Macroeconomic and Geopolitical Insights at the “Exceptional Speakers” event on March 21, 2024, at the FER headquarters in Geneva
ASAGE focused its annual “Special Guest Speaker” event in March 2024—held at the iconic building of the Fédération des Entreprises Romandes in Geneva—on the fascinating topic of geopolitics and macroeconomic outlooks.
Against the backdrop of a complex international landscape, three renowned experts shared their perspectives on the economic slowdown, inflation, and upcoming geopolitical challenges with the 150 attendees.
- Charles Gave, a world-renowned macroeconomic expert.
Founder of Gavekal, a macroeconomic research firm with more than 800 clients worldwide. Charles Gave also chairs the think tank Institut des Libertés and has written several books on the subject.
- Angel Sanz, one of Europe’s leading independent wealth managers.
CIO and Head of Investments at NS Partners (formerly Notz Stucki), founded in 1964 in Geneva.
- Cesar Perez Ruiz, CIO and Head of Investments at Pictet Wealth Management; Pictet is one of the world’s largest private banks.
They commented on the latest performance figures for the world’s economies. Here are some excerpts from Charles Gave’s remarks:
“We are entering a stormy period.”
“Gold will always exist, and the Swiss franc is one of the few currencies that withstands crises.”
“I am convinced that the best bonds in the world are Chinese. Beijing wants to establish the credibility of its currency and hopes it will become the reserve currency for all of Asia. The Chinese will never take action against buyers of their bonds. However, if Beijing were to attack Taiwan, your bonds would be frozen. That’s why a good compromise would be to buy bonds from Singapore, a well-managed country.”
“Investors have four asset classes at their disposal: cash, bonds, stocks, and gold. Today, you shouldn’t hold cash or bonds from countries that will be unable to repay their debts, such as the United States or the eurozone. It’s better to hold cash or bonds from Latin America or Asia—countries that can’t afford not to repay you.”
“Bitcoin is very interesting because, for the first time, people are trying to create an operating system that isn’t controlled by a government. Bitcoin could work.”
“As various examples show—for instance, when buying gold—we often have to buy what we’re forbidden to buy. As soon as countries in financial distress realize that the rest of the world is no longer financing their debt, it will be difficult for savers to move their capital out of the country. This also means that our freedoms will be curtailed. I am convinced that the West will experience a sharp decline in its standard of living and its freedoms. Democracy is a luxury that comes with prosperity.”
“The only safe havens are shares in global companies and gold.”
“Our studies also show that we will see an economic boom in the Indian Ocean. All Russian raw materials are heading south toward India.”
Following the high-quality presentations held in the auditorium, the 150 participants gathered for a cocktail reception on the 8th floor of the FER, in a reception hall offering a breathtaking view of Geneva. It was a wonderful opportunity for Friends and alumni of international grandes écoles and universities to continue their discussions or get to know one another in a very friendly atmosphere.
FOR FURTHER REFLECTION
The full interview with Charles Gave, conducted by Emmanuel Garessus, Deputy Editor-in-Chief of Allnews:
The full interview with Angel Sanz conducted by Emmanuel Garessus, Deputy Editor-in-Chief of Allnews
ACKNOWLEDGMENTS
ASAGE extends its warmest thanks to the speakers Charles Gave, Angel Sanz, and Cesar Perez, as well as to Cedric Dingens, an ASAGE volunteer in charge of the event’s organization.
Federation of Companies in French-Speaking Switzerland
98 Rue de Saint-Jean
1201 Geneva
