19-05-01 M4No22

Often we hear the phrase, ‘the consumer is 2/3 of the economy’, or ‘we need the US/Chinese/EZ consumer to step up’. But is there such a thing as a ‘Consumer’ in isolation? Is a person's role as producer not more important? What part do interest rates play? Capital? Entrepreneurs? The State?
First presented as the “Cantillon Effects” podcast ‘Consuming Folly: Pts I & II’ via Apple, Spotify, and SoundCloud.
PLUS: Complimentary Chart Pack on Macro and Markets

Transcript

1. Insight & Support for the Managers of Wealth www.cantillon-consulting.ch “Silver alone is the true sinews of the circulation” Essai sur la Nature du Commerce ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱŠ¢ȱŘŖŗş Cantillon Consulting Volume III, Issue IV May 2019 Consuming Folly How prices and capital unite producers and consumers
2. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 2 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch May 2019 ˜—œž–’—ȱ˜••¢ȱ —ȱ˜ž›ȱ•Šœȱ˜ěŽ›’—ȱ Žȱ—˜Žȱ‘Š ȱ ’–ȱȂŽ’••ȱ‘Šȱ ˜™’—Žȱ˜—ȱȱ‘Šȱ‘Žȱȁœ’—•Žȱ–˜œȱ’–™˜›Š—ȱ‘’—ȱ ’—ȱ‘Žȱ ˜›•ȱŽŒ˜—˜–¢ȱ’œȱ‘Žȱ‘’—ŽœŽȱŒ˜—œž–Ž›ȱœ•˜ ’—ȱ ˜ —Ȃȱ ‘’•Žȱ‘Šȱ Ž••-”—˜ —ȱ–Ž›’ŒŠ—ȱ˜™’—’˜—Š˜›ǰȱ ˜œ‘ȱ›˜ —ǰȱ‘Šȱ‹ŽŽ—ȱ™žœ‘’—ȱŠȱŒ‘Š›ȱ™ž›™˜›’—ȱ˜ȱ œ‘˜ ȱ‘Šȱ’ȱ Šœȱ‘Žȱ–Ž›’ŒŠ—ȱ˜—Žȱ ‘˜ȱ Šœȱœ’••ȱ ˜™ȱ˜ǰȱŠŒŒ˜ž—’—ȱ˜›ǰȱŠœȱ‘Žȱ™žȱ’ǰȱ˜—Ž-œ’¡‘ȱ˜ȱ ˜›•ȱ ǯ •’‘•¢ȱ–˜›Žȱœ˜™‘’œ’ŒŠŽǰȱ‹žȱŽšžŠ••¢ȱŠ ›¢ǰȱ Žȱ Š•œ˜ȱ‘Šȱ ŠŸŽ”Š•ȱ Ž’‘’—ȱ’—ȱ˜—ȱ‘Žȱ–Š——Ž›ȱ’—ȱ ‘’Œ‘ȱ–’œ“žŽȱ–˜—ŽŠ›¢ȱ™˜•’Œ¢ȱ‘Šœȱȁ‹›˜ž‘ȱ˜›Ȭ Š›Ȃȱ˜˜ȱ–žŒ‘ȱ˜ȱ‘ŠȱœŠ–ŽȱŒ˜—œž–Ž›ȱœ™Ž—’—ȱ Š—ȱ‘˜ ȱ’ȱ ˜ž•ȱŽŸŽ—žŠ••¢ȱ•ŽŠȱ˜ȱŠȱ–Š“˜›ȱŒ˜››ŽŒȬ ’˜—ǯ ’”Žȱ–Š—¢ȱŽ¡Š–™•Žœȱ˜ȱ‹˜‘ȱŒ˜––˜—ȱ™Š›•Š—ŒŽȱŠ—ȱ ‘ŽȱžœŽȱ˜ȱŽŒ‘—’ŒŠ•ȱ‹ž££- ˜›œǰȱ‘Ž›Žȱ’œȱŠȱ•’––Ž›ȱ ˜ȱ›ž‘ȱ˜ȱŠ••ȱ‘ŽœŽȱ™›˜—˜ž—ŒŽ–Ž—œȱ–ȱŠȱ–ŠĴŽ›ȱ Žȱ ‹›’ŽĚ¢ȱ’œŒžœœŽȱ’—ȱ‘ŠȱŽŠ›•’Ž›ȱŽ™’œ˜Žǯȱ Ž›Žȱ Žȱ ˜ž•ȱ•’”Žȱ˜ȱŠ”Žȱ‘Žȱ’–Žȱ˜ȱœ‘˜ ȱ ‘¢ȱ‘Ž¢ȱŠ›Žȱœ˜ȱ ™›˜˜ž—•¢ȱ–’œ•ŽŠ’—ȱ’—ȱ‘Ž’›ȱŒ˜—ŒŽ™’˜—ȱŠ—ȱ ‘¢ȱ ‘Šȱ–Š”Žœȱ‘Ž–ȱœ˜ȱŒ˜—žŒ’ŸŽȱ‹˜‘ȱ˜ȱ‹ŠȱŽŒ˜—˜–’Œȱ ›ŽŠœ˜—’—ȱŠ—ȱ’••-’›ŽŒŽȱ’—Ž›ŸŽ—’˜—ǯ ˜ȱœŠ›ȱ›˜–ȱ‘ŽȱŸŽ›¢ȱ‹Ž’——’—ǰȱ‘’œȱ ‘˜•Žȱ’ŽŠȱ˜ȱ ȁ‘Žȱ˜—œž–Ž›Ȃȱ’œȱ•’Ĵ•Žȱ–˜›Žȱ‘Š—ȱ‘Žȱ›ž’œ–ȱ‘Šǰȱ ˜›ȱŠœȱ•˜—ȱŠœȱ Žȱ‘ž–Š—ȱŠ—’–Š•œȱŽ¡™Ž›’Ž—ŒŽȱ‹˜‘ȱ —ŽŽœȱŠ—ȱŽœ’›Žœǰȱ Žȱ ’••ȱŒ˜—œž–Žȱ-ȱœ˜–Ž’–Žœȱ Ÿ˜•ž—Š›’•¢ȱ•Žœœȱ‹žȱžœžŠ••¢ȱ ’••’—•¢ȱ–˜›Žȱ-ȱ ‘ŠȬ ŽŸŽ›ȱ’ȱ’œȱ‘Šȱž•ę•œȱ‘ŽœŽȱ ’—ȱž›Žœǯȱ‘Žȱ›ŽŠ•ȱ’œœžŽȱ ‘Ž—ȱ’œȱ ‘ŠȱŽŽ›–’—Žœȱ ‘Šȱ‘’—œȱŠ›ŽȱŠŸŠ’•Š‹•Žȱ˜ȱ Œ˜—œž–ŽȱŠ—ȱ‘˜ ȱ˜ȱ™Ž˜™•ŽȱŒ˜–Žȱ‹¢ȱ‘Žȱ–ŽŠ—œȱ ’‘ȱ ‘’Œ‘ȱ˜ȱŠŒšž’›Žȱ‘Ž–ǰȱ˜—ŒŽȱ‘Ž¢ȱ‘ŠŸŽȱ‹ŽŽ—ȱ ŒŠ••Žȱ’—˜ȱ‹Ž’—ǯ ‘ŽȱŠ—œ Ž›ǰȱ’ȱœ‘˜ž•ȱ‹Žȱ—˜ȱœž›™›’œŽȱ˜ȱ•ŽŠ›—ǰȱ’œȱ™›˜Ȭ žŒ’˜—ǰȱŠ”Ž—ȱ’—ȱ‘Žȱ‹›˜ŠŽœȱ™˜œœ’‹•ŽȱœŽ—œŽǯȱ‘’œȱ œ›ŽŒ‘Žœȱ›˜–ȱ‘Žȱœ’–™•Žȱ’—ŸŽœ–Ž—ȱ˜ȱ’–ŽȱŠ—ȱ •Š‹˜ž›ȱ’—Ÿ˜•ŸŽȱ’—ȱ‹Šœ’Œȱ‘ž—’—ȱŠ—ȱŠ‘Ž›’—ȱŠ••ȱ ‘Žȱ Š¢ȱž™ȱ˜ȱ ›’’—ȱ‘Žȱœ˜ Š›Žȱ ’‘ȱ ‘’Œ‘ȱ˜ȱ ™›˜›Š–ȱ–’Œ›˜Œ‘’™œȱ’—ȱ˜›Ž›ȱ˜ȱŒ˜—›˜•ȱ‘Žȱ›˜‹˜œȱ žœŽȱ˜ȱ–Š”Žȱ–ŠŒ‘’—Žœȱ˜ȱŠ‹›’ŒŠŽǯǯǯȱ Ž••ǰȱ¢˜žȱŽȱ ‘Žȱ™˜’—ǯ ŠŸ’—ȱ‘Š—”ž••¢ȱ–˜ŸŽȱ•˜—ȱ™Šœȱ‘ŽȱœŠŽȱ˜ȱ ›ž‹‹’—ȱ’—ȱ˜ž›ȱ˜ —ȱ™˜˜›ȱ™ŠŒ‘ȱ˜ȱ’›ȱŠ••ȱ‘Žȱ•’ŸŽȬ •˜—ȱŠ¢ȱœ˜ȱŠœȱ˜ȱ™›˜Ÿ’ŽȱŒ•˜‘’—ǰȱœ‘Ž•Ž›ǰȱŠ—ȱœžœȬ Ž—Š—ŒŽȱŠ••ȱ‹¢ȱ˜ž›œŽ•ŸŽœǰȱ ‘Ž—ȱ ŽȱŽ—ŠŽȱ’—ȱ™›˜Ȭ žŒ’˜—ǰȱ ‘Šȱ ŽȱŒ’Ÿ’•’£Žȱ¢™Žœȱ—˜ ȱŽ—Ž›Š••¢ȱ˜ȱ ’œȱŒ˜—ŒŽ—›ŠŽȱ˜—ȱ™›˜Ÿ’’—ȱœ˜–Žȱœ–Š••ȱ’—™žȱ˜ȱ‘Žȱ ›ŽŠǰȱ’—Ž›-Œ˜——ŽŒŽȱ—Ž ˜›”ȱ˜ȱ˜ž›ȱŽ••˜ œȱ ‘’Œ‘ȱ ŽȱŒŠ••ȱŠȱȁ–Š›”ŽȂǯ —ȱ˜‘Ž›ȱ ˜›œǰȱ ŽȱŠŒȱ™›’–Š›’•¢ȱŠœȱ›˜žŒŽ›œȱ’—ȱ ˜›Ž›ȱ‘Šȱ ŽȱŒŠ—ȱœž‹œŽšžŽ—•¢ȱœ Š™ȱ˜ž›ȱŒ˜—›’‹žȬ ’˜—ȱ˜ȱ‘Žȱ™˜ȱ-ȱžœžŠ••¢ȱ’—ȱŠȱŸŽ›¢ȱ’—’›ŽŒȱ–Š——Ž›ȱ Š—ȱŠȱœ˜–Žȱ›ŽŠȱ›Ž–˜ŸŽȱ›˜–ȱ‘Ž’›ȱꗊ•ȱŽ–™•˜¢Ȭ –Ž—ȱ-ȱ˜›ȱŠȱ ’Ž›ȱŒ˜–‹’—Š’˜—ȱ˜ȱ˜‘Ž›œȂȱœ’–’•Š›•¢ȱ ™›˜žŒ’ŸŽȱŽě˜›œǯȱ—ȱ‘ŽȱŠœœž–™’˜—ȱ‘ŠȱœžŒ‘ȱ ‘’—œȱŠ›Žȱ—˜ȱŠŒšž’›Žȱ’—ȱ˜›Ž›ȱ˜ȱŠ’ȱž›‘Ž›ȱ™›˜Ȭ žŒ’˜—ȱ˜—ȱ˜ž›ȱ™Š›ǰȱ‹žȱ›Š‘Ž›ȱ˜ȱ–ŽŽȱ˜ȱ˜ž›ȱ™Ž›Ȭ œ˜—Š•ȱ—ŽŽœǰȱ‘Šȱ’œȱ‘Žȱ™˜’—ȱŠȱ ‘’Œ‘ȱ ŽȱŒŠ—ȱŠě˜›ȱ ˜ž›œŽ•ŸŽœȱ‘Žȱ˜™’˜—ȱ˜ȱ‹ŽŒ˜–’—ȱȁŒ˜—œž–Ž›œȂǯ ’‘ȱ‘’œȱ’—ȱ–’—ǰȱ Žȱ—˜ ȱŠŒŽȱŠȱ ˜˜•ȱšžŽœ’˜—ȱ ‘’Œ‘ȱ’œȱŠœȱŽŠœ¢ȱ˜ȱ˜›–ž•ŠŽȱŠœȱ’ȱ’œȱ‘Šœȱ™›˜ŸŽ—ȱ ’ĜŒž•ȱ˜ȱ›Žœ˜•ŸŽǰȱŽœ™’Žȱ‘ŽȱŒ˜ž—•Žœœȱ’ŸŽ-¢ŽŠ›ȱ •Š—œǰȱœŽ’£ž›Žœȱ˜ȱ‘Žȱȁ˜––Š—’—ȱ Ž’‘œȂǰȱŠ—ȱ ’–™•Ž–Ž—Š’˜—œȱ˜ȱȁ’—žœ›’Š•ȱœ›ŠŽ¢Ȃȱ‘Žȱ˜ŸŽ›—Ȭ ’—ȱŒ•ŠœœŽœȱŠ—ȱ‘Ž’›ȱ™•Š——Ž›œȱ‘ŠŸŽȱŠĴŽ–™Žȱ˜ȱ ŒŠ››¢ȱ˜žǯ ‘Žȱ ’—-Š›–ŽȱŒ›ž¡ȱ’œȱ‘’œDZȱ‘˜ ȱ˜ȱ Žȱœ’—Š•ȱ˜ȱ ˜—Žȱ˜‘Ž›ȱ ‘Šȱ’ȱ’œȱ-ȱ˜žȱ˜ȱŠȱœŽŽ–’—ȱ’—ę—’¢ȱ˜ȱ ™˜œœ’‹•ŽȱŒ‘˜’ŒŽœȱ-ȱ‘Šȱ ŽȱŠ—ȱ˜‘Ž›œȱ˜ȱ Š—ȱ-’ǯŽǯǰȱ ‘Šȱ ŽȱŠ—ȱ‘Ž¢ȱœ‘˜ž•ȱ•’”Žȱ‹˜‘ȱ˜ȱœŽ••ȱŠ—ȱ˜ȱ ‹ž¢-ȱŠ—ȱ‘˜ ȱŠ›Žȱ ŽȱŠ••ȱ˜’—ȱ˜ȱ‹›’Žȱ‘Žȱ’—Ž•žŒȬ —ȱ–¢ȱ•ŠŽœǰȱ ˜-™Š›ȱ™˜ŒŠœǰȱ ȱ–ŠŽȱ˜˜ȱŠȱ™›˜–’œŽȱ˜ȱ’ŸŽȱŠȱŽŠ’•ŽȱŒ˜—œ’Ž›Š’˜—ȱ˜ȱ‘Žȱ’œœžŽȱ˜ȱ ‘Ž‘Ž›ȱ ‘Ž›Žȱ ŠœȱœžŒ‘ȱŠȱ‘’—ȱŠœȱŠȱȁ˜—œž–Ž›ȂǰȱŠ”Ž—ȱ’—ȱ’œ˜•Š’˜—ȱŠ—ȱ ‘Ž‘Ž›ȱŠȱ™Ž›œ˜—ȇœȱ›˜•ŽȱŠœȱ™›˜žŒŽ›ȱ Šœȱ—˜ȱ –˜›Žȱ’–™˜›Š—ȱ’—œŽŠǯȱ ȱ•˜˜”ŽȱŠȱ‘Žȱ™Š›ȱ™•Š¢Žȱ‹¢ȱ™›’ŒŽœǰȱ’—Ž›Žœȱ›ŠŽœȱŠ—ȱŒŠ™’Š•ȱŠ—ȱ‘Žȱ’—ŒŽ—’ŸŽœȱ ˜ěŽ›ŽȱŠ—ȱœ’—Š•œȱ’ŸŽ—ȱ‹¢ȱ‘Ž–ȱ˜ȱ‹˜‘ȱœŠŸŽ›œȱŠ—ȱŽ—›Ž™›Ž—Žž›œǯȱ ȱŠ›žŽȱ‘Šȱ ˜›œ‘’™ȱ˜ȱ‘ŠȱŠ•œŽȱ ˜ȱ-ȱ ‘Žȱȇ˜—œž–Ž›ȇȱ-ȱ—˜ȱ˜—•¢ȱœ•˜ œȱŽŒ˜—˜–’Œȱ™›˜›Žœœȱ’—ȱŽ—Ž›Š•ȱ˜›ȱŽ—Œ˜ž›ŠŽœȱ‘ŽŠŸ¢-‘Š—ŽȱŠ—ȱ˜Ž—ȱ‘Š›–Ȭ ž•ȱ™˜•’Œ’Žœȱ˜ȱ’—Ž›ŸŽ—’˜—ǰȱ‹žȱŠ•œ˜ȱ‘Šȱ’ȱ•ŽŠœȱ’›ŽŒ•¢ȱ˜ȱ‘Žȱ ŠœŽž•—Žœœȱ˜ȱ˜˜–ȱŠ—ȱžœǯȱ Ž›Žȱ˜••˜ œȱ Šȱ›Š—œŒ›’™ȱ˜ȱ ‘ŠȱŒŠ—ȱŠ•œ˜ȱ‹Žȱ‘ŽŠ›ȱŠœȱŠ›ȱ ȱŠ—ȱŠ›ȱ ȱŸ’ŠȱŠ—’••˜— ȱŠȱ˜ž—•˜žǰȱ˜›ȱŸ’Šȱȱ™™•Žȱ ˜ŒŠœœȱ‘Ž›ŽȱŠ—ȱ‘Ž›ŽȱŠœȱ™Š›ȱ˜ȱ‘ŽȱœŽ›’ŽœȱŽ—’•ŽǰȱȁŠ—’••˜—ȱ쎌œȂǯ
3. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 3 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch May 2019 WHAT WE OFFER:- The fruits of a lengthy exercise of full intellectual independence trading in, commenting upon, and analysing markets, all placed fully at your disposal to help enhance your investment process. Dedicated personal interaction, as well as written assessments, to enliven the debate and to mitigate risks by broadening the circle of opinion. Detailed macro/market research with the possibility of undertaking special commissions upon request. Ideas and arguments to incorporate into your existing framework of client communication or to present as the stand-alone opinion of one of your firm’s expert counsellors. Assistance with content for reporting, proposals, marketing, etc., on a contractual or a bespoke basis. Education and training. Public speaking to entertain and inform you and your in- vited guests. Please be advised that full future editions of this newsletter will only be available on a subscription basis. For details of this, as well as of the other services outlined above, please write to us at:- info[at]cantillon-consulting.ch
4. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 4 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch May 2019 Š‹•Žȱ™ŠœœŠŽȱ˜ȱ’–Žȱ ‘’•ŽȱŠ••ȱ‘’œȱ–Š”’—ǰȱ–˜Ÿ’—ǰȱ Š—ȱ–Š›”Ž’—ȱŒ˜–Žœȱ˜ȱ›ž’’˜—ǵ ‘ŽȱŠ—œ Ž›ȱ’œȱ‘Šȱ‘ŽȱꛜȱŒ˜–ŽœȱŠ‹˜žȱŠœȱŠȱž—ŒȬ ’˜—ȱ˜ȱ‘Žȱ–Š›”Žȱ™›’ŒŽœȱ˜ȱ‘’—œǯȱ‘Žȱ–ŽŒ‘Š—’œ–ȱ ‘Ž›Ž˜›Žȱ›ž—œȱ–˜œȱœ–˜˜‘•¢ȱ ‘Ž—ȱ‘ŽœŽȱ™›’ŒŽœȱŠ›Žȱ •ŽŠœȱ’œ˜›Žȱ‹¢ȱ‘ŽȱŠ™™Š›Šžœȱ˜ȱ‘ŽȱœŠŽȱ-ȱ ‘Ž‘Ȭ Ž›ȱ‘›˜ž‘ȱ‘Žȱ’–™˜œ’’˜—ȱ˜ȱŠ¡ŽœȱŠ—ȱŠ›’ěœǰȱ™Ž›Ȭ –’œȱŠ—ȱ™›˜‘’‹’’˜—œǰȱ˜›ȱ‘›˜ž‘ȱ˜˜ǰȱ˜•- Šœ‘’˜—Žȱ–˜—ŽŠ›¢ȱ–Š—’™ž•Š’˜—ǯ ‘ŽȱœŽŒ˜—ȱ›Žšž’›Ž–Ž—ȱ’œȱ–Žȱ ‘Ž—ȱ Žȱ’—›˜žŒŽȱ ‘ŽȱŒ˜—ŒŽ™ȱ˜ȱŒŠ™’Š•ǰȱ‹˜‘ȱ˜ȱ ‘Šȱ’œȱžœžŠ••¢ȱ›ŽȬ Ž››Žȱ˜ȱŠœȱ‘Žȱȁę¡ŽȂȱ”’—ȱ-ȱ‘Žȱœ˜›ȱ ’••ȱ‹Žȱ˜ȱ›ŽȬ ™ŽŠŽȱžœŽȱž›’—ȱŠȱ˜˜ȱ—ž–‹Ž›ȱ˜ȱŒ˜—œŽŒž’ŸŽȱ ŠŒœȱ˜ȱ™›˜žŒ’˜—ȱ-ȱ˜›ȱ‘ŽȱȁŒ’›Œž•Š’—Ȃȱ”’—ȱ-ȱ‘Žȱ ˜—Ž-˜ěȱŒ˜–™˜—Ž—ȱ˜ȱŠȱœ’—•Žȱ™›˜žŒ’ŸŽȱ›˜ž—ȱ ‘’Œ‘ȱ–Š¢ȱ—ŽŽȱ˜ȱ™Šœœȱ‘›˜ž‘ȱ–Š—¢ȱ‘Š—œȱŠ—ȱ ›ŠŸŽ•ȱ–Š—¢ȱ‘ž—›Žœȱ˜ȱ–’•Žœǰȱž—Ž›˜’—ȱ–žŒ‘ȱ –˜’ęŒŠ’˜—ȱŠ—ȱ›ŽŒ˜–‹’—Š’˜—ȱ‹Ž˜›Žȱ’ȱž•ę•œȱ’œȱ ’—Ž—Žȱ›˜•Žǯ œȱŠȱ‹›’Žǰȱ‹žȱ—ŽŒŽœœŠ›¢ȱŠœ’Žǰȱ Žȱ–žœȱ‘Ž›ŽȱŽ–Ȭ ™‘Šœ’£Žȱ‘Šȱ’ȱ’œȱ‘Žȱ›˜•Žȱ™•Š¢Žȱ‹¢ȱœžŒ‘ȱ’Ž–œȱǻ‹¢ȱ œžŒ‘ȱȁŠŒ˜›œȂȱ’—ȱŒ˜™ŽŠ”Ǽȱ ‘’Œ‘ȱ’œȱ‘ŽȱŽŒ’œ’ŸŽȱŽŠȬ ž›Žȱ ‘’Œ‘ȱšžŠ•’ęŽœȱ‘Ž–ȱŠœȱŒ˜—œ’ž’—ȱȁŒŠ™’Š•Ȃǰȱ —˜ȱ‘Ž’›ȱ™‘¢œ’ŒŠ•ȱ˜›–ǯȱŽŸŽ›ȱ˜›Žȱ‘ŠȱŠȱ’ŸŽ—ȱ ‹Š››Ž•ȱ˜ȱ˜’•ȱŒŠ—ȱ‹Žȱ‹ž›—ȱ’—ȱŠ”’—ȱžœȱ˜ȱ‘Žȱ‹ŽŠŒ‘ȱ ˜›ȱŠȱ‘˜•’Š¢ȱ ŽŽ”Ž—ȱ˜›ȱŒ‘Ž–’ŒŠ••¢ȱ–˜’ꮍȱŠœȱ ™Š›ȱ˜ȱ‘ŽȱŽŒ‘—’ŒŠ••¢-’—Ÿ˜•ŸŽȱ™›˜ŒŽœœȱ˜ȱ–Š”’—ȱŠȱ ŒŠ›‹˜—-Œ˜–™˜œ’ŽȱŒ˜–™˜—Ž—ȱ˜ȱŠ—ȱŠ’›Œ›Šȱ ’—ǯȱ ȱ ’œȱ‘Ž›Ž˜›Žȱ‘Žȱ’—Ž—Žȱ™ž›™˜œŽǰȱ—˜ȱ‘Žȱ‘’—ȱ’Ȭ œŽ•ȱ ‘’Œ‘ȱ–ŠĴŽ›œǯ ˜—Žȱ꜑’—Ȃ ‘ŠŽŸŽ›ȱ‘Ž’›ȱŒ˜–™˜œ’’˜—ǰȱ‘ŽȱŒ›ŽŠ’˜—ȱǻŠœȱ Ž••ȱŠœȱ ‘Žȱ•ŠŽ›ȱ–Š’—Ž—Š—ŒŽǼȱ˜ȱ‹˜‘ȱ‘ŽœŽȱ”’—œȱ˜ȱŒŠ™’Š•ȱ Œ•ŽŠ›•¢ȱ›Žšž’›Žœȱ‘Šȱ Žȱ˜›Ž˜ȱœ˜–Žȱ™˜›’˜—ȱ˜ȱ ‘Šȱ Žȱ–’‘ȱŒŠ••ȱȁ‘Ž˜—’ŒȂǰȱ™•ŽŠœž›Š‹•Žȱ-ȱ˜›ȱ™Ž›Ȭ ‘Š™œǰȱ˜ȱŽȱŸŽ›¢ȱ›’œ˜Ž•’Š—ǰȱȁŽžŠ’–˜—’ŒȂǰȱœŠ’œ¢Ȭ ’—ȱ-ȱŽ—-žœŽȱŒ˜—œž–™’˜—ȱŠ—ȱ’—œŽŠȱ ˜›”ȱǻ˜›ȱ ™Š¢ȱ˜‘Ž›œȱ˜ȱ ˜›”ȱ˜—ȱ˜ž›ȱ‹Ž‘Š•Ǽȱ˜ȱ’ŸŽȱ˜›–ȱ˜ȱ ‘Ž–ǯ Ž›ȱŠ••ǰȱŽŸŽ—ȱ˜ž›ȱ•˜ •¢ȱ‘ž—Ž›-Š‘Ž›Ž›ȱŒŠ——˜ȱ‹Žȱ ›˜Šœ’—ȱŠȱ›Š‹‹’ȱ˜ŸŽ›ȱ‘ŽȱŒŠ–™ȱꛎȱŠȱ‘ŽȱœŠ–Žȱ’–Žȱ Šœȱ‘Žȱ’œȱ”—Š™™’—ȱ‘Žȱ̒—ȱ—ŽŽŽȱ˜›ȱ‘Žȱ‘ŽŠœȱ˜ȱ ‘ŽȱŠ››˜ œȱ ’‘ȱ ‘’Œ‘ȱ‘Žȱ ’••ȱ‹Šȱ‘Žȱ™˜˜›ȱ‹ŽŠœȂœȱ œžŒŒŽœœ˜›ȱŠœȱœž™™Ž›ȱǻ—˜›ǰȱ’—Œ’Ž—Š••¢ȱ ‘’•Žȱ‘Žȱ’œȱ ŠŒšž’›’—ȱ‘ŽȱŽ¡Ž›’¢ȱ ’‘ȱ˜ȱŒ‘’™ȱ‘Žȱœ˜—Žȱ˜›ȱ ŽŸŽ—ȱ ‘’•Žȱ‘Žȱ’œȱ™›ŠŒ’œ’—ȱ‘’œȱŠ’–ȱ ’‘ȱ‘’œȱ‹˜ ǰȱ ’ǯŽǯǰȱ ‘’•Žȱ‘Žȱ’œȱŠ’—ȱ˜ȱ ‘Šȱ Žȱ—˜ ȱŒŠ••ȱ‘’œȱ ȁ‘ž–Š—ȱŒŠ™’Š•ȂǼǯ ›˜žŒ’˜—ȱ‘Ž›Ž˜›Žȱ—ŽŒŽœœŠ›’•¢ȱ’—Ÿ˜•ŸŽœȱ’–ŽȱŠ—ȱ œ’—ŒŽȱ‘Žȱ™›’ŒŽȱ˜ȱ’–Žȱ-ȱ˜›ǰȱ™Ž›‘Š™œǰȱ‹ŽĴŽ›ȱ¢Žǰȱ‘Žȱ ™›’ŒŽȱ˜ȱ’–Ž•’—Žœœȱ-ȱ’œȱ—˜—Žȱ˜‘Ž›ȱ‘Š—ȱ‘Žȱ›ŠŽȱ˜ȱ ’—Ž›Žœǰȱ’ȱ’œȱŠ•œ˜ȱŸ’Š••¢ȱ’–™˜›Š—ȱ‘Šȱ‘’œǰȱ˜˜ǰȱ’œȱ ˜›–Žȱ—Šž›Š••¢ȱ‹¢ȱŠȱꗎ-›Š’—ŽǰȱŽ–Ž›Ž—ǰȱ˜›Ȭ Š—’Œȱ™›˜ŒŽœœȱ›˜–ȱ‘ŽȱŠŒ’˜—œȱ˜ȱŠȱ–ž•’žŽȱ˜ȱ ‹ž¢Ž›œȱŠ—ȱœŽ••Ž›œȱ˜ȱžž›ŽǰȱŠœȱ Ž••ȱŠœȱ˜ȱ™›ŽœŽ—ǰȱ ˜˜œǯ ‘˜œŽȱ‹ž¢Ž›œȱ˜ȱžž›Žȱ˜˜œȱ ŽȱŒŠ••ȱȁ’—ŸŽœ˜›œȂȱ˜›ȱ ȁœŠŸŽ›œȂȱŠ—ȱ‘Žȱ™›’ŒŽȱ‘Ž¢ȱ™Š¢ȱ˜ȱŠŒšž’›Žȱ‘Ž–ȱ’œǰȱŠȱ ›˜˜ǰȱ‘Žȱœž››Ž—Ž›ȱ˜ȱ‘Žȱ™›ŽœŽ—ȱ˜˜œȱ ‘˜œŽȱŽ—Ȭ “˜¢–Ž—ȱ‘Ž¢ȱŸ˜•ž—Š›’•¢ȱŠ›ŽŽȱ˜ȱ˜›Ž˜ȱ˜›ȱ‘Žȱ Œ˜—›ŠŒžŠ•ȱŽ›–ȱ˜ȱ‘Ž’›ȱ•˜Š—ǯȱ‘Žȱ–˜œȱŒ›ŽŠ’ŸŽȱ Š—ȱžœŽž•ȱœŽ••Ž›œȱ˜ȱžž›Žȱ˜˜œȱŠ›Žȱ‘ŽȱŽ—›Ž™›ŽȬ —Žž›œȱ ‘˜ȱŠ”Žȱ‘Žȱ˜‘Ž›ȱœ’Žȱ˜ȱ‘’œȱŽ¡Œ‘Š—Žǯ ‘ŽȱŠ’–ȱ˜ȱœžŒ‘ȱŽ—›Ž™›Ž—Žž›œȱ’œȱ˜ȱ™Š›•Š¢ȱŠȱ‹’—’—ȱ ™›˜–’œŽȱ˜ȱŠȱŽŽ››ŽȱœŠ•Žȱ’—˜ȱ‘Žȱ–ŽŠ—œȱ˜ȱŠŒšž’›Ȭ ’—ȱ‘ŽȱŽ¡Š—ȱ›Žœ˜ž›ŒŽœȱ˜ŸŽ›ȱ ‘’Œ‘ȱ‘ŽȱŒž››Ž—ǰȱ ™Š›•¢ȱžž›Ž-˜›’Ž—Žȱ˜ —Ž›œȱŠ›Žȱ ’••’—ȱ˜ȱŒŽŽȱ ‘Ž’›ȱŒ˜––Š—ǯ ‘Ž¢ȱ˜ȱ‘’œǰȱ˜ȱŒ˜ž›œŽǰȱœ˜ȱ‘Ž¢ȱŒŠ—ȱ‹ž’•ȱ‘Ž’›ȱ ™•Š—ǰȱ’—œŠ••ȱ‘Ž’›ȱ–ŠŒ‘’—Ž›¢ǰȱ‘’›ŽȱŠ—ȱ™Š¢ȱ‘Ž’›ȱ ˜›”Ž›œȂȱž™”ŽŽ™DzȱŠŒšž’›Žȱ›Š ȱ–ŠŽ›’Š•œȱŠ—ȱŒ˜–™˜Ȭ —Ž—œȱ’—ȱ˜›Ž›ȱ˜ȱ›Š—œ™˜œŽǰȱ›Š—œ˜›–ǰȱŠ—ȱ ›Š—œ™˜›ȱ‘Ž–ȱ-ȱŠ—ȱŠ••ȱ‘’œȱ ’‘˜žȱ‘ŠŸ’—ȱ˜ȱŠŒŒžȬ –ž•ŠŽȱ‘Žȱ›Žšž’›Žȱ›ŽœŽ›ŸŽœȱ’—ȱ’œ˜•Š’˜—Dzȱ ’‘˜žȱ ‹Ž’—ȱ•’–’Žȱ‹¢ȱ‘Ž’›ȱ˜ —ȱ•’–’ŽȱŒŠ™ŠŒ’¢ȱ˜ȱŠ›Ȭ —Ž›ȱŠȱœžĜŒ’Ž—•¢ȱ•Š›ŽǰȱŽ–™•˜¢Š‹•Žȱœž›™•žœǯȱ —ȱŠȱ ›ŽŠœ˜—Š‹•¢ȱŽœŒ›’™’ŸŽȱ™‘›ŠœŽȱ ‘’Œ‘ȱ‘ŠœȱœŠ•¢ȱœ’—ŒŽȱ Š••Ž—ȱ’—˜ȱ’œžœŽǰȱ–Š—¢ȱŽŒ˜—˜–’œœȱžœŽȱ˜ȱ›ŽŽ›ȱ˜ȱ ‘’œȱŠœȱ‘Žȱȁ ŠŽȂȱ˜›ȱȁœž‹œ’œŽ—ŒŽȂȱž—DZȱ‘Šȱ’œǰȱ‘Žȱ Š›œŽ—Š•ȱ—ŽŽŽȱ˜ȱ’Žȱ‘Ž–ȱ˜ŸŽ›ȱ›˜–ȱꛜȱŽŽ’—ȱ ‘Žȱꛜȱ’—™žœȱ’—˜ȱ‘ŽȱŠœœŽ–‹•¢ȱ•’—Žȱž—’•ȱ‘Žȱ›Š’Ȭ ¢’—ȱ›’—ȱ˜ȱ‘ŽȱŒŠœ‘ȱ›Ž’œŽ›ȱœ˜ž—œȱŠȱ‘ŽȱŽ—ǯ ˜ȱ‘˜œŽȱŽ—‘žœŽȱ‹¢ȱ‘ŽȱŒž››Ž—ȱŸ˜žŽȱ˜›ȱ ȁŒ›˜ ž—’—Ȃȱ-ȱ‘Šȱ™˜˜•’—ȱ˜ȱŸ˜•ž—Š›¢ȱœŠŸ’—œȱ ‘’Œ‘ȱŠ’–œȱ˜ȱ‘Ž•™ȱœ˜–Žȱ™›˜–’œ’—ȱ—Ž ȱ‹žœ’—Žœœȱ Žȱž—Ž› Š¢ȱ-ȱ Žȱ ˜ž•ȱ™˜’—ȱ˜žȱ‘Šȱ ‘Šȱ Žȱ ‘ŠŸŽȱ“žœȱŽœŒ›’‹Žȱœ‘˜ œȱ‘ŠȱŠ••ȱ‘Šȱ’œȱ—Ž ȱŠ‹˜žȱ ‘’œȱ™›ŠŒ’ŒŽȱŠ›ŽȱŠȱŽ ȱŽŒ‘—’ŒŠ•ȱŠ—ȱ•ŽŠ•ȱŽŠ’•œǰȱ ‹žȱ‘Šȱ‘ŽȱŒ˜—ŒŽ™ȱ’œȱŠœȱ˜•ȱŠœȱŒ˜––Ž›ŒŽȱ’œŽ•ǯ Žȱ–’‘ȱŠ•œ˜ȱ—˜Žȱ‘Šȱœ’—ŒŽȱœŠŸŽ›œȱ’ŸŽȱž™ȱ˜Š¢Ȃœȱ
5. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 5 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch May 2019 žœŽȱ˜ȱ‘Ž’›ȱ™›˜™Ž›¢ȱ’—ȱ‘Žȱ‘˜™Žȱ˜ȱ›ŽŒŽ’Ÿ’—ȱŠȱ›’Œ‘Ȭ Ž›ǰȱ›Ž™•ŠŒŽ–Ž—ȱ‹Šœ”Žȱœ˜–Žȱ’–Žȱ‘Ž—ŒŽȱǻŠ—ȱŽ—Ȭ ‘Š—ŒŽ–Ž—ȱ˜ȱŸŠ•žŽȱ ‘’Œ‘ȱ’ȱ’œȱ‘ŽȱŽ—›Ž™›Ž—Žž›œȂȱ Š’–ȱ˜ȱ›ŽŠ•’œŽǼǰȱ ‘Šȱ‘’œȱ›ŠŽȱ’—Ÿ˜•ŸŽœȱ’œȱ‘ŽȱŽ¡Ȭ Œ‘Š—Žȱ˜ȱ™›ŽœŽ—ȱ˜›ȱžž›Žȱ˜˜œǯȱ‘žœǰȱ‘Šȱ™Š›ȱ ˜ȱ‘Žȱ›Š’˜ȱ‹Ž ŽŽ—ȱ‘Žȱ™›’ŒŽœȱ˜ȱ‘Žȱ ˜ȱ ‘’Œ‘ȱ Œ˜–™Ž—œŠŽœȱ‘ŽȱœŠŸŽ›ȱ˜›ȱ‘Žȱ™ŠœœŠŽȱ˜ȱ’–ŽȱǻŠœȱ ˜™™˜œŽȱ˜ȱ‘Šȱ ‘’Œ‘ȱ˜ěœŽœȱ‘ŽȱŸŠ›’˜žœȱŠ—Œ’••Š›¢ȱ ›’œ”œȱ’—ȱ ‘’Œ‘ȱ‘Žȱ’œȱ’—Ÿ˜•ŸŽǼȱ’œȱ•˜’ŒŠ••¢ȱŽšž’ŸŠ•Ž—ȱ ˜ȱ-ȱŠ—ȱ‘Ž—ŒŽȱ—Šž›Š••¢ȱŽŽ›–’—Žœȱ-ȱ‘Žȱž—Ž›•¢’—ȱ ’—Ž›Žœȱ›ŠŽȱŠ™™•’ŒŠ‹•Žȱ˜ȱ‘Žȱ›Š—œŠŒ’˜—ǰȱ ‘Šȱ Žȱ ŽŠ›•¢ȱŽę—ŽȱŠœȱ‘Žȱ™›’ŒŽȱ˜ȱ’–Ž•’—Žœœǯ ȂŸŽȱ‹ŽŽ—ȱŠȱ’•ȱ˜ŸŽ› •˜—œ’ŽȱœžŒ‘ȱŽ—Ž›™›’œ’—ȱ¢™Žœȱ ‘˜ȱŠ›Žȱ‹˜››˜ Ȭ ’—ȱ˜—•¢ȱ˜ȱŽ—Š‹•Žȱ‘ŽȱŒ›ŽŠ’˜—ȱŠ—ȱŽ•’ŸŽ›¢ȱ˜ȱ ‘Šȱ ‘Ž¢ȱ‘˜™Žȱ ’••ȱ‹Žȱ–˜›Žȱ‘’‘•¢ȱŸŠ•žŽȱ˜˜œȱŠ—ȱ œŽ›Ÿ’ŒŽœǰȱ’—ȱ™›ŠŒ’ŒŽȱ‘Ž›Žȱ ’••ȱ˜ȱŒ˜ž›œŽȱ‹ŽȱŠȱŸŽ›¢ȱ ’쎛Ž—ȱœ™ŽŒ’Žœȱ˜ȱŽ‹˜›ȱ˜›ȱ˜‹•’˜›ȱ ‘˜œŽȱ ȁ‘Ž˜—’ŒȂȱ—ŽŽȱ˜Š¢ȱœž›™ŠœœŽœȱ ‘Šȱ‘Žȱ›ž’œȱ˜ȱ ‘Ž’›ȱ˜ —ȱ™›’˜›ȱ™›˜žŒ’ŸŽȱŒ˜—›’‹ž’˜—ȱ ’••ȱŠ••˜ ȱ ‘Ž–ȱŒ˜—Ž–™˜›Š—Ž˜žœ•¢ȱ˜ȱ™Š¢ȱ˜›ǯ ȱ’œȱ‘ŽœŽȱŠ—ȱ˜—•¢ȱœžŒ‘ȱŠœȱ‘ŽœŽȱ ‘˜ȱŒŠ—ȱ‹Žȱ‘Ž›ŽȬ ˜›ŽȱœŠ’ȱ˜ȱ‹Žȱȁ‹›’—’—ȱŒ˜—œž–™’˜—ȱ˜› Š›Ȃȱ œ’—ŒŽȱ‘Ž¢ȱ–žœȱ›ŽŒ”˜—ȱ ’‘ȱ‹Ž’—ȱŠ‹•Žȱ˜ȱ˜ȱ•Žœœȱ˜ȱ ’ȱ ‘Ž—ȱ‘Ž’›ȱ•˜Š—ȱꗊ••¢ȱŒ˜–ŽœȱžŽȱ˜›ȱ›Ž™Š¢–Ž—ǯȱ žȱŽŸŽ—ȱ‘Ž›Žȱ’ȱ’œȱ”Ž¢ȱ—˜ȱ˜ȱ˜›Žȱ‘Šǰȱ˜—ȱ‘Žȱ˜‘Ȭ Ž›ȱœ’Žȱ˜ȱ‘’œȱœŠ–Žȱ‹Š›Š’—ǰȱ‘Ž’›ȱŒ›Ž’˜›œȂȱŽ•Š¢Žȱ ›ŽŒ˜–™Ž—œŽȱ–ŽŠ—œȱ‘Šǰȱ’—ȱ‘Žȱ›˜ž—ǰȱ‘ŽœŽȱ•ŠĴŽ›ȱ ’••ȱŽ—“˜¢ȱŠ—ȱŽšžŠ•-Š—-˜™™˜œ’Žȱ’—Œ›ŽŠœŽȱ’—ȱ‘Ž’›ȱ œ™Ž—’—ȱ™˜ Ž›ǰȱŒ˜–Žȱ‘ŽȱŠ¢ȱ˜ȱ›ŽŒ”˜—’—ǯ Ž‹ȱ™Š¢–Ž—œǰȱ‘Ž—ǰȱ ‘Ž‘Ž›ȱ‘˜œŽȱŒ˜—œ’ž’—ȱ ‘Žȱ›Žž›—ȱ˜ȱ™›’—Œ’™Š•ȱ˜›ȱ’—Ž›ŽœǰȱŠ›Žȱ—˜ȱ-ȱŽœ™’Žȱ ‘Šȱœ˜ȱ–žŒ‘ȱ›’ŽȱŒ˜––Ž—Š›¢ȱŠ‹˜žȱ‘Ž’›ȱ ˜›”Ȭ ’—œȱœŽŽ–œȱ˜ȱ’–™•¢ȱ-ȱ‘Ž›Ž˜›ŽȱŠȱ›Š’—ȱ˜—ȱ‘Žȱœ¢œȬ Ž–ȱŠœȱŠȱ ‘˜•Žǰȱ‹žȱ›Š‘Ž›ȱŠȱ›Š—œŽ›ȱ–ŽŒ‘Š—’œ–ǯȱ —Ȭ Ž›Žœȱ’œȱ—˜ȱ•ŽœœȱŠȱŒ‘Š›Žȱ˜›ȱœŽ›Ÿ’ŒŽœȱ›Ž—Ž›Žȱ–ȱ˜ž›ȱ ŠŒšž’œ’’˜—ȱ˜ȱȁ’–Ž•’—ŽœœȂȱ-ȱ‘Š—ȱ’œȱŠȱŠ¡’ȱŠ›Žȱ˜›ȱŠȱ •Š ¢Ž›ȂœȱŽŽǰȱŠœȱž— Ž•Œ˜–ŽȱŠœȱŽ’‘Ž›ȱ˜ȱ‘ŽœŽȱ–Š¢ȱ Š•œ˜ȱ‹Žȱ˜ȱ–ŽŽȱ ‘Ž—ȱŽ–Š—Žȱ˜ȱžœǯ —ȱž›—ǰȱ‘’œȱ–ŽŠ—œȱ‘ŠǰȱŠȱ‘ŽȱŠ›ŽŠŽȱ•ŽŸŽ•ȱ ‘Ž›Žȱ‘Ž¢ȱŠ›ŽȱžœžŠ••¢ȱŽ¡™›ŽœœŽǰȱ–Š—¢ȱ˜ȱ‘Žȱ ˜›Ȭ ›’ŽœȱŠ‹˜žȱ‘Žȱ–Š—’žŽȱ˜ȱ ‘Šȱ Žȱ–’‘ȱŒŠŽ˜Ȭ ›’£ŽȱŠœȱ™›˜žŒ’ŸŽ•¢ȱȁ‹Š››Ž—ȂȱŽ‹œȱŠ›Žȱ–’œ™•ŠŒŽȱ Š—ȱ‘ŠȱŠ—¢ȱ–Š•’—ȱ’—ĚžŽ—ŒŽȱ‹Ž’—ȱŽ¡Ž›Žȱ‹¢ȱ ‘Ž–ȱ–žœȱŒ˜–ŽȱŠ‹˜žȱ’—ȱ–˜›Žȱœž‹•ŽǰȱœŽŒ˜—Š›¢ǰȱ Š—ȱ•Š›Ž•¢ȱŒ˜–™˜œ’’˜—Š•ȱ Š¢œǯȱ‘ŽȱŽŸ’•ǰȱŠœȱŽŸŽ›ǰȱ ’œȱ’—ȱ‘ŽȱŽŠ’•œǰȱ—˜ȱ‘ŽȱŽŠȱ Ž’‘ȱ˜ȱŠŠȱ‹ž—Ȭ •Žȱ’—’œŒ›’–’—ŠŽ•¢ȱ˜Ž‘Ž›ȱ’—ȱ–˜œȱ–ŠŒ›˜ŽŒ˜Ȭ —˜–’ŒȱŠ‹ŽŒŽŠ›’Šǯ Š—¢ȱŠȱ’–ŽȱŠ—ȱȱž™˜—ȱ‘Žȱ’Š•˜ • Š¢œȱ‹ŽŠ›ȱ’—ȱ–’—ȱ‘Šǰȱ‘Šȱ‘’œȱŒ˜—›ŠŒȱ‹ŽŽ—ȱ –˜›ŽȱŒ˜—ŸŽ—’˜—Š••¢ȱ›Š —ȱž™ǰȱ ‘Ž—ȱ‘’œȱŠ›˜œ’Žœȱ ˜ž—Ž›Žǰȱ—˜—’˜ȂœȱŽ–™˜›Š›¢ȱ‘Š›œ‘’™ȱ ˜ž•ȱ ˜—•¢ȱ‘ŠŸŽȱ‹ŽŽ—ȱ‘¢•˜Œ”Ȃœȱ–˜–Ž—Š›¢ȱŽ—›’Œ‘–Ž—ǯȱ ‘˜ž‘ȱ™Ž›‘Š™œȱ‘Žȱ˜›–Ž›ȂœȱŠ’•˜›ȱ ˜ž•ȱ‘ŠŸŽȱ ‹ŽŽ—ȱœž‹“ŽŒȱ˜ȱŠȱŒŽ›Š’—ȱ’œŠ™™˜’—–Ž—ȱ ‘Ž—ȱ‘Žȱ —Ž œȱ˜ȱ‘Žȱœ‘’™ ›ŽŒ”ȱ‹›˜”Žǰȱ‘Žȱ•ŠĴŽ›Ȃœȱ ’—Ž-œŽ••Ž›ȱ ˜ž•ȱ‘ŠŸŽȱ‹ŽŽ—ȱ›ž‹‹’—ȱ‘’œȱ‘Š—œȱ’—ȱ•ŽŽǯȱ—ȱ–ȱ ‘˜ȱ”—˜ œȱ–ȱ‘Žȱ•žŒ”¢ȱŸ’——Ž›ȱ–’‘ȱŽŸŽ—ȱ‘ŠŸŽȱ ›ŽŠŽȱ‘’–œŽ•ȱ˜ȱŠȱ—Ž ȱ˜ž‹•Žȱ’—ȱ˜ž›ȱ˜˜ȱŽ›Ȭ Œ‘Š—ȂœȱœŽŠǰȱœ˜ȱ”ŽŽ™’—ȱ‘ŽȱŒ˜žž›’Ž›ȱœŠ’œęŽǰȱŠȬ Ž›ȱŠ••ǯ ˜›Ž˜ŸŽ›ǰȱŠœœž–’—ȱ‘’œȱž—›ž’ž•ȱ”’—ȱ˜ȱŒ˜—Ȭ œž–™’˜—ȱ Ž›Žȱ˜—•¢ȱ˜ȱŒ˜—œ’žŽȱŠȱ–˜Žœȱ›ŠŒ’˜—ȱ ˜ȱ˜Š•ȱ‹˜››˜ ’—ǰȱ’ȱ–Š¢ȱ‹Žȱ‘Šȱ‘˜œŽȱ›ǯȱ’ŒŠ Ȭ ‹Ž›œȱ’—ž•’—ȱ’—ȱ’ȱ ’••ȱ‹ŽŒ˜–Žȱœ˜ȱ–žŒ‘ȱ–ŠŽ›’Š••¢ȱ ‹ŽĴŽ›ȱ˜ěȱ˜ŸŽ›ȱ‘Žȱž›Š’˜—ȱ˜ȱ‘Ž’›ȱ•˜Š—ȱǻŠœȱŠ—ȱŠȬ –’ĴŽ•¢ȱ˜›ž—ŠŽȱ‹¢-™›˜žŒȱ˜ȱ‘ŽȱŒ˜–‹’—Žȱ Žě˜›œȱ˜ȱ‹˜‘ȱ‘Ž’›ȱ–˜›Žȱ‘›’¢ȱŠ—ȱ‘Ž’›ȱ–˜›ŽȱŽ—Ȭ Ž›™›’œ’—ȱ™ŽŽ›œǼȱ‘Šȱ‘Ž¢ȱ ’••ȱ—˜ȱ–žŒ‘ȱ—˜’ŒŽȱ‘Žȱ ™˜Ž—’Š•ȱœ‘˜›Š••ȱ ‘Ž—ȱŠȱ•Šœȱ’ȱŠ›’œŽœǯ ˜–Ž’–ŽœǰȱŠŽ›ȱŠ••ǰȱ‘’—œȱȱ“žœȱȁž›—ȱž™ȂǷ ˜ ŽŸŽ›ȱ-ȱŠ—ȱ‘Ž›Žȱ’œȱ‘Žȱ”Ž¢ȱ™˜’—ȱ ‘’Œ‘ȱŽ•žŽœȱ ‘Žȱ–Š’—œ›ŽŠ–ȱ-ȱ’ȱ‘’œȱ•ŠĴŽ›ȱ¢™Žȱ˜ȱ‹˜››˜ Ž›ȱ Œ˜–Žœȱ˜ȱ˜–’—ŠŽȱ‘Žȱ–Š›”Žǰȱ’ȱ’—ŽŸ’Š‹•¢ȱ–ŽŠ—œȱ ‘Ž›Žȱ ’••ȱ•ŽœœȱœŠŸ’—ȱ‹Ž’—ȱž—Ž›Š”Ž—ȱ’—ȱ™›˜™˜›Ȭ ’˜—ŠŽȱ-ȱŠ—ȱ™˜œœ’‹•¢ȱ’—ȱŠ‹œ˜•žŽȱ-ȱŽ›–œǯȱ —ȱŠ—ȱž—Ȭ ‘’—Ž›Žȱ–Š›”Žȱ˜›ȱ’–Ž•’—Žœœǰȱ‘’œȱœ‘’ȱ’—ȱœž™™•¢ȱ ŸŽ›œžœȱŽ–Š—ȱ ˜ž•ȱ’—ŽŸ’Š‹•¢ȱŒŠžœŽȱ’—Ž›Žœȱ ›ŠŽœȱ˜ȱ›’œŽȱ˜ȱ‘Žȱ™˜’—ȱ‘Šȱ˜—•¢ȱ‘ŽȱŽ—›Ž™›Ž—Žž›œȱ ‘˜ȱ Ž›Žȱ‘Žȱ–˜œȱŒ˜—ꍮ—ȱ‘Šȱ‘Ž’›ȱŽě˜›œȱŒ˜ž•ȱ Šȱ‘Žȱ›ŽŠŽœȱ’—Œ›Ž–Ž—ȱ˜ȱŸŠ•žŽȱŒ˜ž•ȱ“žœ’¢ȱ œ’••ȱ‹’’—ȱ˜›ȱŠȱœ‘Š›Žȱ˜ȱ ‘ŠŽŸŽ›ȱ’–’—’œ‘Žȱ ™˜˜•ȱ˜ȱž—œȱ Ž›Žȱ‘Ž›Ž˜›Žȱ•Žȱ˜ŸŽ›ȱ˜›ȱ‘Ž’›ȱžœŽǯ žȱŠ—˜‘Ž›ȱ Š¢ǰȱ˜—•¢ȱ‘˜œŽȱ™›˜“ŽŒœȱŽŽ–ŽȱŠ‹•Žȱ˜ȱ œž›–˜ž—ȱ‘Žȱ‘’‘Žœȱȁ‘ž›•Žȱ›ŠŽœȂȱ ˜ž•ȱ‹Žȱ’—’’Ȭ ŠŽǯȱœȱŠȱ›Žœž•ǰȱ‘ŽȱŠĴŽ–™ȱ˜ȱ™›˜Ÿ’Žȱ›ŽŠŽ›ȱ šžŠ—’’Žœȱ˜ȱžž›Žȱ˜˜œȱ ˜ž•ȱ‹Žȱ—Šž›Š••¢ȱ›ŽžȬ •ŠŽȱ‹¢ȱ‘Žȱ›ŽŠŽ›ȱ‘Ž˜—’Œȱž›Žȱ˜ȱŒ˜—œž–Žȱ–˜›Žȱ
6. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 6 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch May 2019 ™›ŽœŽ—ȱ˜—Žœȱ-ȱŠȱœŠŽȱ Žǰȱ’—ȱ‘Žȱ“Š›˜—ǰȱŒŠ••ȱȁ‘ŠŸ’—ȱ Šȱ‘’‘Ž›ȱ’–Žȱ™›ŽŽ›Ž—ŒŽȂǯ ‘žœǰȱ‘Žȱ‹˜Ž¢–Š—ȱ˜ȱŠȱœ˜Œ’Ž¢ȂœȱŽ‹-Ž—Š‹•ŽǰȱŽ¡Ȭ ‘Šžœ’ŸŽȱœ™Ž—’—ȱ‹Ž’—ȱŠȱ‹•’‘ȱ ‘’Œ‘ȱ ’••ȱ’—ŽŸ’ŠȬ ‹•¢ȱŒ˜—Ž–—ȱ’ȱ˜ȱŸŠœȱ˜ŸŽ›-ŒŠ™ŠŒ’¢ȱ ˜ž•ȱ‹ŽȱœŽŽ—ȱ ˜ȱ‹ŽȱŠȱ™‘Š—˜–ȱœ’—ŒŽȱ‘Žȱ’—Ž›Žœȱ›ŠŽǰȱ‹¢ȱŒ˜››ŽŒ•¢ȱ œ’—Š••’—ȱŠȱ‘Ž’‘Ž—ŽȱœŒŠ›Œ’¢ȱ˜ȱŒŠ™’Š•ȱǻŠ—ǰȱ’œȱ ŒŠžœŠ’ŸŽȱ̒™-œ’ŽǰȱŠȱ’–’—’œ‘Žȱ™›Ž’œ™˜œ’’˜—ȱ˜ȱ œŠŸŽǼȱ ˜ž•ȱ—˜ȱŽŸŽ›ȱŠ••˜ ȱœžŒ‘ȱŠȱ‹˜¢ȱ˜ȱ’—‘Ž›Ž—Ȭ •¢ȱ˜›Ž˜˜–ŽȱŒŠ™ŠŒ’¢ȱ˜ȱ‹Žȱ•Š’ȱ˜ —ȱ’—ȱŠ—’Œ’™ŠȬ ’˜—ȱ˜ȱŠȱ–Š›”Žȱ ‘’Œ‘ȱŒ˜ž•ȱ—˜ȱ™˜œœ’‹•¢ȱ‘Ž—ȱ–ŠȬ Ž›’Š•’œŽǯ Žœǰȱ‘’œȱ’œȱŠȱ ˜›•ȱŽœ’—Žȱ˜ȱ‹ŽȱŠȱ™˜˜›Ž›ȱ™•ŠŒŽȱ ‘Š—ȱ’ȱ–’‘ȱ‘ŠŸŽȱ‹ŽŽ—ȱœ’—ŒŽȱ‘Ž›Žȱ ’••ȱ‘ŠŸŽȱ‹ŽŽ—ȱ •ŽœœȱŒŠ™’Š•ȱ˜›–Š’˜—ȱŠ—ǰȱ¢ŽœȱŠŠ’—ǰȱ‘Žȱ–˜–Ž—ȱ˜ȱ žž›ŽȱœŽĴ•Ž–Ž—ȱ ’••ȱ‹Žȱ›ŽŸŽŠ•ŽȱŠœȱ‘ŽȱŒž•–’—ŠȬ ’˜—ȱ˜ȱ ‘Šȱ‘Šœȱ‹ŽŽ—ȱ•’Ĵ•Žȱ–˜›Žȱ‘Š—ȱŠȱ£Ž›˜-œž–ȱ Š–Žȱ‹Ž ŽŽ—ȱŽ‹˜›œȱŠ—ȱŒ›Ž’˜›œȱ-ȱ ’‘ȱŠ••ȱ‘Žȱ Šœœ˜Œ’ŠŽȱœ˜Œ’ŽŠ•ȱœ›Š’—œȱ‘ŠȱŽ—Š’•œȱ-ȱ‘Š—ȱ’ȱ‘Žȱ •˜Š—œȱ‘Šȱ‹ŽŽ—ȱŽ¡Ž—Žȱ˜›ȱœžŒŒŽœœž••¢ȱ™›˜žŒȬ ’ŸŽȱ™ž›™˜œŽœǯ žǰȱŒ˜—ŸŽ›œŽ•¢ǰȱ‘Š—”œȱ˜ȱ‘Žȱ—Šž›Š•ȱ›’œŽȱ’—ȱ’—Ž›Žœȱ ›ŠŽœȱ ‘’Œ‘ȱœžŒ‘ȱŒ˜—’’˜—œȱ ˜ž•ȱ›ŽŽ•¢ȱŽ—›Š’—ǰȱ —˜ȱ›ŽŠȱ’œ•˜ŒŠ’˜—ȱ˜ȱŠ’–œDzȱ—˜ȱ ‘˜•ŽœŠ•ŽȱŽŒŽ™’˜—ȱ Š‹˜žȱ‘ŽȱŽ¡Ž—ȱ˜ȱŠŸŠ’•Š‹•Žȱ›Žœ˜ž›ŒŽœDzȱ—˜ȱŠ›- ›ŽŠŒ‘’—ȱ’—Œ˜‘Ž›Ž—ŒŽȱ’—ȱ™•Š—œȱŠ—ȱ™›˜—˜œŽœȱ ˜ž•ȱ ›Žœž•ȱŠ—ȱœ˜ȱ—˜ȱ•˜˜–’—ȱŽŒ˜—˜–’ŒȱŽŠ›‘šžŠ”Žȱ—ŽŽȱ ‹ŽȱŽŠ›Žǯ ȱŽŽȱ˜ȱ’—Š• ˜ ŽŸŽ›ǰȱ’ȱ Žȱ’—Ž›Ž›Žȱ ’‘ȱ‘ŽȱŒ•ŽŠ›’—ȱ™›’ŒŽȱ˜ȱ ’–Ž•’—Žœœȱ‘›˜ž‘ȱ–˜—ŽŠ›¢ȱ–Š—’™ž•Š’˜—ȱœžŒ‘ȱ ‘Šȱ’ȱ’ŸŽ›Žœȱ›˜–ȱ‘Šȱ’ŒŠŽȱ‹¢ȱ‘Žȱ‹Š•Š—ŒŽȱ˜ȱ ™Ž˜™•ŽȂœȱ’——ŠŽȱ™›˜Œ•’Ÿ’’ŽœȱŠ—ǰȱ ˜›œŽǰȱ’ȱ Žȱ™›Žœœȱ ˜ž›ȱꗐŽ›ȱ˜ —ȱœ˜ȱꛖ•¢ȱ˜—ȱ‘ŽȱœŒŠ•Žœȱ‘ŠȱŽŸŽ›¢Ȭ ˜—Žȱ-ȱ‹˜‘ȱ—›Ž™›Ž—Žž›œȱȱ¡‘ŠžœŽ›œǰȱŠ•’”Žȱ-ȱ Š—œȱ˜ȱœ™Ž—ȱŠ—ȱ—˜-˜—ŽȱŽŽ•œȱœžĜŒ’Ž—•¢ȱ’—ŒŽ—Ȭ ’Ÿ’œŽȱ˜ȱœŠŸŽǰȱŠ••ȱ˜ȱ‘’œȱœŽ•-˜ŸŽ›—ŽȱŒ˜–™Š’‹’•Ȭ ’¢ȱ’œȱ™žȱ’—ȱ“Ž˜™Š›¢ȱŠ—ȱ–Š¢ȱŽŸŽ—ȱžĴŽ›•¢ȱ’œŠ™Ȭ ™ŽŠ›ǯ —ȱ‘’œȱ’—œŠ—ŒŽǰȱ‘˜œŽȱȁ‹›’—’—ȱŒ˜—œž–™’˜—ȱ˜›Ȭ Š›ȂȱŠ›Žȱ•’”ŽȱŠȱ›˜ž™ȱ˜ȱ™›˜’Š•ǰȱœŽ•-’—ž•Ž—ȱ Š›–Ž›œȱ ‘˜ȱŠ›Žȱ‘Š™™’•¢ȱŽŠ’—ȱ‘Ž’›ȱœŽŽ-Œ˜›—ǯȱžȱ —˜ ǰȱŒ˜–™˜ž—’—ȱ‘Ž’›ȱœ‘˜›-œ’‘Ž—Žœœǰȱ‘ŽȱŠ›’Ȭ ꌒŠ••¢ȱŒŠ™™Žȱ-ȱ˜›ȱŽŸŽ—ȱ•˜ Ž›Žȱ-ȱ’—Ž›Žœȱ›ŠŽȱ ‘’Œ‘ȱ‘ŠœȱŽ–™Žȱ‘ŽœŽȱŒ˜—œž–Ž›œȱ’—˜ȱ’–™›˜Ÿ’Ȭ Ž—ŒŽȱ ’••ȱœ’–ž•Š—Ž˜žœ•¢ȱœ™ž›ȱ™›˜žŒŽ›œȱ˜ȱŠŒȱ˜—ȱ ‘ŽȱŠŠ•ȱ–’œŠ™™›Ž‘Ž—œ’˜—ȱ‘Šȱ‘ŽȱŒž››Ž—ȱ‹˜˜–ȱ ’••ȱŽ—ž›ŽȱŠ—ȱ‘Šȱ–˜›Žȱꎕœȱœ‘˜ž•ȱ‘Ž›Ž˜›Žȱ‹Žȱ Œ•ŽŠ›Žǰȱ’••Žǰȱœ˜ —ǰȱŠ—ȱ‘Š›ŸŽœŽȱŠœȱŠȱ›Žœž•ȱ˜ȱ ‘’œȱ‹›’Žȱž™œž›Žȱ’—ȱ›Š’—ȱž££•’—ǯ ‘žœǰȱŽ™›’ŸŽȱ˜ȱŒ•ŽŠ›ȱ’—Ž›Žœ-›ŠŽȱœ’—Š•œȱŠ‹˜žȱ ‘Žȱ‹ž’•’—ȱœŒŠ›Œ’¢ȱ˜ȱ ‘’Œ‘ȱŠ••ȱ‘ŠȱŽ¡ŒŽœœȱŒ˜—Ȭ œž–™’˜—ȱ’œȱŽ—’—ǰȱ‘Ž¢ȱ ’••ȱ’–Š’—Žȱ’—œŽŠȱ‘Šȱ Šȱ›ŽŠȱ˜™™˜›ž—’¢ȱŽ¡’œœȱ’—ȱ‹˜››˜ ’—ȱŒ‘ŽŠ™•¢ȱ˜ȱ –Š”ŽȱŠ’’˜—Š•ȱŠ›’Œž•ž›Š•ȱ–ŠŒ‘’—Ž›¢ǰȱ˜ȱ–’—Žȱ –˜›Žȱ™˜Šœ‘ǰȱŠ—ȱ˜ȱŒ˜—œ›žŒȱ–˜›Žȱ›Š’—ȱœ’•˜œǯȱŠȬ •¢ǰȱ‘Žȱ•˜˜–’—ȱŽŠ›‘ȱ˜ȱœŽŽȱ˜ȱ™•Š—ȱŠŒžŠ••¢ȱ –ŽŠ—œȱ‘Šǰȱ’ȱŠ—¢‘’—ǰȱ‘Ž›Žȱ ’••ȱ‹Žȱ•Žœœǰȱ—˜ȱ–˜›Žǰȱ Ž–Š—ȱ˜›ȱŠ••ȱœžŒ‘ȱŽšž’™–Ž—ȱŠ—ȱ–ŠŽ›’Š•œȱ’—ȱ‘Žȱ Š¢œȱ˜ȱŒ˜–Žǯ ˜ȱŒ‘Š—Žȱ‘Žȱ–ŽŠ™‘˜›ǰȱ‘ŽȱŽ›ŠŽȱ’—˜›–Š’˜—ȱ -ȱ‘ŽȱœŒ›Š–‹•Žȱȁ’—Ž›Ž–™˜›Š•ȂȱœŽĴ’—œȱ–ȱŠ›Žȱ‹›˜ŠȬ •¢ȱŠ—Š•˜˜žœȱ˜ȱ‘Žȱœ’žŠ’˜—ȱ˜ȱŠȱ–Š—ȱ ‘˜ȱ‘Šœȱ•˜—ȱ ‹ŽŽ—ȱ ˜›”’—ȱ˜ȱ•Š¢ȱ˜ —ȱŠȱ—Ž ȱŒ•’™™Ž›ȱ˜›ȱ‘’œȱ œ‘’™™’—ȱ•’—Žȱ˜—•¢ȱ˜ȱꗍȱ‘Šȱ‘Ž›Žȱ‘Šœȱ–ŽŠ— ‘’•Žȱ ‹ŽŽ—ȱŠȱ›ž—ȱ˜—ȱœŠ’•-Œ•˜‘ȱŒŠžœŽȱ‹¢ȱŽŸŽ›¢˜—Žȱ‘ŠŸ’—ȱ ›ŽŠŽȱ‘Ž–œŽ•ŸŽœȱ-ȱ˜—ȱ ˜—›˜žœ•¢ȱŒ‘ŽŠ™ȱŒ›Ž’ȱ-ȱ ˜ȱŠȱŠ›Ž—ȱ‘Š––˜Œ”ȱ’—ȱ ‘’Œ‘ȱ’•¢ȱ˜ȱœ ’—ȱŠ Š¢ȱ ‘ŽȱŠ¢•’‘ȱ‘˜ž›œǯ ˜ȱ‘’œȱ‘˜››˜›ǰȱ‘Žȱ’œŒ˜ŸŽ›œȱ‘Šȱ‘’œȱ™›ŽŸŽ—œȱ‘’–ȱ ›˜–ȱž••¢ȱęĴ’—ȱ˜žȱ‘’œȱŸŽœœŽ•ȱŽ’‘Ž›ȱŠœȱŒ‘ŽŠ™•¢ȱŠœȱ ‘Žȱ‘Šȱ™•Š——Žȱ˜›ȱ˜ȱ‘ŽȱœŠ–Žȱ’‘ȱœŒ‘Žž•ŽȱŠ—ȱœ˜ȱ ‘›ŽŠŽ—œȱ‘’œȱ›ž’—ȱŸ’Šȱ‘ŽȱŽ¡‘Šžœ’˜—ȱ˜ȱ‘’œȱŒŠ™’Š•ȱ ž—ǯȱ˜›œŽǰȱŽŸŽ—ȱ’ȱ‘Žȱ˜Žœȱꗊ••¢ȱœžŒŒŽŽȱ’—ȱœŽȬ Œž›’—ȱŠ—ȱŽ–Ž›Ž—Œ¢ȱ’—žœ’˜—ȱ˜ȱŒ˜–™•ŽŽȱ‘ŽȱŠœ”ȱ ǻ™˜œœ’‹•¢ȱŠȱ‘Žȱœ˜›ȱ˜ȱ™Ž—Š•ǰȱœ‘˜›-Ž›–ȱ•Ž—’—ȱ ›ŠŽȱ ‘’Œ‘ȱȁ’—ŸŽ›œȱ‘Žȱ¢’Ž•ȱŒž›ŸŽȂǼǰȱ‘Žȱ’œȱ•’”Ž•¢ȱ˜ȱ ꗍȱ‘Šȱ—˜—Žȱ˜ȱ˜ž›ȱ‹ŠŒ”-¢Š›ȱ•Š¢Š‹˜žœȱŠ—¢ȱ•˜—Ȭ Ž›ȱ™˜œœŽœœŽœȱ‘Žȱ ‘Ž›Ž ’‘Š•ȱ˜ȱ™Š¢ȱ‘’–ȱ˜›ȱ™ŠœœŠŽȱ Š‹˜Š›ȱ‘ŽȱŒ›Šȱ ‘Ž—ȱ’ȱ‹Ž•ŠŽ•¢ȱŠ››’ŸŽœȱ˜ȱœŠ—ȱŠȱ ‘Žȱ˜Œ”œ’Žǰȱ™Š’—ȱ•ŽŠ–’—ȱŠ—ȱ›’’—ȱ›Žœ‘•¢ȱ Š››ŽǰȱŠ••ȱ›ŽŠ¢ȱ˜›ȱ‘Ž’›ȱŒžœ˜–ǯ ’‘ȱ‘ŽœŽȱ ˜ȱŽ¡Š–™•Žœȱ’—ȱ–’—ǰȱ ŽȱŒŠ—ȱ™Ž›‘Š™œȱ —˜ ȱœŽŽȱ‘Šȱ‘’œȱ—˜’˜—ȱ˜ȱȁ‹›’—’—ȱŒ˜—œž–™’˜—ȱ ˜› Š›Ȃȱ’œȱ—˜ȱ–˜›Žȱ‘Š—ȱŠȱŠœ‘’˜—Š‹•Žȱ–˜Ž›—ȱŽžȬ ™‘Ž–’œ–ȱ˜›ȱ‘Žȱ›Š’’˜—Š•ȱŽŒ˜—˜–’Œȱœ’—ȱ˜ȱ ȁŒ˜—œž–’—ȱ˜—ŽȂœȱŒŠ™’Š•Ȃǯ Ž¢˜—ȱŽŸŽ—ȱ‘’œǰȱ‘Žȱ˜ŸŽ›Š‹ž—Š—ŒŽȱ˜ȱŒŠ™’Š•ȱ –ŽŠ—œȱǻ’ǯŽǯǰȱ˜ȱŠ™™Š›Ž—•¢ȱ•’–’•ŽœœȱŒ‘ŽŠ™ȱꗊ—ŒŽǼȱŠœȱ
7. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 7 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch May 2019 ˜™™˜œŽȱ˜ȱŠȱŽ—ž’—Žȱ’—Œ›ŽŠœŽȱ’—ȱŒŠ™’Š•ȱ™Ž›ȱœŽȱǻ‘Šȱ ’œȱ˜ȱœŠ¢ǰȱ’—ȱœŠŸŽȱŠ—ȱ›Ž-™ž›™˜œŽȱ›ŽŠ•ȱ›Žœ˜ž›ŒŽœǼȱ ’••ȱ—˜ȱ“žœȱŽ—Œ˜ž›ŠŽȱŽœŠ‹•’œ‘ŽȱŠ—ȱ‘Ž›Ž˜˜›Žȱ ™›˜ęŠ‹•Žȱ‹žœ’—ŽœœŽœȱ˜ȱŽ¡™Š—ȱ–˜›Žȱ‘Š—ȱ’œȱŠŸ’œŠȬ ‹•Žǰȱ‹žȱ ’••ȱ›’Ž›ȱŠȱœ™›ŽŽȱ˜ȱ‘’‘•¢ȱœ™ŽŒž•Š’ŸŽȱ œŠ›-ž™œȱ-ȱ˜ȱ’œœ’œœ’™™’ȱŠ—ȱ˜ž‘ȱŽŠȱȁ™›˜“ŽŒœȂǰȱ˜ȱ ŒŠ—Š•ȱŠ—ȱ›Š’• Š¢ȱ‹˜˜–œǰȱ ›ž—Ž›£Ž’Ž—ǰȱŽŒ‘ȱŠ—ȱ Ž•ŽŒ˜–ȱ‹ž‹‹•ŽœȱŠ—ȱ˜‘Ž›ȱœžŒ‘ȱ˜ž™˜ž›’—œȱ˜ȱ –Šœœǰȱœ™ŽŒž•Š’ŸŽȱ˜ŸŽ›-Ž—‘žœ’Šœ–ǯ ‘Ž›Žȱ’œǰȱ˜ȱŒ˜ž›œŽǰȱ—˜‘’—ȱ ›˜—ȱ ’‘ȱ™Ž˜™•Žȱ ›žœ’—ȱ‘Ž’›ȱ˜ —ȱŒŠ™’Š•ȱ˜ȱŽŸŽ—ȱ‘Žȱ–˜œȱ‘Š›Ž- ‹›Š’—Žȱ˜›ȱ•˜—-˜œȱŸŽ—ž›Žǰȱ—˜›ȱŠ—¢‘’—ȱ—ŽŒŽœȬ œŠ›’•¢ȱ’œ‘˜—ŽœȱŠ‹˜žȱ‘˜œŽȱž—Ž›Š”’—ȱ’ǯȱŽȱ–Š¢ȱ “žŽȱ‹˜‘ȱ˜ȱ‹Žȱ˜˜•’œ‘ǰȱ‹žȱ’ȱ’œȱ—˜ȱ˜›ȱžœȱ˜ȱ’–Ȭ ™˜œŽȱ˜ž›ȱœŒŠ•Žœȱ˜ȱ™›ŽŽ›Ž—ŒŽȱ˜—ȱ˜‘Ž›œǯ ˜ž‹•Žœœǰȱ˜˜ǰȱœ˜–Žȱ˜ȱ‘˜œŽȱ•˜—ȱœ‘˜œȱŒ˜–Žȱ’—ȱ Š—ȱœ‘˜ Ž›ȱ’—Œ›Ž’‹•Žȱ›’Œ‘Žœȱ˜—ȱ‘Ž’›ȱ‹ŠŒ”Ž›œȱŠœȱ Ž••ȱŠœǰȱ‹¢ȱ’–™•’ŒŠ’˜—ǰȱ–ŠŽ›’Š•ȱ’–™›˜ŸŽ–Ž—œȱ˜—ȱ žœǰȱ‘ŽȱŒžœ˜–Ž›œȱ ‘˜œŽȱ—Ž -˜ž—ȱŠ™™Ž’Žȱ ’••ȱ‹Žȱ ‘Šȱž—Ž›™’—œȱ‘Ž’›ȱœžŒŒŽœœǯ ‘Šȱ’œȱŠȱŒ•ŽŠ›ȱŽŸ’•ǰȱ‘˜ ŽŸŽ›ǰȱ’œȱ ‘Ž—ȱ’—Ž›Žœȱ›ŠŽœȱ Š›Žȱ˜›ŒŽȱœ˜ȱ•˜ ȱ-ȱŠ—ȱ‘žœȱ™›’ŒŽȱŠ—ȱ’—Ž›Ž–™˜›Š•ȱ œ’—Š•œȱŠ›Žȱœ˜ȱœ Š–™Žȱ’—ȱœŠ’Œȱ-ȱ‘ŠȱŠ—¢ȱŒ‘Š—ŒŽ›ȱ ŒŠ—ȱ‘ŠŸŽȱŠȱŒ›ŠŒ”ȱŠȱ–Š”’—ȱ’ȱ‹’ǰȱ˜›ȱŠȱ•ŽŠœȱ˜ȱ‹Ž’—ȱ Š‹•Žȱ˜ȱœŽ••ȱ˜žȱŠȱŠȱŠ—Œ¢ȱ™›’ŒŽȱ˜ȱœ˜–Žȱ ›ŽŠŽ›ȱ ˜˜•œȱ‹Ž˜›Žȱ’ȱŠ••ȱ˜ŽœǰȱȃǷȄ —ȱœžŒ‘ȱŒ’›Œž–œŠ—ŒŽœǰȱ ŽȱŒŠ—ȱŽ¡Ž—ȱ‘Žȱ™Š›Š‹•Žȱ Š‹˜ŸŽȱ˜ȱœŽŽȱ˜ž›œŽ•ŸŽœȱ‹Ž’—ȱŽ—Œ˜ž›ŠŽȱ˜ȱ˜›Žȱ ˜—ŒŽȱ–˜›Žȱ˜—ȱ˜ž›ȱœŽŽ-Œ˜›—ǰȱ‹žȱ‘’œȱ’–Žȱ˜ȱ‘ŽȱŠŒȬ Œ˜–™Š—’–Ž—ȱ˜ȱŠȱꗊ—Œ’Š•ȱ’—žœ›¢ȱœ‘˜ŸŽ••’—ȱ –˜—Ž¢ǰȱ‘Žȱ‹ž•”ȱ˜ȱ’ȱŒ˜—“ž›Žȱž™ȱ˜žȱ˜ȱ‘ŽȱŠŽ‘Ž›ǰȱ ‘Š—ȱ˜ŸŽ›ȱꜝȱ˜ȱŠ—¢ȱŠ—ȱŽŸŽ›¢ȱŠœ-Š•”’—ȱŠ–‹•Ž›ȱ ‘˜ȱ Š—œȱŠȱœ‘˜ȱŠȱŠ›–’—ȱŽ¡˜’ŒȱŠ—ȱ—ž›’’˜—Š•Ȭ •¢-ž—›’ŽȱŒ›˜™œǰȱžœ’—ȱž—ŽœŽȱ–Ž‘˜œȱ˜ȱŠ›’Œž•Ȭ ž›Žȱ˜—ȱ™›ŽŸ’˜žœ•¢ȱ‹Š››Ž—ȱ•Š—ȱ™•Š—Žȱ˜žȱ˜ȱœŽŠȬ œ˜—ǯȱ ȱ Žȱ˜ȱ‘’œȱ-ȱŠœȱŠ›žŠ‹•¢ȱ ŽȱŒž››Ž—•¢ȱŠ›Žȱ˜Ȭ ’—ȱ ’‘ȱ˜ž›ȱŒ›˜™ȱ˜ȱȁ—’Œ˜›—œȂDzȱ˜ž›ȱŒ˜–™Š—’Žœȱȁ˜›ȱ ŒŠ››¢’—ȱ˜žȱŠ—ȱž—Ž›Š”’—ȱ˜ȱ›ŽŠȱŠŸŠ—ŠŽǰȱ‹žȱ—˜Ȭ ‹˜¢ȱ˜ȱ”—˜ ȱ ‘Šȱ’ȱ’œȇȱ-ȱ’œȱ’ȱŠ—¢ȱ ˜—Ž›ȱ’ȱ ŽȱŠ••ȱ Ž—ȱž™ȱ’›Žǰȱ‹›˜”ŽǰȱŠ—ȱ‘ž—›¢ȱŒ˜–Žȱ‘Š›ŸŽœȱ’–Žǵ —ȱ•’‘ȱ˜ȱ‘Žȱ˜›Ž˜’—ǰȱ’ȱœ‘˜ž•ȱ—˜ȱ‹Žȱ˜˜ȱ›ŽŠȱŠȱ •ŽŠ™ȱ˜ȱœŽŽȱ ‘¢ȱ Žȱžœ›’Š—œȱ‹•Š–Žȱ‘ŽȱŸŽ›¢ȱŽ¡’œȬ Ž—ŒŽȱ˜ȱ‘Žȱ˜˜–-žœȱŒ¢Œ•Žȱ˜—ȱ˜ž›ȱ̊ Žȱꗊ—Œ’Š•ȱ ’—œ’ž’˜—œȱ-ȱŠ—ȱŠȱ˜›’˜›’ȱ˜—ȱ‘ŽȱŒ˜––Ž›Œ’Š•ȱ‹Š—”Ȭ ’—ȱŒŠ›Ž•ȂœȱŒ‘’ŽȱŽ—Š‹•Ž›ǰȱ‘ŽȱŒŽ—›Š•ȱ‹Š—”ȱ-ȱ˜›ȱ‘Ž’›ȱ ›˜•Žȱ’—ȱœž™™›Žœœ’—ȱ‘Žȱ’—Ž›Žœȱ›ŠŽDzȱ˜›ȱŒ›ŽŠ’—ȱ‘Žȱ ’••žœ’˜—ȱ‘Šȱ–˜›ŽȱŒŠ™’Š•ȱŽ¡’œœȱ‘Š—ȱ’œȱ‘Žȱ›ŽŠ••¢ȱ‘Žȱ ŒŠœŽDzȱŠ—ȱ˜›ȱ˜˜•’—ȱ™Ž˜™•Žȱ’—˜ȱ‘’—”’—ȱ‘Ž¢ȱŒŠ—ȱ ‹˜‘ȱ‘ŠŸŽȱ‘Ž’›ȱŒŠ”ŽȱŠ—ȱŽŠȱ’ȱ‹¢ȱ–˜—Ž’œ’—ȱǻ’ǯŽǯǰȱ ‹¢ȱ–Š”’—ȱ’—œŠ—•¢ȱŽ¡™Ž—Š‹•ŽǼȱŽŸ’Ž—ŒŽœȱ˜ȱŽ‹ȱ ‘’Œ‘ȱ ˜ž•ȱ˜‘Ž› ’œŽȱœ‘˜ ȱ‘Šȱ‘Žȱ•Ž—Ž›ȱ‘Šȱ œžœ™Ž—Žȱ‘’œȱŠ‹’•’¢ȱ˜ȱ™ž›Œ‘ŠœŽȱž—’•ȱ‘’œȱŽ‹˜›ȱ ‘Šȱ’œŒ‘Š›Žȱ‘’œȱ˜‹•’Š’˜—œȱŠ—ȱœ˜ȱ›ŽŽȱž™ȱ‘’œȱ Œ•Š’–ȱ˜—ȱ›ŽŠ•ȱ›Žœ˜ž›ŒŽœǰȱ˜—ŒŽȱŠŠ’—ǯ ȱ’œȱŠ•œ˜ȱ ‘¢ȱ¢˜žȱ ’••ȱ˜Ž—ȱ‘ŽŠ›ȱžœȱŽ—ŠŽȱ’—ȱ ‘Šȱ œ˜–Žȱ’œ–’œœȱŠœȱ–Ž›Žȱ•ȱŽœŠ–Ž—ȱ–˜›Š•’œ’—ȱ‹¢ȱ œŠ¢’—ȱ‘Šȱ‘Žȱ–˜›Žȱ™›˜•˜—ŽȱŠ—ȱ™Ž›ŸŠœ’ŸŽȱ‘Žȱ Š›’ęŒ’Š•ȱ˜˜–ȱ˜ȱ ‘’Œ‘ȱœžŒ‘ȱŠŒ’˜—œȱ’ŸŽȱ›’œŽǰȱ‘Žȱ –˜›Žȱ•’”Ž•¢ȱ‘ŽȱœŽŸŽ›’¢ȱ˜ȱ‘ŽȱŽ—œž’—ȱžœǯȱ —ȱ›ŽŠ•’Ȭ ¢ǰȱŠ••ȱ ŽȱŠ›ŽȱœžŽœ’—ȱ’œȱ‘Šȱ’ȱ ’••ȱŠ”Žȱ–˜›Žȱ ’–ŽȱŠ—ȱŽě˜›ȱ˜ȱ›Ž™•ŠŒŽȱ˜›ȱ›ŽŽ™•˜¢ȱœŒŠ›ŒŽȱŒŠ™’Š•ǰȱ ‘Žȱ–˜›Žȱ’ȱ‘Šœȱ‹ŽŽ—ȱ–’œŠ••˜ŒŠŽȱǻ ŽȱœŠ¢ǰȱ ȁ–Š•’—ŸŽœŽȂǼǯȱ‘Ž—ȱ ŽȱŠ›žŽǰȱ’—ȱŠ’’˜—ǰȱ‘Šȱ‘Žȱ –˜›Žȱ™›˜žœŽȱŠ—ȱŽ¡Ž—œ’ŸŽȱ‘Žȱ‘’Œ”Žȱ˜ȱž—ž•ę••ŠȬ ‹•ŽȱŒ˜—›ŠŒœȱŠ—ȱž—›ŽŠ•’£ŽȱŠœ™’›Š’˜—œȱ ‘’Œ‘ȱ Žȱ ‘ŠŸŽȱŒŠžœŽȱ˜ȱ›˜ ȱŠŒ›˜œœȱ˜ž›ȱ™Š‘ǰȱ‘Žȱ›ŽŠŽ›ȱ ’••ȱ‹Žȱ˜ž›ȱ’ĜŒž•¢ȱ’—ȱ’œŽ—Š—•’—ȱ˜ž›œŽ•ŸŽœȱ ›˜–ȱ’œȱ‘˜›—œȱŠ—ȱ›Šœ™’—ȱŽ—›’•œǰȱ ŽȱŠ›Žȱ—˜ȱ ‘Ž›Ž˜›Žȱ–Š”’—ȱŠȱ—˜›–Š’ŸŽȱ“žŽ–Ž—ǰȱ‹žȱŠȱ Œ˜˜••¢ȱ™›ŠŒ’ŒŠ•ȱ˜—Žȱ’—œŽŠǯ —ȱ˜›™˜›ŽȱŠ—˜ ȱœ‘˜ž•ȱ‹¢ȱ—˜ ȱ‹ŽȱŠ™™Š›Ž—ȱ‘ŠȱŠȱ‘ŽŠ•‘¢ǰȱ Ž••- ž—Œ’˜—’—ȱŸŽ›œ’˜—ȱ˜ȱ‘Šȱ–ŠŽ›’Š•ǰȱŒ˜-˜™Ž›Š’ŸŽǰȱ –ž•’ŒŽ••ž•Š›ȱ˜›Š—’œ–ȱ ‘’Œ‘ȱ Žȱ›ŽŽ›ȱ˜ȱŠœȱ‘Žȱ ȁŽŒ˜—˜–¢Ȃȱ›Žšž’›Žœȱ‹˜‘ȱŠȱŽ—œŽȱŠ—ȱŸ’‹›Š—ȱ›ŠĜŒȱ ˜ȱ’—˜›–Š’˜—ȱŠ—ȱŠ•œ˜ȱ‘Žȱ˜™Ž›Š’˜—ȱ˜ȱ›Ž•’Š‹•ŽȱŠ—ȱ ’–Ž•¢ȱŽŽ‹ŠŒ”œȱ’—ȱ˜›Ž›ȱ˜ȱ™›ŽŸŽ—ȱ‘Žȱ‹ž’•-ž™ȱ˜ȱ Ž’‘Ž›ȱ ŠœŽž•ȱŽ¡ŒŽœœȱ˜›ȱŽ–’—Ž—•¢ȱŠŸ˜’Š‹•ŽȱœŒŠ›Ȭ Œ’¢ǯ ‘Žȱ—Ž›ŸŽȱ’–™ž•œŽœȱŠ—ȱ‘˜›–˜—Š•ȱ̘ œȱ˜ȱ˜ž›ȱŽŒ˜Ȭ —˜–’Œȱ˜›Š—’œ–ȱŠ›ŽȱŽ—Ž›ŠŽȱ‹¢ȱ™›’ŒŽœDZȱ‘ŽȱŽŽȬ ‹ŠŒ”œȱ‹¢ȱ‘Žȱ’—Œ’Ž—ŒŽȱ˜ȱ™›˜ęœȱŠ—ȱ•˜œœŽœǯȱ —ȱ‘Žȱ •ŠĴŽ›ȱŒŠœŽǰȱ™›˜ęœȱœ’—Š•ȱ‘ŽȱŽ›ŽŽȱ˜ȱ ‘’Œ‘ȱŒŽ›Š’—ȱ œ™ŽŒ’ęŒȱŽ–Š—œȱ‘ŠŸŽȱ—˜ȱ‹ŽŽ—ȱž••¢ȱœŠŽǰȱ ‘’•Žȱ ‘Žȱ’–™˜›ȱ˜ȱ•˜œœŽœȱ’œȱ‘ŠȱŽ’‘Ž›ȱ‘Žȱ‘ž—Ž›ȱ’œŽ•ȱ ‘Šœȱ™ŠœœŽȱ˜›ȱŽ•œŽȱ‘Šȱ‘Žȱ’œ‘ȱ˜ěŽ›Žȱž™ȱ‘Šœȱ›ŽȬ šž’›Žȱ˜˜ȱ–žŒ‘ȱ•Ž—‘¢ȱ™›Ž™Š›Š’˜—ȱŠ—ȱŠ›ȱ˜˜ȱ –Š—¢ȱ’—›Ž’Ž—œǰȱ‹˜‘ȱ˜ȱ ‘’Œ‘ȱ’—™žœȱ ˜ž•ȱ‘ŠŸŽȱ ‹ŽŽ—ȱ–˜›Žȱ‘’‘•¢ȱ™›’£Žȱ’—ȱŠȱ˜••˜ ’—ȱŠȱ’쎛Ž—ȱ ›ŽŒ’™Žȱ‘Šȱ‘ŽȱŒ‘Žȱ‹žȱ‹ŽŽ—ȱŠ Š›Žȱ‘Šȱ‘Žȱ™˜œœ’‹’•Ȭ
8. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 8 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch May 2019 ’¢ȱŽ¡’œŽǯ ‘Žȱ˜—Žȱ‘’—ȱ‘’œȱ–ŽŠ™‘˜›ȱ•ŽŠŸŽœȱ˜žǰȱ˜ȱŒ˜ž›œŽǰȱ’œȱ ‘Šȱ‘ŽȱŽŒ˜—˜–¢ȱ’œȱŠ—ȱŽŸ˜•Ÿ’—ȱœ¢œŽ–ǰȱ˜›ȱ›Š‘Ž›ȱ ‘Š—ȱ–Ž›Ž•¢ȱœ’Œ”’—ȱ ’‘ȱ‘ŽȱœŽ•-›Žž•Š’—ǰȱ‘˜–ŽȬ ˜œŠ’Œȱ—Šž›Žȱ˜ȱŠȱœ’—•Žȱ˜›Š—’œ–ǰȱ Žȱ‘ŠŸŽȱ˜ȱŒ˜—Ȭ œ’Ž›ȱ‘Žȱ™›˜ŒŽœœŽœȱ˜ȱŒ‘Š—ŽǰȱŠŠ™Š’˜—ǰȱ’——˜ŸŠȬ ’˜—ǰȱŠ—ȱ’œŒ˜ŸŽ›¢ȱ ‘’Œ‘ȱŠ›Žȱ’—Ÿ˜•ŸŽȱŠœȱŠȱŒ˜–Ȭ ™•Ž¡ȱ’—Ž›™•Š¢ȱž—˜•œȱ‹Ž ŽŽ—ȱŽŒ‘—’ŒŠ•ȱ™˜œœ’‹’•’¢ǰȱ Ž—›Ž™›Ž—Žž›’Š•ȱŠ•Ž›—Žœœȱ˜ȱ˜™™˜›ž—’¢ǰȱŠ—ȱ‘Žȱ œ˜Œ’Š•ȱŠ—ȱ–˜›Š•ȱœ‘’œȱ’—ȱ™›ŽŽ›Ž—ŒŽȱ˜ȱ ‘’Œ‘ȱ‘ŽœŽȱ –žœȱ‹Žȱ‘Š›—ŽœœŽȱ˜ŸŽ›ȱ’–Žǯ —ȱŠž›Žǰȱ’Žȱ–žŠŽœȱ˜ȱ‹ŽĴŽ›ȱęȱ’œȱŽ—Ÿ’›˜—–Ž—ȱ ’—ȱ ‘’Œ‘ȱ’ȱꗍœȱ’œŽ•ȱ‹žȱŠ•œ˜ǰȱ’—ȱ‘ŽȱŒ˜ž›œŽȱ˜ȱ’œȱ ˜ —ȱ˜™Ž›Š’˜—ǰȱ˜ȱ–˜ž•ȱ‘ŠȱŽ—Ÿ’›˜—–Ž—ȱ’—˜ȱ˜—Žȱ ‘’Œ‘ȱ’ŸŽœȱ›’œŽȱ˜ȱ—Ž Ž›ǰȱžœžŠ••¢ȱ–˜›ŽȱŠŸŠ—ŒŽȱ •’Ž˜›–œǯȱœȱ‘’œȱž—˜•œȱ˜ŸŽ›ȱ‘ŽȱŠŽ˜—œǰȱ‘ŠȱŽ—Ÿ’Ȭ ›˜—–Ž—ȱžœžŠ••¢ȱ›˜ œȱ›’Œ‘Ž›ǰȱ–˜›ŽȱŒ˜–™•Ž¡ǰȱŠ—ȱ –˜›ŽȱŽ—œŽ•¢ȱ’—Ž›-Œ˜——ŽŒŽȱ–ȱŠȱ•ŽŠœȱ˜ȱ‘Žȱ™˜’—ȱ ‘Ž›Žȱœ˜–Žȱœ‘˜Œ”’—ǰȱœžŽ—ǰȱŽ¡Ž›—Š•ȱŒŠŠŒ•¢œ–ȱ ’—›žŽœȱŠ—ȱ‘ŽȱŽŽ–’—ȱ™›˜žœ’˜—ȱ–žœȱ‹Žȱ‹ž’•ȱ ž™ǰȱŠ••ȱ˜ŸŽ›ȱŠŠ’—ǯ ‘ŽȱœŠ–Žȱ’œȱ›žŽȱ˜ȱŽŒ˜—˜–’ŒȱŠŒ’Ÿ’¢ȱ-ȱ’ȱ Žȱ•ŽŠŸŽȱ’ȱ ˜ȱ’œŽ•ȱ˜ȱŽŸŽ•˜™ȱŠ—ȱ˜ȱŽ•’ŸŽ›ȱŠȱ–ŠŽ›’Š•ȱ™›˜Ȭ ›Žœœȱ ‘’Œ‘ȱ ’••ȱ‹ŽȱŠ••ȱ‘Žȱ–˜›Žȱ›Š™’ȱŠ—ȱŠœœž›Žȱ ’ȱŒ˜—’’˜—œȱŠ›ŽȱŒ˜—žŒ’ŸŽȱ˜ȱ‘Žȱ̘ž›’œ‘’—ȱŠ—ȱ ™›˜•’Ž›Š’˜—ȱ˜ȱ‘Šȱ”Ž¢œ˜—Žȱœ™ŽŒ’Žœǰȱ‘Žȱ‹›ŽŽȱ Žȱ ŒŠ••ȱȁŽ—›Ž™›Ž—Žž›œȂǯ žœȱŠœȱ’—ȱŠž›Žǰȱ ‘Ž›Žȱ—˜ȱ’—’Ÿ’žŠ•ȱœ™ŽŒ’Žœǰȱ –žŒ‘ȱ•ŽœœȱŠ—¢ȱœ’—•Žȱ–Ž–‹Ž›ȱ˜ȱ’ǰȱ’œȱžŠ›Š—ŽŽȱ˜ȱ ‘›’ŸŽǰȱœ˜ȱ’ȱ’œȱ ’‘ȱ™›˜žŒȱ•’—Žœǰȱ‹žœ’—ŽœœȱŸŽ—ž›Žœǰȱ ŽŸŽ—ȱŽ—’›Žȱ’—žœ›’ŽœȱŠ—ȱ™›˜Žœœ’˜—œǯ Žȱœ‘˜ž•ǰȱ‘˜ ŽŸŽ›ǰȱ‹ŽŠ›ȱ’—ȱ–’—ȱ‘Šȱ’—’Ÿ’žŠ•ȱ Š’•ž›ŽœȱŠ›Žȱ—˜ȱ˜—•¢ȱ›ŽšžŽ—ǰȱ‹žȱŠ›žŠ‹•¢ȱœ˜ȱ’—Ȭ ›’—œ’Œȱ˜ȱ‘ŽȱŽ—›’Œ‘–Ž—ȱ˜ȱ‘ŽȱŽŒ˜œ¢œŽ–ȱ‘Šȱ˜ȱ œŽŽ”ȱ˜ȱ™›ŽŸŽ—ȱ‘Ž–ȱ’œȱ—˜ȱ˜—•¢ȱ˜ȱœž•’¢ȱ’ǰȱ‹žȱ ™˜œœ’‹•¢ȱ˜ȱž›—ȱ’ȱ˜¡’Œǯȱ˜—ŸŽ›œŽ•¢ǰȱ’—ȱ‘Žȱ›ŽŠ•–ȱ˜ȱ ŽŒ˜—˜–’Œœǰȱ‘Žȱ™Š›Š••Ž•œȱ˜ȱ‘Žȱ—Šž›Š•ȱ ˜›•Ȃœȱ ‘Š—”ž••¢ȱ›Š›Žȱ–ŠœœȱŽ¡’—Œ’˜—œȱŠ—ȱŽ—Ž’Œȱ‹˜Ĵ•ŽȬ —ŽŒ”œȱŠ›ŽȱŽ—’›Ž•¢ȱŠ—-–ŠŽȱŠ—ȱœ˜ȱ˜ŒŒž›ȱ–žŒ‘ȱ˜˜ȱ ›ŽšžŽ—•¢ȱ˜—ȱ‘ŠȱŠŒŒ˜ž—ǰȱ’ŸŽ—ȱ‘Šȱ‘ž–Š—ȱ˜••¢ȱ ’œȱ–žŒ‘ȱ–˜›ŽȱŒ˜—œŠ—ȱ‘Š—ȱ’œȱŠ—¢ȱ‘’‘•¢ȱŽ™’œ˜’Œȱ ’—œŠ—ŒŽȱ˜ȱ™•Š—ŽŠ›¢ȱž™‘ŽŠŸŠ•ǯ —ȱ‘ŽȱŽŒ˜—˜–’Œȱ ˜›•ǰȱ’ȱ’œȱ—˜ȱŠœŽ›˜’ȱ’–™ŠŒœǰȱ œžŽ—•¢ȱ–Ž•’—ȱ’ŒŽȱœ‘ŽŽœǰȱ˜›ȱ–ŠœœȱŸ˜•ŒŠ—’Œȱ˜žȬ Šœœ’—ȱ˜ŸŽ›ȱ ‘’Œ‘ȱ Žȱ‘ŠŸŽȱ˜ȱ›Žǰȱ‹žȱ›Š‘Ž›ȱ’ȱ’œȱ •ŽŠ•ȱ’—Œ˜—œŠ—Œ¢ǰȱ™˜•’’ŒŠ•ȱŒž™’’¢ǰȱŠ—ȱŒŽ—›Š•ȱ ‹Š—”ȱ’—›žœ’ŸŽ—Žœœȱ ‘’Œ‘ȱ™˜œŽȱ‘Žȱ›ž•¢ȱŽ¡’œŽ—’Š•ȱ-ȱ Š—ȱ•Š–Ž—Š‹•¢ȱŽŸŽ›-™›ŽœŽ—ȱ–ȱ‘›ŽŠœȱ˜ȱ‘ž–Š—ȱ ™›˜›ŽœœȱŠ—ȱŽ—›Ž™›Ž—Žž›’Š•ȱŠŸŠ—ŒŽǯ ’‘Ž›ȱ Š¢ǰȱ’ȱœ‘˜ž•ȱ—˜ ȱ‹ŽȱŒ•ŽŠ›ȱ ‘¢ȱ’ȱ’œȱ—˜ȱȁ‘Žȱ ˜—œž–Ž›ȂǰȱœŽŽ—ȱŠœȱŠȱ–Ž–‹Ž›ȱ˜ȱœ˜–ŽȱŽ—’›Ž•¢ȱ’œȬ ’—Œȱœ™ŽŒ’Žœǰȱ ‘˜ȱȁ›’ŸŽœȱ‘ŽȱŽŒ˜—˜–¢Ȃȱ‹žȱ›Š‘Ž›ȱ ‘Šȱ‘Žȱ•’—Œ‘™’—ȱ˜ȱ’œȱŽŸŽ•˜™–Ž—ȱ’œȱ‘ŠȱœŠ–Žȱ ™Ž›œ˜—ȂœȱœžŒŒŽœœȱ’—ȱ™Ž›˜›–’—ȱ‘’œȱŠ•Ž›ȱŽ˜Ȃœȱ˜ŸŽ›Ȭ •Š™™’—ȱŠ—ȱ•Š›Ž•¢ȱŒ˜—Œž››Ž—ȱ›˜•ŽȱŠœȱŠȱ™›˜žŒŽ›ǯ ˜˜ȱŠ—¢ȱǻ›Ǽ˜˜”œ —•¢ȱ’ȱ‘ŠȱŽ¡ŽŒž’˜—ȱ’œȱ˜›Š—’œŽȱ—˜ȱ˜ȱœšžŠ—Ž›ȱ ›Žœ˜ž›ŒŽœDzȱ˜—•¢ȱ’ȱ‘ŽȱŒŠ—ȱ™›˜ęŠ‹•¢ȱ™›˜Ÿ’Žȱ‘’—œȱ ‘’Œ‘ȱ˜‘Ž›ȱ›˜žŒŽ›œȱ’—ȱ‘Ž’›ȱž›—ȱ ’••ȱ ’œ‘ȱ˜ȱ Œ˜—œž–ŽDzȱ˜—•¢ȱ’ȱ‘ŽȱŒŠ—ȱŽ¡Œ‘Š—Žȱ‘ŽȱŽ¡Ž›Œ’œŽȱ˜ȱ‘’œȱ œ”’••œȱŠ—ȱ‘ŽȱŽ–™•˜¢–Ž—ȱ˜ȱ‘’œȱŒŠ™’Š•ȱ˜›ȱ‘Šȱ˜ȱ ‘Ž’›œǰȱ ’••ȱ‘ŽȱŠ—ȱ‘Ž¢ǰȱ‹˜‘ǰȱ‘ŠŸŽȱ‘Žȱ”Ž¢œȱ˜ȱ‘Žȱ Ž••-œ˜Œ”Žǰȱ’ŸŽ›œŽ•¢-•ŠŽ—ȱ-ȱŠ—ȱ‘˜™Žž••¢ȱŽŸŽ›ȱ –˜›ŽȱŒŠ™ŠŒ’˜žœȱ-ȱ•Š›Ž›ȱ ‘’Œ‘ȱ‘Ž¢ȱŠ••ȱŽœ’›Žǰȱ“˜’—Ȭ •¢ȱŠ—ȱœŽŸŽ›Š••¢ǰȱ˜ȱ‹ž’•ȱŠ—ȱ–Š’—Š’—ǯ ‘Žȱ•Š¢’—ȱ˜ —ȱ˜ȱœžŒ‘ȱ˜›–œȱ˜ȱ˜›Š—’£Š’˜—ȱ’œȱ’—ȱ —˜ȱ Š¢ȱŠœœ’œŽȱ‹¢ȱ ‘Šȱ Š¢Ž”ȱŒŠ••Žȱ‘Žȱ‹ž›ŽŠžȬ Œ›ŠœȂȱŠ—ȱ™ž‹•’Œȱ’—Ž••ŽŒžŠ•œȂȱȁŠŠ•ȱŒ˜—ŒŽ’Ȃȱ–ȱŸ’£ǯǰȱ ‘Žȱ›ž•Ž›œȂȱ™›Žœž–™’˜—ȱ‘Šȱ‘Ž¢ȱŒŠ—ȱ—˜ȱ˜—•¢ȱŽȬ Ž›–’—Žȱ ‘Šȱœ‘˜ž•ȱ‹Žȱ˜—Žǰȱ‹ŽĴŽ›ȱ‘Š—ȱŒŠ—ȱ‘Žȱ Ÿ˜•ž—Š›¢ǰȱ•˜ŒŠ•’œŽȱ’—Ž›ŠŒ’˜—œȱ˜ȱ‘Žȱ–’••’˜—œȱ˜ȱ ‘Ž’›ȱŽ••˜ œȱ˜ŸŽ›ȱ ‘˜–ȱ‘Ž¢ȱ ˜ž•ȱ‘˜•ȱœ Š¢ǰȱ‹žȱ Š•œ˜ȱ‘Šȱ‘Ž¢ȱ‘ŠŸŽȱ–˜›Žȱ‘Š—ȱ‘Žȱ–˜œȱœž™Ž›ęŒ’Š•ȱ ”—˜ •ŽŽȱ˜ȱ ‘ŠȱŒŠ—ȱ‹Žȱ˜—Žǯ ˜ȱžœŽȱŠ—˜‘Ž›ȱ›Ž—Œ‘Š—ȱ Š¢Ž”’Š—ȱ™‘›ŠœŽǰȱ‘’œǰȱ ‘Šȱ‘ŽȱŽ›–Žȱ‘Ž’›ȱȁ™›ŽŽ—ŒŽȱ˜ȱ”—˜ •ŽŽȂǰȱ’œȱ—˜ȱ “žœȱŽ–™¢ȱŠ››˜Š—ŒŽǰȱ‹žȱ’œȱŠŒ’ŸŽ•¢ȱ™Žœ’•Ž—’Š•ȱ-ȱŠœȱ Žȱ ’••ȱŠ••ȱ’—Œ›ŽŠœ’—•¢ȱŒ˜–Žȱ˜ȱ›ŽŠ•’£Žȱ’ȱ‘ŽȱŒž››Ž—ȱ Œ¢—’ŒŠ•ȱœ˜”’—ȱ˜ȱŒ•’–ŠŽȱ‘¢œŽ›’Šȱž—•ŽŠœ‘Žœȱ ‘Šȱ ’œȱ–Š—¢ȱœ™˜—œ˜›œȱ‘˜™Žȱ ’••ȱ‹Žȱ‘Žȱž••ȱ˜›ŒŽȱ˜ȱ •˜‹Š•ȱ ›ŽŽ—ȱ˜••ŽŒ’Ÿ’œ–ȱž™˜—ȱŠ—ȱž—œžœ™ŽŒ’—ȱ ™˜™ž•ŠŒŽǯ ȱ Ž••-˜›Ž›Žȱ™˜•’¢ǰȱ‘Ž›Ž˜›Žǰȱ’œȱ˜—Žȱ ‘’Œ‘ȱ•’–’œȱ ‘Žȱ›ŽŠŒ‘ȱ˜ȱ‘’œȱ˜–Ž—”•Šž›ŠȱŠ—ȱŒ•˜œŽ•¢ȱŒ‘ŽŒ”œȱ ’œȱœŒ˜™Žȱ˜›ȱŠŒ’˜—ǯȱŽ–˜Žǰȱ™Š›¢ȱ–ŠŒ‘’—Žȱ™˜•’’Ȭ Œ’Š—œǰȱœž™›Š-—Š’˜—Š•ȱ›Žž•Š˜›œȱŠ—ȱ›ž•Ž-’ŸŽ›œǰȱž—Ȭ ›Š––Ž••ŽȱŽŒ‘—˜Œ›Š’Œȱ’Š—œȱ•’”Žȱ˜Š¢Ȃœȱ‘ž‹›’œ’Œȱ
9. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 9 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch May 2019 ŒŽ—›Š•ȱ‹Š—”Ž›œȱ-ȱ‘ŽœŽȱŠ›ŽȱŠ••ǰȱ’—ȱŽěŽŒǰȱ‘Žȱ–˜œȱŸ˜Ȭ ›ŠŒ’˜žœȱ˜ȱŒ˜—œž–Ž›œȱŠ—ȱŽšžŠ••¢ȱ‘Žȱ™›˜žŒŽ›œȱ˜ȱ •’Ĵ•Žȱ˜ȱ ‘’Œ‘ȱŸŠ•žŽȱŒŠ—ȱ‹ŽȱŠŒŒž›ŠŽ•¢ȱŠœŒ›’‹Žǰȱ—˜ȱ ˜ȱœŠ¢ȱ–žŒ‘ȱ‘Šȱ’œȱŠŒ’ŸŽ•¢ȱŽ›’–Ž—Š•ȱ˜ȱ‘ŽȱŒ˜–Ȭ –˜—ȱ ŽŠ•ǯ ˜ȱ˜—•¢ȱ˜Žœȱ‘’œȱŒ•Šœœȱ˜ȱȁŒ•Ž›’œ¢ȂȱŠ—ȱ’œȱŠœœ˜Œ’ŠȬ ŽȱŒ›˜ ȱ˜ȱŒ›˜—’ŽœǰȱŒ•’Ž—œǰȱŠ—ȱŒ˜—›ŠŒ˜›œȱŒ˜—Ȭ œž–Žȱ˜ž›ȱ˜˜œȱŠ—ȱ˜ž›ȱŒŠ™’Š•ȱ‹žȱŠ•œ˜ȱ˜ž›ȱ•’‹Ž›Ȭ ’Žœȱ-ȱŠ—ȱŠ••ȱ‘’œȱ’—ȱšžŠ—’’ŽœȱŠœȱ‘Š›•¢ȱŒ˜—ŒŽ’ŸŠ‹•Žȱ Šœȱ‘Ž¢ȱŠ›Žȱ˜Ž—ȱ‘Š—’•¢ȱŒ˜—ŒŽŠ•Žǯ ˜ȱ™Ž›ŸŠœ’ŸŽȱ’œȱ‘Ž’›ȱ’—ĚžŽ—ŒŽȱŠ—ȱœ˜ȱ™Ž›—’Œ’˜žœȱ’œȱ ŽěŽŒœȱ’—ȱŒ˜—žœ’—ȱŠ••ȱ˜‘Ž›ȱŠŒ˜›œȱŠ—ȱ’—ȱŽ›ŠȬ ’—ȱ‘Žȱœ’—Š•œȱ ‘’Œ‘ȱ‘Ž•™ȱŒ˜-˜›’—ŠŽȱ‘Ž’›ȱ–žžŠ•ȱ ŽŠ•’—œȱ‘Šȱ‘ŽœŽȱŠ›Žȱ™Ž›‘Š™œȱ‘Žȱ˜—•¢ȱ ȁŒ˜—œž–Ž›œȂȱ ‘˜ȱ˜ȱȁ›’ŸŽȱ‘ŽȱŽŒ˜—˜–¢Ȃȱ-ȱ‹žȱ›’ŸŽȱ ’ǰȱŠ•Šœǰȱ—˜ȱ˜— Š›ǰȱ‹žȱ’—˜ȱ‘Žȱ›˜ž—ǯ ˜Ĵ’—ȱ‘Žȱ ȇœ ˜ǰȱ˜ȱœž––Š›’œŽȱ˜ž›ȱ–Š’—ȱŒ˜—Œ•žœ’˜—œDZ- · ˜—œž–™’˜—ȱ–ȱ™Ž›œ˜—Š•ǰȱȁ‘Ž˜—’ŒȂǰȱŽ¡‘Šžœ’ŸŽȱ Œ˜—œž–™’˜—ȱ–ȱ’œȱŠ—ȱŽ—ȱ—˜ȱŠȱ–ŽŠ—œ · ›˜žŒ’˜—ȱ‹˜‘ȱ˜ȱ ‘Šȱ ŽȱŒ˜—œž–Žȱ˜ž›œŽ•ŸŽœȱ Š—ȱ–ȱ–žŒ‘ȱ–˜›Žȱ¢™’ŒŠ••¢ȱ–ȱ˜ȱ ‘Šȱ ŽȱŽ¡Œ‘Š—Žȱ ˜›ȱ‘Žȱ™›˜žŒŽȱ˜ȱ˜‘Ž›œȱ™›ŽŒŽŽœȱŒ˜—œž–™’˜—ȱ ‹˜‘ȱ•˜’ŒŠ••¢ȱŠ—ȱœŽšžŽ—’Š••¢ǯ · ‘Šȱ™›ŽŒŽŽ—ŒŽȱ—ŽŒŽœœŠ›’•¢ȱ’—Ÿ˜•ŸŽœȱ‘Žȱ™ŠœȬ œŠŽȱ˜ȱ’–Žǰȱ‘Žȱ‹›’’—ȱ˜ȱ ‘’Œ‘ȱ™ŠœœŠŽȱ›Žšž’›Žœȱ Ž—ž’—ŽȱŒŠ™’Š•ȱ–ȱ’ǯŽǯǰȱ‘Šȱ›ŠŒ’˜—ȱ˜ȱ˜ž›ȱ›ŽŠ•ȱ›ŽȬ œ˜ž›ŒŽœȱ ‘’Œ‘ȱ Žȱ‘ŠŸŽȱœŽȱŠœ’Žȱ›˜–ȱ™Ž›œ˜—Š•ǰȱ ȁ‘Ž˜—’ŒȂǰȱ˜›ȱŽ¡‘Šžœ’ŸŽȱŒ˜—œž–™’˜—ǯ · ȱ‘Žȱ ’Ž•¢-’œ™Ž›œŽǰȱŸŽ›’ŒŠ••¢-’—Ž›ŠŽǰȱ ꗎ•¢ȱœž‹-’Ÿ’Žǰȱ‘’‘•¢-œ™ŽŒ’Š•’£ŽȱŠŒœȱ˜ȱ™›˜Ȭ žŒ’˜—ȱ˜ȱ ‘˜œŽȱ’œŒ‘Š›Žȱ˜ž›ȱ ˜—›˜žœ•¢ȱœžŒȬ ŒŽœœž•ȱŠ—ȱŽ—Ž›Š••¢ȱ™›˜›Žœœ’ŸŽȱŽŒ˜—˜–’Œȱ ȁ–ŠŒ‘’—ŽȂȱŒ˜—œ’œœȱŠ›Žȱ˜ȱ™›˜ŒŽŽȱ ’‘ȱ‘Žȱ•ŽŠœȱ™˜œȬ œ’‹•Žȱ’—Ž››ž™’˜—ǰȱ™›’ŒŽœȱ–žœȱ‹Žȱ•Žȱ›ŽŽȱ˜ȱ›ŽĚŽŒȱ ‘Žȱ›Ž•Š’ŸŽȱœ›Ž—‘ȱ˜ȱ‘Žȱ–¢›’ŠȱŒ˜–™Ž’—ȱŒŠ••œȱ ž™˜—ȱ˜ž›ȱꗒŽȱ›Žœ˜ž›ŒŽœȱœ˜ȱ‘Šȱ‘ŽȱœŒŠ›ŒŽœȱ–ŽŠ—œȱ Š›Žȱꛜȱ™žȱ˜ȱ‘Žȱ–˜œȱ’—œ’œŽ—ȱ˜ȱŽ—œǯ · ˜–‹’—’—ȱ‘ŽœŽȱ ˜ȱŒ˜—ŒŽ™œǰȱ‘Žȱ›Ž•Š’˜—œ‘’™œȱ ‹Ž ŽŽ—ȱ‘Žȱ™›’ŒŽœȱ˜ȱ˜˜œ-’—-‹Ž’—ȱŠ—-˜˜œ-’—- Ž–‹›¢˜ȱ–ȱŽŸŽ—ȱ˜ȱ˜˜œ-’—-Œ˜—ŒŽ™’˜—ȱ–ȱ–žœȱŠ•œ˜ȱ ›ŽĚŽŒǰȱŠœȱŠŒŒž›ŠŽ•¢ȱŠœȱ™˜œœ’‹•Žǰȱ ‘Šȱ‘˜œŽȱ’—ȱ‘Žȱ œ¢œŽ–ȱŽ••ȱžœȱ‘Ž¢ȱ–˜œȱ Š—ȱŠ—ȱ ‘Ž—ȱ‘Ž¢ȱ Š—ȱ ’ǯ · ‘’œȱ’œȱœ˜–Ž‘’—ȱ‘Ž¢ȱœ’—Š•ȱ‹¢ȱŸ˜’—ȱ‘Ž’›ȱ ˜••Š›œȱŠ—ǰȱ’—ȱž›—ǰȱ‹¢ȱŽŸ˜’—ȱ‘Ž’›ȱŽě˜›œȱ˜ȱ ŽŠ›—’—ȱ‘˜œŽȱ˜••Š›œȱŠœȱ‘Ž¢ȱ’—ȱž›—ȱŠ›Žȱœ’—Š••Žǯ · žȱŠ—˜‘Ž›ȱ Š¢ǰȱ‘Žȱ›Ž•Š’˜—ȱ‹Ž ŽŽ—ȱ˜˜œ- ˜Š¢ȱŠ—ȱ˜˜œ-˜–˜››˜ ȱœ‘˜ž•ȱ‹ŽȱœžŒ‘ȱŠœȱ˜ȱ ’ŸŽȱŠȱŒ•ŽŠ›ȱ’—’ŒŠ’˜—ȱ˜ȱ‘ŽȱŽ›ŽŽȱ˜ȱ™Š’Ž—ŒŽȱ™Ž˜Ȭ ™•ŽȱŠ›Žȱ ’••’—ȱ˜ȱ’œ™•Š¢ȱ’—ȱ˜›Ž˜’—ȱ‘ŽȱŽ¡‘ŠžœȬ ’ŸŽȱžœŽȱ˜ȱ ‘Šȱ‘Ž¢ȱ‘ŠŸŽȱ—˜ ȱœ˜ȱ‘Šȱ‘’œȱ–Š¢ȱ Œ˜—›’‹žŽǰȱ—˜ȱ˜ȱ’––Ž’ŠŽȱœŠ’œŠŒ’˜—ǰȱ‹žȱ–ȱ’—ȱ ‘Žȱ˜›–ȱ˜ȱŒŠ™’Š•ȱ-ȱ˜ȱ‘ŽȱŠ‹›’ŒŠ’˜—ȱŠ—ȱŽ•’ŸŽ›¢ȱ ˜ȱ ‘Šȱ ’••ȱ‹ŽĴŽ›ȱœŠ’œ¢ȱ‘Ž–ȱ•ŠŽ›ǯ · ‘Šȱ›Ž•Š’˜—ǰȱ‘Ž›Ž˜›Žǰȱ’œȱ’—’–ŠŽ•¢ȱ‹˜ž—ȱž™ȱ ’‘ȱ‘Žȱ›Ž Š›œȱ˜ȱŽ–™˜›Š›¢ȱ˜›‹ŽŠ›Š—ŒŽDZȱ ‘Šȱ ™œ¢Œ‘˜•˜’œœȱŒŠ••ǰȱȁŽ•Š¢Žȱ›Š’ęŒŠ’˜—Ȃǰȱ ‘Šȱ ŽŒ˜—˜–’œœȱŒŠ••ȱȁ’–Žȱ™›ŽŽ›Ž—ŒŽȂǰȱŠ—ȱ ‘Šȱ Žȱ›ŽŽ›ȱ ˜ȱ‘Ž›ŽȱŠœȱ‘Žȱȁ™›’ŒŽȱ˜ȱ’–Ž•’—ŽœœȂǯȱ —ȱ‘’œȱ’œȱ‘Žȱ›žŽȱ ˜ž—Š’˜—ȱ˜ȱ‘Žȱ’—Ž›Žœȱ›ŠŽǯ · ˜Žȱ‘ŠǰȱŠœȱœŠŸ’—ȱŠ—ȱŽ—›Ž™›Ž—Žž›œ‘’™ȱ™›˜Ȭ ›Žœœ’ŸŽ•¢ȱŒ˜–‹’—Žȱ˜ȱŠ••ŽŸ’ŠŽȱ Š—œȱ˜ȱ‘Žȱ–˜›Žȱ ž—Ž—’Š‹•Žȱ”’—ȱŽŸŽ›ȱ–˜›Žȱž••¢ǰȱ‘Žȱž›Ž—Œ¢ȱ ’‘ȱ ‘’Œ‘ȱ ŽȱŽ¡™›ŽœœȱŽœ’›Žœȱ˜›ȱ‘Žȱ•ŽœœȱŽ¡’Ž—ȱ’Ž–œȱ ˜—ȱ˜ž›ȱ ’œ‘ȱ•’œȱŽ—œȱ˜ȱŠ••ǯȱ‘’œȱ›ŽžŒ’˜—ȱ’—ȱž›Ȭ Ž—Œ¢ȱ’–™•’Žœȱ•˜ Ž›ȱ˜ŸŽ›Š••ȱ’–Žȱ™›ŽŽ›Ž—ŒŽǰȱŠȱŠ••ȱ ’—ȱ‘Žȱ™›’ŒŽȱ˜ȱ’–Ž•’—Žœœǰȱ•˜ Ž›Žȱ’—Ž›Žœȱ›ŠŽœǰȱŠ—ȱ œ˜ȱŠȱ›ŽŠŽ›ȱŠ‹’•’¢ȱ˜ȱ™žȱ ‘Šȱ ’••ȱ‹Žȱ’—Œ›ŽŠœ’—•¢ȱ Š‹ž—Š—ȱŒŠ™’Š•ȱ˜ȱ•˜—Ž›-–Šž›Š’˜—ǰȱ–˜›Žȱœ•˜ •¢ȱ Š–˜›’£’—ȱǻ–˜›Žȱȁ›˜ž—Š‹˜žȂǰȱ’—ȱ‘Žȱ“Š›˜—ǼȱžœŽœȱ ‘’Œ‘ȱŽ—ǰȱ˜ŸŽ›ȱ‘Ž’›ȱžœŽž•ȱ•’Žœ™Š—ȱ˜ȱ‹Žȱ‘’‘•¢ǰȱ ’ȱ–˜›ŽȱŽ•’‹Ž›ŠŽ•¢ǰȱ™›˜žŒ’ŸŽȱ˜ȱŸŠ•žŽǯ · ‘ŽȱœžŒŒŽœœž•ȱžœŽȱ˜ȱ™›ŽŸ’˜žœ•¢-˜›–ŽȱŒŠ™’Š•ȱ ‘Ž›Ž˜›Žȱ‹˜‘ȱ’—Œ›ŽŠœŽœȱ‘Žȱœž›™•žœŽœȱ ‘’Œ‘ȱ–Š¢ȱ‹Žȱ Ž–™•˜¢ŽȱŠœȱŒŠ™’Š•ȱ’—ȱ‘Žȱ—Ž¡ȱ™›˜žŒ’ŸŽȱ›˜ž—ȱ Š—ȱ•ŽœœŽ—œȱ˜ž›ȱŽœ’›Žȱ˜ȱŒ˜—œž–Žȱ’ȱ‘Ž˜—’ŒŠ••¢ȱǰȱ ’—œŽŠǯȱ —ȱ‘’œȱŸ’›ž˜žœȱŒ’›Œ•Žȱ•’Žœȱ‘ŽȱœŽŒ›Žȱ˜ȱ‘Žȱ ™ŠœȱŘśŖȱ¢ŽŠ›œȱ˜ȱ‘ž–Š—ȱŠŸŠ—ŒŽȱŠ—ȱ’—ȱ‘Žȱ–Š—¢ȱ ˜ĜŒ’Š•ȱŠŒ’˜—œȱŠ”Ž—ȱ˜ȱ‹›ŽŠ”ȱ‘ŠȱŒ’›Œ•Žȱ•’Žȱ‘Žȱ ›ŽŠŽœȱ‘›ŽŠȱ˜ȱ’œȱ‘Š™™¢ȱŒ˜—’—žŠ—ŒŽǯ · ŸŽ—ȱ ‘Ž—ȱ‘Žȱ ˜ȱŠŒȱ’—ȱ—ŽŠ›-œ’–ž•Š—Ž’¢ǰȱ‘Žȱ Œ˜-˜›’—Š’˜—ȱ˜ȱ™›˜žŒ’ŸŽȱ™˜œœ’‹’•’’Žœȱ ’‘ȱŒ˜—Ȭ œž–™’ŸŽȱ™›ŽŽ›Ž—ŒŽœȱ’œȱ’ĜŒž•ȱŽ—˜ž‘ȱ˜ȱŠŒ‘’ŽŸŽȱ ’‘˜žȱ’ȱ‹Ž’—ȱ˜˜ȱ›ŽŠ•¢ȱŒ˜—žœŽȱ‹¢ȱ˜žœ’Žǰȱ —˜—-–Š›”Žȱ˜›–œȱ˜ȱ’—Ž›Ž›Ž—ŒŽǯ · ›˜ęœȱœ‘˜ ȱ Žȱ‘ŠŸŽȱ—˜ȱ¢Žȱž••¢ȱ–ŠŒ‘Žȱ‘Žȱ  ˜ȱœŒ‘Žž•ŽœDZȱ•˜œœŽœȱ‘ŠȱŠȱœ’—’ęŒŠ—ȱ™Š›ȱ˜ȱ˜ž›ȱ Žě˜›ȱ˜ȱ˜ȱœ˜ȱ‘Šœȱ‹ŽŽ—ȱ–’œ™•ŠŒŽǯ
10. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 10 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch May 2019 · —ȱ‘ŠȱŠŒŒ˜ž—ǰȱ’ȱœ‘˜ž•ȱ—˜ȱ‹Žȱ‘Š›ȱ˜ȱœŽŽȱ ‘Šȱ ‘Ž—ȱœžŒ‘ȱŒ˜-˜›’—Š’˜—ȱ–žœȱŠ’’˜—Š••¢ȱ Š”Žȱ™•ŠŒŽȱ˜ŸŽ›ȱ™›˜›ŠŒŽȱ’—Ž›ŸŠ•œȱ˜ȱ’–Žǰȱ’ȱ‹ŽȬ Œ˜–ŽœȱŽŸŽ—ȱ–˜›ŽȱŒ‘Š••Ž—’—ȱŠȱŠœ”ǯȱ —Ž›Ž›Ž—ŒŽȱ ’‘ȱ‘Žȱ˜›–Š’˜—ȱ˜ȱ‘Žȱ™›’—Œ’™Š•ȱ™›’ŒŽȱ’—Ÿ˜•ŸŽȱ -ȱ‘Žȱ›ŠŽȱ˜ȱ’—Ž›Žœȱ–ȱ’œȱ‘žœȱ™Ž›‘Š™œȱ‘Žȱ–˜œȱ™›˜Ȭ •’ęŒȱœ˜ž›ŒŽȱ˜ȱŽ—Ž–’ŒȱŽ››˜›ǰȱŽ—›Ž™›Ž—Žž›’Š•ȱ–’œȬ ’›ŽŒ’˜—ǰȱŠ—ȱ ‘˜•ŽœŠ•Žȱ•˜œœǰȱ’ǯŽǯǰȱ˜ȱ‘ŽȱŽ—’›Žȱ ŠœŽž•—Žœœȱ’—›’—œ’Œȱ˜ȱ ‘Šȱ ŽȱŒŠ••ȱ‘Žȱ ȁ‹žœ’—ŽœœȱŒ¢Œ•ŽȂǯȱ · ‘˜ž‘ȱ–’œŠ”ŽœȱŠ›Žȱž—ŠŸ˜’Š‹•ŽȱŠ—ȱ•˜œœŽœȱ ŽŸŽ›-™›ŽœŽ—ǰȱŠȱ–Š›”Žȱ›ŽŽȱ˜ȱŽ—Ž›ŠŽȱ’œȱ˜ —ȱœ’Ȭ —Š•œȱŠ—ȱ˜ȱŽŸŽ•˜™ȱ’œȱ˜ —ȱŽŽ‹ŠŒ”œȱœ‘˜ž•ȱ—˜ȱ ™›˜™ŠŠŽȱ‘ŽœŽȱ–’œœŽ™œȱŠȱŠ••ȱ ’Ž•¢ǰȱ–žŒ‘ȱ•Žœœȱ Š–™•’¢ȱ‘Ž–ȱ’—˜ȱœ˜–Ž‘’—ȱ ‘’Œ‘ȱ‘›ŽŠŽ—œȱ˜ȱ ’œ›ž™ȱ‘Žȱ ‘˜•Žǰȱ‘’‘•¢-›Žž—Š—ȱŠ—ȱžœžŠ••¢ȱ ›˜‹žœȱ—Ž ˜›”ȱ˜ȱ’—Ž›ŠŒ’˜—œǯ · ȱžœžŠ••¢ȱŠ”Žœȱ‘Žȱž—’šžŽ•¢ȱ™Ž›ŸŽ›œŽȱŠ•Ž—œȱ˜ȱ ‘ŽȱœŠŽȱŠ—ȱ’œȱŠœœ˜Œ’ŠŽȱ‹Š—”’—ȱŠ™™Š›Šžœȱ˜ȱ ˜ŸŽ›Œ˜–ŽȱœžŒ‘ȱ—Šž›Š•ȱ›Žœ’•’Ž—ŒŽȱŠ—ȱœ˜ȱ•ŽŠȱžœȱ˜—ȱ ˜ȱŒ˜––Ž›Œ’Š•ȱ’œŠœŽ›ǰȱ˜ȱ‹˜››˜ Ž›ȱŽŠž•ǰȱŠ—ȱ ꗊ••¢ȱ˜ȱ‹žœ’—ŽœœȱŽ™›Žœœ’˜—ǯ · ˜—›Š›¢ȱ˜ȱ‘Žȱž—Œ˜–™›Ž‘Ž—’—ȱŽŠ›œȱ˜ȱ‘Žȱ –Š’—œ›ŽŠ–ǰȱ˜ȱŒ˜—œž–Žȱ˜˜ȱ•’Ĵ•Žǰȱ˜ŸŽ›ȱŠ—¢ȱŠ™™›ŽȬ Œ’Š‹•Žȱ•Ž—‘ȱ˜ȱ’–Žǰȱ’œȱŠ—ȱŠ•–˜œȱž—‘’—”Š‹•ŽȱŠŒȱ˜ȱ œŽ•-Ž—’Š•ǯȱ˜—ŸŽ›œŽ•¢ǰȱ˜ȱŒ˜—œž–Žȱ˜˜ȱ–žŒ‘ȱ’œȱŠ—ȱ ŽŽ›—Š•ȱŽ–™Š’˜—ȱ ‘’Œ‘ȱŽ–Š—œȱ Žȱ˜›Ž˜ȱŠ••ȱ Žě˜›œȱž›‘Ž›ȱ˜ȱŽ¡Œ’Žȱ’ǯ ˜ȱ™›˜žŒŽȱ˜˜ȱ•’Ĵ•Žȱ’œȱ˜ȱ’œŒ˜ŸŽ›ȱ‘Šȱ˜˜ȱ–žŒ‘ȱ˜ȱ ‘ŽȱŒŠ™’Š•ȱ—ŽŽŽȱ˜›ȱ’œȱŒ˜—œž––Š’˜—ȱ‘ŠœȱŠ•›ŽŠ¢ȱ ‹ŽŽ—ȱŒ˜—œž–Žǯȱ˜ȱ™›˜žŒŽȱ˜˜ȱ–žŒ‘ȱ–ȱœ›’Œ•¢ǰȱ˜˜ȱ –žŒ‘ȱ˜ȱ‘Žȱ ›˜—ȱœ˜›œȱ˜ȱ˜˜œǰȱ’—ȱ‘Žȱ ›˜—ȱ ™•ŠŒŽǰȱŠȱ‘Žȱ ›˜—ȱ’–Žȱ–ȱ’œȱ’›ŽŒȱŽŸ’Ž—ŒŽȱ‘Šȱ‘Žȱ ›Š—œ–’œœ’˜—ȱ˜ȱŽŒ˜—˜–’Œȱœ’—Š•œȱ‘Šœȱ‹ŽŽ—ȱ“Š––Žȱ ‹¢ȱ˜›ŒŽœȱ˜›’’—Š’—ȱ˜žœ’Žȱ‘Žȱ–Š›”Žȱ›Š–Ž ˜›”DZȱ ˜›ŒŽœȱžœžŠ••¢ȱŒ˜—ŒŽ›—Žȱ—˜ȱ ’‘ȱ•’‹Ž›Š’—ȱ™›˜Ȭ žŒ’˜—ǰȱ‹žȱ›Š‘Ž›ȱ ’‘ȱŽ¡Œ’’—ȱŠŽȱŽ¡‘Šžœ’ŸŽȱ Œ˜—œž–™’˜—ȱ’—ȱŠŒŒ˜›Š—ŒŽȱ ’‘ȱ‘ŽȱŠ•œŽȱ™›ŽœŒ›’™Ȭ ’˜—œȱ˜ȱŒ˜—œŽ—œžœȱŽŒ˜—˜–’Œȱ˜Œ›’—Žǯ —ȱ‘Ž›Ž’—ǰȱ˜›ȱžœȱžœ›’Š—œǰȱ•’Žœȱ‘Žȱ›ŽŠŽœȱŠ—ȱ –˜œȱ™Ž›œ’œŽ—ȱ˜••¢ȱ˜ȱ‘Ž–ȱŠ••ǯ ŽŠ—ȱ˜››’Š—
11. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 11 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch May 2019 ’œŒ•Š’–Ž› All content is intended to give general advice only. The investments and instruments mentioned therein are not necessarily suit- able for every individual and you should use this information in conjunction with other advice and research to determine its suitability for your own circumstances and risk preferences. The value of all securities and investments, as well as the income derived from them, can fall as well as rise. Your investments may be subject to sudden, often substantial, declines in value which may not be recoverable; others may expire worthless after a specified period. You should not buy any of the securities or other investments mentioned with money you cannot afford to lose. In some cases there may be significant charges which may reduce the value of your investment. You run an extra risk of losing money when you buy shares in certain securities where there is a large difference or ‘spread’ between the buying price and the selling price, a circumstance which means that, should you sell them immediately, you may get back much less than you paid for them. In the case of investment trusts and certain other funds, these may use or propose to use the borrowing of money in order to increase the size of their exposures and/or invest in other securities with a similar strategy. As a result, movements in the price of the securities may be more volatile than the movements in the prices of those underlying investments. Some investments may involve a high degree of such borrowing (often referred to as ‘gearing’ or ‘leverage’) This means that a small movement in the price of the underlying asset may have a disproportionately large effect on that of your investment. Accordingly, a relatively small adverse movement in the price of the underlying asset can result in the loss of the entirety of your original investment. Changes in rates of exchange may have an ad- verse effect on the value or price of the investment and you should be aware that additional dealing, transaction, and custody charges for certain instruments may result when these are not traded in your home currency. Some investments may not be quoted on a recognised investment exchange and, as a result, you may find them to be ‘illiquid’. You may not easily be able to trade your illiquid investments and, in certain circumstances, it may become difficult, if not impossible to sell the investment in a timely manner and/or at its indicative price. Investment in any of the assets mentioned may have tax consequences regarding which you should consult your tax adviser. All reasonable care has been taken to ensure that all statements of fact and opinion contained in the either written or spoken form are fair and accurate in all material respects. All data is from sources considered to be reliable but its accuracy cannot be guaranteed. Investors should seek appropriate professional advice if any points are un- clear. Copyright ©2019 Cantillon Consulting S¥rl. Any disclosure, copy, reproduction by any means, distribution, or other action which relies on the contents of such materials, made without the prior written consent of Cantillon Consulting, is strictly prohibited and could lead to legal action.
