Belvédère Asset Management AG

Independent Wealth Manager

Postfach

Waldmannstrasse 10

CH-8024 Zürich

+41 43 244 7777

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