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Vontobel Private Banking The magazine for private clientsSpring Edition 2011

PassionPeter Stamm: The passion of a writer The curiosity for first – and unconsumed – views

Passion for brain research The concertmaster of the emotions

Macro:The world is flat

PassionPeter Stamm: The passion of a writerThe curiosity for first – and unconsumed – views

Passion for brain research The concertmaster of the emotions

Macro:The world is flat

Blue_Cover_e_31_3.indd 1 01.04.11 08:35

“blue” is published quarterly. www.vontobel.com/blue

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“From the chaos of life and its many realities, to pick just that one snippet that unexpectedly brings a sense of order to things – this I find deeply satisfying.”

Peter Stamm, writer

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Editorial/Content

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Editorial

Dear readers,

Success is based on know-how, a pinch of good luck and passion. But we aren’t born with passion, and we don’t acquire it in school. No, it is something we simply suffer (the Latin root of the word, after all). Accordingly, if we devote ourselves to something passionately, then we are bearing pain… feeling moved, swept away. That is when we perform beyond our usual limitations.

As adults, we often associate passion with ambition. An attempt that also promises success, but it seems more cramped than the youthful interest that manifests itself as a passion in art or music or games or sports.

One thing that the successful writer Peter Stamm and the young conductor Lena-Lisa Wüstendörfer have in common

is the fact that they both discovered their passion very early in life. What they had to say about it, we found very inspiring (see pages 4 and 16).

We were also interested to see what 9- and 10-year-olds feel passionate about: They are at that age when they are no longer playful children but not yet teenagers – a mo-ment in their lives when not everything is done for a pur-pose, and they are still free from the pressure to perform. Their comments are exciting and promising (see page 12).

The great interest shown in “blue”, and the many compli-ments we have received, have sincerely pleased our edito-rial team. Here, too, the work is passionate, as they strive to create a magazine for you that is not like all the others. I’d like to thank them sincerely for their efforts.

Meanwhile, I hope you will find this issue another interest-ing read.

Yours with warm springtime wishes,

Peter FanconiHead of Private Bankingpeter.fanconi@vontobel.ch

PS. You can now read “blue” on your iPad. To download the app, go to www.vontobel.com/blue or directly to the App Store. We would be happy to hear from you with suggestions or feedback.

Content

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Theme: Passion ∙ The curiosity for first – and unconsumed – views 4∙ The concertmaster of the emotions 8∙ Four children discover the world 12∙ Highly concentrated for the one chance 16

Macro: The world is flat 18

Opportunities: Who will satisfy the global hunger for commodities? 22

Blue Pages: News from the Vontobel Group 26

Care & Share: There is still a lot to do 28

Column: Nothing great happens without passion 29

Culture and cuisine: Inside Zurich 30

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Peter Stamm, is our impression correct that you always feel the most pleasure when you are writing? That you feel a desire to write that hasn’t worn out, even after decades?Yes, that is the case. Of all the jobs I can think of, writing is the work that gives me the most satisfaction, and it cer-tainly gives me a kind of pleasure. But almost as important to me as writing is reading.

Are you thinking of early reading experiences or current ones?No, that’s not what I mean. Certainly reading the works of other authors is important, but when I say “reading”, I mean the reading tours that I go on when a new book of mine has been published.

You surprise us. Up till now, we assumed that it must be one of the most boring things in the world for a writer to read aloud to a roomful of grown-ups who can all read for themselves.I always compare readings with music. A composer has written a piece of music and now he is performing it. Those are two very different things. They each put different de-mands on you, and bring out quite different things in you. Even if I’m reading one of my stories for the tenth or the twentieth time, it doesn’t bore me. For me, every reading is a new interpretation of my story. In the spoken language,

A springtime afternoon at the writer’s house. “Shall we sit outside?” asks Peter Stamm. Yes, let’s. On the lawn beside the house, the first crocuses are in bloom. The sun is shining. Now and again a cool west wind blows. Now the conversation may begin. A conversation about story-telling and reading. And the desire to keep writing.

The curiosity for first – and unconsumed – views

Interview with Peter Fanconi and Johann Thalheimer

Theme: Peter Stamm – the passion of a writer

it may happen that I hear a passage I’ve written in a new way – and so I understand it in a new way as well.

You once said, “Writing was the first occupation that never bored me.” When did you first start your personal programme to counter the threat of boredom?As a child, like everybody else. But it wasn’t anything

special. It was during my commercial apprenticeship in Weinfelden that I did my first writing – pieces that I lovingly assumed would meet all the criteria of real literature.

Your wording suggests that the op-posite was actually the case?

Yes, all those texts were meant for one thing – the waste-basket. At least three novels came into being at the time, not one of them publishable.

So these works of yours will only be discovered one day, when your estate ends up in the official Swiss Literary Archives?I’m not so sure. Possibly it’s better if they don’t appear there, either. These three novels were really bad. What happened to me back then is what happens to many young writers: You think you’ve discovered a super subject, and so you tinker around with it for years, but you never really manage to come to grips with it. Today, when young writers who are toiling away on the next “theme-of-the-century” ask me for advice, I always say the same thing: Don’t bite off more than you can chew; put it to one side and start over again with a new theme. As a writer, you have to learn that there isn’t just one subject, but many – they’re ten a penny.

“Writing was the first occupation that never bored me.”

Peter Stamm: “The trick is to get to that magical point in your writing where everything becomes simple.”

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And yet, looking at your own first novel, “Agnes”, you spent years polishing it; you re-started it several times and continued to work on it even after it had been rejected by a publisher. If you look at the success of “Agnes”, you would have to say it pays not to give up too quickly…In 1992, I wrote down the first notes for “Agnes”, and six years later the book came out. If I had really wanted to, I probably could have had the novel published in an early version if I had given it to a small publishing house. But I decided otherwise: Either publish it right or not at all. “Right” in this case meant the text had to be ready, had to hang together correctly and had to have found its form.

As a writer, do you know if a text is good, know when it is ready? Did you know it when “Agnes” was published? Or did you only feel secure in this knowledge when the public responded so enthusiastically to the book?Hemingway once said that writing is good when it no longer embarrasses its author. “Agnes” was my first piece of writ-ing that didn’t embarrass me. As an author, I always get to a point with my writing where it breaks away from me and, to a certain degree, takes on a life of its own. It’s at that mo-ment, at the latest, that my writing is no longer embarrass-ing to me, and I could read it in front of any audience.

Is it a pleasurable process for you to call upon your imagination and create new worlds? Or does this cause you to come into conflict with your claim to be a writer who subscribes to realism?What is realism anyway? Is there such a thing as realism? Perhaps it’s best to compare my working method with that style of painting that has a photorealistic effect – your initial impression is that you are standing in front of a photograph, but when you take a closer look, you see that the picture has been painted. Edward Hopper falls into this category, a painter who does with the brush what I try to do with language: select, reduce, minimise. This process of seeking and finding the optimal form is really strenuous, but there’s definitely something pleasurable in it as well. From the chaos of life and its many realities, to pick just that one snippet that unexpectedly brings a sense of order to things – this I find deeply satisfying.

As a writer, you are known for your laconic, economical style – one that leaves a lot out. Is this sparseness typical of the Thurgau native? Or is it the influence of American authors?I have learnt a lot from Hemingway and other American authors. But it’s true that the Eastern Swiss character comes into play as well! People from Thurgau, St. Gallen and Appenzell are not people who bandy big words about. Maybe the people from Glarus also belong to this clan. My reductionist style suits me. That’s the way I am. There really isn’t anything more to say about that.

In a review of your new book, “Seerücken”, you were described as a writing addict. Is there anything to this?No. That is much too big a word. In any case, I don’t see myself as an addict to writing. I don’t really like this stylizing-on-steroids that the media so stubbornly engage in these days. It blinds you to the actual truth: I write, but I don’t have to write. I can also work in the garden. Or build a tree house for my two sons. By the way, this last item is something I actually did, and it gave me almost as much pleasure and joy as writing a book. Still, I don’t deny that I

am passionate about writing. But to construct an ‘addiction’ from that seems to me absurd. An addiction is harmful – and who would be harmed by my writing? I could look far and wide, but I wouldn’t find anyone who is hurt by this.

Is writing primarily a craft for you, where day in, day out, you have to get your 30 pages a day on paper?Thirty pages would be a bit much. Three pages is more re-alistic. If I’m able to realise three pages, then it means I’ve found the way in to the subject, and it’s working. How-ever, if I’m constantly going back and forth or faltering in the writing process, that’s usually a sure sign that I’ve got myself lost and I’m at a dead end with my subject. My writing is always best when it flows easily from my hand.

