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Mai 2026","Kurzfristig ist der Markt eine Wahlmaschine; \nlangfristig jedoch bewertet er",{"root":1743},{"type":168,"format":169,"indent":170,"version":4,"children":1744,"direction":28},[1745,1749],{"type":173,"format":169,"indent":170,"version":4,"children":1746,"direction":28,"textStyle":169,"textFormat":170},[1747],{"mode":176,"text":1748,"type":178,"style":169,"detail":170,"format":170,"version":4},"Eine Kolumne von Anton Berthot",{"type":173,"format":169,"indent":170,"version":4,"children":1750,"direction":28,"textStyle":169,"textFormat":170},[1751],{"mode":176,"text":1752,"type":178,"style":169,"detail":170,"format":170,"version":4},"Erschienen in Allnews - Mai 2026",{"id":1754,"layout":268,"colorVariation":757,"imagePosition":270,"image":1755,"imageFit":1783,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":1784,"blockType":282,"imageText":28,"title":1785,"content":1786},"6a3d4249fc3c16786ef2f341",{"id":1756,"alt":1757,"landscape":1758,"portrait":28,"folder":60,"thumbnailUrl":1768,"updatedAt":1782,"createdAt":1782},60,"bcge_graph1",{"id":510,"updatedAt":1759,"createdAt":1760,"url":1761,"thumbnailURL":28,"filename":1762,"mimeType":139,"filesize":1763,"width":1764,"height":1765,"focalX":33,"focalY":33,"sizes":1766},"2026-06-25T15:00:21.188Z","2026-06-25T15:00:20.789Z","https:\u002F\u002Fassets.synchrony.ch\u002Fbcge_graphique_1.png","bcge_graphique_1.png",135270,832,594,{"thumbnail":1767,"sm":1771,"md":1776,"lg":1780,"og":1781},{"url":1768,"width":37,"height":38,"mimeType":30,"filesize":1769,"filename":1770},"https:\u002F\u002Fassets.synchrony.ch\u002Fbcge_graphique_1-300x200.webp",7306,"bcge_graphique_1-300x200.webp",{"url":1772,"width":43,"height":1773,"mimeType":30,"filesize":1774,"filename":1775},"https:\u002F\u002Fassets.synchrony.ch\u002Fbcge_graphique_1-640x457.webp",457,23422,"bcge_graphique_1-640x457.webp",{"url":1777,"width":1764,"height":1765,"mimeType":30,"filesize":1778,"filename":1779},"https:\u002F\u002Fassets.synchrony.ch\u002Fbcge_graphique_1-832x594.webp",33066,"bcge_graphique_1-832x594.webp",{"url":1777,"width":1764,"height":1765,"mimeType":30,"filesize":1778,"filename":1779},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},"2026-06-25T15:00:39.464Z","contain",[]," ",{"root":1787},{"type":168,"format":169,"indent":170,"version":4,"children":1788,"direction":28},[1789,1793,1795],{"type":173,"format":169,"indent":170,"version":4,"children":1790,"direction":28,"textStyle":169,"textFormat":170},[1791],{"mode":176,"text":1792,"type":178,"style":169,"detail":170,"format":170,"version":4},"Das berühmte Diktum von Benjamin Graham «In the short run, the market is a voting machine; in the long run, it is a weighing machine» bringt eines der grossen Paradoxa der Märkte treffend auf den Punkt. Kurzfristig reagieren sie wie ein emotionales Barometer: Sie stimmen ab, bestrafen oder applaudieren mitunter und extrapolieren. Langfristig aber wägen sie die Unternehmen letztlich danach, was sie wirklich sind: nach ihrer Fähigkeit zu innovieren, zu wachsen, ihre Margen zu verteidigen und nachhaltig Kapitalrenditen zu erwirtschaften.",{"type":173,"format":169,"indent":170,"version":4,"children":1794,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":1796,"direction":28,"textStyle":169,"textFormat":170},[1797],{"mode":176,"text":1798,"type":178,"style":169,"detail":170,"format":170,"version":4},"Diese Unterscheidung zwischen kurzfristigem Lärm und langfristiger Substanz war wohl noch nie so relevant wie heute. Wahlen, Kriege, Handelsspannungen oder neue Zölle: Das Marktumfeld scheint permanent von exogenen Erschütterungen durchzogen. Nimmt man jedoch etwas Abstand, zeigt die Geschichte, dass die Aktienmärkte, insbesondere der amerikanische Markt, diese Schocks oft absorbiert haben, ohne ihre grundlegende Entwicklung in Frage zu stellen. Über einen langfristigen Horizont von 40 Jahren betrachtet, lieferten die amerikanischen Aktien (S&P 500) eine Performance von rund 11% annualisiert in USD, dies trotz mehrerer Jahre mit starken Rückgängen (Internetblase 2000-2002: -38%, Finanzkrise 2008: -37%, Inflationsspitze 2022: -18%). Mit anderen Worten: Für den langfristigen Anleger verblassen viele dieser Schocks letztlich, und die Geduld wird am Ende belohnt.",{"id":1800,"colorVariation":239,"blockName":28,"columns":1801,"blockType":340,"titleStart":1811,"titleEnd":1785},"6a3d42c7fc3c16786ef2f342",[1802],{"id":1803,"content":1804},"6a3d42d4fc3c16786ef2f343",{"root":1805},{"type":168,"format":169,"indent":170,"version":4,"children":1806,"direction":28},[1807],{"type":173,"format":169,"indent":170,"version":4,"children":1808,"direction":28,"textStyle":169,"textFormat":170},[1809],{"mode":176,"text":1810,"type":178,"style":169,"detail":170,"format":170,"version":4},"Dies bedeutet selbstverständlich nicht, dass Markteinbrüche für die Anleger folgenlos bleiben. Kurzfristig können Ereignisse wie bewaffnete Konflikte erhebliche Marktrückgänge auslösen, insbesondere wenn sie die Energie betreffen. Der aktuelle Krieg rund um die Strasse von Hormus ist das perfekte Beispiel. Diese enge Passage konzentriert laut Internationaler Energieagentur rund 25% des weltweiten Ölhandels und nahezu 20% des auf dem Seeweg transportierten Flüssigerdgases. Aus dieser Perspektive veranschaulicht der Konflikt im Iran diesen Mechanismus perfekt: Der Markt reagiert rasch und heftig auf die unmittelbare Unsicherheit, bewertet danach jedoch die realen Folgen für das künftige Wachstum und die Gewinne der Unternehmen neu. Wenn die Geschichte ein guter Leitfaden für die Zukunft ist, lässt sich hervorheben, dass der amerikanische Markt im Durchschnitt ein Jahr nach Ausbruch eines bewaffneten Konflikts um 8% höher notiert. Eine Erklärung liegt in der Ölintensität des BIP, die laut Weltbank seit den ersten Ölschocks der 1970er-Jahre um nahezu 60% gesunken ist. Es ist also weniger das Ereignis selbst, das die langfristige Entwicklung der Märkte bestimmt, als vielmehr seine Fähigkeit, die wirtschaftlichen Fundamentaldaten dauerhaft zu verändern.","Der Lärm der Konflikte, die Resilienz der Märkte",{"id":1813,"colorVariation":902,"blockName":28,"columns":1814,"blockType":340,"titleStart":1824,"titleEnd":1785},"6a3d42dffc3c16786ef2f344",[1815],{"id":1816,"content":1817},"6a3d42fefc3c16786ef2f345",{"root":1818},{"type":168,"format":169,"indent":170,"version":4,"children":1819,"direction":28},[1820],{"type":173,"format":169,"indent":170,"version":4,"children":1821,"direction":28,"textStyle":169,"textFormat":170},[1822],{"mode":176,"text":1823,"type":178,"style":169,"detail":170,"format":170,"version":4},"Dies gilt besonders für die meistkommentierten Themen des Augenblicks. Unternehmen im Umfeld der künstlichen Intelligenz, insbesondere der «Data Centers», konzentrieren heute einen erheblichen Teil der Börsenvolatilität, denn sie liegen am Schnittpunkt der höchsten Wachstumserwartungen, der anspruchsvollsten Bewertungen und der grössten Debatten über die Tragfähigkeit der Investitionsausgaben.","Kurzfristig konzentriert sich die Volatilität dort, wo die Narrative am stärksten sind",{"id":1826,"colorVariation":345,"blockName":28,"columns":1827,"blockType":340,"titleStart":1843,"titleEnd":1785},"6a3d4306fc3c16786ef2f346",[1828],{"id":1829,"content":1830},"6a3d4311fc3c16786ef2f347",{"root":1831},{"type":168,"format":169,"indent":170,"version":4,"children":1832,"direction":28},[1833,1837,1839],{"type":173,"format":169,"indent":170,"version":4,"children":1834,"direction":28,"textStyle":169,"textFormat":170},[1835],{"mode":176,"text":1836,"type":178,"style":169,"detail":170,"format":170,"version":4},"Ist der kurzfristige Lärm einmal an seinen richtigen Platz verwiesen, wird die zentrale Frage wieder jene nach der Qualität der Unternehmen. Denn auf Dauer wägt der Markt weder die Schlagzeilen noch die Emotionen, sondern die Fähigkeit eines Unternehmens, Wert zu schaffen. Die Unternehmen, die sich auf Dauer durchsetzen, sind oft jene, die mehrere Attribute vereinen: kontinuierliche Innovation, strukturelles Wachstum, hohe Margen, attraktive Kapitalrendite und solide Eintrittsbarrieren. ",{"type":173,"format":169,"indent":170,"version":4,"children":1838,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":1840,"direction":28,"textStyle":169,"textFormat":170},[1841],{"mode":176,"text":1842,"type":178,"style":169,"detail":170,"format":170,"version":4},"Genau hier heben sich gewisse Schweizer Unternehmen ab. In einem oft als defensiv wahrgenommenen Markt beheimatet die Schweiz in Wirklichkeit zahlreiche Unternehmen, die langfristig Wert schaffen können.","Was der Markt letztlich wägt: Wachstum, Margen, Kapitalrendite",{"id":1845,"colorVariation":461,"blockName":28,"columns":1846,"blockType":340,"titleStart":1856,"titleEnd":1785},"6a3d4326fc3c16786ef2f348",[1847],{"id":1848,"content":1849},"6a3d432efc3c16786ef2f349",{"root":1850},{"type":168,"format":169,"indent":170,"version":4,"children":1851,"direction":28},[1852],{"type":173,"format":169,"indent":170,"version":4,"children":1853,"direction":28,"textStyle":169,"textFormat":170},[1854],{"mode":176,"text":1855,"type":178,"style":169,"detail":170,"format":170,"version":4},"Belimo ist wohl eines der aussagekräftigsten Beispiele geduldiger und methodischer Schweizer Wertschöpfung. 