I really wonder if the market is unhinged at the moment, seems the US made progress towards giving up more than they had 2 months ago, with China “paying” a comparatively lower price…? And as I said above, even in a fantasy world where everything is back to normal, we’d just be back ok the valuations train.
Global market discount for Swiss investors is now „only“ 10%. This is a significant change since few days and is caused by double whammy of CHF/USD going down and stock market going up.
I don’t quite understand what kind of deal is struck between US-CHINA. They simply removed the random tariffs which were placed after the first random reciprocal tariffs. Most likely this should be seen as parking position & begin negotiations rather than an deal itself.
EDIT -: 30% should be compared to 20% which was situation on 31 march. So in summary both China & US agreed to apply 10% additional tariffs versus 31 March situation for 90%. This means this pause equivalent to other pause that everyone have.
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I see only a 2-3% move so far. I’m currently net long pharma, but it is only around 2-3% of my portfolio.
I think US market is still to open. But Pharma stocks in all countries have taken a dip today.
Yeah CHSPI is basically evened out/at zero change, with some in plus (UBS) while others in minus (Novartis, Roche, Lonza,…). Not much greenery here yet.
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Yes it’s not a deal, it just reopens trade (100% tariffs meant trade was stopped, while 30% is more acceptable) for a 90 days window for negotiating a deal.
Man, human psychology is weird.
When the crash happened and USD and VT dropped it felt like the sky was falling and I was close to panic-mode.
Now USD and VT went up considerably and I am like “No dude stay low till my next salary, I want cheap prices!” 
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About -8% right now (VWRL.SW), but nearly back above water on an absolute CHF value since Feb, buying some of the dip/rebalancing helped small portfolios.
Effing exhausting, boss!
Actually i think you are looking at “Current price / ATH” and I am looking at “ATH/Current price” ..right?
Hah, yes, but also absolute (personal) portfolio value.
Hm, seems I was down max about 16% and now only 3% (tracking in euro).
Measured in CHF, I went from >+6% to <-6% due to liberation day. Right now, I’m back to around -1%.
Pathetic, only +2.5% 
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I think these quotes are undeniably good, though, even if it’s all in the space of no more than 2 months. I’ll take a recovery in the real world as more valuable than paper exercises for academics.
That said…never buying on massive green 
Stress when the market goes down, stress when it recovers, stress when .* (regex 
)
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So folks, are we done with the “bear market” then? 
-1.27% down YTD (in CHF)
Is this the definition? Isn’t a common notion that bear market starts when market drops 20% from ATH and its over when it goes up 20% from the dip (arguably also stays there for a while).
But you don’t need to end up at ATH again.
E.g. if we declare 65.5 as dip bottom here, 1.2x65=78.6, so very close to ‘bear market over’.
Doesn’t change the fact that we still miss ~10% from ATH of course.
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