Trade Agreement Overview - The US has agreed to cut tariffs on Switzerland from 39% to 15% as part of a new trade pact, which aims to improve economic ties and support Swiss exporters [1][2] - The agreement includes a "non-binding memorandum of understanding" following bilateral talks and lobbying by Swiss firms [1][2] Tariff and Quota Details - The new deal aligns US tariffs on Switzerland with those on the European Union, providing Swiss exporters with competitive parity [3] - Switzerland will reciprocate by reducing tariffs on a range of US products, including industrial goods, fish, seafood, and non-sensitive agricultural products [3] - Specific quotas for US goods exported to Switzerland will be established, including 500 tonnes of beef, 1,000 tonnes of bison meat, and 1,500 tonnes of poultry [3] Implementation and Economic Impact - The implementation date for the new tariffs and quotas is yet to be finalized, with coordination between the US and Switzerland to ensure simultaneous customs duty reductions [4][5] - The deal is expected to encourage Swiss companies to invest approximately $200 billion in the US by the end of 2028 [6] Corporate Engagement - Leading Swiss executives met with the US President to finalize the deal, indicating strong corporate interest in the new trade relationship [6] - Rolex, a prominent Swiss luxury watchmaker, has engaged with the US administration, highlighting the personal interactions between corporate leaders and government officials [7][8]

Core Points - The U.S. and Switzerland have reached a trade agreement to lower tariffs on Swiss goods from 39% to 15% [1] - Switzerland is committed to investing $200 billion in the U.S. during Trump's second presidency, including $70 billion next year [2] - The total goods trade between the U.S. and Switzerland was estimated at $88.4 billion in 2024, with Swiss watch exports to the U.S. growing significantly [4] Trade Agreement Details - The agreement aims to reduce tariffs on luxury exports from Switzerland, which include jewelry, coffee, and chocolate [1] - U.S. trade representative Jamieson Greer indicated that the agreement is "essentially" finalized [1][3] Investment Commitments - Switzerland plans to invest heavily in U.S. sectors such as pharmaceuticals and gold smelting, with Roche pledging $50 billion [2] - The commitment includes purchasing more Boeing commercial planes [2] Impact on Goods Trade - Swiss exports to the U.S. have been growing at a rate of 14% annually since 2019, significantly outpacing the global average [4] - Swiss watch exports surged 18.2% overall, with shipments to the U.S. increasing by 149% following the announcement of tariffs [4]

Core Insights - Christie's Rare Watches auction will feature two significant Rolex watches with notable provenance, scheduled for November 10 in Geneva [3][7] - The first watch is a circa 1970 Rolex Daytona reference 6262 with a "Tiffany & Co." inscription, estimated between $130,000 and $250,000 [3][4] - The second watch is a 1967 Rolex Daytona reference 6239, nicknamed "The Doctor," with an estimate of $510,000 to $760,000 [7] Group 1: Rolex Daytona Reference 6262 - The watch was purchased by actor George Peppard in 1972 as a gift for his son, featuring an inscription on the caseback [4] - Fewer than five examples of the reference 6262 with the Tiffany & Co. signature are believed to exist today, making it extremely rare [4][5] - The watch is double signed with both the Rolex and Tiffany & Co. signatures, enhancing its rarity among steel reference 6262 models [5] Group 2: Rolex Daytona Reference 6239 - The 1967 Rolex Daytona reference 6239 is known as "The Doctor" due to its pulsations dial, designed for medical professionals [7][8] - This specific configuration of the watch has not been seen at auction for a decade, with only a handful of examples believed to exist [7] - The watch is described as being in "superb condition" and features a unique aesthetic compared to standard models [9]

Core Insights - Orbis International is conducting a three-week training project in Ghana aboard the Orbis Flying Eye Hospital, aimed at enhancing local eye care capabilities and raising awareness about available resources [1][2][4] Group 1: Project Overview - This is the fourth visit of the Orbis Flying Eye Hospital to Ghana, with previous visits occurring between 1990 and 2019, contributing to the strengthening of the country's eye care system [2] - The training will focus on various eye conditions, including cataract, glaucoma, strabismus, and medical retina, with hands-on surgical training for eye care professionals [2][3] - The project involves collaboration with local institutions such as Korle Bu Teaching Hospital, Komfo Anokye Teaching Hospital, and the Ghana Ophthalmic Nursing School [1][2] Group 2: Support and Partnerships - The project is supported by the Alcon Foundation, FedEx, and OMEGA, with Alcon providing monetary donations and advanced ophthalmic equipment [5][6] - FedEx has donated the MD-10 aircraft for the Flying Eye Hospital and offers ongoing financial and operational support [6][7] - OMEGA has been a supporter of Orbis since 2011, contributing to various training projects and raising awareness of Orbis's mission [7][8] Group 3: Long-term Commitment and Impact - Orbis has been active in Ghana since 2014, focusing on pediatric ophthalmology and expanding eye care services across the country [9][10] - The organization has established 25 primary eye care units across 19 districts and improved facilities at national eye hospitals [10][11] - A permanent office in Accra has been opened to signify Orbis's long-term commitment to enhancing eye care in Ghana [11][12]