2025 erzielte die Gruppe einen Umsatz von CHF 1,12 Milliarden und einen Gewinn von CHF 182 Millionen (mit einem Wachstum von 8,5% bzw. 12,4% pro Jahr über 10 Jahre). Das Unternehmen profitiert weiterhin von grossen strukturellen Trends wie Energieeffizienz, Gebäudesanierung und dem Aufstieg der Datenzentren. Bereits 2024 hob Belimo die Beschleunigung der Nachfrage im Zusammenhang mit Data Centers und die Solidität seiner auf Urbanisierung, Klima und Digitalisierung gestützten Wachstumsstrategie hervor. Belimo zeigt, dass ein Spezialist, führend bei kritischen Komponenten, starke Eintrittsbarrieren errichten kann wie: technisches Know-how, Qualität, Zuverlässigkeit, inkrementelle Innovation und Kundennähe. Kurzfristig kann der Titel empfindlich auf Bewertungsniveaus, Zinssätze oder Marktbewegungen reagieren. Langfristig wird der Markt die Fähigkeit des Unternehmens wägen, diese Megatrends in profitables langfristiges Wachstum zu verwandeln. Seit Ende Juli 2025 weist der Titel per 31.03.2026 eine Börsenperformance von -32% auf, verglichen mit dem Schweizer Markt bei +8% (Swiss Performance Index oder SPI). Längerfristig: +505% über 10 Jahre (6.-beste Performance unter den 200 Unternehmen des SPI, der +114% macht) oder +2'172% über 20 Jahre (SPI +189%), die beste Performance des gesamten Schweizer Marktes.","Belimo: ein führender Spezialist im Zentrum der grossen strukturellen Trends",{"id":1858,"colorVariation":757,"blockName":28,"columns":1859,"blockType":340,"titleStart":1871,"titleEnd":1785},"6a3d433dfc3c16786ef2f34a",[1860],{"id":1861,"content":1862},"6a3d434dfc3c16786ef2f34b",{"root":1863},{"type":168,"format":169,"indent":170,"version":4,"children":1864,"direction":28},[1865,1869],{"type":173,"format":169,"indent":170,"version":4,"children":1866,"direction":28,"textStyle":169,"textFormat":170},[1867],{"mode":176,"text":1868,"type":178,"style":169,"detail":170,"format":170,"version":4},"Im Grunde behält das Zitat von Benjamin Graham seine ganze Bedeutung, weil es eine einfache Wahrheit in Erinnerung ruft: Die Zeit ist oft der beste Offenbarer des Werts. Die Märkte stimmen im Takt der Emotionen, der Ängste und der vorherrschenden kurzfristigen Narrative ab. Danach wägen sie die Fakten. Kriege, Wahlen oder Handelsspannungen werden weiterhin starke Momente der Volatilität hervorrufen. Auch das Thema KI wird kurzfristig weiterhin starke Rotationen konzentrieren. Doch für den geduldigen Anleger bleibt die eigentliche Frage unverändert: Welche Unternehmen sind fähig, aus dem Lärm mit mehr Marktanteilen, besseren Margen, mehr Wachstum und verstärkten Eintrittsbarrieren hervorzugehen? Genau in dieser langfristigen Lesart entfaltet ein Unternehmen wie Belimo seine ganze Bedeutung. Kurzfristig mag der Markt bisweilen irrational abstimmen. Langfristig wägt er fast immer die Qualität.",{"type":173,"format":169,"indent":170,"version":4,"children":1870,"direction":28,"textStyle":169,"textFormat":170},[],"Das Langfristige als Gegengift zum Lärm",{"id":1873,"colorVariation":461,"blockName":28,"columns":1874,"blockType":340},"6aac0ec343aad2055c8ee424",[1875],{"id":1876,"content":1877},"6aac0ec543aad2055c8ee425",{"root":1878},{"type":168,"format":169,"indent":170,"version":4,"children":1879,"direction":28},[1880],{"type":173,"format":169,"indent":170,"version":4,"children":1881,"direction":28,"textStyle":169,"textFormat":4},[1882,1884],{"mode":176,"text":1883,"type":178,"style":169,"detail":170,"format":4,"version":4},"Anton Berthot",{"mode":176,"text":1885,"type":178,"style":169,"detail":170,"format":170,"version":4}," ist Co-Manager von Überzeugungsfonds auf Schweizer Aktien bei der BCGE. Zuvor war er 8 Jahre lang Co-Manager von Fonds auf Schweizer Aktien, Schweizer Immobilien und Multi-Assets bei der RESCAD SA. Er zählt zudem einige Jahre als Analyst bei HSBC und JP Morgan. Er ist Inhaber eines Master in Finance der Universität Neuenburg, eines Bachelors der HEC Lausanne und CFA-Charterholder.",{"id":1887,"alt":1888,"landscape":1889,"portrait":28,"folder":1706,"thumbnailUrl":1899,"updatedAt":1914,"createdAt":1915},122,"BCGE Berthot Anton - Publications",{"id":1890,"updatedAt":1891,"createdAt":1892,"url":1893,"thumbnailURL":28,"filename":1894,"mimeType":30,"filesize":1895,"width":1896,"height":1896,"focalX":33,"focalY":33,"sizes":1897},338,"2026-07-31T09:16:30.601Z","2026-07-31T09:16:30.442Z","https:\u002F\u002Fassets.synchrony.ch\u002FAntonBerthot_list.webp","AntonBerthot_list.webp",53916,800,{"thumbnail":1898,"sm":1902,"md":1906,"lg":1909,"og":1910},{"url":1899,"width":37,"height":38,"mimeType":30,"filesize":1900,"filename":1901},"https:\u002F\u002Fassets.synchrony.ch\u002FAntonBerthot_list-300x200.webp",3948,"AntonBerthot_list-300x200.webp",{"url":1903,"width":43,"height":43,"mimeType":30,"filesize":1904,"filename":1905},"https:\u002F\u002Fassets.synchrony.ch\u002FAntonBerthot_list-640x640.webp",21376,"AntonBerthot_list-640x640.webp",{"url":1907,"width":1896,"height":1896,"mimeType":30,"filesize":1895,"filename":1908},"https:\u002F\u002Fassets.synchrony.ch\u002FAntonBerthot_list-800x800.webp","AntonBerthot_list-800x800.webp",{"url":1907,"width":1896,"height":1896,"mimeType":30,"filesize":1895,"filename":1908},{"url":1911,"width":56,"height":57,"mimeType":30,"filesize":1912,"filename":1913},"https:\u002F\u002Fassets.synchrony.ch\u002FAntonBerthot_list-1200x630.webp",44418,"AntonBerthot_list-1200x630.webp","2026-07-31T09:16:31.313Z","2026-07-07T09:04:31.678Z","Der Markt stimmt kurzfristig ab, doch langfristig wägt er","Eine Kolumne von Anton Berthot -\nErschienen in Allnews - 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",[],{"id":4,"layout":1978,"previewImage":2128,"title":2136,"excerpt":2137,"publishedDate":1918,"tags":2138,"slug":2139,"updatedAt":1923,"createdAt":1924},[1979,2016,2041,2052,2064,2085,2097,2116],{"id":1645,"colorVariation":239,"backgroundImage":1980,"foregroundImage":1995,"blockName":28,"blockType":256,"eyebrow":2003,"title":2004,"content":2005},{"id":1647,"alt":1648,"landscape":1981,"portrait":1988,"folder":1706,"thumbnailUrl":1659,"updatedAt":1707,"createdAt":1708},{"id":1650,"updatedAt":1651,"createdAt":1652,"url":1653,"thumbnailURL":28,"filename":1654,"mimeType":30,"filesize":1655,"width":75,"height":1656,"focalX":33,"focalY":33,"sizes":1982},{"thumbnail":1983,"sm":1984,"md":1985,"lg":1986,"og":1987},{"url":1659,"width":37,"height":38,"mimeType":30,"filesize":1660,"filename":1661},{"url":1663,"width":43,"height":1664,"mimeType":30,"filesize":1665,"filename":1666},{"url":1668,"width":48,"height":1669,"mimeType":30,"filesize":1670,"filename":1671},{"url":1673,"width":75,"height":1656,"mimeType":30,"filesize":1655,"filename":1674},{"url":1676,"width":56,"height":57,"mimeType":30,"filesize":1677,"filename":1678},{"id":1680,"updatedAt":1681,"createdAt":1682,"url":1683,"thumbnailURL":28,"filename":1684,"mimeType":30,"filesize":1685,"width":1686,"height":1687,"focalX":33,"focalY":33,"sizes":1989},{"thumbnail":1990,"sm":1991,"md":1992,"lg":1993,"og":1994},{"url":1690,"width":37,"height":38,"mimeType":30,"filesize":1691,"filename":1692},{"url":1694,"width":43,"height":1695,"mimeType":30,"filesize":1696,"filename":1697},{"url":1699,"width":1686,"height":1687,"mimeType":30,"filesize":1685,"filename":1700},{"url":1699,"width":1686,"height":1687,"mimeType":30,"filesize":1685,"filename":1700},{"url":1703,"width":56,"height":57,"mimeType":30,"filesize":1704,"filename":1705},{"id":1710,"alt":1711,"landscape":1996,"portrait":28,"folder":1706,"thumbnailUrl":1720,"updatedAt":1738,"createdAt":1739},{"id":220,"updatedAt":1713,"createdAt":1714,"url":1715,"thumbnailURL":28,"filename":1716,"mimeType":30,"filesize":1717,"width":75,"height":1656,"focalX":33,"focalY":33,"sizes":1997},{"thumbnail":1998,"sm":1999,"md":2000,"lg":2001,"og":2002},{"url":1720,"width":37,"height":38,"mimeType":30,"filesize":1721,"filename":1722},{"url":1724,"width":43,"height":1664,"mimeType":30,"filesize":1725,"filename":1726},{"url":1728,"width":48,"height":1669,"mimeType":30,"filesize":1729,"filename":1730},{"url":1732,"width":75,"height":1656,"mimeType":30,"filesize":1717,"filename":1733},{"url":1735,"width":56,"height":57,"mimeType":30,"filesize":1736,"filename":1737},"28 