Panizzon & Spycher AG

Independent Wealth Manager

Postfach

Hardstrasse 45

CH-4020 Basel

+41 61 378 10 20

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