And that’s how literature is created?The trick is to get to that magical point in your writing where everything becomes simple and the difficulty just dissolves. That is a prerequisite for literature. But it cer-tainly requires more than just this.

In your books, it's always about people and relationships – ones that seldom are successful and often fail.People are the ideal objects for a writer because they are all so different. Painters also have been painting people for more than 2,000 years, even though they could actually

Peter Stamm – an important voice in contemporary Swiss literature.

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make do with animals, landscapes, and fruit. Obviously, people are more interesting. Because I am a person myself, it’s safe to assume that I can write about people better than I can write about plants. That is one reason why I focus again and again on people in my work. The other reason can be found in the multiple and complex web of relation-ships that can form between people. These interwoven plaits contain an infinite number of variations, in which there is room for everything that is human – love, disap-pointment, fulfillment, happiness, envy, sorrow, misfortune, and much more. An inexhaustible reservoir of stories.

How have other writers influenced you? For example, Albert Camus? There are definitely some things in Camus’ writing which have impressed me. For instance, “A Happy Death,” of which he later said it was a pre-form of his novel “The Stranger.” I have the impression that Camus was not aware of the relationship between the two stories when writing them. It often occurs to a writer only much later that he is revisiting a subject for a second time and fash-ioning something new out of it. For Camus, “A Happy Death” was a failure as a book. For me, however, it is still a great book. Astonishingly, Camus’ texts are often still good where he himself believed that he hadn’t succeeded with them.

Is there something specific you appreciate about Camus? His subjects? His existentialism?What fascinates me about him is the same as with Hemingway: the language. Both authors are masters of language. They know how to craft the language in such a way that it is so light you hardly feel it. Thanks to this, there is also a special lightness when you read them as well. You forget yourself and completely immerse yourself in the story and the world of imagination. Basically, with Camus and Hemingway, you can have reading experiences that are similar to those that you only have as a child. As a child, you have this incredible openness and receptivity for impressions, for stories and for the experiences of others.

When you write a novel, do you first design an elaborate blueprint of its structure and people?No, never. I let a novel simply grow like a plant. As I’ve gained experience as a writer, I’ve learnt how a text has to grow. I know which paths will be productive and which will be unproductive. I can only write when I myself feel a great curiosity within me about how the story will develop further. If I had planned and foreseen everything on the drawing board, that would be the death of my curiosity, and my interest in the text would flame out immediately.

So as a consequence, when you start a novel, you do not know how it will end?No, as a matter of fact, I don’t. But I also don’t need to know how it will end. It’s enough for me to find a starting situation that has sufficient possibilities to develop. Then everything else works itself out when writing. The Hun-garian author Terézia Mora works with clear blueprints. She told me how tough that makes the writing process. But I don’t want to torture myself when I write. Therefore, I would rather stick with my method, which gives me pleasure and joy. For me, writing is like a research trip – it’s a process full of surprises and discoveries, with the charac-ters taking on colour and shape along the way.

You travel quite a lot around the world. During your travels, are you filling a kind of storehouse of ideas to be used in future stories and novels?For my writing, the unconsumed view is important. On my journalistic trips, I have noticed that on the first day, 80 percent of what is essential happens. On the first day, I see everything that is new. On the second day, that is over. I have got used to the new things, and everything already reminds me of yesterday. For writing, however, the first, unconsumed view is crucial.

There are writers whose greatest happiness is to receive this or that prize. What do you think about literary awards?If there were no prizes, no one would miss them. But be-cause they do exist, they play a role among writers. Why him? Why her? Why not me? Thoughts like this haunt all writers at one time or another. As a matter of principle, though, the most honest prize you can receive as an author is the price someone pays for your book in the store. Nobody has to buy books. But when somebody does buy one, then that person is consciously deciding for a par-ticular author. That is recognition that is incontestable. On the other hand, the recognition awarded by a jury is not something I necessarily consider to be the pleasant part of working as a writer. When it comes to these awards and prizes, criteria other than literary ones often play a role: connections, acquaintances, fashion and trends.

Book recommendation: “Seerücken”, ISBN 978-3-10-075133-1

Peter Stamm (48) has lived in Winterthur since 1990, working as a freelance writer and journalist. With the novel “Agnes”, the Thurgau native experienced a tumultuous debut, which he has since followed up with numerous novels, short stories, radio dramas and plays. Currently, Stamm is on an extensive reading tour in Germany and Switzerland to launch his new collection of short stories, “Seerücken”. His books have been translated into 32 languages, “Agnes” alone into 24 languages. He has just signed the contract for an Armenian edition: “There is an ad-vance of about 60 Euros”, he says and laughs. Stamm is one of the most important contemporary writers. Currently, he is looking for material for his next novel. No question: he will find it.

“As an author, I always get to a point with my writing where it breaks away from me and, to a certain degree, takes on a life of its own.”

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A glass of fine red wine, an aria from “La Traviata” sung by Anna Netrebko and a stimulating conversation with a fascinating person: For Lutz Jäncke, these things mean both pleasure and enjoyment in one. In terms of his favou-rite things, the renowned brain researcher at the University of Zurich doesn’t differ significantly from many other people. Every once in a while, however, he catches himself analysing his own behaviour. “I observe myself sometimes and wonder what is going on in my brain and my body in those moments.”

Desire and pleasure are the strongest and most vivid emo-tions that a human being can feel, and they involve the entire body. “For example, we speak of having butterflies in our stomach, a warm feeling in our chest or even a slight dizziness,” explains Dr. Jäncke. These sensations are transmitted to the brain and processed into emo-tions. They are all localised in a specific area of the brain, the limbic system (see box page 10). Here, a few innate reflexes are stored which everyone possesses. Quickly moving stimuli are perceived as threatening, for example, and trigger fear. Slowly moving stimuli, on the other hand, induce a sense of calm. On top of this, man – like no other animal – is capable of learning. Because of this, any num-ber of cultural stimuli can be associated with emotions. Our basic core of feelings in the nucleus accumbens“For example, we learn to link certain brands, drinks, cars, or even football clubs with emotions,” he explains. “This is how our preferences for certain music and art are formed. Whether someone regards Tibetan folk songs as beautiful

The concertmaster of the emotions

Theme: Passion for brain research

or not depends largely on whether he has heard this music frequently and in a positive context.” The key to learning is primarily frequent repetition.

What is predetermined in the brain, however, is that we find consonance more pleasing than dissonance. But frequently listening to music with consonant sound sequences, for example like the ones used in a lot of pop music, causes the brain to habituate, and after some time it begins to perceive this as boring. As a change, a trace of dissonance or a small deviation will cause the music to sound exciting again. The feeling of enjoyment that we experience with music, red wine or football is quite comparable with sexual plea-sure. We possess a basic core of feelings. In the brain, it is the nucleus accumbens that is responsible for them (see box page 10). Then come a number of aesthetic differ-ences that may vary only slightly from each other – for music, for a fine meal or for sexual pleasure. These subtle variations are also influenced by experience and frequent repetition.

Prof. Dr. rer. nat. Lutz Jäncke is Professor of Neuropsychology in the Psychological Institute of the University of Zurich. He studied biology, psychology and brain research in Bochum, Braunschweig and Düsseldorf. His main research focus is on the plastic changes which the brain under-goes throughout life as a result of learning.

The human brain is a learning machine – we are born to learn. Of this, Lutz Jäncke, brain researcher at the University of Zu-rich, is totally convinced. On the basis of comparatively few innate reflexes, we learn the vast majority of our capabilities and characteristics in the course of our lives. This also applies to feelings such as pleasure and enjoyment. Up to a certain point, we can direct and play with them – like a concertmaster.

By Gregor Ingold

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Prof. Dr. Lutz Jäncke: “We are in the position of being able to train our brains, right up to old age, like a muscle.”

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Pleasure and enjoyment: How the brain functionsLike all emotions, pleasure and enjoyment are also centred in the brain’s limbic system, which is divided into two dimensions: reinforcement (reward), which includes pleasure and enjoyment, and defence (rejec-tion), where danger is processed. In the centre of the reinforcement part is the nucleus accumbens. If this area is stimulated externally and is active, the person feels pleasure or enjoyment. In this process, the entire body becomes involved. The body reports its sensa-tions to the brain, where they are processed and linked with emotions. Emotions are signals of the body that control behav-iour. At any given point in time, a person is never feeling only a single emotion. The emotions – includ-ing hunger, fear or fatigue – move like waves with differing and changing levels in the body. Now, for example, it may be hunger that is dominant; later, fatigue may win the upper hand. The body sends the appropriate emotions to the brain. Up to a certain point, they can be controlled. However, if a huge wave of hunger overshadows all other feelings, then it must be given in to.