mai 2026","Le marché vote à court terme\nmais il évalue à long terme",{"root":2006},{"type":168,"format":169,"indent":170,"version":4,"children":2007,"direction":28},[2008,2012],{"type":173,"format":648,"indent":170,"version":4,"children":2009,"direction":28,"textStyle":169,"textFormat":170},[2010],{"mode":176,"text":2011,"type":178,"style":169,"detail":170,"format":170,"version":4},"Chronique d'Anton Berthot ",{"type":173,"format":648,"indent":170,"version":4,"children":2013,"direction":28,"textStyle":169,"textFormat":170},[2014],{"mode":176,"text":2015,"type":178,"style":169,"detail":170,"format":170,"version":4},"Parue dans Allnews - Mai 2026",{"id":1754,"layout":268,"colorVariation":757,"imagePosition":270,"image":2017,"imageFit":1783,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":2025,"blockType":282,"imageText":28,"title":169,"content":2026},{"id":1756,"alt":1757,"landscape":2018,"portrait":28,"folder":60,"thumbnailUrl":1768,"updatedAt":1782,"createdAt":1782},{"id":510,"updatedAt":1759,"createdAt":1760,"url":1761,"thumbnailURL":28,"filename":1762,"mimeType":139,"filesize":1763,"width":1764,"height":1765,"focalX":33,"focalY":33,"sizes":2019},{"thumbnail":2020,"sm":2021,"md":2022,"lg":2023,"og":2024},{"url":1768,"width":37,"height":38,"mimeType":30,"filesize":1769,"filename":1770},{"url":1772,"width":43,"height":1773,"mimeType":30,"filesize":1774,"filename":1775},{"url":1777,"width":1764,"height":1765,"mimeType":30,"filesize":1778,"filename":1779},{"url":1777,"width":1764,"height":1765,"mimeType":30,"filesize":1778,"filename":1779},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},[],{"root":2027},{"type":168,"format":169,"indent":170,"version":4,"children":2028,"direction":28},[2029,2033,2037],{"type":173,"format":648,"indent":170,"version":4,"children":2030,"direction":28,"textStyle":169,"textFormat":170},[2031],{"mode":176,"text":2032,"type":178,"style":169,"detail":170,"format":170,"version":4},"Le célèbre adage de Benjamin Graham « In the short run, the market is a voting machine; in the long run, it is a weighing machine » résume avec justesse l’un des grands paradoxes des marchés. À court terme, ceux-ci réagissent comme un baromètre émotionnel : ils votent, sanctionnent ou parfois applaudissent et extrapolent. Mais à long terme, ils finissent par évaluer les entreprises pour ce qu’elles sont réellement : leur capacité à innover, croître, défendre leurs marges et à générer durablement des retours sur capital.",{"type":173,"format":648,"indent":170,"version":4,"children":2034,"direction":28,"textStyle":169,"textFormat":170},[2035],{"mode":176,"text":2036,"type":178,"style":169,"detail":170,"format":170,"version":4},"  ",{"type":173,"format":648,"indent":170,"version":4,"children":2038,"direction":28,"textStyle":169,"textFormat":170},[2039],{"mode":176,"text":2040,"type":178,"style":169,"detail":170,"format":170,"version":4},"Cette distinction entre le bruit de court terme et la substance de long terme n’a probablement jamais été aussi pertinente qu’aujourd’hui. Élections, guerres, tensions commerciales ou nouveaux tarifs douaniers : l’environnement de marché semble en permanence traversé par des secousses exogènes. Pourtant, lorsqu’on prend du recul, l’histoire montre que les marchés actions, notamment le marché américain, ont souvent absorbé ces chocs sans remettre en cause leur trajectoire de fond. Si l’on prend un horizon de long terme de 40 ans, on observe que les actions américaines (S&P 500) ont délivré une performance d’environ 11% annualisé en USD, ceci malgré plusieurs années de fortes baisses (bulle internet 2000-2002 : -38%, crise financière 2008 : -37%, pic inflationniste de 2022 : -18%). Autrement dit, pour l’investisseur de long terme, beaucoup de ces chocs finissent par s’estomper et la patience est finalement récompensée.",{"id":1800,"colorVariation":239,"blockName":28,"columns":2042,"blockType":340,"titleStart":2051,"titleEnd":169},[2043],{"id":1803,"content":2044},{"root":2045},{"type":168,"format":169,"indent":170,"version":4,"children":2046,"direction":28},[2047],{"type":173,"format":648,"indent":170,"version":4,"children":2048,"direction":28,"textStyle":169,"textFormat":170},[2049],{"mode":176,"text":2050,"type":178,"style":169,"detail":170,"format":170,"version":4},"Cela ne signifie évidemment pas que les chutes de marchés sont sans conséquences pour les investisseurs. À court terme, des événements tels que les conflits armés peuvent provoquer d’importantes baisses du marché, en particulier lorsqu’ils touchent à l’énergie. La guerre actuelle autour du détroit d’Ormuz en est le parfait exemple. Cet étroit passage concentre environ 25% du commerce mondial de pétrole et près de 20% du gaz naturel liquéfié transporté par mer, selon l’agence internationale de l’énergie. Dans cette perspective, le conflit en Iran illustre parfaitement ce mécanisme : le marché réagit vite et violemment face à l’incertitude immédiate, mais il réévalue ensuite les conséquences réelles sur la croissance et les profits futurs des entreprises. Si l’histoire est un bon guide pour le futur, nous pouvons alors mettre en évidence qu’en moyenne, le marché américain est en hausse de 8%, un an après le début d’un conflit armé . Une source d’explication est l’intensité pétrolière dans le PIB qui a baissé de près de 60% depuis les premiers chocs pétroliers des années 1970 selon la Banque mondiale. Ce n’est donc pas tant l’événement lui-même qui détermine la trajectoire de long terme des marchés, que sa capacité ou non à modifier durablement les fondamentaux économiques.","Le bruit des conflits, la résilience des marchés",{"id":1813,"colorVariation":902,"blockName":28,"columns":2053,"blockType":340,"titleStart":2062,"titleEnd":2063},[2054],{"id":1816,"content":2055},{"root":2056},{"type":168,"format":169,"indent":170,"version":4,"children":2057,"direction":28},[2058],{"type":173,"format":648,"indent":170,"version":4,"children":2059,"direction":28,"textStyle":169,"textFormat":170},[2060],{"mode":176,"text":2061,"type":178,"style":169,"detail":170,"format":170,"version":4},"C’est particulièrement vrai sur les thématiques les plus commentées du moment. Les sociétés liées à l’intelligence artificielle et notamment aux « data centers » concentrent aujourd’hui une part importante de la volatilité boursière, car elles sont au croisement des plus fortes attentes de croissance, des valorisations les plus exigeantes et des plus grands débats sur la soutenabilité des dépenses d’investissement.","À court terme, la volatilité se concentre là","où les récits sont les plus puissants",{"id":1826,"colorVariation":345,"blockName":28,"columns":2065,"blockType":340,"titleStart":2083,"titleEnd":2084},[2066],{"id":1829,"content":2067},{"root":2068},{"type":168,"format":169,"indent":170,"version":4,"children":2069,"direction":28},[2070,2074,2077,2081],{"type":173,"format":648,"indent":170,"version":4,"children":2071,"direction":28,"textStyle":169,"textFormat":170},[2072],{"mode":176,"text":2073,"type":178,"style":169,"detail":170,"format":170,"version":4},"Une fois le bruit de court terme remis à sa juste place, la question centrale redevient celle de la qualité des entreprises. Car dans la durée, ce que le marché finit par évaluer, ce ne sont ni les manchettes des journaux ni les émotions, mais la capacité d’une société à créer de la valeur. Les entreprises qui s’imposent sur la durée sont souvent celles qui combinent plusieurs attributs : innovation continue, croissance structurelle, marges élevées, retour sur investissement attractif et barrières à l’entrée solides.",{"type":173,"format":169,"indent":170,"version":4,"children":2075,"direction":28,"textStyle":169,"textFormat":170},[2076],{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":648,"indent":170,"version":4,"children":2078,"direction":28,"textStyle":169,"textFormat":170},[2079],{"mode":176,"text":2080,"type":178,"style":169,"detail":170,"format":170,"version":4},"C’est précisément là que certaines sociétés suisses se distinguent. Dans un marché souvent perçu comme défensif, la Suisse abrite en réalité de nombreuses entreprises capables de créer de la valeur sur le long terme.  ",{"type":173,"format":169,"indent":170,"version":4,"children":2082,"direction":28,"textStyle":169,"textFormat":170},[],"Ce que le marché finit par évaluer :","croissance, marges, rendement du capital",{"id":1845,"colorVariation":461,"blockName":28,"columns":2086,"blockType":340,"titleStart":2095,"titleEnd":2096},[2087],{"id":1848,"content":2088},{"root":2089},{"type":168,"format":169,"indent":170,"version":4,"children":2090,"direction":28},[2091],{"type":173,"format":648,"indent":170,"version":4,"children":2092,"direction":28,"textStyle":169,"textFormat":170},[2093],{"mode":176,"text":2094,"type":178,"style":169,"detail":170,"format":170,"version":4},"Belimo est probablement l’un des exemples les plus parlants de création de valeur suisse patiente et méthodique. En 2025, le groupe a réalisé CHF 1.12 milliards de ventes et un bénéfice de CHF 182 millions (en croissance de 8.5% et 12.4% par an respectivement depuis 10 ans). L’entreprise continue de bénéficier de grandes tendances structurelles comme l’efficacité énergétique, la rénovation des bâtiments et la montée en puissance des centres de données. Dès 2024, Belimo soulignait l’accélération de la demande liée aux data centers et la solidité de sa stratégie de croissance fondée sur l’urbanisation, le climat et la digitalisation. Belimo démontre qu’un spécialiste, leader sur des composants critiques, peut bâtir des barrières à l’entrée fortes comme : expertise technique, qualité, fiabilité, innovation incrémentale et proximité client. À court terme, le titre peut être sensible aux niveaux de valorisations, aux taux d’intérêts ou encore aux mouvements de marché. À long terme, le marché évaluera la capacité de l’entreprise à transformer ces mégatendances en croissance rentable de long terme. Depuis fin juillet 2025, le titre affiche une performance boursière de -32% au 31.03.2026 comparé au marché suisse qui est à +8% (Swiss Performance Index ou SPI). À plus long terme : +505% sur 10 ans (6e meilleure performance sur 200 sociétés du SPI qui fait +114%) ou +2’172% sur 20 ans (SPI +189%), soit la meilleure performance de tout le marché suisse.","Belimo : un spécialiste de premier plan","au cœur des grandes tendances structurelles",{"id":1858,"colorVariation":757,"blockName":28,"columns":2098,"blockType":340,"titleStart":2114,"titleEnd":2115},[2099],{"id":1861,"content":2100},{"root":2101},{"type":168,"format":169,"indent":170,"version":4,"children":2102,"direction":28},[2103,2107,2110],{"type":173,"format":648,"indent":170,"version":4,"children":2104,"direction":28,"textStyle":169,"textFormat":170},[2105],{"mode":176,"text":2106,"type":178,"style":169,"detail":170,"format":170,"version":4},"Au fond, la citation de Benjamin Graham garde tout son sens parce qu’elle rappelle une vérité simple : le temps est souvent le meilleur révélateur de la valeur. Les marchés votent au rythme des émotions, des peurs et des récits dominants de court terme. Ils évaluent ensuite les faits. Les guerres, les élections ou les tensions commerciales continueront de provoquer de forts moments de volatilité. La thématique de l’IA continuera également de concentrer de fortes rotations à court terme. Mais pour l’investisseur patient, la vraie question reste inchangée : quelles sont les entreprises capables d’émerger du bruit avec d’avantage de parts de marché, de meilleures marges, plus de croissance et des barrières à l’entrée renforcées ? ",{"type":173,"format":648,"indent":170,"version":4,"children":2108,"direction":28,"textStyle":169,"textFormat":170},[2109],{"mode":176,"text":294,"type":178,"style":169,"detail":170,"format":170,"version":4},{"type":173,"format":648,"indent":170,"version":4,"children":2111,"direction":28,"textStyle":169,"textFormat":170},[2112],{"mode":176,"text":2113,"type":178,"style":169,"detail":170,"format":170,"version":4},"C’est précisément dans cette lecture de long terme qu’une société comme Belimo prend tout son sens. À court terme, le marché peut voter de manière parfois irrationnelle. À long terme, il finit presque toujours par évaluer la qualité.","Le long terme","comme antidote au bruit",{"id":1873,"colorVariation":461,"blockName":28,"columns":2117,"blockType":340},[2118],{"id":1876,"content":2119},{"root":2120},{"type":168,"format":169,"indent":170,"version":4,"children":2121,"direction":28},[2122],{"type":173,"format":169,"indent":170,"version":4,"children":2123,"direction":28,"textStyle":169,"textFormat":4},[2124,2126],{"mode":176,"text":2125,"type":178,"style":169,"detail":170,"format":4,"version":4},"Anton Berthot ",{"mode":176,"text":2127,"type":178,"style":169,"detail":170,"format":170,"version":4},"est co-gérant de fonds de convictions sur les actions suisses chez BCGE. Auparavant, il a œuvré en tant que co-gérant de fonds sur les actions suisses, l’immobilier suisse et multi-assets chez RESCAD SA durant 8 ans. Il compte également quelques années en tant qu’analyste chez HSBC et JP Morgan. Il est titulaire d’un Master en Finance de l’Université de Neuchâtel, d’un Bachelor de HEC Lausanne et détenteur du CFA.",{"id":1887,"alt":1888,"landscape":2129,"portrait":28,"folder":1706,"thumbnailUrl":1899,"updatedAt":1914,"createdAt":1915},{"id":1890,"updatedAt":1891,"createdAt":1892,"url":1893,"thumbnailURL":28,"filename":1894,"mimeType":30,"filesize":1895,"width":1896,"height":1896,"focalX":33,"focalY":33,"sizes":2130},{"thumbnail":2131,"sm":2132,"md":2133,"lg":2134,"og":2135},{"url":1899,"width":37,"height":38,"mimeType":30,"filesize":1900,"filename":1901},{"url":1903,"width":43,"height":43,"mimeType":30,"filesize":1904,"filename":1905},{"url":1907,"width":1896,"height":1896,"mimeType":30,"filesize":1895,"filename":1908},{"url":1907,"width":1896,"height":1896,"mimeType":30,"filesize":1895,"filename":1908},{"url":1911,"width":56,"height":57,"mimeType":30,"filesize":1912,"filename":1913},"Le marché vote à court terme mais il évalue à long terme","Chronique d'Anton Berthot -\nParue dans Allnews - Mai 2026",{"id":4,"name":1706,"slug":1920,"updatedAt":1921,"createdAt":1921},"le-marche-vote-a-court-terme",{"locale":2141,"altBlogListing":2142,"altArticle":2188},"en",{"id":4,"colorGroup":2143,"articleColorGroup":2145,"title":1967,"menuImage":2147,"slug":1942,"seo":2155,"heroBackgroundImage":2156,"heroForegroundImage":2171,"heroEyebrow":1967,"heroTitle":2179,"heroContent":2180,"titleStart":28,"titleEnd":28,"postsPerPage":179,"displayMode":180,"filterByTags":2187,"updatedAt":182,"createdAt":183,"globalType":184},{"id":6,"name":7,"variations":2144,"updatedAt":15,"createdAt":16},{"v100":9,"v100TypoColor":10,"v80":11,"v80TypoColor":12,"v60":13,"v60TypoColor":12,"v40":14,"v40TypoColor":12,"v20":14,"v20TypoColor":12},{"id":6,"name":7,"variations":2146,"updatedAt":15,"createdAt":16},{"v100":9,"v100TypoColor":10,"v80":11,"v80TypoColor":12,"v60":13,"v60TypoColor":12,"v40":14,"v40TypoColor":12,"v20":14,"v20TypoColor":12},{"id":21,"alt":22,"landscape":2148,"portrait":28,"folder":60,"thumbnailUrl":36,"updatedAt":61,"createdAt":62},{"id":24,"updatedAt":25,"createdAt":26,"url":27,"thumbnailURL":28,"filename":29,"mimeType":30,"filesize":31,"width":32,"height":32,"focalX":33,"focalY":33,"sizes":2149},{"thumbnail":2150,"sm":2151,"md":2152,"lg":2153,"og":2154},{"url":36,"width":37,"height":38,"mimeType":30,"filesize":39,"filename":40},{"url":42,"width":43,"height":43,"mimeType":30,"filesize":44,"filename":45},{"url":47,"width":48,"height":48,"mimeType":30,"filesize":49,"filename":50},{"url":52,"width":32,"height":32,"mimeType":30,"filesize":31,"filename":53},{"url":55,"width":56,"height":57,"mimeType":30,"filesize":58,"filename":59},{"metaTitle":28,"metaDescription":28,"ogImage":28},{"id":66,"alt":67,"landscape":2157,"portrait":2164,"folder":60,"thumbnailUrl":79,"updatedAt":128,"createdAt":129},{"id":69,"updatedAt":70,"createdAt":71,"url":72,"thumbnailURL":28,"filename":73,"mimeType":30,"filesize":74,"width":75,"height":76,"focalX":33,"focalY":33,"sizes":2158},{"thumbnail":2159,"sm":2160,"md":2161,"lg":2162,"og":2163},{"url":79,"width":37,"height":38,"mimeType":30,"filesize":80,"filename":81},{"url":83,"width":43,"height":84,"mimeType":30,"filesize":85,"filename":86},{"url":88,"width":48,"height":89,"mimeType":30,"filesize":90,"filename":91},{"url":93,"width":75,"height":76,"mimeType":30,"filesize":74,"filename":94},{"url":96,"width":56,"height":57,"mimeType":30,"filesize":97,"filename":98},{"id":100,"updatedAt":101,"createdAt":102,"url":103,"thumbnailURL":28,"filename":104,"mimeType":30,"filesize":105,"width":32,"height":75,"focalX":33,"focalY":33,"sizes":2165},{"thumbnail":2166,"sm":2167,"md":2168,"lg":2169,"og":2170},{"url":108,"width":37,"height":38,"mimeType":30,"filesize":109,"filename":110},{"url":112,"width":43,"height":113,"mimeType":30,"filesize":114,"filename":115},{"url":117,"width":48,"height":118,"mimeType":30,"filesize":119,"filename":120},{"url":122,"width":32,"height":75,"mimeType":30,"filesize":105,"filename":123},{"url":125,"width":56,"height":57,"mimeType":30,"filesize":126,"filename":127},{"id":131,"alt":132,"landscape":2172,"portrait":28,"folder":60,"thumbnailUrl":143,"updatedAt":162,"createdAt":163},{"id":134,"updatedAt":135,"createdAt":136,"url":137,"thumbnailURL":28,"filename":138,"mimeType":139,"filesize":140,"width":75,"height":76,"focalX":33,"focalY":33,"sizes":2173},{"thumbnail":2174,"sm":2175,"md":2176,"lg":2177,"og":2178},{"url":143,"width":37,"height":38,"mimeType":30,"filesize":144,"filename":145},{"url":147,"width":43,"height":84,"mimeType":30,"filesize":148,"filename":149},{"url":151,"width":48,"height":89,"mimeType":30,"filesize":152,"filename":153},{"url":155,"width":75,"height":76,"mimeType":30,"filesize":156,"filename":157},{"url":159,"width":56,"height":57,"mimeType":30,"filesize":160,"filename":161},"News\nanother 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them.",[],{"id":4,"layout":2189,"previewImage":2315,"title":2323,"excerpt":2324,"publishedDate":1918,"tags":2325,"slug":2326,"updatedAt":1923,"createdAt":1924},[2190,2226,2247,2258,2269,2280,2293,2304],{"id":1645,"colorVariation":239,"backgroundImage":2191,"foregroundImage":2206,"blockName":28,"blockType":256,"eyebrow":2214,"title":2215,"content":2216},{"id":1647,"alt":1648,"landscape":2192,"portrait":2199,"folder":1706,"thumbnailUrl":1659,"updatedAt":1707,"createdAt":1708},{"id":1650,"updatedAt":1651,"createdAt":1652,"url":1653,"thumbnailURL":28,"filename":1654,"mimeType":30,"filesize":1655,"width":75,"height":1656,"focalX":33,"focalY":33,"sizes":2193},{"thumbnail":2194,"sm":2195,"md":2196,"lg":2197,"og":2198},{"url":1659,"width":37,"height":38,"mimeType":30,"filesize":1660,"filename":1661},{"url":1663,"width":43,"height":1664,"mimeType":30,"filesize":1665,"filename":1666},{"url":1668,"width":48,"height":1669,"mimeType":30,"filesize":1670,"filename":1671},{"url":1673,"width":75,"height":1656,"mimeType":30,"filesize":1655,"filename":1674},{"url":1676,"width":56,"height":57,"mimeType":30,"filesize":1677,"filename":1678},{"id":1680,"updatedAt":1681,"createdAt":1682,"url":1683,"thumbnailURL":28,"filename":1684,"mimeType":30,"filesize":1685,"width":1686,"height":1687,"focalX":33,"focalY":33,"sizes":2200},{"thumbnail":2201,"sm":2202,"md":2203,"lg":2204,"og":2205},{"url":1690,"width":37,"height":38,"mimeType":30,"filesize":1691,"filename":1692},{"url":1694,"width":43,"height":1695,"mimeType":30,"filesize":1696,"filename":1697},{"url":1699,"width":1686,"height":1687,"mimeType":30,"filesize":1685,"filename":1700},{"url":1699,"width":1686,"height":1687,"mimeType":30,"filesize":1685,"filename":1700},{"url":1703,"width":56,"height":57,"mimeType":30,"filesize":1704,"filename":1705},{"id":1710,"alt":1711,"landscape":2207,"portrait":28,"folder":1706,"thumbnailUrl":1720,"updatedAt":1738,"createdAt":1739},{"id":220,"updatedAt":1713,"createdAt":1714,"url":1715,"thumbnailURL":28,"filename":1716,"mimeType":30,"filesize":1717,"width":75,"height":1656,"focalX":33,"focalY":33,"sizes":2208},{"thumbnail":2209,"sm":2210,"md":2211,"lg":2212,"og":2213},{"url":1720,"width":37,"height":38,"mimeType":30,"filesize":1721,"filename":1722},{"url":1724,"width":43,"height":1664,"mimeType":30,"filesize":1725,"filename":1726},{"url":1728,"width":48,"height":1669,"mimeType":30,"filesize":1729,"filename":1730},{"url":1732,"width":75,"height":1656,"mimeType":30,"filesize":1717,"filename":1733},{"url":1735,"width":56,"height":57,"mimeType":30,"filesize":1736,"filename":1737},"28 May 2026","The market votes in the short \nrun but it weighs in the long run",{"root":2217},{"type":168,"format":169,"indent":170,"version":4,"children":2218,"direction":28},[2219],{"type":173,"format":169,"indent":170,"version":4,"children":2220,"direction":28,"textStyle":169,"textFormat":170},[2221,2223,2224],{"mode":176,"text":2222,"type":178,"style":169,"detail":170,"format":170,"version":4},"A column by Anton Berthot",{"type":1333,"version":4},{"mode":176,"text":2225,"type":178,"style":169,"detail":170,"format":170,"version":4},"Published in Allnews - May 2026",{"id":1754,"layout":268,"colorVariation":757,"imagePosition":270,"image":2227,"imageFit":1783,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":2235,"blockType":282,"imageText":28,"title":1785,"content":2236},{"id":1756,"alt":1757,"landscape":2228,"portrait":28,"folder":60,"thumbnailUrl":1768,"updatedAt":1782,"createdAt":1782},{"id":510,"updatedAt":1759,"createdAt":1760,"url":1761,"thumbnailURL":28,"filename":1762,"mimeType":139,"filesize":1763,"width":1764,"height":1765,"focalX":33,"focalY":33,"sizes":2229},{"thumbnail":2230,"sm":2231,"md":2232,"lg":2233,"og":2234},{"url":1768,"width":37,"height":38,"mimeType":30,"filesize":1769,"filename":1770},{"url":1772,"width":43,"height":1773,"mimeType":30,"filesize":1774,"filename":1775},{"url":1777,"width":1764,"height":1765,"mimeType":30,"filesize":1778,"filename":1779},{"url":1777,"width":1764,"height":1765,"mimeType":30,"filesize":1778,"filename":1779},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},[],{"root":2237},{"type":168,"format":169,"indent":170,"version":4,"children":2238,"direction":28},[2239,2243],{"type":173,"format":648,"indent":170,"version":4,"children":2240,"direction":28,"textStyle":169,"textFormat":170},[2241],{"mode":176,"text":2242,"type":178,"style":169,"detail":170,"format":170,"version":4},"Benjamin Graham's famous adage \"In the short run, the market is a voting machine; in the long run, it is a weighing machine\" aptly captures one of the great paradoxes of the markets. In the short run, they react like an emotional barometer: they vote, punish or sometimes applaud and extrapolate. But in the long run, they end up weighing companies for what they truly are: their capacity to innovate, to grow, to defend their margins and to generate lasting returns on capital.",{"type":173,"format":648,"indent":170,"version":4,"children":2244,"direction":28,"textStyle":169,"textFormat":170},[2245],{"mode":176,"text":2246,"type":178,"style":169,"detail":170,"format":170,"version":4},"This distinction between short-term noise and long-term substance has probably never been as relevant as it is today. Elections, wars, trade tensions or new tariffs: the market environment seems permanently shaken by exogenous shocks. Yet, taking a step back, history shows that equity markets — the American market in particular — have often absorbed these shocks without calling their underlying trajectory into question. Over a long-term horizon of 40 years, US equities (S&P 500) delivered a performance of around 11% annualised in USD, this despite several years of sharp declines (dot-com bubble 2000-2002: -38%, financial crisis 2008: -37%, inflation peak of 2022: -18%). In other words, for the long-term investor, many of these shocks eventually fade and patience is ultimately