Group 1 - Pernod Ricard's brands are analyzed in detail, highlighting their market positioning and performance [1] - Wise Plc receives a positive write-up from Ennismore, indicating strong growth potential and strategic direction [1] - The East72 Synasty Trust Quarterly letter discusses investment insights on companies like Exor, Swatch, Bolore, and Manchester United, providing a comprehensive overview of their financial health [1] Group 2 - The importance of management integrity is emphasized in the Flyover Stocks blog, suggesting that it is a critical factor for long-term investment success [1] - High-end cooperage operations face significant challenges, which could impact the supply chain and pricing in the premium spirits market [1] - A detailed analysis of the increasing capital expenditure in AI and large language models (LLMs) raises concerns about sustainability and potential overvaluation in the tech sector [1] Group 3 - John Hempton discusses the concept of "Crypto Bucket Shops," shedding light on the risks and regulatory challenges within the cryptocurrency trading space [1]

Performance and Net Asset Value - The Dynasty Trust NAV increased by 1.6% in the September quarter, with a net asset value per unit of $1.3335 as of September 30, 2025 [2] - The quarterly return was 1.63%, while the rolling 12-month return was 19.28% [2] - The trust's performance is expected to lag behind wider indices in markets driven by surplus liquidity and short-term ideas [2] Company Contributions - Two companies discussed had strong long-term track records but were negative contributors in the quarter due to share price de-rating [3] - Bolloré experienced a €1.2 billion de-rating over the past year, attributed to investor impatience and self-inflicted issues [3] - Exor also faced de-rating despite strong capital management, influenced by bearish scenarios related to US tariffs on significant investee companies [3] Portfolio Adjustments - The trust exited positions in Catapult International, Sportradar, Harworth Group, and Borr Drilling, while adding DGL Group, a chemical distribution company [4] - DGL Group's shares were acquired at a price below 10x P/E and 60% of tangible book value, despite recent profit declines [4] Major Contributors and Detractors - Positive contributors to quarterly returns included Borr Drilling and Carlyle Group, while negative contributors included Virtu Financial and Novo Nordisk [5] - The strength of the Australian dollar reduced returns by approximately 80 basis points [5] Cash Position - The trust maintained a net cash weighting of around 6% after all accruals at the end of the quarter [6] Value Traps and Loss Reserving - The discussion on value traps highlighted Bolloré, Exor, and Swatch Group as securities trading at significant discounts to intrinsic value, but with potential for future performance [7] - The analysis emphasized the importance of understanding the price-value gap and the potential for value realization [10] Bolloré's Performance - Bolloré shares fell 19.5% over the past year, resulting in a €1.3 billion capital loss, despite the value of Universal Music Group shares remaining stable [27] - The company faced challenges including high costs, low customer experience investment, and significant transfer fees without on-field success [25] Exor's Holdings and Performance - Exor's NAV growth has been strong, with a 17.1% compound growth over 16.5 years, but it trades at a significant discount to NAV [36] - The company has engaged in substantial share buybacks, reducing share capital significantly [39] - Exor's holdings include major investments in Ferrari, Stellantis, and CNH, which are currently facing structural challenges [43][44] Institut Mérieux and Other Investments - Exor's stake in Institut Mérieux is primarily valued through its holding in bioMérieux, which is highly profitable [50] - The acquisition of Bureau Veritas' food testing business by Mérieux NutriSciences is expected to enhance value significantly [53] The Economist Stake - Exor's stake in The Economist presents a potential dilemma regarding future control and ownership dynamics, especially with the aging "A" shareholder block [62] - The financial performance of The Economist has shown modest growth, with a static operating profit over the years [60]