The brain changesThe human brain is provided with a small number of inborn reflexes. In addition, man is like no other ani-mal in his ability to learn, and this includes linking any number of cultural stimuli with emotions. This applies to preferences in art and culture, but also to certain brands and products. Critical to learning these emo-tions is frequent exposure in a positive context.

Depending on these learning activities, the brain changes throughout our entire lives. These changes in-clude the thickness of certain regions of the brain, the wiring between its individual areas and its structure. Professional musicians, for example, have enlarged sensory and motor areas – and even more so, the longer and more intensive was their training. Similarly, a study of London taxi drivers revealed that the rear part of the hippocampus, which is very much involved in spatial memory, proved to be larger than the same part of the brains of their non-cabbie contemporaries. Keeping the brain fit“We are in the position of being able to train our brain like a muscle, right into old age,” Lutz Jäncke is con-vinced. This finding also implies a number of social and political consequences. From the perspective of neuro-logical research, there is nothing to suggest that even at the age of 50 years, a person could not go back to school, study a new subject area and afterward embark on a new profession based on it which lasts ten or twenty years. The ability to learn is maintained into old age.

Today, the main problem is that with increasing age, the brain is stimulated less and less. The brain degenerates – something that can happen within just a few months. “Society is getting older and older,” says Dr. Jäncke. “Given this fact, it is very important that seniors stay mentally active and keep looking for new challenges. The longer the brain is stimulated, the longer it stays fit.”

“Children are very motivated. They want to learn. It is wrong to shield them from mistakes.”

Pride – the basic sense of motivationOne powerful and also important emotion for human beings, the basic activity of which also emanates directly from the nucleus accumbens, is pride. It is from this that we derive our passion and motivation, for a hobby as well as for our work. When we have achieved a success of some kind, the brain’s gratification system rewards us with

a small gift by making us feel happy and proud. These emotions are already imagined in advance, in anticipation of the hoped-for success. In this way, the nucleus accum-bens is always slightly active, transmitting small doses of gratifying feelings. “Pride is a reinforcement that people can give themselves based on accomplishments they have achieved themselves – an ideal motor for performance and the basic emotion underpinning motivation,” explains Dr. Jäncke. “People with a high degree of self-motivation

always set moderate goals for themselves, half of which they achieve. But they often fail as well. The goals have to be ambitious enough that feelings of happiness, of pride, will be generated in case of success.” In Dr. Jäncke’s opinion, this is an insight that can easily be transferred into the educational system. Today, he

explains, the tendency is to shield schoolchildren from failure as much as possible. “This is wrong. Children are very motivated. They want to learn. With moderate goals, this motiva-tion can be nurtured like a little flame again and again,” he insists. What is important is that children have the chance to be proud of their accom-plishments and thus become moti-

vated to jump further hurdles. But the tasks must have a certain degree of difficulty so children can also learn how to deal with failure. Passion for discoveryIn much the same way, the passion for discovery of Lutz Jäncke for brain research can also be explained. “Even in elementary school, I had a great passion for discovering things,” he recalls. “I always thought it was very exciting

to learn new things.” Today, he takes pleasure in every millimetre of progress that research is making in understanding human

beings – whether it is by means of a fascinating experiment or an absorbing new study. This certainly also holds true

for the results generated by his research colleagues.

Pleasure and enjoyment mean a lot to Dr. Jäncke. The red wine, aria and stimulating company alluded to above are for him the perfect recipe for a delightful mo-ment. “I consciously try to make room in my private life for pleasure,” he says.

Learning to deal with emotionsConsciously experiencing feelings – that sounds like a

contradiction in itself, he admits. Up to a certain point, emotions can be steered, like a concertmaster, and they can

be played with, Dr. Jäncke is convinced. The difficulty is to find the balance between sensibly harnessing your feelings on the one hand while on the other, letting yourself go for once, allowing your emotions to run free in certain situations – such as in your

private life, or in sports or music. “We believe we have to control everything,” says Dr. Jäncke. “Our society is still dominated by the idea of the Enlightenment – the separation of reason from emo-tions. This is nonsense. They are inseparable; they belong together. We must give them space, accept them and learn to enjoy them again.”

The difference between men and womenWomen are more emotional than men. This opinion is widely believed. But is there a basis for this in neuro-logical research? Lutz Jäncke dismisses the idea. “The brains of men and women have no significant ana-tomical differences that could confirm this prejudice. Both sexes are equally able to master cultural achieve-ments such as mathematics or languages.” There must, however, be an innate difference between the sexes which is related to reproduction, i.e. in identify-ing mates and evaluating the characteristics that men and women find attractive in each other. But any other differences beyond these are essentially learned, not innate, and must be seen in a socio-cultural context.

The different behaviours that are typical of male and female are derived mainly from the different way partners are chosen. For women, offspring are more valuable than for men, because they are only able to produce a limited number of them during their lives. They must therefore be more selective in order to find the best possible partner with whom to produce offspring. Women choose. They are therefore more cautious, and observe. On the other hand, men are chosen. They need to make themselves interesting. Through their behaviour, they need to stand out from the competition.

Pleasure and enjoyment are situated in the brain’s limbic system, like

all the emotions.

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Sara, the versatile oneI am nine years old and am in year 3. My brother is named Roberto, he’s seven. I have lots of hobbies. Ever since I was in year one in school, I have been riding horses. Sometimes on a pony who is always so frisky. He would rather eat grass than run. I also ride horses. My favourite horse is called Allegra. She has a beautiful dark brown coat. Whenever I try to groom Allegra with the curry-comb, she won’t let me and wants to cuddle instead.

I also play music. I have played the violin since I was four, and I also have been playing the piano for one year. I like both instruments very much. I like fast pieces. On the vio-lin, my favourite music is Boogie-Woogie. My mum can’t play it as well as I can.

In school, I don’t really like maths so much, but I do like languages a lot. I think the handicrafts in school are great. The more, the better.

In my free time I write a lot. I think about stories, and make little books with the words and pictures. I don’t write about things I’ve done, but make things up instead. So they are mostly fantasy stories. A little book that I made once was called “Bani the Banana Monkey.” It was about a monkey who lived in a banana house where everything was made of bananas. I don’t like bananas at all, but I thought it made sense because monkeys like to eat bananas. On my last birthday, I wrote a story about some little birds. My parents sent it to a theatre and I got to perform the story with my friends. There were also some great costumes, but they were almost all too big for me. But it looked fun. It was a cool birthday.

They write stories, play music and stage plays. Today’s children are versatile and develop many talents. They play sports, love animals and build their personal world. Each in his own way, yet all full of zest for life. Four examples.

Four children discover the world

By Sara Osmani and Gregor Ingold

Theme: The passions of children

On Monday evenings I go to a musical course. We sing, dance and act. I don’t like singing so much, but I think acting is great. In July, we get to put on a play in front of a big audience.

I don’t know yet exactly what I want to be when I grow up. There are a few things that I like, but I’m still not sure. Maybe I’ll become a veterinarian. Or actress. I would like that because you get to wear such beautiful costumes.

Timo, the footballerI am ten years old and I am in year 3 with my twin brother Noah. We live in the Zurich Oberland with our little sister Enya and our parents. In my free time I like to play football best. To me, winning is not so important. The main thing is that we have fun together and there is a lot of action – scoring, passing or a nice header. At the E Juniors for FC Rüti, we train once a week and play at the weekend against another team from around here.

My grandfather got me and my brother Noah interested in football. He plays a lot with us. Our father signed us up for the football club. I also like to kick the ball around with some of my friends on the pitch at school. The great thing there is that you don’t need to run so much like at the football club, but you can shoot for goals more. I don’t watch football on TV much, or go to the stadium. I like playing a lot better.

When I grow up, I don’t want to be a professional foot-baller. Actually, I don’t know at all what I want to do later. But that’s OK. There’s still a lot of time before I’m big. But I am already interested in what’s going to happen in

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Timo, 10: “In my spare time I like to play football best.”

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Sara, 9: “On the violin, my favourite music is Boogie-Woogie.”

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the future. A while ago we saw the movie “Back to the Future.” If I had a time machine, I would travel to the year 2050. I wonder how people will live in the future and what inventions they will have by then. Probably there will be streets underground or flying cars.

On Wednesday afternoons I like to be with my friends. In the summer, we play badminton or ride our bikes around the neighbourhood. I also like building things – for ex-ample with Playmobil toys. Cleaning up again afterwards, I don’t like so much. Cleaning up and other chores at home are some of the things I hate. At school, what I don’t like is handicrafts – knitting and sewing. I like solving puzzles and brainteasers. For sure, I’m also always looking forward to going on holiday. The holidays are longer in summer – that is good. But in winter you can go skiing. We look for secret trails in the woods and jump over big jumps. There just needs to be something happening, always.

Noah, the inventorI am ten years old, am in year 3 in school, and I live in the Zurich Oberland with my twin brother Timo, my little sister Enya and my parents. I would like to be an inventor someday. Then I would build a time machine like in the movie “Back to the Future” and travel back to the days of the cowboys and Indians. I would be with the cowboys, because they have pistols. But for now, first I would invent a robot that for example could help me clean up. He would be responsible for my chores at home: vacuuming, clearing the table and doing the dishes. I don’t like these things at all.

I would much rather discover some stars with the tele-scope I got for Christmas. I saw a telescope like mine for the first time at the Technorama in Winterthur where I went with my godmother. I thought it was really exciting that we could see the stars so well. They looked like they were only a few metres away. If there aren’t any clouds, I like to look at the sky at night and try to identify the constellations that are shown in my astronomy book. I also like to discover things with my microscope. It is very exciting to look at small things magnified, like hair, dust or dead bugs. I don’t know anyone else who has a telescope or a micro-scope. When I want to be together with my friends, then I go play football on Wednesday afternoons. Or we go into the woods and have battles with our squirt guns. I also like playing guitar. Mostly I practise for half an hour a day. I like it that after two years I can play a few nice songs by myself. My favourite song is “Old McDonald Had a Farm.” It is very funny because it has a lot of dif-ferent farm animals in it, and they all moo and bark and quack.

I am already looking forward to our next holiday. We are going to Spain with my whole family and my grandpar-ents. Holidays are great, no matter if it is to go skiing or to the beach. The main thing is, there’s no school, and lots of time to play. I leave the telescope at home. On the beach, there are plenty of possibilities to discover new things.

Chiara, the dog-loverI am ten years old and am in year 4 in school. I like music lessons, because we have a fun teacher. I don’t like maths as much, but I think gym class is great. I used to dance ballet. Now I do figure skating.

I like to be outside best. My favourite season is summer because that’s when I have my birthday, and it’s so nice and warm. Every year we go to Poschiavo in Graubünden for my birthday – there is some really good ice cream down there. I ride my bike with my dad a lot. Also we go on walks or go climbing. With my mum I go waveboarding sometimes. I like winter sports very much, too. I go snow-boarding and skiing. I have been doing figure skating regularly for three years now. I can already do pirouettes very well, because I’m not afraid of falling any more. I can also do the Salchow jump – it’s only the flip that doesn’t always work. To do that you have to get a good start, make a full turn in the air and then land on one leg. Once in a performance, I skated to the music from the movie “Pirates of the Caribbean” and wore a pirate costume. That was cool. The only thing I don’t like so much about figure skating is that the coach is sometimes a bit strict.

I also play tennis. In the winter, I practise indoors, only with boys. Practically all they ever do is goof around. Luckily, there are more girls playing in the summer. When I’m not playing sports, I like to read or make things or play music. It used to be the piano. Since a few months ago, I’ve been playing the saxophone. I think it sounds so beautiful. I got the idea because it’s an instrument that my father used to play and I like jazz. It wasn’t easy in the beginning, but now I know a few fingerings. Now I can teach my dad a couple of things, since he’s forgotten almost everything. I absolutely want to keep playing. I like the saxophone a lot. I don’t have any brothers and sisters, but I do have a dog. His name is Enzo and he is older than I am. I spend a lot of time with Enzo. My parents and I go on walks with him a lot. He’s always there. Enzo is something very special.

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Noah, 10: “I would invent a robot that would help me clean up.”

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Chiara, 10: “My dog Enzo is something very special.”

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The orchestra has taken their seats, the instruments are tuned, the tension in the concert hall is almost palpable. Applause breaks out as Lena-Lisa Wüstendörfer steps upon the stage and bows to her audience. This moment – just before the first notes of music are sounded – is one of great tension for the young Zurich-based conductor. “When the curtain goes up and I walk across the stage to my orchestra, I’m like a lioness that has been let out of her cage. A combination of stage fright and anticipation puts me under a kind of high-voltage pressure. And then it all starts. And after the first few bars, the passion returns. It grabs hold of me and I lose myself in the music.”

A successful rarityEven if there are more and more female conductors, Lena-Lisa Wüstendörfer is still something of an exotic bird in the strictly hierarchical world of orchestral music. As a freelance conductor, the now 27-year-old is one of the most sought after young talents. She has already worked with numer-ous orchestras and choirs, including the Frankfurt Opera and Museum Orchestra, the Orchestra Mozart Bologna, the basel sinfonietta and the Baroque Orchestra La Vision, and she has also given concerts with the North Bohemian Philharmonic of Teplice. Each time the petite young woman with the long blonde hair appears before a new orchestra, she must prove herself anew. “Musicians are often sceptical when they have to play with a guest conductor; this is quite normal. Even though at first glance I may not correspond to the typical image of a conductor, it’s no different for me than for anybody else. It doesn’t matter if you’re young or old, man or woman – it’s something you have to go

through. The first half hour is always critical. It’s during these few minutes that you have to win the musicians over.” So far, Lena-Lisa Wüstendörfer has always mastered this difficult task and earned the respect of the ensemble.

Creating a new wholeEven if her passion for music has been with her since early childhood, her family was at first surprised when she announced her career choice to become a professional musician. “I’m not from a traditional family of musicians like many of my colleagues,” she says. “My first brush with creating music was at the age of four, when I took lessons on the recorder. Music school was the compensa-tion I was offered because I couldn’t yet go to kindergar-ten like my best friend. After I had learnt to play every member of the flute family, from the piccolo to the tenor flute, and then started taking piano lessons at age nine, I wished for my tenth birthday that I could learn to play the violin. The joy of music had definitely taken hold of me, and so a few years later I began to study the violin.” The

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A career as a professional musician means giving up a lot. Hours of practice, nerve-wracking recitals and numerous setbacks are part of everyday life. And not every young talent is rewarded with success – far from it. Lena-Lisa Wüstendörferhas realised her dream of living for music, but not as originallyplanned. Instead of becoming a violinist, she is one of the youngest female conductors in Switzerland.

Highly concentrated for the one chance

By Heike Isselhorst

Theme: Career based on passion

Lena-Lisa Wüstendörfer was born in Zurich in 1983 and is now one of the youngest female conductors in Switzerland. She studied violin under Adelina Oprean at the Music Academy of Basel and conducting under Raphael Immoos, finishing with a Master of Arts degree in 2007. At the University of Basel, she also completed a master’s degree in musicology and economics. Information about her next appearances and concerts can be found online at www.wuestendoerfer.com.

fact that today, Ms. Wüstendörfer is not as a violinist but a conductor, working day after day studying scores, has a simple explanation. Besides her passion for the literature of the symphony, it is primarily the opportunity to work with other people that aroused her enthusiasm for the profes-sion. “I’ve always been able to communicate well with large groups of people, and it’s fun for me to create a new whole from the many individual parts in an orchestra.” The young conductor has found her dream job: “I love working with the orchestra,” she confirms.

Passionate workAlthough she is happy in her dream job today, behind her success has been a lot of hard work. “As a musician, you invest a lot and give up a lot of freedoms. You have to practise continuously, because after you’ve reached a certain level, it takes an incredibly long time to get only a tiny bit better.” The same applies to the work of the 27-year-old. “As a conductor, I’m actually busy all the time. If I am not rehearsing, then I am studying scores or learning about the history of a piece of music.” Without passion for music and her profession, the long workdays would often be hard to cope with. As Ms. Wüstendörfer says, “As a passionate person, I only do the things I am passionate about. I’m so lucky that I could turn my passion into my profession, because anything you work on with passion turns out more beautifully. When I’m engrossed in the music, the hours fly by, and I don’t even notice that the day has gone.”

This intensive interaction with music is necessary if a concert or an opera is to touch the audience. Lena-Lisa Wüstendörfer reads a score like she does a book. “I go on my own journey of discovery to get to know the score

until I know it by heart.” This is followed by a musicologi-cal analysis of the work and its history. Ultimately, the his-tory of a piece of music can influence how it is interpreted today. If then during the performance, sparks do fly and the audience, listening, feels taken by the music, Lena-Lisa Wüstendörfer feels reaffirmed in her work. “The greatest moments I experience on stage are when the work makes me feel deeply moved; when it grabs me and I forget everything around me. Even though I’m still very focused, I definitely can get lost in the music. Only a concert can do this to you. You have exactly one chance; everything needs to be right at just this moment. And you become part of the music.”

Fascination with the newAlthough she is still at the beginning of her career, Ms. Wüstendörfer has already realised a number of differ-ent and challenging projects. “This is the advantage of being a freelance conductor,” she explains. “I can fully express my passion for innovative ideas, new combina-tions and interpretations, and make projects happen such as the comic-opera, in which the recitatives of the classic opera are replaced by comics. I’m fascinated by every-thing that is new and everything that can make it possible for me to get new audiences enthusiastic about classical music.” One dream, however, has not yet come true for this driven young director, so full of ideas and passion: “I wrote my dissertation on Gustav Mahler’s symphonies, and my greatest dream would be to perform Mahler’s 8th Symphony – also known as the Symphony of a Thousand. Preferably in the KKL in Lucerne. One obstacle is that for the performance of a piece with about one thousand mu-sicians, I would probably also need a thousand sponsors. I don’t have them lined up yet – but I’m working on it.”

As a young female conductor, Lena-Lisa Wüstendörfer is a rare bird in the world of orchestral music.

Revolution in Egypt: Modern communication technologies are accelerating the changes in the global political landscape.

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tion technologies, i.e. the Internet and mobile telephony, have played an enormously vital role in these upheavals, and thus accelerated the change in the political landscape. Change, please note, that may have originated in North Africa, but which is leaving its mark in Western Europe – for example in the form of rising commodity and oil prices. Although the Western economies are less energy depen-dent today than in decades past, the portfolios of many investors have become more internationalized through the integration of commodities as an asset class, which means that rising (or falling) commodity prices directly affect the development of their wealth. This makes very clear that investment success is no longer based solely on economic factors and trends that take place close to home. For example, if you are considering the turnover that Swiss companies generate outside Europe, then economic, politi-cal and cultural factors in the so-called growth countries must absolutely be included in your deliberations.

To understand a country, you must understand its peopleMost investors now know about the investment potential of Asia and Latin America, based on their above-average growth rates. A variety of significant economic indica-tors are available – such as inflation rates, unemploy-ment statistics or figures on the national debt. But what significance do these numbers have when it comes to the long-term potential of a country or an economy? Only a limited one. Of course, the economic, political and social environments are all important indicators of future success. The demographic development of a population also allows us to draw conclusions about the future economic pros-perity of a region. By far, however, the greatest potential for a country’s success emanates from its people. What drives them? What is their motivation? If you understand these essential questions, you will make the right invest-ment decisions.

It doesn’t matter if the cat is black or whiteIn the coming decades, China will gain in political and eco-nomic importance – that is beyond doubt. The macroeco-nomic situation of the Asian giant will be extensively dis-cussed and analyzed in the media and by countless panels and experts. But how good are we at knowing the mental-ity, the sensitivities and the values of the Chinese people? What investor engages himself with Confucianism, i.e. the teachings of Confucius, which have shaped Chinese culture and society for centuries, still influence their daily lives today and continue to serve as a moral guide for more than one billion people? In Europe and America, an ideologically trivial question dominates the thoughts of

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“The World is Flat” is the name of a bestseller by Thomas L. Friedman from the year 2005. In it, the author describes how, thanks to globalization and the rapid development of communication technologies, distances are shrinking and global economic hurdles are being overcome. Almost six years after the publication of the book, it has lost none of its relevance. The West/East power shift we are experi-encing at present is an expression of this process. Recent events in North Africa and the Middle East show clearly that the world is not only economically but also politically in motion. And that is good.

“Revolutions are contagious” is a statement often made by historians – a notion which has also been confirmed in the recent history of the fall of the Berlin Wall in Germany in 1989 and the collapse of the former Soviet Union. The impressive feature of the recent political upheavals in North Africa is above all the speed of its proliferation: Within a few days, Tunisia’s democratic wave spread east-ward. The events have forged sustainable changes in the political and economic relations of the Maghreb countries,

including Egypt. Despite the humanitarian tragedy con-nected, however briefly, with this development, we must remember that overall, the changes can be deemed to be positive. In the ideal case, newly democratic countries are being created where people can more freely make deci-sions, and take action, on the basis of legal security. It’s not surprising, then, that with a few exceptions, there is a positive relationship between the democratic conditions of a country and its prosperity. From an investor’s perspec-tive, the medium term will see new emerging markets with interesting opportunities, especially since the potential of these countries, thanks to their demographic situation, is attractive.

Gazing over the rim of the teacupWhether the waves of the democracy movement continue to Saudi Arabia or even spread further east to China remains to be seen. It is clear that modern communica-

The world is flatMacro:

By Christophe Grünig, Head Wealth Management of the Vontobel Group

The impressive feature of the recent political upheavals in North Africa is above all the speed of its proliferation.

intellectuals, namely whether China is still Communist or whether it has already become capitalist – a question that, to the Chinese, is of no interest at all. The pragmatism that really drives the Chinese is illustrated in a sentence that Deng Xiaoping uttered in the 1970’s: “It doesn’t matter whether a cat is black or white – the main thing is that it catches mice.” The same principle applies as well for other

emerging countries and cultures, of course. Whereas our economic interest in the BRIC countries (Brazil, Russia, India and China) is high, our deeper understanding of the mentality in these countries is often inadequate. Along with the hard, numbers-based economic indicators, only

those who understand the political and cultural context are able to recognize the long-term potential of a country or region and bring this knowledge into the process of making profitable investment decisions.

Our recommendation on this topic: the volume “Krisen-region Nahost” from the monograph series published

by the Vontobel Foundation (available in German only). Copies can be ordered at www.vontobel-stiftung.ch

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Whether China is still communist or already capitalist is of no interest to a Chinese.

For centuries, Confucianism has left its mark on Chinese culture: discipline and hard work are an

important element of Confucian doctrine, taught to children at an early age.

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Readers can order the study by sending us the reply card at the back of this issue or go to www.vontobel.com.

Against the backdrop of the current economic challenges, a recent Vontobel study from the series “Investors’ Insight” shows how and where assets can be profitably invested over the next decade.

The bursting of the housing bubble in the USA in 2007, which triggered the greatest economic crisis since the Great Depression of the 1930’s, continues to have far-reaching consequences for the economy and financial markets – and thus also for investors themselves. In es-sence, the financial crisis has accentuated and accelerated three global trends that have been emerging for some time:

• First, thanks to investors’ flight to quality, the interest rates on the government bonds of developed countries have dropped to record low levels.

• Second, in the meantime, the share of global eco-nomic output accounted for by emerging countries has reached 30 percent, while its aggregate stock market capitalization is only 13 percent of the value of the world stock market.

• And third, because of the debt crisis, currency turmoil is increasing in the major currency blocs, i.e. U.S. dollar and Euro zones; meanwhile, the currencies of emerging markets and the traditional “safe haven” currencies (the Swiss Franc and the Yen) continue to stabilise.

In the face of the global economic recovery that has been underway since 2009, we can expect a tendency for interest rates to rise over the coming years. For in-vestors, that means that in a mixed portfolio, the fixed income portion will be low at best, or even negative. The authors of the report recommend therefore, to re-duce bond holdings in favour of commodities, precious metals and real estate, and to undertake a greater diversification of the bond portion of the portfolio. Traditionally, a significant portion of the bonds held in an investment portfolio consists of government bonds issued by developed countries. The investment security that was associated with this portfolio composition in the past can no longer be guaranteed as interest rates go up in the future. On the other hand, bonds of selected emerging market countries may be considered a useful addition to the portfolio’s holdings of fixed-income assets. The situation is similar in the equities portion: the growing economic importance of emerg-ing economies – already one third of the world’s total economic output is generated in this region – should be appropriately reflected in the equities portfolio. Finally, precious metals and commodities have proven their worth in the current crisis as a protection against weak and volatile equity markets, and in the face of worries over inflation. These assets remain attractive over the long term.