12. www.cantillon-consulting.ch “Silver alone is the true sinews of the circulation” Essai sur la Nature du Commerce ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ Š¢ȱŘŖŗş Cantillon Consulting Volume III, Issue IV CHARTBOOK
13. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 2 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch Žœ™’Žȱ‘Žȱ›Š••¢ȱ’—ȱ˜’•ǰȱ—˜ȱŽ¡ŠŒ•¢ȱ‘Ž•™ž•ȱ ˜›ȱŒ˜––˜’¢ȱ‹ž••œȱ˜›ȱȱŽšž’’Žœ DžşƖȱȱ›Ž—ȱ›˜ ‘ǰȱ–˜—Ž¢ȱœ‘˜ž•ȱ‘ŠŸŽȱ˜ž‹•Žȱ’—ȱ‘Žȱ™ŠœȱŞȱ ¢ŽŠ›œȱ‹žȱ’—œŽŠȱ‘Šœȱȁ˜—•¢Ȃȱ›˜ —ȱ‹¢ȱŠ›˜ž—ȱřȦŞȱŠȱŠȱŚǯřƖȱǯȱ‘Žȱ Š™ȱ˜ȱ›Ž—ȱ’œȱ˜ȱ‘Žȱ˜›Ž›ȱ˜ȱŘśƖȱ˜›ȱǞŗŖȱ›’••’˜—ǯȱ›ŽȱȱŠ—ȱ ȱ ŒŠ—ŒŽ••’—ȱŽŠŒ‘ȱ˜‘Ž›ȱ˜žǵ
14. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 3 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch ‘’—ŠȱŒŠžœ’—ȱ–Š—¢ȱ ˜Žœȱ ŠŒ›˜œœȱ
15. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 4 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch ‘Ž‘Ž›ȱ‹¢ȱŠ’›ǰȱ•Š—ȱ˜›ȱœŽŠǰȱ ›ŠŽȱ‘Šœȱž—Ž—’Š‹•¢ȱ‹ŽŒ˜–Žȱ œž—Ž
16. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 5 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch –Š£’—ȱ‘˜ ȱ•’Ĵ•Žȱ¢˜žȱŽȱ˜›ȱǞŗȱ›’••’˜—ȱ˜••Š›œȱ’—ȱ—Ž ȱŒ›Ž’ǰȱ‘ŽœŽȱŠ¢œǰȱ’œ—Ȃȱ’ǵ
17. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 6 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch •˜ Ž›ȱ–˜—Ž¢ȱ›˜ ‘ȱŽ—œȱ˜ȱŠŒŒ˜–™Š—¢ȱŠȱ̊ĴŽ—’—ȱ Œž›ŸŽȱ‹žȱŒŠžœŠ’˜—ȱŒŠ—ȱ›ž—ȱ‹˜‘ȱ Š¢œǯȱŽŒŽœœ’˜—Š›¢ȱ œ›Žœœǰȱ¢ŽœDZȱ‹žȱŠ•œ˜ȱ›Žœž‹œ’ž’˜—ȱ’—˜ȱ‹˜—œȱ›˜–ȱȱȱȱȱȱ Ž™˜œ’œȱŠœȱ¢’Ž•œȱ–˜ŸŽȱŠ Š¢ȱ›˜–ȱ£Ž›˜ǯ
18. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 7 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch —Ž—’Š‹•¢ȱœ•˜ Ž›ȱ‹žȱœ’••ȱ›˜ ’—ǯȱ ˜ ȱ Š’‘ž••¢ȱ ’••ȱ‘Žȱ›Ž•Š’ŸŽȱœ•’™™ŠŽȱ˜ȱ ȱŸȱ ȱœŽ›ŸŽȱŠœȱŠȱœ’—ȱ˜ȱ–˜›Žȱ ŽŠ”—ŽœœȱŠ‘ŽŠǵ
19. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 8 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch ȱ•’Ĵ•ŽȱŠ™™›ŽŒ’ŠŽȱŠŒȱ’œȱ‘Šȱœ˜–ŽȱŜŖƖȱ˜ȱ‘ŽȱŽŒ•’—Žȱ’—ȱ›ŽœŽ›ŸŽœȱ‘Ž•ȱ Šȱ‘ŽȱŽȱ˜ȱŠŽȱ‘Šœȱ‹ŽŽ—ȱžŽȱ˜ȱ˜›Ž’—ȱ‹Š—”œȂȱ›ŽžŒ’˜—ȱ˜ȱ‘ŽȱŽ¡›Š˜›Ȭ ’—Š›¢ȱ•ŽŸŽ•œȱ‘Ž¢ȱ‘Ž•—™›Žœž–Š‹•¢ȱŠŠ’—œȱ‘Ž’›ȱŽž›˜˜••Š›ȱ‹žœ’—Žœœ— ’—ȱ‘Žȱ¢ŽŠ›œȱŠŽ›ȱ‘ŽȱŽ‘–Š—ȱ™Š—’Œǯȱ —ŽŽǰȱ’—ȱ‘Žȱ•ŠœȱŗŖȱ ŽŽ”œǰȱ‘Ž¢ȱ ‘ŠŸŽȱŠŒŒ˜ž—Žȱ˜›ȱǞŝȱ˜žȱ˜ȱŽŸŽ›¢ȱǞŞȱ˜ȱœ‘›’—”ŠŽȱǻǞŗŝśȱ‹’••’˜—ȱ’—ȱŠ••Ǽǯȱ ›Žȱ ȱ‘Žȱ˜—ŽœȱœžěŽ›’—ȱŠȱ–’—˜›ȱœšžŽŽ£Žǰȱ™žœ‘’—ȱ‹Šœ’œȱœ Š™œȱ—ŽȬ Š’ŸŽȱŠ—ȱ”ŽŽ™’—ȱ‘Žȱȱ‹’ǰȱŠœȱ Ž••ȱŠœȱ–˜Ÿ’—ȱ‘ŽȱŽěŽŒ’ŸŽȱž—œȱ ›ŠŽȱŠ¢™’ŒŠ••¢ȱŠ‹˜ŸŽȱ ǵ
20. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 9 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch ‘ŠŽŸŽ›ȱ‘Žȱ˜ž‹œȱŠ‹˜žȱ‘Žȱ›ŽŠ•ȱŽŒ˜—˜–¢ǰȱ‘Žȱ˜ Ž••ȱž–™ȱœŽŽ–œȱ’—ŠŒǰȱŠœȱ Žȱ ’—’–ŠŽȱœ˜–Žȱ ŽŽ”œȱ‹ŠŒ”ǯȱ˜œȱ˜ȱ›˜˜–ȱ˜ŸŽ›‘ŽŠȱ’ȱ’ȱȱŠ”Žȱ˜žȱ•Šœȱœž–Ȭ –Ž›Ȃœȱ‘’‘œȱ‹žǰȱŒ˜—ŸŽ›œŽ•¢ǰȱŠȱ‹Šȱœ’—ȱ’ȱ’ȱ˜ȱ—˜ ȱŠŽœǯ
21. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 10 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch Ž›ŽȂœȱ‘ŽȱŒ˜—ž—›ž–DZȱ ž›˜£˜—Žȱ ˜Žœȱ’—ȱ˜›ŒŽǰȱ ‹žȱŠȱşŞƖȱŒ˜››Ž•Š’˜—ȱ’—ȱ Š‹œ˜•žŽȱ›Žž›—œȱŠ—ǯǯǯ ǯǯǯŠȱ›Š—˜–ǰȱ–ŽŠ—ȱ›ŽŸŽ›’—ȱ ›Ž•Š’ŸŽȱ™’Œž›ŽȱœžŽœȱ¢˜žȱ  ȱœ ’Œ‘ȱȱ˜ȱ‘Žȱ ȱœ˜–Ž ‘Ž›ŽȱŠ›˜ž—ȱ‘Ž›Žǯ
22. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 11 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch Ž›ŽȱŠ—Š•˜’ŽœȱŠ—ȱŒ‘Š›ȱœž™Ž›™˜œ’’˜—œȱŠ›ŽȱŠ• Š¢œȱ Š—Ž›˜žœǰȱ‹žǰȱ’ȱ¢˜žȱ˜ȱ‹Ž•’ŽŸŽȱ‘Šȱ꜌Š•ȱ•Š¡’¢ȱ Š—ȱ–˜—ŽŠ›¢ȱ˜ŸŽ›‘Š—ȱŠ›Žȱꗊ••¢ȱŠ‹˜žȱ˜ȱ ˜›”ȱ ‘Ž’›ȱŸ˜˜˜˜ȱœ™Ž••ǰȱ’ȱŒ˜ž•ȱ‹Žȱ‘Šȱę¡Žȱ’—Œ˜–Žȱ’œȱ ˜’—ȱ˜ȱ‹ŽȱŠȱŸŽ›¢ȱ‹’ȱ•˜œŽ›ȱ˜ŸŽ›ȱ‘Žȱ—Ž¡ȱŗŖ-ŗśȱ ¢ŽŠ›œ—Šȱ•ŽŠœȱ’—ȱ›Ž•Š’ŸŽȱŽ›–œǯ
23. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 12 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch ’Ž—ȱ ’‘’—ȱ‘Žȱ™ŽŒȱ•’šž’Š’˜—ȱŽŸ’Ž—ȱœ’—ŒŽȱ¢’Ž•œȱ›ŽŸŽ›œŽȱ ‘Ž’›ȱŒ•’–‹ȱ•ŠœȱŠžž–—ȱŠ›Žȱ ˜ȱ–˜›Žȱœž‹•Žȱ›Ž—œǯȱ’›œ•¢ǰȱŠœœŽȱ –Š—ŠŽ›œȱŒ˜—’—žŽȱ˜ȱ‹Žȱ˜™™˜œŽȱ‹¢ȱ‘Žȱ•ŽŸŽ›ŠŽȱ–˜—Ž¢ȱŒ›˜ ȱ Š—ǰȱœŽŒ˜—•¢ǰȱ‘Ž¢ȱ‘ŠŸŽȱ›ŽŒŽ—•¢ȱ˜—ŽȱŠ••ȱ’—ȱ˜—ȱ‘ŽȱŽ¡›Ž–Žœȱ˜ȱ‘Žȱ Œž›ŸŽȱǻ؜ȱǭȱřŖǼȱŠȱ‘ŽȱŽ¡™Ž—œŽȱ˜ȱ‘Žȱ–’•ŽǰȱŠœȱœŽŽ—ȱ•Žǯ ŽȱŽŠœ’—ȱ‘˜™ŽœȱŠ›Žȱ”ŽŽ™’—ȱ‘ŽȱŠ–ŽȱŠ•’ŸŽǰȱŠ—ȱŗŖœȱ Šœ‘’—ȱ“žœȱ Š‹˜ŸŽȱ‘Žȱ–’™˜’—ȱ˜ȱ‘Žȱ™ŠœȱŞȱ¢ŽŠ›œȂȱ›Š—ŽȱǻŘǯřŖƖǼǯȱȱŘǯŖŖȦŖśƖȱ’œȱ ‘Žȱ˜‹“ŽŒ’ŸŽȱ˜—ȱŠȱ‹›ŽŠ”ȱ•˜ Ž›ȱǰȱŘǯŞŖȦśƖȱ‘Žȱꛜȱœ˜™ȱœ‘˜ž•ȱ‘Žȱ›ŽȬ ‹˜ž—ȱ›Žœž–ŽȱŠ—ȱ‘ŽȱŽŠ›œȱ˜ȱ›ŽŒŽœœ’˜—ȱ’œœ’™ŠŽ ŗŖ-¢ŽŠ›œȱǽȱ¡ȱŗŖǾ
24. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 13 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch ȱ›Ž—ȱŒŠ—ȱœŠ¢ȱŠ‹˜ŸŽȱǞŝŖǯśŖȦ‹‹•ǰȱ ŽȱŒ˜ž•ȱ Žœȱ‘Žȱ–˜ŸŽȂœȱ‘’‘œȱŠȱǞŝśǯśŖǰȱ™žœ‘ȱ˜—ȱ˜ȱ‘Žȱ •Š›Ž›-œŒŠ•Žȱ’‹ȱŠȱǞŞŖǯśŖǰȱŠ—ȱŽŸŽ—ȱŒ˜–™•ŽŽȱ ‘Žȱœ ’—ȱ˜ȱǞŞŘ-Š—-Œ‘Š—ŽȦȱǯǯǯ dz“žœȱ•˜˜”ȱŠȱ‘˜ ȱ•˜—ȱŠ—ȱ’–‹Š•Š—ŒŽȱ Š›Žȱ‘Žȱ™˜œ’’˜—œȱ˜ȱ‘˜œŽȱœ™ŽŒœȱ ‘˜ȱ˜ȱ œ˜ȱ‹Š•¢ȱ‹ž›—ŽȱŠœȱ›ŽŒŽ—•¢ȱŠœȱ ǯȱ Ȃ••ȱ ‹ŽȱŠȱ•-˜-—-ȱ›’Žȱ˜ —ȱ’ȱ ŽȱŠ’•ǯ
25. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 14 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch ‘Žȱ ˜ž›ȱ˜ȱŽœ’—¢ȱ Š™™›˜ŠŒ‘Žœǯ
26. ȚŘŖŗşȱŠ—’••˜—ȱ˜—œž•’—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱ•ŽŠœŽȱœŽŽȱ‘Žȱ’œŒ•Š’–Ž›ȱŠȱ‘ŽȱŽ—ȱ˜ȱȱ‘’œȱ˜Œž–Ž—ȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱȱPAGE 15 Insight & Support for the Managers of Wealth www.cantillon-consulting.ch ’œŒ•Š’–Ž› All content is intended to give general advice only. The investments and instruments mentioned therein are not necessarily suitable for every individual and you should use this information in conjunction with other advice and research to determine its suitability for your own circumstances and risk preferences. The value of all securities and investments, as well as the income derived from them, can fall as well as rise. Your investments may be subject to sudden, often substantial, declines in value which may not be recoverable; others may expire worthless after a specified period. You should not buy any of the securities or other investments mentioned with money you cannot afford to lose. In some cases there may be significant charges which may reduce the value of your investment. You run an extra risk of losing money when you buy shares in certain securities where there is a large difference or ‘spread’ between the buying price and the selling price, a circumstance which means that, should you sell them immediately, you may get back much less than you paid for them. In the case of investment trusts and certain other funds, these may use or propose to use the borrowing of money in order to increase the size of their exposures and/or invest in other securities with a similar strat- egy. As a result, movements in the price of the securities may be more volatile than the movements in the prices of those underly- ing investments. Some investments may involve a high degree of such borrowing (often referred to as ‘gearing’ or ‘leverage’) This means that a small movement in the price of the underlying asset may have a disproportionately large effect on that of your invest- ment. Accordingly, a relatively small adverse movement in the price of the underlying asset can result in the loss of the entirety of your original investment. Changes in rates of exchange may have an adverse effect on the value or price of the investment and you should be aware that additional dealing, transaction, and custody charges for certain instruments may result when these are not traded in your home currency. Some investments may not be quoted on a recognised investment exchange and, as a result, you may find them to be ‘illiquid’. You may not easily be able to trade your illiquid investments and, in certain circumstances, it may become difficult, if not impossible to sell the investment in a timely manner and/or at its indicative price. Investment in any of the assets mentioned may have tax consequences regarding which you should consult your tax adviser. All reasonable care has been taken to ensure that all statements of fact and opinion contained in the either written or spoken form are fair and accurate in all material respects. All data is from sources considered to be reliable but its accuracy cannot be guaranteed. Investors should seek appropriate professional advice if any points are unclear. Copyright ©2019 Cantillon Consulting S¥rl. Any disclosure, copy, reproduction by any means, distribution, or other action which relies on the contents of such materials, made without the prior written consent of Cantillon Consulting, is strictly prohibited and could lead to legal action.