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Markets don't reward prediction. They reward preparation. Most of what I do as a portfolio manager in Zurich isn't about being right on the next CPI print or the next Fed move. It's about building a structure that can absorb the things I can't predict — and still compound. Here's how I think about it, in three layers. 1. Position sizing is the real risk conversation Clients often ask me: "What do you think about gold?" Or "Should we add to tech now?" The honest answer is that the asset class matters less than the weight. A 2% position in a volatile idea is a conversation. A 20% position is a bet — whether you call it that or not. I spend more time modelling what happens to a portfolio if a position drops 30% than I do forecasting its upside. Because the first question isn't "how much can we make?" — it's "how much can we lose and still stay in the game?" 2. Liquidity is a feature, not a constraint In fast-moving markets, liquidity is the difference between a plan and a hope. When volatility spikes, the portfolios that suffer most are often the ones with the most elegant narratives — but no one to sell to. I keep a portion of every mandate in instruments that can be converted quickly, even if it costs a little yield. That's not conservative. That's optionality. It lets us act when others are frozen. 3. Volatility is information, not noise A sharp move in a currency or a bond market isn't just a number on a screen. It's a message about positioning, leverage, or a shift in the macro regime. The trick is to read it without reacting to it. I often tell clients: the market is always telling you something. The question is whether you're listening or just hearing the noise. What this means for your portfolio If you're an affluent investor in Switzerland, you've likely seen your fair share of market cycles. The temptation is to chase performance or to hide in cash. Both are understandable — but both are strategies, not solutions. The portfolios I manage are built around your goals, your liquidity needs, and your tolerance for drawdowns — not around my views on the next quarter. In a world where headlines change every hour, the discipline to stay structured is the real edge. If you'd like to talk about how your current allocation is positioned for the next phase of the cycle, my door is open. Fabian Wyss Portfolio Management, Zurich