The measures recommended in the Vontobel study concern the longer-term strategic realignment of port-folios in accordance with the new international condi-tions. However, as is well known, the financial markets are not a one-way street. Setbacks and high volatility will be with us still. For this reason, in addition to the basic ideas presented here, active tactical decisions for investment success will continue to be indispensable.

We suggest to reduce the bond quota in favour of commodities, precious metals and real estate.

New study: Opportunities created by the global power shift

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The population on our planet is growing without cease. The UN expects that in the future, we can count on an average of 79 million more people in the world each year. In Asia alone, the population will grow over the next 40 years by an impressive 30 percent. At the same time, wealth is also increasing. More and more people are climb-ing into the middle class – especially in the emerging mar-kets of Asia. In India and China, for example, there should already be 700 million people in this economic category in the year 2020 – roughly the entire population of Europe. The members of this new middle class have the same material needs as people in developed countries. Con-sumption will therefore increase dramatically in emerging countries in the future. As a result, many commodities will become more and more scarce...

How can the growing demand for raw materials be met in the future? There are three possible solutions. On the one hand, existing resources must be more efficiently exploited, or new resources developed. As the example of oil clearly demonstrates, however, this solution is very short-term in nature. Already, production in the oil industry is at more than 90 percent of the possible daily capacity. Moreover, it is increasingly difficult to find sig-nificant new oil reserves. New oil fields are often difficult to access, and extraction is associated with higher risks, as was horrifyingly demonstrated by the huge oil spill in the

Who will satisfy the global hunger for commodities?

Opportunities: Alternative investment universes

Gulf of Mexico in 2010. Another way to meet the increas-ing demand is through more economical use of existing resources – for example, by developing car engines with lower fuel consumption or recycling used materials. The third way – and in the long term, the only viable one – is to replace depleting resources through new solutions. Only if we manage to make products that up to now have been made with finite resources out of renewable resources instead, will the supply be secured over the long term. Those companies that dominate these technologies could realise a correspondingly enormous potential.

Innovative Danes betting on enzymesAlready there are numerous examples from everyday life that demonstrate the feasibility of replacing limited resources. Detergents, for example, contain so-called surfactants. These are mostly derived from crude oil. New production processes now point to palm oil or enzymes to produce these surfactants and thus lessen dependence on oil. Enzymes in particular offer a very high potential, and can be used in numerous applications. Enzymes are pro-teins that speed up chemical reactions very efficiently and cleanly. According to Dr. Linda Thöny-Meier of the Empa Biomaterials Laboratory, “Enzymes have enormous poten-tial, because thanks to them, we can replace problematic chemical reactions with sustainable reactions.” The Danish biotechnology company Novozymes (see also the article

Nine billion people will be living on Earth in 2050 – and more prosperously than today. How can these people be provided for in a world where natural resources are running out? Some innovative companies are confronting the shortage of raw materials with solutions based on palm oil, vegetable waste or enzymes. Should their concepts prove successful, huge profit potentials open up. However, for private investors, identifying companies that are working on sustainable solutions is an almost impossible task.

Author: Sreejith Banerji, Portfolio Manager Global Trend Future Resources, Vontobel Asset Management

In the next few decades, Asia will continue to show strong growth. Prosperity and consumption – and with them, an appetite for commodities – will all increase. On our photo

one can see the night-time highways of Shanghai, one of the world’s gigantic mega-cities and the site of the World Expo 2010.

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Biofuel has a futureEven if, for the moment, many motorists cannot quite warm up to the new biofuel E10, biofuels should play an important role in the future. This is true especially in the transports of goods, because for lorries, no alternative to liquid fuels will be available in the foreseeable future. Second-generation biofuels will play a central role here, as they will no longer have many of the currently observed disadvantages of ethanol and biodiesel. Here, the term “second generation” means that, unlike first-generation biofuels (i.e. bioethanol from crops containing sugar or starch, or biodiesel made from rapeseed or palm oil), the raw materials that are used are not used for the produc-tion of food. These are primarily cellulose and lignocellu-losic raw materials such as green waste, straw or wood.

The excitement generated by the biofuel E10 is primarily a communication problem, since a good 93 percent of all passenger cars with gasoline engines can use the new fuel. For German-make vehicles, this is as high as 99 percent of the cars on the road – statistics which can be found by

perusing relevant data from the German Automotive Trust.

Critical to the current debate is the fact that the biofuels strategy as a whole is being questioned. Cur-rent biodiesel and bioethanol can only be seen as a temporary solution. This is why it is more important to bring the second-generation biofuels to market. This includes such alternatives as Biomass to Liquids (BTL), which can be derived from any biomass as a resource. A particularly interesting source would be algae, which can be easily farmed without the need to divert arable land to its production. And even if agricultural areas were to be used, the yield would be about three times as high as with today’s biofuels.

Source: Institut der deutschen Wirtschaft Köln (IW Köln)

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“Opportunities: Biofuels” in “blue”, spring edition 2010) recognised this potential very early and is focusing their research and development on enzymes. Enzymes and other micro-organisms are used in detergents, textiles and animal feed. They also enable the production of biofuels from plant waste. Up to now, biofuels have been produced from edible plants. As a result, food prices have risen – a fiasco in a world with an exploding population and associated hunger issues. Novozyme’s solution therefore makes use of biomass from such sources as corn cobs, plant stalks, wood chips or residues from sugar cane production.

Bioethanol as an alternativeEnzymes break down the cellulose of this biomass into

sugars, from which ethanol is derived through fermentation. Thus, the company has found the first commercially useful enzyme solution for the production of biofuel from agricultural waste. In addition, the process results in lower production costs. In the long run, this could even allow the price of biofuels to fall below that of gasoline, rendering bioethanol a competi-tive alternative to gasoline for the first time. Commercial production should begin next year. This could have a significant impact on the fuel industry. Novozymes is benefiting today from the trend to replace oil and gas-based products through the use of enzymes. A new universe is emerging on the investment horizonThe two examples detergents and biofuels show that the imbalance between supply and demand for commodities is creating a dynamic

growth market for far-sighted companies. Those that want to profit from supply constraints, or can provide new op-portunities for sustainable innovations and technological progress, offer great opportunities. To participate in the success of such companies, investments are recommended in relevant funds that focus on depleting and renewable resources. They invest ideally in companies developing substitutes for materials made from limited resources. The Danish Novozymes is representative of an entire invest-ment universe.

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Facts and figures relating to oilWorldwide

Oil reserves by regionThe world's proven oil reserves are estimated to be 181.7 billion tonnes. These reserves are located in the following regions: Middle East, 102.0 billion tonnes; South and Central America, 28.5 billion tonnes; Africa, 16.9 billion tonnes; CIS countries, 16.6 billion tonnes; North America, 10.2 billion tonnes; Asia Pacific, 5.6 billion tonnes; and Europe, 1.9 billion tonnes.

For how long can proven reserves last?In 1965, the extent of proven reserves was estimated to be around 32 years. With the discovery of new oilfields, this assumption is being constantly revised. In 2009, the estimate was pegged at 42.2 years.

Economic exploitation of petroleum resourcesTotal oil resources – not to be confused with proven reserves that can be extracted with current technology and at today’s costs – amounts to 5 to 6 trillion barrels. Up to now, 1 trillion barrels have been extracted.

Switzerland

Oil consumption in SwitzerlandTotal oil consumption in Switzerland in recent years has varied between 11 and 12 million tonnes per year. In the early 1990’s, this figure was more than 13 million tonnes.

Consumption of major oil productsComparing the consumption of the four main products, heating oil, at around 4.3 million tonnes, is clearly at the top of the list. This is followed by gasoline for vehicular use, at 3.3 million tonnes. Aviation fuel comes in at 1.4 million tonnes, and diesel oil rounds out the picture with 2.2 million tonnes. Comparing the development over the last ten years, it can be seen here as well that the con-sumption of heating oil has been decreasing, while growth in fuel consumption has not been uniform.

Proportion of total use provided by different energy sourcesAs a share of final consumption, various energy sources account for the following percentages: 55.1% for oil, 23.6% for electricity, 12.1% for natu-ral gas, 4.1% for wood, 1.8% for district heating, 0.7% for coal, and 2.6% for other energy sources.

Origin of crude oil and finished productsFinished products are almost exclusively from the EU, while crude oil comes mainly from Africa.

