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The Credit Suisse Magazine
The Credit Suisse Magazine Since 1895 Issue 1
International Edition
Feb./March 2009
www.credit-suisse.com/bulletin
2010
The Credit Suisse Magazine Since 1895 Issue 2 May/June 2009
International Edition
The Credit Suisse Magazine Since 1895 Issue 3 Aug./Sept. 2009
International Edition
Breakthroughs
Silence
North
Free Fall Breaking Through the Sound Barrier
The Netherlands When the Dikes and Dams Break
Deafness How Leonie Found Her Way out of Silence
Music Composing Pieces of Music out of Total Silence
Greenland Join Gerry Hofstetter on a Light Art Expedition
Elves in Iceland More Than Just Folklore to Northerners
Promoting Young Talent Breakthrough Imminent
Investing in Art Emerging Markets Enliven Business
Picasso The National Gallery to Display 70 Paintings
Lorin Maazel Looking Back on a Great Artistic Career
Hans-Ulrich Doerig Interview With the Chairman
Emergency Aid Report From China’s Earthquake Zone
Renewable Energies An Upturn Ahead in 2010?
Hernando de Soto Fighting for the Rights of the Poor
Hans-Ulrich Meister The CEO Credit Suisse Switzerland
Microfinance What Five International Experts Have to Say
Outlook Will We Seek a “Bubble Repetition”?
Nobel Laureate Krugman On the Financial Crisis
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Editorial
115 years old and still going strong – it could only be the Credit Suisse bulletin. However, this
is the opinion not only of its editorial team, but also of the expert juries at a number of international
magazine competitions. For example, bulletin has been honored in the US (on more than one
occasion in some cases) at the Mercury, Communicator, Tabbie, and Magnus Opus awards.
In addition, the German Federal Ministry of Economics and Technology has nominated bulletin
for its 2009 design prize. And since 2003 bulletin has also picked up three silver medals, as
well as a bronze and a gold, at the Best Corporate Publishing Awards, the most prestigious event
of its kind for client magazines in Europe. This has been a great source of satisfaction to us.
The roots of bulletin reach far back into the century before last. It was in 1895 that the Schweizerische Kreditanstalt (as Credit Suisse was then known) first published the “Effekten-Kursblatt.”
This is recorded by historian Horst Pastuszek in his book “Wirtschaftsordnung und Wirtschaftspublizistik” (“Economic Development and Business Journalism”) as the world’s first periodical banking
publication. In 1921, the Kursblatt was renamed the “Monats-bulletin” (Monthly bulletin) and in
1944 this was shortened to just bulletin, which now appears five times a year in German, French,
Italian, and English. bulletin is more than a customer magazine in the traditional sense of the phrase.
It is what you might call a stakeholder magazine. The mix of socio-political issues and current
economic and business reporting featured in bulletin is aimed not just at the bank’s clients: It is
also designed to reach a wider audience of individuals and organizations – namely those that want
to participate in public debate and keep a close eye on changes in today’s world without borders.
Daniel Huber, Editor-in-Chief
Photo: Cédric Widmer
bulletin – a Magazine with a Long Tradition
Brief Profile of Bulletin Readership
Readers of bulletin have subscribed to the magazine and have a higher
education. They are frequently self-employed or occupy management
positions. Around 60 percent of the readership has assets of over
CHF 250,000 and annual purchasing power of more than CHF 100,000.
High-quality goods are a priority for these readers.
Your advertisement in bulletin will reach a target group of high-income
decision-makers in the worlds of business and politics.
The quality magazine offers the ideal environment for presenting:
Watches and jewelry
Household durables
 Unconventional adventure travel
 Vehicles in the medium and upper price segment


The bulletin magazine reaches 39,000 leaders and top managers
in German-speaking Switzerland and 8,000 leaders and top managers
in French-speaking Switzerland.
Unique
The roots of bulletin go back
to the year 1895, thus making it
the oldest banking publication
in the world.
Excellent
This magazine is of outstanding
quality, as confirmed by the
international awards it regularly
receives from industry experts.
The Credit Suisse Magazine Since 1895 Issue 2 May/June 2009
International Edition
Silence
Deafness How Leonie Found Her Way out of Silence
Music Composing Pieces of Music out of Total Silence
Hans-Ulrich Doerig Interview With the Chairman
Emergency Aid Report From China’s Earthquake Zone
Renewable Energies An Upturn Ahead in 2010?
