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Crafter Letter Phone

PYTHIA'S
INVESTMENT
LETTER

Issue Mar/2025

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Between Opportunity and Risk: Europe’s Moment and the Overdue Adjustment

Issue Dec/2024

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Trump’s Soundscape– A Case for Scenario Thinking in Portfolios

Issue Aug/2024

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A game-theoretic analysis of bank runs

Issue May/2023

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Debate on ChatGPT with a historical twist

The godmother of our Investment Letters is Pythia, High Priestess and Oracle of Delphi. When Croesus, the King of the Lydians, who was famous for his wealth, asked the Oracle for advice before a military campaign, Pythia is said to have answered: “If you cross the Halys River, a great empire will be destroyed.” He did cross the border river though – and thus caused his own empire to be destroyed.

A false interpretation had caused a catastrophe, while the correct interpre-tation would have averted the disaster. 

CRAFTER'S STRATEGY
LETTER

Issue Oct/2025

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Equity Markets turning a cold Shoulder or focused on what really matters?

Issue Jul/2025

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Financial markets caught between geopolitical uncertainties, tariffs and dollar weakness

Issue Apr/2025

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US Exceptionalism under Pressure – The Willing in Europe and China with Little Substance, but Not to Be Ignored

Issue Jan/2025

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The World Order in "Dealmaking" Mode

The name inspiration for our Crafter's Strategy Letter originates from the word crafting and the meaning it carries. A skilled sculptor knows how to carefully analyse the stone in front of them to carve out the perfect sculpture. They know how to shape the legs, the arms and the head in such a way that the statue as a whole is stable and well-balanced. This mentality is also instilled into our crafters in the Valère workshop: With great care, they chisel the appropriate portfolio strategy from the current market conditions.

Pythia Letter Phone

Thank you!

Valère Consulting Vermögensverwaltung Zürich

«Before undertaking his craft, the artisan first sharpens his tools.»

Chinese saying

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