The common sense investors

Identifying opportunities that others overlook: common sense

Identifying opportunities that others overlook:

common sense


The common sense investors – that’s who we are and how we work. We take a skeptical view of published research that merely reflects the general consensus of banks and brokers. We prefer to rely on our own expertise, our independent analysis, our many years of experience and our ability to clearly understand events occurring on the financial markets. 

Relying on experience rather than analysts:

common sense

Your satisfaction is our reward: common sense

Your satisfaction is our reward:

common sense


A wise man once said: “The best ideas come to me when I put myself in the client’s shoes.” We take the time to see things from your perspective and in line with your circumstances, interests and expectations, and then tailor the investments to your exact requirements. We offer you a level of service that truly deserves the description ‘personal and personalized’ and ‘independent’.

Keeping your head when all about you are losing theirs: common sense

Keeping your head when all about you are losing theirs:

common sense

About us

Your assets are in good hands with skilled and dedicated investment managers, who have years of experience in the field. That is however where the similarity with other asset managers ends. We are investors, not traders – equipped with a long-term perspective that extends far beyond current conditions in the investment world. Composure, transparency and a pragmatic approach are our main priorities.

Our history

Our history begins in 1990 with the formation of Burgauer Huser Aman & Partner Ltd. by the three eponymous partners. In 2013, the company is transferred from Marcel A. Burgauer, Arthur Huser and George P. Aman to the long-serving employees and current partners Pierre-Yves Eckard, Henrik Hedman, Urs Leuzinger and Reto A. Stoecklin. In December 2016, we set the course for the future with our new name BHA Partners Ltd.


Pierre-Yves Eckard

Pierre-Yves Eckard

Pierre-Yves Eckard (1961) completed his education in Zurich (baccalaureate and university degree). In 1986 he took part in an internship program for university graduates at Crédit Suisse (Zurich) and subsequently gained his first work experience there. Hence, he spent five years in the trust department of a fiduciary company in Zurich. In 1994 he joined Bank Cantrade as an investment advisor, followed by eight years as investment manager in private banking at Lombard Odier & Cie. In June 2007 he joined BHA Partners Ltd. Principal Partner since October 2013.

Pierre-Yves Eckard is Swiss. He is fluent in German, French, Italian and English.


Roger W. Fritz

Roger W. Fritz

Brought up in Zurich, Roger Fritz started his professional career with Credit Suisse. He has 33 years of experience in international private banking. He is an alumni of the International Banking School of Credit Suisse, New York (1987), followed by an on the job assignment with Credit Suisse, Tokyo, where he was in charge of managing portfolios of institutional clients. From 1989 to 1995 he was looking after German clients (Northern Germany) for Credit Suisse, Zurich. In 1995 Roger Fritz was responsible for the opening of the representative office of Swiss Bank Corporation in Hamburg. After that he spent 13 years with Pictet & Cie, Zurich and in June 2009 opened the Zurich branch for Baumann & Cie, Banquiers. As of 01.08.2018 he joined BHA Partners Ltd.
Roger Fritz is a graduate of Kaderschule Zurich (BA KSZ) and the Swiss Banking School.

He is Swiss and speaks German, English, French and some Italian.


Henrik Hedman

Henrik Hedman

Henrik Hedman (1964) studied business administration and received his degree in Lund, Sweden. He worked for Svenska Handelsbanken in Stockholm, Luxembourg and Zurich between 1990 and 2005, before taking up a position with Bank Bellerive, Zurich. After spending roughly 3 years with the bank, achieving a position on the management board, he joined BHA Partners Ltd. in 2009. Principal Partner since October 2013.

Henrik Hedman is Swedish. He speaks Swedish and English.


Urs Leuzinger

Urs Leuzinger

Urs Leuzinger (1959) received his banking training at the Glarner Kantonalbank and spent two and a half years working in London and Geneva. He then attained federal certification as a banking specialist. In 1985 he started his career as an asset manager with Clariden Bank in Zurich, where he became Vice President in charge of important private clients. In 1993 he founded his own portfolio management company in Glarus with a branch located in the offices of BHA Partners Ltd., from which a close and fruitful cooperation has grown in the years since. Principal Partner since October 2013.

Urs Leuzinger is Swiss. He speaks German, English and French.


Caroline Meier

Caroline Meier

Caroline Meier (1965) grew up in Zurich. She completed a commercial apprenticeship at Rahn & Bodmer Banquiers. After several activities as assistant in the bank and sales business, she joined BHA Partners Ltd. in 2000. During her employment she successfully passed the education as assistant to the management and specialist in human resources. At BHA Partners Ltd. she assists the management with respect to client relations and payroll administration.

Caroline Meier is Swiss. She speaks German, English, French and some Italian.


