Nahmani Grunder & Cie AG

Independent Wealth Manager

Postfach

Utoquai 55

CH-8032 Zürich

+41 44 818 42 00

1950 - 2015

Or why everybody is better off.

Change in eight Subcomponents since 2000

Or why it is getting ever more expensive to keep up with the Jones

The cost of trying to outsmart the market as an active investor