Moving Markets

The role of a Chief Investment Officer is multifaceted – acting as both the guardian and the architect of a company’s investment process, and preventing people from making mistakes that might destroy value. A key requisite for the job is the ability to stay calm amid the panic when a global crisis hits.
In this special edition of The View Beyond, produced jointly with the World Economic Forum's Radio Davos, Bernadette Anderko and WEF Editor Robin Pomeroy sit down with Julius Baer's Group CIO Yves Bonzon to explore the history and nature of recent crises. Yves has spent more than three decades steering portfolios through other people's worst weeks: the crash of '87, the Asian crisis 10 years later, 2008’s Global Financial Crisis, COVID, the tariff wars, and now of course the war in Iran. He explains why each crisis provides opportunities to make a difference. After all, in the face of a crisis, a CIO must decide: is history repeating itself, or is a new paradigm emerging?

(00:00) - Introduction: A special joint episode from Julius Baer and Radio Davos

(02:02) - Crisis navigation: Every crisis is different

(03:30) - Exogenous vs. endogenous shocks

(06:48) - Oil, markets, and resilience

(11:31) - Looking back to the financial crisis of 2008

(13:50) - Crises are opportunities to make a difference

(16:25) - Balancing risk mitigation and opportunity

(20:26) - Liquidity events in turbulent times

(22:32) - Private markets vs. public markets

(23:34) - When does a crisis become a crisis?

(29:29) - How crises and responses have evolved since the 1980s

(33:04) - Emotional decisions and the cost of anchoring

(35:18) - Education, discipline, and the importance of process

(38:47) - Closing remarks and legal disclaimer

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Radio Davos is the flagship weekly podcast from the World Economic Forum. Get it on any podcast app:https://pod.link/1504682164. Find all Forum podcasts at  wef.ch/podcasts and YouTube(https://www.youtube.com/@wef/podcasts).

Markets delivered a mixed session yesterday, driven by geopolitical tensions, a sharp semiconductor sell-off following Broadcom’s disappointing results, and steady macro data from Switzerland and the US. Oil remained driven by developments in the Middle East, while gold fluctuated alongside moves in the dollar and bond yields. European equities closed higher despite lingering uncertainty, while the US showed a clear divergence: the Dow reached a record high, supported by defensive stocks, as tech weakness weighed on the Nasdaq. In Asia, the rotation out of tech continued, pressuring chip-heavy markets such as South Korea and Japan, with broader sentiment remaining cautious. Today, we were joined by David Kohl, Chief Economist, who shared insights on next week’s ECB meeting.

(00:00) - Introduction: Mike Rauber, Product & Investment Content

(00:41) - Markets wrap-up: Lucija Caculovic, Product & Investment Content

(07:59) - ECB preview: David Kohl, Chief Economist

(13:16) - Closing remarks: Mike Rauber, Product & Investment Content

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The S&P 500 snapped its nine-day winning streak yesterday, as renewed tensions in the Middle East dented risk sentiment, and momentum in the AI-driven rally eased. At the same time, bond yields pushed higher on the back of resilient labour market data, reigniting concerns that inflation pressures may persist. In today’s episode, our Group CIO Yves Bonzon shares his latest perspectives on the market backdrop, while Norbert Rücker, Head of Economics and Next Generation Research, explains why he expects oil prices to trend lower from here.

(00:00) - Introduction: Bernadette Anderko, Product & Investment Content

(00:28) - Markets wrap-up: Roman Canziani, Head of Product & Investment Content

(05:42) - Latest market perspectives: Yves Bonzon, Group CIO

(14:15) - An update on oil: Norbert Rücker, Head of Economics & Next Generation Research

(19:13) - Closing remarks: Bernadette Anderko, Product & Investment Content

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AI fever is fuelling a fresh wave of market excitement, with soaring valuations and high-profile endorsements pointing to the next potential trillion-dollar tech company. With major players doubling down on artificial intelligence, investor confidence remains resilient despite rising eurozone inflation and mounting expectations of another ECB rate hike. Meanwhile, Afonso Borges from our Fixed Income Research team makes the case for UK gilts amid shifting bond dynamics, while Nenad Dinic, Equity Strategy Research, explores the broadening strength in emerging market equities and explains why it’s not only about tech.

(00:00) - Introduction: Lucija Caculovic, Product & Investment Content

(00:38) - Markets wrap-up: Jan Bopp, Product & Investment Content

(06:25) - Fixed income update: Afonso Borges, Fixed Income Research

(10:12) - Emerging market equities: Nenad Dinic, Equity Strategy Research

(14:13) - Closing remarks: Lucija Caculovic, Product & Investment Content

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Markets were mixed yesterday, with Middle East tensions driving a sharp rise in oil and weighing on sentiment. European equities edged lower, while all three major US indices reached fresh highs, supported by strong momentum in AI-linked names. Macro data showed a divided backdrop — resilient manufacturing in Asia, slowing growth and rising cost pressures in the Eurozone, modest but improving trends in Switzerland, and solid momentum in the US. Today, we were joined by Carsten Menke, Head of Next Generation Research, who provided a deep-dive into cybersecurity, highlighting the sector’s remarkable rebound and why it is becoming increasingly mission critical, even more so in the age of AI.

(00:00) - Introduction: Bernadette Anderko, Product & Investment Content

(00:28) - Markets wrap-up: Lucija Caculovic, Product & Investment Content

(06:58) - What's behind the cybersecurity rebound?: Carsten Menke, Head of Next Generation

(10:17) - Closing remarks: Bernadette Anderko, Product & Investment Content

Would you like to support this show? Please leave us a review and star rating on Apple Podcasts, Spotify or wherever you get your podcasts.