rewarded.",{"id":1800,"colorVariation":239,"blockName":28,"columns":2248,"blockType":340,"titleStart":2257,"titleEnd":1785},[2249],{"id":1803,"content":2250},{"root":2251},{"type":168,"format":169,"indent":170,"version":4,"children":2252,"direction":28},[2253],{"type":173,"format":648,"indent":170,"version":4,"children":2254,"direction":28,"textStyle":169,"textFormat":170},[2255],{"mode":176,"text":2256,"type":178,"style":169,"detail":170,"format":170,"version":4},"This obviously does not mean that market falls are without consequence for investors. In the short run, events such as armed conflicts can cause significant market declines, particularly when they touch on energy. The current war around the Strait of Hormuz is the perfect example. This narrow passage concentrates around 25% of global oil trade and nearly 20% of the liquefied natural gas transported by sea, according to the International Energy Agency. From this perspective, the conflict in Iran perfectly illustrates this mechanism: the market reacts quickly and violently in the face of immediate uncertainty, but it then reassesses the real consequences on companies' future growth and profits. If history is a good guide to the future, we can then highlight that, on average, the American market is up 8% one year after the start of an armed conflict. One explanation lies in the oil intensity of GDP, which has fallen by nearly 60% since the first oil shocks of the 1970s, according to the World Bank. It is therefore not so much the event itself that determines the long-term trajectory of markets, as its capacity — or not — to durably alter the economic fundamentals.","The noise of conflicts, the resilience of markets",{"id":1813,"colorVariation":902,"blockName":28,"columns":2259,"blockType":340,"titleStart":2268,"titleEnd":1785},[2260],{"id":1816,"content":2261},{"root":2262},{"type":168,"format":169,"indent":170,"version":4,"children":2263,"direction":28},[2264],{"type":173,"format":648,"indent":170,"version":4,"children":2265,"direction":28,"textStyle":169,"textFormat":170},[2266],{"mode":176,"text":2267,"type":178,"style":169,"detail":170,"format":170,"version":4},"This is particularly true of the most commented themes of the moment. Companies linked to artificial intelligence, and to \"data centres\" in particular, today concentrate a significant share of stock-market volatility, because they lie at the crossroads of the highest growth expectations, the most demanding valuations and the greatest debates on the sustainability of investment spending.","In the short run, volatility concentrates where the narratives are most powerful",{"id":1826,"colorVariation":345,"blockName":28,"columns":2270,"blockType":340,"titleStart":2279,"titleEnd":1785},[2271],{"id":1829,"content":2272},{"root":2273},{"type":168,"format":169,"indent":170,"version":4,"children":2274,"direction":28},[2275],{"type":173,"format":648,"indent":170,"version":4,"children":2276,"direction":28,"textStyle":169,"textFormat":170},[2277],{"mode":176,"text":2278,"type":178,"style":169,"detail":170,"format":170,"version":4},"Once short-term noise has been put in its rightful place, the central question once again becomes the quality of companies. For, over time, what the market ultimately weighs is neither the headlines nor the emotions, but a company's capacity to create value. The companies that establish themselves over time are often those that combine several attributes: continuous innovation, structural growth, high margins, attractive return on investment and solid barriers to entry. It is precisely here that certain Swiss companies stand out. In a market often perceived as defensive, Switzerland in fact hosts numerous companies capable of creating value over the long term.","What the market ultimately weighs: growth, margins, return on capital",{"id":1845,"colorVariation":461,"blockName":28,"columns":2281,"blockType":340,"titleStart":2292,"titleEnd":1785},[2282],{"id":1848,"content":2283},{"root":2284},{"type":168,"format":169,"indent":170,"version":4,"children":2285,"direction":28},[2286,2290],{"type":173,"format":648,"indent":170,"version":4,"children":2287,"direction":28,"textStyle":169,"textFormat":170},[2288],{"mode":176,"text":2289,"type":178,"style":169,"detail":170,"format":170,"version":4},"Belimo is probably one of the most telling examples of patient and methodical Swiss value creation. In 2025, the group achieved CHF 1.12 billion in sales and a profit of CHF 182 million (growing at 8.5% and 12.4% per year respectively over 10 years). The company continues to benefit from major structural trends such as energy efficiency, building renovation and the rise of data centres. As early as 2024, Belimo highlighted the acceleration of demand linked to data centres and the strength of its growth strategy based on urbanisation, climate and digitalisation. Belimo demonstrates that a specialist, a leader in critical components, can build strong barriers to entry such as: technical expertise, quality, reliability, incremental innovation and customer proximity. In the short run, the stock can be sensitive to valuation levels, interest rates or market movements. In the long run, the market will weigh the company's capacity to turn these megatrends into profitable long-term growth. Since the end of July 2025, the stock shows a market performance of -32% as at 31.03.2026 compared with the Swiss market at +8% (Swiss Performance Index or SPI). Over the longer term: +505% over 10 years (6th best performance out of the 200 companies in the SPI, which is up +114%) or +2,172% over 20 years (SPI +189%), the best performance of the entire Swiss market.",{"type":173,"format":169,"indent":170,"version":4,"children":2291,"direction":28,"textStyle":169,"textFormat":170},[],"Belimo: a leading specialist at the heart of the major structural trends",{"id":1858,"colorVariation":757,"blockName":28,"columns":2294,"blockType":340,"titleStart":2303,"titleEnd":1785},[2295],{"id":1861,"content":2296},{"root":2297},{"type":168,"format":169,"indent":170,"version":4,"children":2298,"direction":28},[2299],{"type":173,"format":648,"indent":170,"version":4,"children":2300,"direction":28,"textStyle":169,"textFormat":170},[2301],{"mode":176,"text":2302,"type":178,"style":169,"detail":170,"format":170,"version":4},"Fundamentally, Benjamin Graham's quotation retains all its meaning because it recalls a simple truth: time is often the best revealer of value. Markets vote to the rhythm of emotions, fears and the dominant short-term narratives. They then weigh the facts. Wars, elections or trade tensions will continue to provoke strong moments of volatility. The AI theme will likewise continue to concentrate sharp rotations in the short term. But for the patient investor, the real question remains unchanged: which are the companies capable of emerging from the noise with greater market share, better margins, more growth and reinforced barriers to entry? It is precisely in this long-term reading that a company like Belimo takes on its full meaning. In the short run, the market may vote in a sometimes irrational manner. In the long run, it almost always ends up weighing quality.","The long term as an antidote to noise",{"id":1873,"colorVariation":461,"blockName":28,"columns":2305,"blockType":340},[2306],{"id":1876,"content":2307},{"root":2308},{"type":168,"format":169,"indent":170,"version":4,"children":2309,"direction":28},[2310],{"type":173,"format":169,"indent":170,"version":4,"children":2311,"direction":28,"textStyle":169,"textFormat":4},[2312,2313],{"mode":176,"text":2125,"type":178,"style":169,"detail":170,"format":4,"version":4},{"mode":176,"text":2314,"type":178,"style":169,"detail":170,"format":170,"version":4},"is co-manager of Swiss equities conviction funds at BCGE. Previously, he worked as co-manager of funds on Swiss equities, Swiss real estate and multi-assets at RESCAD SA for 8 years. He also counts a few years as an analyst at HSBC and JP Morgan. He holds a Master in Finance from the University of Neuchâtel, a Bachelor from HEC Lausanne and is a CFA