape) will narrow the losses at the index levels.
On a global basis, housing is likely to remain challenged,
especially outside of the USA, where prices have not adjusted
yet. The combination of higher rates and overvaluation will
probably lead to a correction of 20% or so, but not a 2008
scenario.
2023 is the year we enter a new bull market, making up all the
losses and seeing some gains as well. Investors are likely to
be wary, so it might take time for things to heat up.
2023 is also an uneven year – haven’t you noticed the recent
trend? 2017 great, 2018 challenging, 2019 great, 2020
challenging, 2021 great, 2022 – well you know …
„
PETER AHLUWALIA | PARTNER
Chief Investment Officer
peter.ahluwalia@swisspartners.com
Investors are still fluctuating
between gambling on inflation
and recession like lovesick
teenagers.”
Peter Ahluwalia
PARTNERS‘ VIEW | Financial markets 15

Photo © Marco Gaiotti
A HELPING
HAND FOR
PEOPLE,
ANIMALS
AND THE
ENVIRONMENT

SIMONE TÖLLNER, PRESIDENT OF SWISSPARTNERS CHARITY,
TALKS ABOUT THE ASSOCIATION’S WORK WITH CHARITABLE
ORGANISATIONS.
Do good and spread the word ... You may know swisspartners as a renowned
financial services provider with Swiss roots, but did you also know about our
charity work? For over 13 years, we have been supporting projects and non-profit
organisations both domestically and abroad with our independent association
“swisspartners Charity”. Our work focuses on humanitarian aid, environmental
protection and animal welfare.
I have been the new president of the swisspartners Charity since May of this year
and I am really excited to be working with a highly motivated team to support five
important projects, each of which has a connection to Switzerland.
1. Since 2016, we have been sponsoring ONG Bouge – an organisation based in
Bénin, West Africa, which was founded in 2007 by Swiss-born Irmgard Meier.
The donations are used to expand the availability of apprenticeships in Bénin
and to purchase school books for orphans.
2. We have also been supporting the Future for Children organisation since 2016.
Its mission is to help disadvantaged people in Bali, Indonesia. Founder Daniel
Elber visited us in Switzerland this July and gives us an update about his work
and the current situation in Bali on pages 20 and 21.
3. swisspartners also has a big heart for animals. Since 2019, we have been
supporting two organisations in this area: Four Paws Switzerland and BOS
Switzerland (Borneo Orangutan Survival Switzerland). Four Paws (which has
branches in 15 different countries) is one of the world’s most important animal
welfare organisations. In Switzerland, the organisation’s work revolves around
the humane and appropriate treatment of pets and stray dogs and cats, as well
as wild animals in captivity.
4. Since it was founded in 2004, BOS Switzerland has been committed to protecting
the remaining orangutans in Borneo and preserving their habitat, the rainforest,
which is under severe threat.
5. People with physical disabilities have as much right to a free and self-determined
life as anyone. The Zurich-based organisation Leben wie du und ich (Living like
you and me) makes this possible. It helps people to live in their own apartments,
work creatively and realise their dreams – and is also supported by swisspartners
Charity.
„ If you want to
make a small
contribution that
will have a big
impact, you can
become a member
too!”
Our management board and the organisation are made up entirely of swisspartners
Group employees – all working on a voluntary basis. And here’s the good news: if
you want to make a small contribution that will have a big impact, you can become
a member too! Membership starts at just 100 CHF per year. All membership fees
are used entirely to support our projects.
Get in touch:
SIMONE TÖLLNER
President swisspartners Charity
charity@swisspartners.com
PARTNERS‘ VIEW | swisspartners Charity 17