Heinrich Mühlebach

Heinrich Mühlebach

Heinrich Mühlebach (1958) holds a master of arts degree in international economics and foreign affairs of the university of St. Gall. In 1984, he joined Credit Suisse as an economic advisor to the foreign exchange department followed by 5 years in international private banking with focus on German and Dutch clients. Since 1994 he had been responsible for the development and management of the desk for “External Asset managers”. In 2002, he joined the private bank Lombard Odier & Co Ltd. in Zurich and in 2009 Zürcher Kantonalbank in the same function. Since September 2017 he is responsible for Compliance and banking relations at BHA Partners Ltd.
Heinrich Mühlebach is Swiss. He is fluent in German, English and French.


Carmen Schaffner

Carmen Schaffner

Carmen Schaffner (1971) has successfully completed her commercial apprenticeship with Credit Suisse in Zollikon. She continued to gain professional experience as a legal assistant within a financial institution as well as a marketing assistant in a management consultancy company. Part time she developed her sports skills and continued her professional path as a co-head of a fitness academy. In 2013 Carmen re entered the financial sector joining Rothschild Bank AG in the private banking area followed by assignments with Centrum Bank and Baumann & Cie, Banquiers both in Zurich, before joining BHA Partners AG in November 2020.

Carmen Schaffner is Swiss and speaks German and English.


Reto Andrin Stoecklin

Reto Andrin Stoecklin

Reto Andrin Stoecklin (1963) grew up in Asia and the Middle East and studied economics in Zurich. He started his career as an asset manager with Credit Suisse, Zurich, in 1985. After gathering work experience during a ten year period as fund manager for global strategy funds in New York and elsewhere, he left Credit Suisse and joined Julius Baer Asset Management as portfolio manager for special international mandates in the rank of Vice President. He is a certified financial analyst and portfolio manager. In 2002 he joined BHA Partners Ltd. Principal Partner since October 2013.

Reto Andrin Stoecklin is Swiss. He speaks German, English and French.


Having clear views on important issues: common sense

Having clear views on important issues:

common sense


Under the "Focus" Headline, we analyze current themes in the market.

Current Issue «Focus»

  • Retirement Pensions: Gaps in the public pension system lend growing importance to private pension schemes

Archive «Focus»

July 2018

  • Is sustainable investment a sop to your conscience or the new growth driver?

Our Point Of View

We at BHA Partners recommend that you read our half-yearly brochure  publication “Our Point of View”. From our head office in the heart of Zurich, we observe economic events around the world and formulate our views in clear terms. We will be happy to send you a copy of our latest edition on request.

Current Issue «Our Point Of View»

  • The good old days are on their way back
  • Yet the money spigots are still wide the USA
  • ...and in Europe
  • Just a suspicion, or a conspiracy?
  • Italy’s empty pockets, Switzerland's good example
  • And now: inflation?
  • Anticipating the future is a hard habit to break
  • Nervous central banks
  • Money from the tap
  • Government infrastructure policy in hindsight
  • A ray of hope

Archive «Our Point Of View»

December 2020

  • An economy infected by virus and money glut: Inflation? Deflation? Comeback in 2021?
  • A slowdown is not a collapse
  • The true superstate
  • Joy without regret for investors?
  • What happened to inflation?
  • What lies ahead – prosperous deflation...
  • ...or higher prices after all?
  • ...and here’s what happens now, in reality and in people’s minds
  • Good times for globalisation

June 2020

  • Let them eat money!
  • The mad Dr. von Havenstein
  • Post-Corona: the EU Health Bulletin
  • Prescriptions for restoring the health of nations
  • Home recipes and prescriptions for daily life

December 2019

  • A lion’s share of amateurs – Led by von der Leyen: The EU’s new leadership does not inspire confidence 
  • What should not be, cannot be: Facebook’s Libra: fear and loathing in the central banks  
  • So long, Mr. Draghi. Or not? Strange doings at the European Central Bank 
  • Our warning last June: Was the inverse yield curve an accurate indicator? 
  • Plain speaking: Concrete steps we are taking 

June 2019

  • A poised legacy: The disastrous consequences of the money glut
  • Every end a new beginning: It's raining money again
  • The best is yet to come: Penalties on cash are on the way
  • History does not repeat itself. But it teaches lessons: China cannot be bullied by threats
  • Doubting Thomas or that nasty word: The yield curve is not looking good
  • Wait it out? What the zeitgeist” is telling us

December 2018

  • Make way for the populists: Voters in revolt around the world
  • Utopia: The United States of Europe
  • Heroin in short supply: The cheap money bonanza is over
  • We hope you've dumped yours: The decline and fall of bank shares
  • From rickshaws to the Formula One: The race against Asia is lost
  • Better start dressing a little warmer: A bit caution is in order

