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Issue May/2022


Debate on ChatGPT with a historical twist

Issue Mar/2022

Image by Jordy Meow

The peace dividend in tatters


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 interpretation would have averted the disaster. 


Issue Apr/2023

2023Q1 Crafter BANG.jpg

For investors, times of uncertainty can
underscore the importance of a cautious


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.

Valère Consulting Vermögensverwaltung Zürich

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

Chinese saying

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