Swiss & US money managers/comment and reflections.

Swiss bank investment managers too often  like to pad themselves on the back.  Yet, its the classic mistake of systemic vs. statistical reality.  Most Swiss bank investment managers show returns in US$ to their vast international clients.  But soo often the returns are only inflated due to US$ weakness, vs. Swiss Frank strength. Realize, in the early 1960's 1US$ bought around 4.5 Swiss Franks, today 1US$ = 0.88 Swiss Franks.   So lets not confuse Swiss bank investment mgt. skills, with its strong currency. Of course I am generalizing, but of late I note many there just hanging on to US stocks with their "recency bias".  Vs. here I posted for a few months already to take profits there.    

The late Barton Biggs was a grand investor...the top global investor guru/strategist at Morgan Stanley during my days there, now long gone. He often stated markets rarely just rock-down; instead so often rounding-tops are formed -and then exhaustion then sets in. This is what is happening in US mkts. now...and what I was trying to convey for a few months already.  At the same time very Western investor gurus' spoke/wrote advocated China stocks, which last year and this year so far have way outperformed broadly US stocks.  One interesting divergence of late on the US mkt. sell off,  beware of the US$ though.  The dollar has a long history as a go-hiding place during market selloffs -but wasn’t rallying in March '25;  even as investors rushed for safety.  Falling and fast as hot money poured into gold, the yen, European stocks — almost anywhere but the US$ currency.  So a double whammy on global US stock endless bulls.  (BTW, most commodities are still priced in US$).