In this section, contributors share their views on economic and financial topics.
Swiss investors have traditionally placed a great deal of trust in their home market. That is understandable: Switzerland stands for stability, legal certainty, a strong currency, and world-class companies. Yet that very familiarity can become a trap. Many portfolios are more heavily exposed to Switzerland than they appear at first glance.
A glimpse of this became visible in August 2025, when the United States imposed a 39 percent tariff on Swiss exports. The SMI dropped almost two percent in a single session. After months of negotiations and Switzerland’s commitment to invest at least USD 200 billion in the United States, the rate was reduced to 15 percent.
«Swiss investors benefit from one of the most stable financial centres in the world. But stability is not the same as diversification.»
The episode quickly faded from the headlines. But the underlying question remains: how robust are Swiss portfolios when external shocks hit the home market?
