The need for infrastructure is such that even massive government plans will have to be supplemented by private funds. And that’s just as well as these investments are particularly attractive, especially in times of inflation.
As we are coming out of the summer holiday season, it is worth pondering over what has been one of the most complex investment environments for a long time. Between the concern over economic growth, a resurgence of inflation and an extraordinarily tense geopolitical situation, there has been very little space to hide in financial markets.
The rise in interest rates and the rethinking of globalisation should mark a return to active management and fundamental research.
2022 currently feels like a perfect storm: lingering COVID, war in Ukraine, the return of inflation, recession. There have been very little places to hide as markets are absorbing the daily grind of bad news.
In addition to its impact on the global economic order, the invasion of Ukraine will accelerate the energy transition and force investors to be more selective.
The tragedy in Ukraine could lead to a real paradigm shift and the emergence of a new world order. Some of the possible consequences, such as a slowdown in world trade, rearmament and a return to confrontation between the major strategic blocs, are a step backwards. But others, such as the realisation of our dependence on fossil fuels, could give a massive boost to the energy transition.
Every year, investors play scare tactics with worries about the dangers in the markets. Yet, with a combination of reasonable investment horizon and management discipline, they can usually put their minds at ease and forget about short-term predictions.
While the financial sector is often accused of greenwashing, it is important to remember that responsible investments can only be made with truly sustainable companies. This is why sustainability reporting standards for companies are essential.
Cette chronique de Jean Keller est parue dans Le Temps du 14 juin 2021. Lire l’article en PDF.
Après avoir dépensé sans compter pendant la pandémie pour soutenir leur économie, les États occidentaux vont désormais devoir réduire leur endettement, au moment même où ils devront consentir d’énormes investissements pour mener à bien leur transition énergétique. Heureusement, le financement privé des infrastructures permet de résoudre ce casse-tête. Mais si cette solution est bien éprouvée en Europe, elle est encore mal perçue en Suisse.
Cette chronique de Jean Keller est parue dans Le Temps du 12 avril 2021. Lire l’article en PDF.
Les amateurs de sensations fortes ont été à la fête depuis quelque temps, avec une série d’événements qui ont rappelé à quel point la hausse des marchés financiers reposait sur un mélange de complaisance et de déni. Alors, comme des consommateurs lassés des aliments hyper-transformés qui retrouveraient le goût des produits naturels, il est peut-être temps de se concentrer à nouveau sur des recettes éprouvées pour préserver notre santé financière.