charterholder.",{"id":1887,"alt":1888,"landscape":2316,"portrait":28,"folder":1706,"thumbnailUrl":1899,"updatedAt":1914,"createdAt":1915},{"id":1890,"updatedAt":1891,"createdAt":1892,"url":1893,"thumbnailURL":28,"filename":1894,"mimeType":30,"filesize":1895,"width":1896,"height":1896,"focalX":33,"focalY":33,"sizes":2317},{"thumbnail":2318,"sm":2319,"md":2320,"lg":2321,"og":2322},{"url":1899,"width":37,"height":38,"mimeType":30,"filesize":1900,"filename":1901},{"url":1903,"width":43,"height":43,"mimeType":30,"filesize":1904,"filename":1905},{"url":1907,"width":1896,"height":1896,"mimeType":30,"filesize":1895,"filename":1908},{"url":1907,"width":1896,"height":1896,"mimeType":30,"filesize":1895,"filename":1908},{"url":1911,"width":56,"height":57,"mimeType":30,"filesize":1912,"filename":1913},"The market votes in the short run but it weighs in the long run","A column by Anton Berthot -\nPublished in Allnews - May 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strutturano.",[],{"id":4,"layout":2379,"previewImage":2509,"title":2517,"excerpt":2518,"publishedDate":1918,"tags":2519,"slug":2520,"updatedAt":1923,"createdAt":1924},[2380,2417,2442,2453,2464,2475,2486,2498],{"id":1645,"colorVariation":239,"backgroundImage":2381,"foregroundImage":2396,"blockName":28,"blockType":256,"eyebrow":2404,"title":2405,"content":2406},{"id":1647,"alt":1648,"landscape":2382,"portrait":2389,"folder":1706,"thumbnailUrl":1659,"updatedAt":1707,"createdAt":1708},{"id":1650,"updatedAt":1651,"createdAt":1652,"url":1653,"thumbnailURL":28,"filename":1654,"mimeType":30,"filesize":1655,"width":75,"height":1656,"focalX":33,"focalY":33,"sizes":2383},{"thumbnail":2384,"sm":2385,"md":2386,"lg":2387,"og":2388},{"url":1659,"width":37,"height":38,"mimeType":30,"filesize":1660,"filename":1661},{"url":1663,"width":43,"height":1664,"mimeType":30,"filesize":1665,"filename":1666},{"url":1668,"width":48,"height":1669,"mimeType":30,"filesize":1670,"filename":1671},{"url":1673,"width":75,"height":1656,"mimeType":30,"filesize":1655,"filename":1674},{"url":1676,"width":56,"height":57,"mimeType":30,"filesize":1677,"filename":1678},{"id":1680,"updatedAt":1681,"createdAt":1682,"url":1683,"thumbnailURL":28,"filename":1684,"mimeType":30,"filesize":1685,"width":1686,"height":1687,"focalX":33,"focalY":33,"sizes":2390},{"thumbnail":2391,"sm":2392,"md":2393,"lg":2394,"og":2395},{"url":1690,"width":37,"height":38,"mimeType":30,"filesize":1691,"filename":1692},{"url":1694,"width":43,"height":1695,"mimeType":30,"filesize":1696,"filename":1697},{"url":1699,"width":1686,"height":1687,"mimeType":30,"filesize":1685,"filename":1700},{"url":1699,"width":1686,"height":1687,"mimeType":30,"filesize":1685,"filename":1700},{"url":1703,"width":56,"height":57,"mimeType":30,"filesize":1704,"filename":1705},{"id":1710,"alt":1711,"landscape":2397,"portrait":28,"folder":1706,"thumbnailUrl":1720,"updatedAt":1738,"createdAt":1739},{"id":220,"updatedAt":1713,"createdAt":1714,"url":1715,"thumbnailURL":28,"filename":1716,"mimeType":30,"filesize":1717,"width":75,"height":1656,"focalX":33,"focalY":33,"sizes":2398},{"thumbnail":2399,"sm":2400,"md":2401,"lg":2402,"og":2403},{"url":1720,"width":37,"height":38,"mimeType":30,"filesize":1721,"filename":1722},{"url":1724,"width":43,"height":1664,"mimeType":30,"filesize":1725,"filename":1726},{"url":1728,"width":48,"height":1669,"mimeType":30,"filesize":1729,"filename":1730},{"url":1732,"width":75,"height":1656,"mimeType":30,"filesize":1717,"filename":1733},{"url":1735,"width":56,"height":57,"mimeType":30,"filesize":1736,"filename":1737},"28 maggio 2026","Il mercato vota nel breve termine \nma valuta nel lungo termine",{"root":2407},{"type":168,"format":169,"indent":170,"version":4,"children":2408,"direction":28},[2409,2413],{"type":173,"format":169,"indent":170,"version":4,"children":2410,"direction":28,"textStyle":169,"textFormat":170},[2411],{"mode":176,"text":2412,"type":178,"style":169,"detail":170,"format":170,"version":4},"Una rubrica di Anton Berthot",{"type":173,"format":169,"indent":170,"version":4,"children":2414,"direction":28,"textStyle":169,"textFormat":170},[2415],{"mode":176,"text":2416,"type":178,"style":169,"detail":170,"format":170,"version":4},"Pubblicata su Allnews - Maggio 2026",{"id":1754,"layout":268,"colorVariation":757,"imagePosition":270,"image":2418,"imageFit":1783,"imageStyle":279,"imageTextColor":10,"headingLevel":280,"blockName":28,"buttons":2426,"blockType":282,"imageText":28,"title":1785,"content":2427},{"id":1756,"alt":1757,"landscape":2419,"portrait":28,"folder":60,"thumbnailUrl":1768,"updatedAt":1782,"createdAt":1782},{"id":510,"updatedAt":1759,"createdAt":1760,"url":1761,"thumbnailURL":28,"filename":1762,"mimeType":139,"filesize":1763,"width":1764,"height":1765,"focalX":33,"focalY":33,"sizes":2420},{"thumbnail":2421,"sm":2422,"md":2423,"lg":2424,"og":2425},{"url":1768,"width":37,"height":38,"mimeType":30,"filesize":1769,"filename":1770},{"url":1772,"width":43,"height":1773,"mimeType":30,"filesize":1774,"filename":1775},{"url":1777,"width":1764,"height":1765,"mimeType":30,"filesize":1778,"filename":1779},{"url":1777,"width":1764,"height":1765,"mimeType":30,"filesize":1778,"filename":1779},{"url":28,"width":28,"height":28,"mimeType":28,"filesize":28,"filename":28},[],{"root":2428},{"type":168,"format":169,"indent":170,"version":4,"children":2429,"direction":28},[2430,2434,2436,2440],{"type":173,"format":169,"indent":170,"version":4,"children":2431,"direction":28,"textStyle":169,"textFormat":170},[2432],{"mode":176,"text":2433,"type":178,"style":169,"detail":170,"format":170,"version":4},"Il celebre adagio di Benjamin Graham «In the short run, the market is a voting machine; in the long run, it is a weighing machine» riassume con precisione uno dei grandi paradossi dei mercati. Nel breve termine, questi reagiscono come un barometro emotivo: votano, sanzionano o talvolta applaudono ed estrapolano. Ma nel lungo termine, finiscono per valutare le imprese per ciò che sono realmente: la loro capacità di innovare, crescere, difendere i margini e generare in modo duraturo rendimenti sul capitale.",{"type":173,"format":169,"indent":170,"version":4,"children":2435,"direction":28,"textStyle":169,"textFormat":170},[],{"type":173,"format":169,"indent":170,"version":4,"children":2437,"direction":28,"textStyle":169,"textFormat":170},[2438],{"mode":176,"text":2439,"type":178,"style":169,"detail":170,"format":170,"version":4},"Questa distinzione tra il rumore di breve termine e la sostanza di lungo termine non è probabilmente mai stata così pertinente come oggi. Elezioni, guerre, tensioni commerciali o nuovi dazi doganali: il contesto di mercato sembra costantemente attraversato da scosse esogene. Eppure, prendendo le distanze, la storia mostra che i mercati azionari, in particolare quello americano, hanno spesso assorbito questi shock senza rimettere in discussione la loro traiettoria di fondo. Su un orizzonte di lungo termine di 40 anni, si osserva che le azioni americane (S&P 500) hanno registrato una performance di circa l'11% annualizzato in USD, ciò nonostante diversi anni di forti ribassi (bolla di internet 2000-2002: -38%, crisi finanziaria 2008: -37%, picco inflazionistico del 2022: -18%). In altre parole, per l'investitore di lungo termine, molti di questi shock finiscono per attenuarsi e la pazienza viene alla fine ricompensata.",{"type":173,"format":169,"indent":170,"version":4,"children":2441,"direction":28,"textStyle":169,"textFormat":170},[],{"id":1800,"colorVariation":239,"blockName":28,"columns":2443,"blockType":340,"titleStart":2452,"titleEnd":1785},[2444],{"id":1803,"content":2445},{"root":2446},{"type":168,"format":169,"indent":170,"version":4,"children":2447,"direction":28},[2448],{"type":173,"format":169,"indent":170,"version":4,"children":2449,"direction":28,"textStyle":169,"textFormat":170},[2450],{"mode":176,"text":2451,"type":178,"style":169,"detail":170,"format":170,"version":4},"Ciò evidentemente non significa che i crolli dei mercati siano privi di conseguenze per gli investitori. Nel breve termine, eventi come i conflitti armati possono provocare importanti ribassi del mercato, in particolare quando toccano l'energia. La guerra attuale attorno allo Stretto di Hormuz ne è l'esempio perfetto. Questo stretto passaggio concentra circa il 25% del commercio mondiale di petrolio e quasi il 20% del gas naturale liquefatto trasportato via mare, secondo l'Agenzia internazionale dell'energia. In questa prospettiva, il conflitto in Iran illustra perfettamente tale meccanismo: il mercato reagisce in modo rapido e