FIVE PROJECTS,
ONE GOAL
TO MAKE THE
WORLD A BETTER
PLACE
ONG BOUGE
FOUR PAWS SWITZERLAND & BOS SWITZERLAND

BORNEO ORANGUTANS
LIVING LIKE YOU AND ME
FUTURE FOR CHILDREN
Photo © Tim Flach

HELPING PEOPLE
HELP THEMSELVES
IN MUNTIGUNUNG,
NORTHERN BALI
A REPORT BY DANIEL ELBER, FOUNDER OF THE
ORGANISATION “FUTURE FOR CHILDREN”
20 Inhalt | PARTNERS‘ VIEW
Photo © Heinz von Holzen

„ Both malnutrition and the
high child mortality rate have
been practically eliminated.”
FFuture for Children was founded in 2004 with the aim of
fighting the poverty experienced by the 6,000 inhabitants of
Muntigunung in northern Bali, and building a better future for
the children there.
The Muntigunung region is extremely dry. Hardly any rain
falls between May and December, and there are no natural
sources of water. To get the water they need to survive, the
residents have to spend up to five hours each day collecting
water from Lake Batur or from the northern coast. This work
is mainly done by women and children. The children don’t
have time to go to school, and the families live without any
regular income. Most of the beggars in Bali come from
Muntigunung.
The Future for Children organisation is actively working
towards four goals: To build a water-supply infrastructure to
help the inhabitants win back time for productive activities. To
create the conditions required for sustainable, paid work in
“social enterprises” in the future through adult training
programmes. Our goal with this step is to ensure that, with
their improved financial foundation, the families will be able to
send their children to school in the future. Aside from that,
improving hygiene and health education will significantly
reduce malnutrition and child mortality in the region. These
four measures create a foundation that helps the inhabitants
to help themselves.
Thanks to the close cooperation with swisspartners Charity
since 2016, Future for Children has been able to supply 35
villages with water and to significantly improve the health of
the local population. Both malnutrition and the high child
mortality rate have been practically eliminated.
In addition, we have three social enterprises that employ
around 200 inhabitants – they have all received intensive
training and gained the skills required to create high-quality
products. Furthermore, nearly 700 farmers supply the raw
materials that these small factories use to produce cashew
nuts, rosella tea, brown palm sugar and other food products.
Trekking tours led by former beggars bring guests over the
mountains to Muntigunung. By having tourists visit the villages,
we are creating a connection between the local population
and the outside world, while allowing interested visitors to
share in the positive developments that have been achieved
so far.
We have built a foundation that will allow us to create even
more jobs in the years to come, as well as to ensure that all
children can overcome the challenges and graduate from
school.
The cooperation with swisspartners Charity is based on a
shared long-term vision. This makes planning and carrying
out sustainable activities so much easier for us as an
organisation. We stay in touch and keep each other up to date
about the results of our shared activities. For us, it’s been a
perfect example of a positive collaboration!
DANIEL ELBER Founder of the organisation “Future for Children”
info@zukunft-fuer-kinder.ch
THE SWISSPARTNERS CHARITY TEAM (from left to right)
Marco Di Canio, Andrea Stalder, Caroline Fiala, Nick Jenni,
Daniel Elber, Simon Knörzer, Simone Töllner, Sanjeev Premchand
PARTNERS‘ VIEW | swisspartners Charity 21