Core Insights - Siam Paragon Bangkok Watch Week 2025 established itself as the premier luxury watch event in Southeast Asia, attracting a diverse audience of affluent individuals and industry experts [2][4][7] Event Overview - The event took place from September 23 to 28, 2025, featuring over 30 prestigious luxury watch brands, including Bulgari, Cartier, and Omega [2][8] - It was highlighted as the first watch festival of its kind in Southeast Asia, marking a significant milestone in the region's horology calendar [4][7] Exhibition Highlights - The Exhibition showcased exceptional timepieces valued at over THB 1 billion (approximately US$31 million), including rare pieces like the Patek Philippe Calatrava Salmon Dial and the Bvlgari Fenice Octo Roma Secret valued at over THB 23 million (US$712,000) [5][9] - The event also served as a platform for global and regional launches of new timepieces from leading brands, such as Chopard and Grand Seiko [6] Expert Contributions - Notable figures in the watchmaking industry, such as Wei Koh, provided insights and shared experiences during the event, enhancing the overall experience for attendees [3]

Core Insights - UBS has launched "Icons of Time," a unique exhibition celebrating the artistry and innovation of watchmaking, in partnership with Hodinkee, taking place on October 9-10 in New York City [1][2][5] - The exhibition features twelve landmark timepieces from iconic brands, representing nearly one hundred years of craftsmanship and design ingenuity [2][4] - UBS House of Craft aims to deepen cultural exchange and celebrate excellence across various disciplines, including horology [4][7][10] Company Overview - UBS is a leading global wealth manager and universal bank based in Switzerland, managing $6.1 trillion in invested assets as of Q4 2024 [6] - The firm operates in over 50 markets worldwide and is listed on the SIX Swiss Exchange and the New York Stock Exchange [6] Exhibition Details - "Icons of Time" will showcase watches from renowned brands such as A. Lange & Söhne, Audemars Piguet, Cartier, and Rolex, among others [2][4] - The exhibition includes on-site demonstrations of horological craftsmanship, such as the assembly of iconic timepieces [4] - Registration for the event is free and open to the public [5] Initiative Background - UBS House of Craft is a global initiative that celebrates excellence in various crafts, including horology and gastronomy, with events planned in the US and Asia [7][9] - The initiative reflects UBS's commitment to mastery and cultural exchange, connecting clients with the worlds of luxury and craft [8][10]

Group 1 - Tianjin will organize government and enterprise groups to participate in the first China International Consumer Products Expo, showcasing 19 brands including "Guifaxiang," "Tianli," and "Yumeijing" [1] - Guifaxiang Eighteen Street Mahua Food Co., Ltd. specializes in traditional and other leisure food development, production, and sales, with over 100 products including its signature Eighteen Street Mahua, recognized as a national intangible cultural heritage [1] - Tianli Duliu Vinegar Co., Ltd., a time-honored brand, has an annual production capacity of 100,000 tons and is one of the largest condiment brewing companies in China, offering nearly 100 varieties across seven series, including health vinegar approved as health food by the Ministry of Health [1] Group 2 - Tianjin Seagull Watch Group Co., Ltd., established in 1955, ended China's history of only repairing watches and has manufacturing bases in multiple cities, with sales outlets across major urban areas [2] - Yumeijing Group Co., Ltd. is a large modern enterprise group known for its cosmetic products, with over 200 products across more than 20 series, including brands like "Yumeijing" and "Yuyingfang" [2]

Company Overview & Market Position - Swatch Group is a major force in watchmaking, valued at over $9 billion [1] - The company is the largest watch manufacturer by volume globally, and third by retail value behind Rolex and Richemont [4] - The group's portfolio includes brands ranging from inexpensive Swatch to high-end Breguet and Blancpain [5][6] Challenges & Financial Performance - Swatch Group's performance has been under pressure, leading to it becoming one of the most shorted stocks in Europe [2] - Profit was down almost 90% in the first half of 2025 [13] - A softened market in China, which accounted for 27% of the group's sales in 2024, has significantly impacted the company [14] - The US imposed a 39% tariff on imports from Switzerland, creating a major external headwind [3][16] Strategic & Governance Issues - The family and related parties control 44% of the voting rights, leading to a sometimes tempestuous relationship with shareholders [17] - The company is conservatively structured, and some investors are pushing for changes [19] - Swatch has been criticized for not engaging with investors in the same way as other groups [18] Product & Marketing - The MoonSwatch collaboration in 2022 was a major success, selling over 1 million units, significantly boosting the bottom line [21] - Swatch has been criticized for falling out of the conversation in terms of exciting new products and relevant marketing [22]