April 2013

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UBS Q1 2013 by Business Unit

I’m a visual learner, so mapping out numbers on a chart always gives me a better feel of what’s happening. It’s also easier to present to clients and prospects with graphs and charts. This graph left me thinking; is UBS really using a comparison friendly approach with the unit “Corporate Center”. It seems odd to look at the individual business units such as Retail, IB, WM etc if a large…


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Housing Bubble in Norway?

These remarks out from S&P late on Friday regarding Norway caught my eye: A possible short-term risk is the vulnerability of households’ debt-servicing capacity to increased interest rates or a correction in house prices. Average house prices have increased by more than 50% since 2005, and by 8% on average over the past three years. Prices are now 190% of the 1992-2012 average, substantially higher than Nordic peers. Household debt…


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Austerity Isn’t Dead – Reinhart-Rogoff Aren’t Wrong

Some good analysis regarding austerity and the impact it has on GDP growth I read just now on Marketwatch by Brett Arends.. Part 1 I found interesting One critique of Reinhart-Rogoff is that it doesn’t give enough weight to the case of New Zealand right after World War II. Apparently, New Zealand had high debts, yet grew very quickly in the late 1940s. Yet what does this prove? New Zealand was…


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Nestlé Sales by Product Group Q1 2012 vs Q1 2013

Nestlé today published Q1 figures. As I was interested to see which product groups are growing fastest or most attractive, illustrated by M&A acitivity on the behalf of Nestlé, I threw this graph together: Graph: Zuberbuehler Associates AG Interesting to see where Nestlé is growing sales most substantially (both organic and through M&A activity) – as can be seen by the green bar:  1. Nutrition & Health Care 2. Pet…


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Helpful CIIA Exam Preparation Videos

Recently I’ve been preparing for the CIIA Exam (that’s the Certified International Investment Analyst) and found that video tutorials posted on youtube can be a nice audio-visual help. If you don’t visit all lectures or need another take the following links I’ll post should prove helpful, as they allow you to take it all in at the most convient time for your learning and biological rythm: This one’s about the…


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Geberit shareholders vote on remuneration: 48% say NO

Surprisingly massive no votes on the Agenda item regarding the remunerations for 2012 at the Geberit AGM today. You’d think that managers would act on such a strong sign of displeasure on behalf of such a massive proportion of the shareholders. Consultative vote on the remuneration system and the remunerations for 2012 Valid votes Absolute majority Yes votes No votes Abstentions Votes not submitted   22’257’674 11’128’838 11’626’493 10’631’181 705’760 5’368