violento di fronte all'incertezza immediata, ma rivaluta in seguito le conseguenze reali sulla crescita e sui profitti futuri delle imprese. Se la storia è una buona guida per il futuro, possiamo allora evidenziare che, in media, il mercato americano è in rialzo dell'8% un anno dopo l'inizio di un conflitto armato. Una fonte di spiegazione è l'intensità petrolifera nel PIL, scesa di quasi il 60% dai primi shock petroliferi degli anni Settanta, secondo la Banca mondiale. Non è dunque tanto l'evento in sé a determinare la traiettoria di lungo termine dei mercati, quanto la sua capacità o meno di modificare in modo duraturo i fondamentali economici.","Il rumore dei conflitti, la resilienza dei mercati",{"id":1813,"colorVariation":902,"blockName":28,"columns":2454,"blockType":340,"titleStart":2463,"titleEnd":1785},[2455],{"id":1816,"content":2456},{"root":2457},{"type":168,"format":169,"indent":170,"version":4,"children":2458,"direction":28},[2459],{"type":173,"format":169,"indent":170,"version":4,"children":2460,"direction":28,"textStyle":169,"textFormat":170},[2461],{"mode":176,"text":2462,"type":178,"style":169,"detail":170,"format":170,"version":4},"Ciò è particolarmente vero per i temi più commentati del momento. Le società legate all'intelligenza artificiale, e in particolare ai «data center», concentrano oggi una parte importante della volatilità borsistica, perché si collocano all'incrocio delle più forti aspettative di crescita, delle valutazioni più esigenti e dei maggiori dibattiti sulla sostenibilità delle spese d'investimento.","Nel breve termine, la volatilità si concentra dove le narrazioni sono più potenti",{"id":1826,"colorVariation":345,"blockName":28,"columns":2465,"blockType":340,"titleStart":2474,"titleEnd":1785},[2466],{"id":1829,"content":2467},{"root":2468},{"type":168,"format":169,"indent":170,"version":4,"children":2469,"direction":28},[2470],{"type":173,"format":169,"indent":170,"version":4,"children":2471,"direction":28,"textStyle":169,"textFormat":170},[2472],{"mode":176,"text":2473,"type":178,"style":169,"detail":170,"format":170,"version":4},"Una volta rimesso al suo giusto posto il rumore di breve termine, la questione centrale torna a essere quella della qualità delle imprese. Poiché, nel tempo, ciò che il mercato finisce per valutare non sono né i titoli dei giornali né le emozioni, ma la capacità di una società di creare valore. Le imprese che si affermano nel tempo sono spesso quelle che combinano più attributi: innovazione continua, crescita strutturale, margini elevati, rendimento sull'investimento attraente e solide barriere all'ingresso. È precisamente qui che alcune società svizzere si distinguono. In un mercato spesso percepito come difensivo, la Svizzera ospita in realtà numerose imprese capaci di creare valore nel lungo termine.","Ciò che il mercato finisce per valutare: crescita, margini, rendimento del capitale",{"id":1845,"colorVariation":461,"blockName":28,"columns":2476,"blockType":340,"titleStart":2485,"titleEnd":1785},[2477],{"id":1848,"content":2478},{"root":2479},{"type":168,"format":169,"indent":170,"version":4,"children":2480,"direction":28},[2481],{"type":173,"format":169,"indent":170,"version":4,"children":2482,"direction":28,"textStyle":169,"textFormat":170},[2483],{"mode":176,"text":2484,"type":178,"style":169,"detail":170,"format":170,"version":4},"Belimo è probabilmente uno degli esempi più eloquenti di creazione di valore svizzera paziente e metodica. Nel 2025, il gruppo ha realizzato 1,12 miliardi di CHF di vendite e un utile di 182 milioni di CHF (in crescita rispettivamente dell'8,5% e del 12,4% all'anno da 10 anni). L'impresa continua a beneficiare di grandi tendenze strutturali come l'efficienza energetica, la ristrutturazione degli edifici e l'ascesa dei data center. Già nel 2024, Belimo sottolineava l'accelerazione della domanda legata ai data center e la solidità della sua strategia di crescita fondata sull'urbanizzazione, il clima e la digitalizzazione. Belimo dimostra che uno specialista, leader su componenti critici, può costruire solide barriere all'ingresso come: competenza tecnica, qualità, affidabilità, innovazione incrementale e prossimità al cliente. Nel breve termine, il titolo può essere sensibile ai livelli di valutazione, ai tassi d'interesse o ai movimenti di mercato. Nel lungo termine, il mercato valuterà la capacità dell'impresa di trasformare queste megatendenze in crescita redditizia di lungo termine. Da fine luglio 2025, il titolo registra una performance borsistica del -32% al 31.03.2026 rispetto al mercato svizzero che è al +8% (Swiss Performance Index o SPI). Su un orizzonte più lungo: +505% su 10 anni (6ª migliore performance su 200 società dello SPI, che fa +114%) o +2'172% su 20 anni (SPI +189%), ossia la migliore performance dell'intero mercato svizzero.","Belimo: uno specialista di primo piano al cuore delle grandi tendenze strutturali",{"id":1858,"colorVariation":757,"blockName":28,"columns":2487,"blockType":340,"titleStart":2496,"titleEnd":2497},[2488],{"id":1861,"content":2489},{"root":2490},{"type":168,"format":169,"indent":170,"version":4,"children":2491,"direction":28},[2492],{"type":173,"format":169,"indent":170,"version":4,"children":2493,"direction":28,"textStyle":169,"textFormat":170},[2494],{"mode":176,"text":2495,"type":178,"style":169,"detail":170,"format":170,"version":4},"In fondo, la citazione di Benjamin Graham conserva tutto il suo senso perché ricorda una verità semplice: il tempo è spesso il miglior rivelatore del valore. I mercati votano al ritmo delle emozioni, delle paure e delle narrazioni dominanti di breve termine. Valutano poi i fatti. Le guerre, le elezioni o le tensioni commerciali continueranno a provocare forti momenti di volatilità. Anche il tema dell'IA continuerà a concentrare forti rotazioni nel breve termine. Ma per l'investitore paziente, la vera domanda resta immutata: quali sono le imprese capaci di emergere dal rumore con maggiori quote di mercato, margini migliori, più crescita e barriere all'ingresso rafforzate? È precisamente in questa lettura di lungo termine che una società come Belimo acquista tutto il suo senso. Nel breve termine, il mercato può votare in modo talvolta irrazionale. Nel lungo termine, finisce quasi sempre per valutare la qualità.","Il lungo termine ","come antidoto al rumore",{"id":1873,"colorVariation":461,"blockName":28,"columns":2499,"blockType":340},[2500],{"id":1876,"content":2501},{"root":2502},{"type":168,"format":169,"indent":170,"version":4,"children":2503,"direction":28},[2504],{"type":173,"format":169,"indent":170,"version":4,"children":2505,"direction":28,"textStyle":169,"textFormat":4},[2506,2507],{"mode":176,"text":1883,"type":178,"style":169,"detail":170,"format":4,"version":4},{"mode":176,"text":2508,"type":178,"style":169,"detail":170,"format":170,"version":4}," è co-gestore di fondi di convinzione sulle azioni svizzere presso BCGE. In precedenza, ha operato come co-gestore di fondi sulle azioni svizzere, sull'immobiliare svizzero e sui multi-asset presso RESCAD SA per 8 anni. Conta inoltre alcuni anni come analista presso HSBC e JP Morgan. È titolare di un Master in Finance dell'Università di Neuchâtel, di un Bachelor della HEC Lausanne ed è detentore del CFA.",{"id":1887,"alt":1888,"landscape":2510,"portrait":28,"folder":1706,"thumbnailUrl":1899,"updatedAt":1914,"createdAt":1915},{"id":1890,"updatedAt":1891,"createdAt":1892,"url":1893,"thumbnailURL":28,"filename":1894,"mimeType":30,"filesize":1895,"width":1896,"height":1896,"focalX":33,"focalY":33,"sizes":2511},{"thumbnail":2512,"sm":2513,"md":2514,"lg":2515,"og":2516},{"url":1899,"width":37,"height":38,"mimeType":30,"filesize":1900,"filename":1901},{"url":1903,"width":43,"height":43,"mimeType":30,"filesize":1904,"filename":1905},{"url":1907,"width":1896,"height":1896,"mimeType":30,"filesize":1895,"filename":1908},{"url":1907,"width":1896,"height":1896,"mimeType":30,"filesize":1895,"filename":1908},{"url":1911,"width":56,"height":57,"mimeType":30,"filesize":1912,"filename":1913},"Il mercato vota nel breve termine ma valuta nel lungo termine","Una rubrica di Anton Berthot -\nPubblicata su Allnews - Maggio 2026",{"id":4,"name":1706,"slug":1920,"updatedAt":1921,"createdAt":1921},"il-mercato-vota-nel-breve-termine",1790840685957]