Source: www.erdoel-vereinigung.ch

For second-generation biofuels, biomass

serves as a resource.

Novozyme researchers are developing

enzymes to produce biofuels from plant

waste.

Phot

o: P

D N

ovoz

ymes

Blue Pages

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Expanding our market presence in GermanyPrivate Banking in CologneSince 1 January 2011, Vontobel Private Banking has also been doing business in the cathedral city of Cologne. Leading the team there is Johannes Olligschläger (46), who has extensive expertise in the Cologne market. Most recently, he worked for Deutsche Bank AG Köln as a Senior Relationship Manager.

10-year anniversary of Vontobel Private Banking in Lucerne Bank Vontobel is celebrating a milestone anniversary in Central Switzerland: Ten years ago, on 1 March 2001, we first opened a branch in Lucerne. Bruno Jenny, the head of the branch, supports and accompanies the bank’s clientele there together with the help of a twelve-member team that is almost unchanged from the very first day – another indication of the reliability and continuity for which Vontobel is so well-regarded.

News from the Vontobel Group

Blue Pages

Private Banking in FrankfurtPetra Mennong (42), most re-cently the head of UBS’ Frankfurt branch, took up her new position in our Frankfurt office on 1 April 2011. In addition to Munich, Hamburg and Cologne, Frankfurt is now our fourth Private Banking location in Germany.

New: “blue” app for your iPad Would you also like to read “blue” on your iPad? Now you can, comfortably and quickly. To download the app, or get more information about it, visit www.vontobel.com/blue or go to the App Store directly.

New Vontobel commodity index familyAt the beginning of the year, Bank Vontobel launched a new tracker certificate based on the commodity index family – JPMorgan Commodity Curve Indices (JPMCCI). For investors, this broad index allows easy access to a cross-section of the entire commodity market. With individual-certificates on both the JPMCCI Aggregate, as well as four sector indices and numerous individual commodity indices, investors have a wide range of products in the commodity market to choose from. Would you like to know more? More information is available at www.derinet.ch and www.vontobel-zertifikate.de.

New bond fund for

emerging markets

In January 2011, Bank Vontobel launched a fund

for bonds from emerging markets, thus broad-

ening its demonstrated investment expertise in

these regions. Vontobel Fund – Emerging Markets

Bond invests in a selection of liquid bonds from

emerging countries.

Current monograph of the Vontobel Foundation seriesThe current edition of the series of monographs published by the Vontobel Foundation is entitled “Laziness.” Whether as a vice or a “dignified form of leisure,” laziness is illumi-nated in a variety of different ways. Text by Manfred Koch, with illustrations by Magi Wechsler. Free of charge. To order, visit www.vontobel-stiftung.ch.

Salzburg Easter FestivalSince 1998, Bank Vontobel has supported the Salzburg Easter Festival as a main sponsor. The festival is amongst the most important cultural events on the entire European scene. On 16 April 2011, this year’s edition will open with the opera “Salome” by Richard Strauss. The festival program also includes magnificent choral and orchestral concerts. Whether they are performing in the orchestra pit or on stage, Sir Simon Rattle and the Berlin Philharmonic guarantee their listeners an unforgettable musical experi-ence. More at: www.osterfestspiele-salzburg.at

New Vontobel study: Opportunities Created by the Global Power ShiftThe newly published study deals with the consequences of the financial crisis and the global shift in power, highlight-ing the increasing weight of emerging market countries and presenting relevant strategies for investors. Readers can order the study, prepared by the chief strategist of the Vontobel Group, Dr. Thomas Steinemann, by sending us the reply card at the back of this issue. A video on the study can be viewed at www.vontobel.com.

Global Trend New Power Fund recognized

The Vontobel Fund – Global Trend New Power was recognized by ECOreporter.de as the best

fund for renewable energies in 2010. Launched in 2001, the fund invests world-wide in companies that promote environmentally sound and resource-effi-

cient energy production or improve energy efficiency.

Care & Share

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Has assistance from Switzerland been helpful?After our return, we established the foundation burundikids Switzerland and started to collect donations. Within a year we were able to commit funds for the construction of the hospital and 18 months later the building was finished. To-day, one hundred patients a day are treated as outpatients. Our hospital is the only one in Burundi that also offers meals to patients – something that supports the healing process considerably.

Where does it go from here?Now that the hospital has begun operation, what is needed is to cover the operating and labour costs for the next four years. After that, the medical station will be self-supporting. For example, we assign the operating rooms to external doctors and carry out laboratory analyses for third parties. We are doing everything we can to bridge these four years for the Burundian population. After that, perhaps we’ll start a new project. On practically every street corner in Burundi, there is a problem that needs tackling today rather than tomorrow.

Originally, Verena Zintzmeyer Egloff and Thomas Egloff only wanted to visit Burundi to see their daughter, who was on assignment locally for the UN. The twelve-year civil war had marked the East African country and its people, and the shocking impressions that the couple took back home with them were the impetus for the creation of the foundation burundikids Switzerland. Already 18 months later, a hos-pital had been created in the capital, Bujumbura, which is significantly improving medical care in the country.

Why are you committing yourselves for the people of Burundi?In 2008, our daughter Sina worked for the UN in East Africa. We ourselves had never visited Africa before, because for us, it was the Asian continent that had always been more attractive. But what we saw in Burundi shook both of us up. It was a country destroyed by civil war, with a traumatized population and 800,000 orphans and street children. There were not enough schools, and security can-not be guaranteed in the country even today. Large parts of the population also have no access to medical care.

How did the actual project come about?In Bujumbura, the capital of Burundi, we met a nurse named Verena Stamm, who had been living there since 1972 with her family, and helping out wherever help was needed. On her own initiative, she founded the first children's homes during the Civil War. Since then, the Stamm Foundation has looked after a variety of projects in Burundi. What was missing was a medical station for the country’s many orphans and street children.

Burundikids Foundation SwitzerlandBurundikids Switzerland was founded in 2008 in order to support the Stamm Foundation with the construction, main-tenance and operation of a clinic for street children in Bujum-bura, the capital of Burundi. The clinic went into operation at the end of 2010, located on the grounds of a school for over a thousand children, some of whom are boarders. At the hospital, not only the children but also their relatives are treated, as well as orphans and street children in the area.

Contact: egloff.thomas@bluewin.ch; www.burundikids-schweiz.chDonations: PC-85-651769-8

There is still a lot to doCare & Share: Help for a forgotten country

By Renata Fäh

Verena Zintzmeyer

Egloff and Thomas

Egloff with Verena

Stamm (centre).

Dr. phil. Manuel Bachmann is a

Lecturer and the Head of Studies of

the Executive Master’s Programme

“Philosophy and Management” at

the University of Lucerne, as well

as an Instructor at the University

of St. Gall. He publishes a monthly

e-magazine for decision-makers

called “absolutum”.

something violently enough to fight for it. Success is a coincidental by-product – or it’s the result of a great passion. For only passion gives us the courage to over-come resistance and stretch our limits. Yet passions remain dangerous. They threaten our freedom when they put us in a state of intoxication. This is true for negative as well as positive passions, for hate just as much as for enthusiasm.

In the frenzy of passion, the passionate person risks actual demise. Being unlucky in love, suffering an ad-diction to gambling or feeling reckless bravado are all conditions that have the potential to seal our fate. And yet, as dangerous as all-consuming passion may be, it can also have the power of creativity. It was Hegel, the philosopher of absolute reason, who recognised that “great men” – men who stand out in history, who change the world, who alter the course of events – are passionate people, people who can’t do otherwise. In the things they do, they live out their passion, work and fight “like crazy.” Such people may live on self-intoxication, but at the same time they are sacrificing themselves. It is from this contradictory nature of pas-sion that greatness arises in the world.

One last question remains: Is there such a thing as passionate happiness? If we are passionate – are we happy like this? Is happiness not a sphere of life that is beyond the passions? In our passions, we surrender. They can make us strong, but they can also torture us. Maybe happiness exists in this interplay between pow-er and pain. Passionate people are driven, and indulg-ing their passion makes them happy. However, I would put a question mark behind the idea of happiness within passion: After all, do pain, sorrow and longing make us happy, merely because we indulge them? The one undeniable form of happiness, self-fulfillment, is not to be gained only through passion. What we are able to achieve without passion are things that we can achieve on our own.

