Context Matters

“You just have to hit harder!” Hearing this phrase out of the blue might be confusing. But if you’re in a boxing gym, standing in front of a punching bag, you immediately expect the coach's next instruction: “And then dodge the bag when it swings back – and hit again.” Without context, many things remain unclear.

A few weeks ago, at ValueX – an investor conference held in Klosters, Switzerland – someone asked me: “Which two stocks are you currently buying because you find them attractive?” I've been attending this conference every year since 2011. Over 100 participants, deep discussions, and smart conversations. Questions like this come up all the time, naturally and without hesitation.

Then, last week, the same question – but this time, late at night at a carnival party. I could have answered it easily (one advantage of not drinking alcohol for the past two years). As for the person asking? Not so sure. But that wasn’t the point. The more important question was: What does he know about investing? How deep is his knowledge? What experiences and philosophy shape his thinking?

So many questions – none of which should be unpacked amid blaring music, screaming children, and dancing partygoers. He might have wanted to, but I certainly didn’t. A brief shrug was enough to end the conversation quickly: “Ah, you don’t want to talk about work right now.”

Quick Profits or Genuine Interest?

Work? What work? I love talking about stocks and debating investment strategies - it’s not work, it’s passion. But only when the person I’m talking to is either a professional investor or genuinely interested and experienced in the topic. After all, I wouldn’t walk up to an art collector and demand: “Recommend two paintings you’d buy right now.” Whether stocks or art, questions like these often signal a hope for quick money rather than real curiosity or a willingness to learn.

My advice? Take the shortcut and become a client of Gutmann. With us, you’ll always get answers. After all, that’s part of what makes a good private bank.