June 2018

  • Hello, naivety calling: Much ado about Facebook's business practices
  • After me, the deluge: Gloomy outlook for US debt
  • Farewell to the years of plenty: Interest rates are rising, as is inflation
  • Risk lurks in unexpected places: Central banks as the agents of destruction
  • Within reason: It's not the Central banks responsibility to save the climate
  • Can objectivity be folly? Trying to predict the future
  • Bull's eye: Putin's strategy is working

December 2017

  • Is ignorance a wise counsellor? Cryptocurrencies
  • Fickle power Pride comes before a fall
  • Global domination Does Google really rule the world?
  • Nothing new under the sun Pre-crisis financial products back in favour
  • How does Mario Draghi sleep at night? The disturbing flood of money
  • Compass and weather service Review of the current situation and outlook

June 2017

  • A little reminder Virtual reality and artificial intelligence
  • The end of low interest rates Or maybe not
  • Threats to Europe on the wane European stock exchanges in a sunny mood
  • Trump, the wrecking ball US President shoots himself in the foot
  • The big swindle Abolition of cash 
  • Will they never learn? Big banks are our heroes
  • High altitude can muddle your thinking Warning against bullish stock markets
  • Pensions - quo vadis? Minding our own business

December 2016

  • And first of all this: Donald Trump’s election victory was foreseeable
  • Casino Royal The hair-raising conduct of the central banks
  • Something is rotten in the state of Denmark Signs of a bond market reversal
  • Same old story Inflation rises from the ashes
  • Are they allowed to do that? The EU: a flawed concept
  • It won’t be boring Looking ahead to the New Year

June 2016

  • In or Out Disconent in the EU
  • The solution is:  forget it! Big bank shares: the eternal misery game
  • "A very interesting concept" (Mario Draghi, President of the European Central Bank) Helicopter money and other such madness
  • The example of Japan The record monetary run
  • Balancing Act The complex stock market enviroment
  • You have to be there Virtual reality
  • And on a final note Donald Trump for president

December 2015

  • Paranoia The fear of rising interest rates
  • The ECB steps on the gas again Mario Draghi is stepping up stimulus measures
  • The current panacea Europe is committed to redistribution
  • Sweeteners that leave a bitter taste The dodgy distribution boom
  • Let’s talk about cyclical recession What do the stock markets tell us?
  • So what now? The short-term outlook

June 2015

  • “Those who won’t listen must pay” Dangerous goings-on at the central banks
  • Bonds Hands off 
  • Brazenness from the poison cabinet Cash gets it in the neck
  • Going overboard with government debt How this is to be magicked away
  • Why capital investments are sluggish The dubious nature of share buybacks
  • The future Central banks are setting the trend

December 2014

  • Cash laughs Why larger account balances do actually make sense 
  • Cocos Too good to be true? 
  • The neverending story The suffering of the euro 
  • Every man for himself, then? Time to finally say goodbye? 
  • Sense or nonsense? Does the zero interest rate policy actually
    have any benefit for the economy? 
  • A brief reminder Have the banks cleaned up their act? 
  • Scepticism on all sides The trend is likely to continue despite the
    concerns. Or perhaps precisely because of them 

June 2014

  • Here it comes Deflation on the way
  • Here comes Super Mario The European Central Bank is getting nervous
  • Is danger really lurking? Yes, there is a bubble
  • Idling along What is the European Parliament actually for?   
  • Where are we headed? The most likely stock market trend 

December 2013

  • America! America! The US is still working miracles 
  • No lessons learned The big banks are carrying on just as they always have
  • It was not quite that simple 2013 wasn’t completely rosy
  • Game-Changing Exchange rates 
  • Hello ghost train Never-ending money creation
  • But where’s the ghost? No sign of inflationary tendencies 
  • The crystal ball What next?

June 2013

  • The pitcher goes to the well… ...until the taxpayer has had enough
  • The mother of all questions The central banks’ questionable experiment
  • Moth holes in cashmere Things could be better
  • The poison of consumption No deflation please
  • This time it’s different The interpretation of time

December 2012

  • Logic goes out of the window Why the stock markets ignore many things
  • The beginning of the end Reality chates up with investment banking
  • Finally a rethink A resurgence of bank shares
  • The expropriation of wealth The creeping monetisation of debt
  • A gimmicky solution How the central banks are neutralising the money printing presses
  • Plus ça change Investors are victims of circumstance

June 2011

  • A timid start
  • The refuseniks Greece & Co. are teetering on a precipice
  • The dilemma How can people protect themselves in the current environment
  • We are the champions Switzerland’s brazen, boastful big banks
  • Keep calm and carry on! China is more than a passing trend
  • What is happening in the world’s driving force? The outlook for the US is gloomy, to say the least
  • The joker turns nasty The exasperating dollar
  • No, we can’t! Performance promises are almost impossible to meet