Nothing great happens without passion

Column: Dr. phil. Manuel Bachmann

People who live their lives passionately are happy, suc-cessful and admired. These words could sum up today’s unprecedented appreciation of the passions – a trendy upgrade under the socially acceptable name “emotional intelligence.” This overlooks the literal meaning of passion, however: The word comes from Latin passio, meaning “suffering.” Passions are therefore things that cause us to suffer. We do not have a passion; it has us.

What causes us suffering is not of our own active choos-ing. It comes over us, it touches us, excites, confuses, coerces, perhaps even obsesses us. People who live their lives passionately are therefore living them passively. They don’t know where this passion might take them.

This is why there is a long tradition in philosophy that warns us of the passions. Passions are internal energies that gain power over us: energies ranging from pleasure and pain to fear and envy, to desire, jealousy and greed.

The confident modern man, however, possesses sovereign self-control: He masters his passions. His life may not be completely dispassionate, but it is an unwavering one.

Without passions, we would be less human. Passions not only make us passive but they also make us able to want

Exhibitions Max Frisch. On the Occasion of his 100th Birthday.

Museum Strauhof, 16 March to 4 September 2011, www.strauhof.chLike almost no other writer, Max Frisch speaks to people of all social classes and generations. This exhibition brings home the point that Frisch’s work does have opposition, however, as no matter whether it is consumed as the written word, or experienced in the theater or cinema, it generates discussion and controversy. In addition to video interviews with Frisch readers, the exhibition brings together photographs, film clips, unpublished letters, objects, original manuscripts and many of his works through the voices of experts and enthusiasts.

World Press PhotoSihlcity, Papiersaal, 13 May to 5 June 2011, www.worldpressphoto.orgFor more than 50 years, World Press Photo has organised the world’s largest and most prestigious competition for press photography. The photos are assembled into a traveling exhibition visiting some 40 countries around the world. In Zurich’s Papiersaal, Keystone presents the award-winning image from the South African Jodi Bieber as well as 200 other prize-winning works.

RestaurantNot GuiltyEmil-Oprecht-Strasse 1, 8050 Zurich,Tel. +41 (0)44 310 35 05, www.notguilty.chWith the Not Guilty Restaurants, Roland Wehrle realises his vision of “carefree, quick pleasure”: namely, by serving his guests fast food that is healthy, fresh and naturally deli-cious. The Not Guilty Restaurants use only Swiss organically raised beef, humanely raised free-range chicken, as well as vegetables and salads from nearby farms. The concept also works in a “take-away” version, and in 2010, the Swiss public bestowed upon the Not Guilty concept the “Best of Swiss Gastro” award in the category “on the move.”

Culture and cuisine

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Inside ZurichCulture and cuisine: April to July 2011

EventNZZ PodiumNZZ Foyer, Falkenstrasse 11, 8008 ZurichThursday, 12 May 2011, 6:30 p.m.www.nzzpodium.ch

Religion – God and Gods. Why we do not want to live without faith. With Prof. Thomas Macho, Institute for Cultural Studies at the Humboldt University, Berlin.

Partners: Bank Vontobel, Swiss Re. Moderator: Dr. Martin Meyer, Culture Editor of the “Neue Zürcher Zeitung”

Art HundKatzeMaus (“DogCatMouse”)

Kunsthaus Zurich, 1 April to 31 July 2011, www.kunsthaus.chSince time immemorial, mankind has occupied himself – also in his artistic endeav-ours – with his next-of-kin, the animals. From its large collection of images depicting animals, The Kunsthaus Zurich has selected 100 works for this exhibition reflecting the wide variety of different relationships that exist between man and beast.

With the support of the Vontobel Foundation.

“blue” is published quarterly. www.vontobel.com/blue

Masthead

Editor Bank Vontobel AGMarketing Private Banking (M. Rose, R. Fäh) Gotthardstrasse 43, CH-8022 Zurich Telephone +41 (0)58 283 71 11

Contactblue@vontobel.com

Printing Climate-neutral printing by Schellenberg Druck AG. Published four times per year in German and English. Reproduction, in part or in whole, is strictly prohibited without written permission from Bank Vontobel AG.

Photographers and illustrationCover front and back: Getty Images; illustration on page 29: Jürgen Willbarth; page 26 group photo: Roth und Schmid / portrait J. Olligschläger: Markus Weber Fotostudio; page 27: Monika Rittershaus, PD Berliner Philharmonie; page 30 left: Max Frisch, Lochergut, Fotostiftung Schweiz; page 30 right: Jacob Gerritsz Cuyp, Zwei Jaguare, 1639

English versionJames Wade, Hurst & Freelancers

Disclaimer

This brochure is for information purposes only and does not

constitute an offer of any kind. The services described in this

brochure are supplied under the agreement signed with the

service recipient. The nature, scope and prices of services

and products may vary from one country to another and

are subject to change without notice. Certain services and

products are not available worldwide or from all companies of

the Vontobel Group. In addition, they may be subject to legal

restrictions in certain countries.

Locations

Bank Vontobel AGGotthardstrasse 43, CH-8022 ZürichTelephone +41 (0)58 283 71 11, Telefax +41 (0)58 283 76 50

Bank Vontobel AGSt. Alban-Anlage 58, CH-4052 BaselTelephone +41 (0)58 283 21 11, Telefax +41 (0)58 283 21 12

Bank Vontobel AGSpitalgasse 40, CH-3011 BernTelephone +41 (0)58 283 22 11, Telefax +41 (0)58 283 22 12

Bank Vontobel AGSchweizerhofquai 3a, Postfach 2265, CH-6002 LuzernTelephone +41 (0)41 249 31 11, Telefax +41 (0)41 249 31 50

Banque Vontobel SAPlace de l’Université 6, CH-1205 GenèveTelephone +41 (0)22 809 90 90, Telefax +41 (0)22 809 90 91

Bank Vontobel Europe AG, Frankfurt a. M.(as of May 16, 2011)WestendDuo, Bockenheimer Landstrasse 24D-60323 Frankfurt am MainTelephone +49 (0)69 297 208 0, Telefax +49 (0)69 297 208 33

Bank Vontobel Europe AG, HamburgSudanhaus, Grosse Bäckerstrasse 13, D-20095 HamburgTelephone +49 (0)40 638 587 0, Telefax +49 (0)40 638 587 230

Bank Vontobel Europe AG , Köln Auf dem Berlich 1, D-50667 Köln Telephone +49 (0)221 20 30 00, Telefax +49 (0)221 20 30 030

Bank Vontobel Europe AGAlter Hof 5, D-80331 MünchenTelephone +49 (0)89 411 890 0, Telefax +49 (0)89 411 890 30

Bank Vontobel Österreich AGKärntner Strasse 51, A-1010 WienTelephone +43 (0)1 513 76 40, Telefax +43 (0)1 513 76 402

Bank Vontobel Österreich AGRathausplatz 4, A-5020 SalzburgTelephone +43 (0)662 8104 0, Telefax +43 (0)662 8104 7

Vontobel Europe SA, Milan BranchPiazza degli Affari, 3, I-20123 MilanoTelephone +39 02 6367 3411, Telefax +39 02 6367 3422

Bank Vontobel (Liechtenstein) AGPflugstrasse 20, FL-9490 VaduzTelephone +423 236 41 11, Telefax +423 236 41 12

Vontobel Asia Pacific Ltd.2301 Jardine House, 1 Connaught Place, CentralHongkongTelephone +852 3655 3990, Telefax +852 3655 3970

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neutralPrinted Matter

No. 01-11-694415 – www.myclimate.org© myclimate – The Climate Protection Partnership printed by Schellenberg Druck AG

“From the chaos of life and its many realities, to pick just that one snippet that unexpectedly brings a sense of order to things – this I find deeply satisfying.”

Peter Stamm, writer

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Vontobel Private Banking The magazine for private clientsSpring Edition 2011

Vontobel Private Banking Das Magazin für PrivatkundenAusgabe Frühling 2010

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Future issues of “blue” (published quarterly)

Investors’ Insight “Opportunities created by the global power shift”

Vontobel Portrait 2011

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Vontobel Private Banking The magazine for private clientsSpring Edition 2011

PassionPeter Stamm: The passion of a writer The curiosity for first – and unconsumed – views

Passion for brain research The concertmaster of the emotions

Macro:The world is flat

PassionPeter Stamm: The passion of a writerThe curiosity for first – and unconsumed – views

Passion for brain research The concertmaster of the emotions

Macro:The world is flat

Blue_Cover_e_31_3.indd 1 01.04.11 08:35