Conference: The End of the Game by Dr. Andreas Höfert, Chief Economist Wealth Management & Swiss Bank, Global Head Wealth Management Research Wealth Management & Swiss Bank, PhD in Economics

Wednesday 25 September 2013, 16:15, Room MONT11

Dr. Hoefert will take us on a world financial tour and provide the UBS views on the different territories, sectors and assets classes.

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Conférence: Mercredi 25 septembre 2013, à 16h15. Auditoire MONT11

The end of the Game

Just about five years ago, the Lehman Brothers collapse marked the end of the first act of the financial turmoil that had been building up at the heart of developed economies.

The full blown financial crisis that has emerged since has destroyed companies once thought unsinkable, put down entire economies, and generated a rapid and significant rise in public debt.

It is certainly too early to call an end of this acute phase. Still, over the last months, major events have happened one cannot ignore:

After two lost decades, Japan has finally taken pro-active policy measures to stop the deflation spiral and "generate" some inflation.
Fed Chairman Bernanke has also opened the quantitative easing tampering debate, with drastic consequences for all bond markets.
Europe also seems to have achieved some kind of "damage control" consolidation with the ECB clearly indicating an accommodative bias during its last policy meeting.

Sir Winston Churchill told us, “Those who fail to learn from history are doomed to repeat it.” Dr. Hoefert will apply this principle to put the crisis into broader historical perspective and review how investors should be prepared for governments adopting a combination of austerity, inflation and financial repression.

Dr. Hoefert will also take us on a world financial tour and provide the UBS views on the different territories, sectors and assets classes.

Dr. Andreas Höfert

Chief Economist Wealth Management & Swiss Bank,Global Head Wealth Management Research Wealth Management & Swiss Bank

PhD in Economics

Graduated from the University of St. Gall (CH), specializing in international macroeconomics and econometrics

Research fellow at the University of Rochester in New York

With UBS since 1999, Mr. Höfert started as a senior economist at Group Economic Research, and – from 2000 to 2002 – was responsible for Swiss economic research at UBS Warburg (now UBS Investment Bank), where Reuters named him Best Swiss Forecaster of the Year in 2000. In July 2002

Mr. Höfert joined UBS Wealth Management Research (WMR) as Head of Economic Research. From 2004 to 2006 he held the position of Head Global Investment Recommendations. In 2006 he relocated to UBS Financial Services Inc. in New York, where he was acting as Chief Global Economist and Deputy Head UBS WMR Americas until March 2009.

Before joining UBS, Mr. Höfert worked as a researcher and economic forecaster for four years at the Swiss Center of Business Cycle Research at the Swiss Federal Institute of Technology in Zurich (KOF/ETHZ). During this time he was also lecturer at ETH Zurich and at the University of Zurich.

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