Hernando de Soto Fighting for the Rights of the Poor
Content – Editorial Areas
Topic
Economy
Breakthroughs in the Netherlands
Breakthroughs in the Netherlands
13
Water
As the
Enemy
Every issue of bulletin focuses on a
new area. The different facets of a topic
are analyzed in the light of contemporary perspectives as well as in conjunction with the economy.
43
A Place to Play for New York Kids
A new community playground, one of five that have been sponsored by Credit Suisse’s 2007 Holiday
Charity Initiative, opened in September 2008. The playground is the result of employee donations
and a unique public/private partnership with New York City and the Trust for Public Land, a nonprofit
land conservation organization.
Photo: Avery Wham courtesy of The Trust for Public Land
Some 1,000 students at Central Park East, a public school located in East Harlem, New York, can now play in a safe new playground
featuring play equipment, game tables as well as a track-and-field area, thanks in part to the donations of Credit Suisse employees.
Fewer than half of New York City’s public
elementary schools have usable playgrounds
for the 628,000 students they serve. Many
schools have little more than barren asphalt
lots for play areas. Currently, more than 90
percent of New York City neighborhoods
fail to meet the commonly accepted standard
of 2.5 acres of parkland per 1,000 residents.
The need for playgrounds and parks is most
acute in low-income, high-density neighborhoods where children have few recreational
alternatives. The Trust for Public Land’s ( TPL )
Parks for People program was created to
address this problem in order to ensure that
everyone – in particular, every child – has
access to a park, playground or natural area
close to their homes.
Nearly 4,000 Credit Suisse employees
made financial contributions to TPL in 2007,
which were matched by funds from the Credit
Suisse Americas Foundation, for a total gift
of 1.6 million dollars. This support was provided as part of the annual Holiday Charity
Initiative (see box). Over the past two years,
the initiative has generated over 3 million
dollars in donations from employees as well
as matching funds from the Credit Suisse
Americas Foundation. The foundation’s mission is to make a difference in the communities in which Credit Suisse operates.
With the support from employees, it was
possible to design and construct new state of-the -art playgrounds in five communities,
where there was once only asphalt. “The
result of the generosity of Credit Suisse and
its employees is that thousands of children
now have a close -to -home place where they
can exercise both mind and muscles,” said
Rose Harvey, senior vice president of TPL .
The most recently completed playground
is located at Central Park East, a public
school in East Harlem, New York. The Central
Park East, Jackie Robinson Education Complex houses three schools – an elementary
school, a middle school and a high school –
“Our staff gave from
their own resources
and time to help
make this happen.”
George Hornig
with a total of 1,000 students. Fifty percent
of the middle school students live in foster
homes or with their grandparents.
Thanks in part to donations from Credit
Suisse employees, these children can enjoy
a safe new playground, which features play
equipment, a track-and-field area, a playspray water feature, game tables, benches
and areas for both basketball and tennis. On
September 20, 2008 , the park was officially
opened with a dedication and community
celebration sponsored by Credit Suisse’s
Alternative Investments business.
The Alternative Investments Philanthropy
Committee planned the ceremony, which
drew hundreds of students and community
members. A host of attractions were available
and free to the public – from airbrush tattoos
to moonwalks, lending a carnival atmosphere
to the day. The Alternative Investments employees also organized, led and participated
in a 3 -on-3 basketball tournament and relay
races. Prior to the event, they painted murals
and helped plant shrubbery in the school’s
courtyard with students.
“We are proud both as individuals and as
employees of Credit Suisse to be part of this
extraordinarily successful partnership,” said
George Hornig, Chief Operating Officer of
Alternative Investments.“Our staff gave from
their own resources and time to help make
this happen.” Anne Marie Fell and Eric Williams
Holiday Charity Initiative: New York City
Credit Suisse partnered with The Trust for Public Land ( TPL)
for the 2007 Holiday Charity Initiative, to bring muchneeded community playgrounds to underserved areas of
New York City. The Trust for Public Land is working to
provide safe places to play within a 10-minute walk of every
child in New York City by transforming vacant lots into
vibrant playgrounds and community parks. The effort is in
partnership with the City of New York as part of Mayor
Bloomberg’s PlaNYC 2030. For its 2008 Holiday Charity
Initiative, Credit Suisse partnered with the Robin Hood
foundation to bring education opportunities to New York City
students through the development of new Charter Schools
to provide high-quality education to over 3,000 students.
Since 1998, Robin Hood has targeted poverty in New York
City by applying sound investment principles to philanthropy.
