Input 16.12.2021

Zurich, December 2021

As an eventful 2021 draws to a close, we look back on a year full of hope.

It began with an inglorious end to a presidency in America. However, the country with unlimited possibilities gives hope for a more conciliatory leadership that seeks responsible, far-sighted policies in cooperation with the global community. For the first time in America, the vice president, who is the first female, the first black and the first South Asian woman in that role, took office – albeit for a short time.

There is also justified hope with regard to fighting the pandemic and regaining the normality that we have long taken for granted. We succeeded in developing effective vaccines and making them available to a large number of people during the course of the year. New variants of the virus continue to cause uncertainty. However, thanks to enormous research efforts and new technological possibilities, we can now hope with confidence for an end to the pandemic.

Hopes for a rapid recovery of the economy have also been fulfilled. But it has also shown us how fragile our globalisation is. The blockade of the Suez Canal by a single cargo ship led to worldwide delivery delays and bottlenecks that still reverberated months later. At a lecture by Prof. Beatrice Weder di Mauro – she was a member of the German Council of Economic Experts from 2004 to 2012- we were able to learn that this expert’s assessment continues to promise good global growth; digitalisation also plays an important role here. In a very short time, changes have occurred that were thought to be almost impossible. Travel has been replaced by video meetings on «Zoom» or «Microsoft Teams», «home office» or «distant learning» have become the norm. Nevertheless, this will never be able to replace personal contact, and we do look forward to hopefully many encounters in the near future.

The hopes for an easing of the geopolitical situation were only partially fulfilled. The change of strategy by the great powers in Afghanistan led to new misery, the problems in the Middle East remain unsolved and Taiwan and the minorities in China can hardly be discussed internationally.

The hope for a common climate policy with binding international agreements has also not been fulfilled so far. The switch to electric cars can only make a contribution, with new problems related to power shortages, dangers from the continued operation of nuclear power plants, risks in the manufacture and recycling of batteries and the lack of charging concepts.

In an environment characterised by hope, we at JIMAG have consistently implemented our strategies for efficient capital management. The newly developed simulation platform was made available to investors and interested parties. Risk and return characteristics can thus be presented transparently and optimizations can be discussed efficiently.

We wish you a Merry Christmas and a happy and fulfilling New Year.

Warm regards

Bjoern Jacot and the JIMAG team