WHO IS?
A COMPANY IS ONLY AS GOOD AS ITS EMPLOYEES.
IN THIS COLUMN, WE PRESENT TALENTED MEMBERS
OF THE SWISSPARTNERS TEAM.
Christian Dietsche
is simply who he is. Known to many as
“Chrigel” Dietsche, Christian’s trademark
is his authenticity – he stays true to himself
in everything he does. He has been in charge
of wealth management at swisspartners
since November 2019.
His professional training began with an
apprenticeship at ZKB, one of Switzerland’s
largest banks. He then went on to work for
a number of other banks, spending 13
years in the wealth management department
at the Julius Bär bank. Alongside his
regular work, Christian Dietsche studied
sales and marketing, which set him apart
from his colleagues in finance early on. He
also completed various professional
education programmes, including at the
Swiss Banking School. “Almost everyone
who meets me outside of work is surprised
that I work in finance. They expect me to
work in a more creative field – as an architect,
in marketing or communications”, Dietsche
says of himself.
He came to swisspartners at the end of
2016 on a recommendation and found that
it gave him the chance to work in a way
that was more customer-oriented and independent
of the banks. Initially, he worked
as a partner and client advisor, until
taking on his current management role in
2019.
He bubbles over with enthusiasm when
discussing his customers: “They are the
Alpha and Omega of our business. Without
customers, there would be no swisspartners.
Advising clients is something that I
still really enjoy doing. Personal portfolio
management, finding customised financial
solutions – that means a lot to me. I’m not
an administrator – I’m here for my customers
and I’m here to perform!”
CHRISTIAN DIETSCHE
CEO Wealth Management, Partner
christian.dietsche@swisspartners.com
5
5 QUESTIONS FOR CHRISTIAN DIETSCHE
WHAT’S THE BEST THING YOU HAVE TO OFFER AT
SWISSPARTNERS?
My heart and soul, and my emotions. That’s all part of it. And that
can also be seen in the way I advise my customers. For me, it often
goes beyond the business side of things – it’s really about the
people. I take care of their needs almost like a psychologist.
(laughs)
WHAT IS YOUR GREATEST STRENGTH?
I stand behind everything I do. I practise what I preach. I’m a living
example of what I expect from others – in my private life and at
work. And, at this point, I know what I can do well and what I can’t.
That’s also something that comes with experience and age.
HOW DO YOU GET YOURSELF MOTIVATED?
By showing emotion, too. I delegate things that weigh me down
but aren’t my responsibility. And I don’t make other people’s problems
my own. I get up every morning and say to myself: “Today is a
good day!” Thinking that way is a choice. Look for the good things,
the positive things ... positive momentum starts in your head.
WHICH PERSON IS YOUR GREATEST INSPIRATION RIGHT NOW?
I have many sources of inspiration. For one, my partner. She is a
very different type of person than me. For example, she shows me
that the day can be filled with more than just work. Besides that,
my two children. They are 30 years younger than I am and have
different opinions about many things, like politics, the environment
and how to live life. And lastly, my two best friends. I can talk with
them openly about anything, and they give me honest answers,
even when it's not necessarily what I want to hear.
WHAT DO YOU DO TO MANAGE YOUR WORK-LIFE BALANCE?
I am well aware that I have a lot on my plate with all my different
roles. That’s why I recently gave up my seat on the local council.
I won’t work any less, but I will start taking more control over my
schedule again. Working a lot isn’t a burden for me, even if I’m
busy for 12 or 14 hours. I exercise on the cross trainer for an hour
at 5.15 am almost every morning to relieve stress. It gives me the
energy and strength I need for my day ahead.
Interview by Simone Töllner.
22 WHO IS? | PARTNERS‘ VIEW

PUBLISHING
INFORMATION
EDITORIAL TEAM
Kathrin Meister | wordflow.de
Simone Töllner | swisspartners.com
LAYOUT & DESIGN
Angelika Plag | corporate-concepts.de
© PHOTOS
Getty Images: cover, p. 2, 23, back cover
Adobe Stock: p. 4, 12, 14/15, cat & dog p. 18
Karin Bischof: employees p. 3, 13, 17, 21/22
Robin Sprenger: Reinhard K. Sprenger p. 6, 8, 11
Marco Gaiotti: p. 16
BOS Foundation: orangutan p. 18, orangutan with baby p. 19
Kimberly Brinker: orangutan p. 19
Björn Vaughn: orangutan with girl p. 19
Niklaus Spoerri: Living like you and me p. 19
Tim Flach: background image p. 18/19
Heinz von Holzen, Tony Roseman: Future for children p. 19/
Heinz von Holzen: p. 20
ENGLISH TRANSLATION
Kristal Fellinger | kristalfellinger.com
PARTNERS‘ VIEW | Publishing information 23

The art of reading.
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