Credit Suisse has been a supporter of Robin Hood through
the Library Initiative, helping to build 25 new libraries in
New York City public schools, since 2002.
Credit Suisse Bulletin 1/09
The section under this heading
affords insights into the broad variety
of segments and areas in which
Credit Suisse and its products are
active. The world of Credit Suisse
includes commitments in the field
of cultural and sports sponsorship,
as well as social aid programs.
Credit Suisse Bulletin 1/09
Credit Suisse
Credit Suisse
Die seit September herrschende extreme
Risikoabneigung hat etwas nachgelassen
und die gesamtwirtschaftlichen Fundamentaldaten stabilisieren sich langsam, wenn
auch auf tiefem Niveau. Vor diesem Hintergrund betrachten wir Aktien wieder zuversichtlicher und sehen Chancen für weitere
Kursgewinne. Eine potenzielle Rally wäre unseres Erachtens jedoch zeitlich beschränkt,
da das gesamtwirtschaftliche Umfeld problematisch bleibt. Wir behalten daher unsere
defensive Positionierung in Aktien bei und
fokussieren uns auf Sektoren wie Basiskonsumgüter, Telekommunikation und Gesundheit. Wir empfehlen darüber hinaus auch
zyklische Unternehmen mit ausgeprägten
Impulsen, z. B. Exposure gegenüber den weltweit angekündigten Konjunkturbelebungsmassnahmen. mt
Zinsen und Obligationen
Drastischer Rückgang
der globalen Zinsen
Die G3 ( USA, Japan, Eurozone) dürften
2009 im Vergleich zum Vorjahr einen Rückgang der wirtschaftlichen Aktivität verzeichnen. Obwohl sich auch aufstrebende Volkswirtschaften deutlich abschwächen, dürften
sie 2009 voraussichtlich für das gesamte globale Wachstum verantwortlich sein. Die Eintrübung an den globalen Arbeitsmärkten,
die in den USA schneller eingetreten ist als in
Europa, dürfte sich in den nächsten Monaten
weiter verstärken. Angesichts fallender und
zeitweise sogar negativer Inflation dürften die
Zinsen global bis auf Weiteres weiter fallen
(wo sie nicht schon bereits bei oder nahe bei
null sind, wie z. B. CH, USA , Japan) und angesichts der konjunkturellen Schwäche bis auf
Weiteres tief bleiben. th
2008 sind 2.6 Mio. US -Arbeitsplätze verloren
gegangen, die Arbeitslosenquote ist deutlich
gestiegen. Quelle: Bloomberg, Credit Suisse
%
10
9
8
7
6
5
4
3
98
99
00
01
02
Arbeitslosenrate Eurozone
Arbeitslosenrate USA
Credit Suisse Bulletin 1/09
03
04
05
06
07
08
Unser Global Risk Appetite Index hat sich von
seinen Tiefstständen etwas erholt, bleibt aber angesichts des unsicheren gesamtwirtschaftlichen
Ausblicks im Panikbereich. Quelle: Credit Suisse, IDC
Index
8
Euphorie
6
4
2
0
–2
–4
–6
Panik
81
85
89
93
97
01
05
09
Währungen
US -Dollarschwäche 2009
Aufgrund hoher Finanzierungsbedürfnisse
( US -Leistungsbilanz- und Budgetdefizit) sowie anhaltend tiefer Zinsen dürfte sich der
USD später im 2009 abschwächen. Kurzfristig ist unser Ausblick neutral. Den langfristig
negativen Faktoren stehen positive Einflussgrössen wie die Aussicht auf ein substanzielles US -Fiskalpaket sowie Zinssenkungen
ausserhalb der USA gegenüber. Im jetzigen
Umfeld einer globalen Rezession und mit
der Aussicht auf Angleichung der globalen
Zinsen nahe bei null dürften Leistungsbilanzüberschusswährungen wie CHF und JPY
unterstützt bleiben. Tiefzins- und Leistungsbilanzdefizitwährungen (z. B. GBP ) oder roh-
67
stoffabhängige Währungen ( AUD, NZD,
C AD) dürften vorerst kaum Aufwärtspotenzial haben. mh
Übersicht
Aktienmarkt
Währungen
Ausblick Schweiz
Aktien dank defensivem
Profil favorisiert
Franken dürfte
weiter erstarken
Geringerer Kapitalabfluss aus EWU längerfristig
positiv für EUR/USD. Quelle: Bloomberg, Credit Suisse
Die wirtschaftliche Lage in der
Schweiz hat sich in den letzten Monaten massiv verschlechtert. Die SNB
hat die Leitzinsen erheblich gesenkt,
und wir gehen davon aus, dass diese
für geraume Zeit tief bleiben werden.