June 2010

  • Not Austerity, but Reality The debt trap
  • Fighting fire with fire Europe borrows to meet debts
  • Time is money Banks rescued again
  • The counter-argument Why government bonds cannot be a safe haven
  • Beware of highest quality Spheres of safe investments
  • Unable to see the wood for the trees Investors must nail their colours to the mast

December 2009

  • Turning Japanese Lending at no cost has been a failure
  • Full steam ahead anyway? Outlook for the months ahead
  • Is the sun rising in the West? We ask whether the US economy is in recovery
  • The same old story Investment bankers are more arrogant than ever
  • We are no longer so certain Are we facing inflation or deflation?
  • The same old story Exchange rates will be critical once again in 2010
  • Crystal-ball gazing How we see the future

June 2009

  • A summer without swallows The phenomenon of the markets’ upturn
  • Maybe we’re heretics A contrary view to the current consensus
  • Printing presses and other threats The central bank printing presses are running flat out
  • Where is the enemy? What’s on the horizon – deflation or inflation?
  • We risk repeating ourselves China is the answer
  • Conclusion in brief Opportunism is called for

December 2008

  • Annus Horribilis The end of the borrowing binge
  • The origin of evil The answer is Alan Greenspan
  • Why are the markets collapsing? An attempt to understand the momentum behind the fall
  • Are things really that bad? A look at the real economy
  • Putting all your eggs in one basket Does it make sense just to hold cash?
  • Asia China remains best of its class
  • The heart of the matter Confidence cannot be bought

June 2008

  • Bank geniuses and other lunacies The big banks’ unbelievable conduct
  • History repeats itself – or does it? The world’s supposed dependence on the US giant
  • The arch enemy Inflation is suddenly a problem again
  • Played well but still lost Consequences of the rescue missions
  • Japan Unloved, cheap stock market
  • A weak summer Short-term prospects

December 2007

  • A passing phenomenon – or something more? Today’s problems
  • Treating cancer with antibiotics The difficulty of mastering the problems we face
  • The dollar Crisis of confidence possible
  • An alternative Gold
  • Persistence ultimately pays off Asia remains the yardstick
  • Everyone for themselves? Today you need to have decided whether to be an investor or a trader

June 2007

  • Doom? – Boom? – Gloom? Today’s stock market environment
  • Mania and Mammon What are the factors causing concern?
  • The sunny side The reasons why the end is not necessarily nigh
  • Entrepreneurs or gamblers? Money attracts money. To and fro, and your money will go
  • Don’t panic This is Asia’s century

December 2006

  • Rollercoaster Ride The violent ups and downs on the markets in 2006
  • Everyone gets their turn. Sometimes Not all stock markets shone
  • Booby prize for 2006 Tokyo stock exchange massively disappointing
  • Gifts could come at a high price Many capital protected products are not without risk
  • Snapshot How we see the world today
  • The exception that proves the rule A soft landing is possible

June 2006

  • A correction is not a crash General assessment of the recent sell-off in stocks
  • The scapegoat The stampede out of Emerging Markets
  • More wheat than chaff Asia offers investors a bounty
  • The spin doctors The tricks journalists and bankers use
  • Disappointment The stumbling Tokyo stock market
  • The unwanted risk The outlook for the US dollar
  • Swan song We hold on to our investments

December 2005

  • The plain facts 2005 – The statistics
  • The good times are over Bond yields are turning up
  • Belated comeback Japan finally puts deflation behind it
  • The grass always seems greener on the other side Swiss bourse comes out on top
  • The temptation Gold looks appealing, and not just for ladies
  • It’s that time of year again … Year after year, exchange rates are the most important factor influencing performance
  • Things are better close to home Not always: China, India and Brazil are booming
  • Summa summarum Where do we go from here?

June 2005

  • Everything is relative The crucial impact of the Dollar’s turnaround
  • Sickly yet sound The US dollar is still the international benchmark currency
  • The stealthy thief Inflation is still alive and kicking!
  • Back to the Seventies? “Stagflation” has reared its ugly head again
  • Germany Europe’s driving force could be regaining its strength
  • Pitfalls ahead? The Investment environment
Engaging in dialog with us: common sense

Engaging in dialog with us:

common sense


Our common sense strategy has served our customers well over the years. Not least because we do so many things differently from other asset managers. And, of course, differently from banks. Getting in touch with us will not cost you anything. But not doing so could cost you a fortune.

BHA Partners AG
Investment Managers and Consultants
Stockerstrasse 14
CH-8027 Zürich 

T + 41 (0)44 206 22 33
F + 41 (0)44 206 22 44