Schweizer Aktien gegenüber sind
wir positiv eingestellt, da die Unternehmen über ein defensives Profil verfügen und einen hohen Anteil an Exporten in Schwellenländer aufweisen.
Wir gehen von einer Aufwertung des
CHF gegenüber USD und EUR aus.
Wir bleiben in Schweizer Aktien übergewichtet, da dieser Markt über ein defensives Profil verfügt und die hiesigen Unternehmen ein
starkes Export- Exposure gegenüber den
robusteren Schwellenländern aufweisen.
Entsprechend unserer globalen Empfehlung
raten wir zu einem defensiven Engagement
und konzentrieren uns auf Aktien im Gesundheitswesen sowie im Bereich Basiskonsumgüter mit deutlicher Ausrichtung auf Konsumenten in Schwellenländern. mt
Wir erwarten, dass 20 09 der CHF zum
EUR und USD weiter erstarken wird. Überbewertung von EUR , Einengung der Zinsdifferenz durch Zinssenkungen der EZB,
hoher Schweizer Leistungsbilanzüberschuss
und ein hohes US -Budgetdefizit sprechen
für eine CHF -Aufwertung. Erwartungen eines grossen US-Fiskalpakets könnten den
USD kurzfristig jedoch stützen. Investoren
mit Referenzwährung CHF sollten USD in
Stärke verkaufen bzw. ihre Engagements
absichern. mh
in Mrd. EUR
EUR /USD in % YoY
25
300
20
200
15
100
10
5
0
0
–100
–5
–10
–200
–15
–300
–20
–400
–25
99
00
01
02
03
04
05
06
07
08
Eurozone (Leistungsbilanz + Ausländische
Direktinvestitionen + Portfoliozuflüsse, 12 M kumuliert)
EUR /USD in % gegenüber Vorjahr (r. S.)
Schweizer Aktien weisen eine historisch tiefe
Bewertung auf. So günstig bewertet waren sie
letztmals im Frühjahr 1991.
Erwartete Einengung der risikobereinigten Zinsdifferenz zwischen EUR und CHF dürfte Franken
aufwerten. Quelle: Bloomberg, Credit Suisse
Quelle: MSCI, IBES -Konsensschätzungen, Credit Suisse
P/E
Rohstoffe
Das rezessive Umfeld hat die Nachfrage nach
Rohstoffen stark belastet und die Rohstoffpreise dürften unter Druck bleiben, solange
die Weltwirtschaft keinen Boden findet.
Dieser könnte u. E. bereits im 1. Quartal 2009
erreicht werden. Nach den markanten Rückschlägen der letzten Monate sollten sich die
Rohstoffpreise bald zu stabilisieren beginnen, zumal die mittel- bis längerfristigen
Perspektiven unseren Einschätzungen zufolge weiterhin intakt sind (vgl. Abb.). Insofern glauben wir zwar, dass die Preise noch
über etwas Abwärtspotenzial verfügen. Wir
erwarten aber auch, dass sich 2009 eine
Kaufgelegenheit abzeichnen dürfte. Wann
genau dies der Fall sein wird, lässt sich
schwer voraussagen, wir rechnen im Verlauf
des 1. Halbjahres 2009 damit. et
Zinsen und Obligationen
25
Drastische Zinssenkungen
der SNB
15
500
450
400
350
Schweizerische Nationalbank verfolgte
eine deutlich expansive Geldpolitik.
0.0
150
07.08
09.08
11.08
93
95
97
99
01
03
05
07
09
0.10
1.42
0.00
01.07
07.07
01.08
07.08
01.09
EUR /CHF-Wechselkurs
Carry ( EUR 3M-Rate minus CHF 3M-Rate dividiert
durch EUR /CHF implizierte 3M-Volatilität), (r. S)
Top-Thema
Aussenhandel im Abwärtssog
Die Exportwirtschaft ist von der negativen globalen Entwicklung am unmittelbarsten
betroffen. Während die Ausfuhr von Waren infolge der Rezession in den Abnehmerländern zurückgeht, zieht die Finanzkrise die Exporte von Finanzdienstleistungen
in Mitleidenschaft. Dem Tourismus dürfte zusätzlich die Verteuerung des Frankens zu
schaffen machen. Die Exporte in weiterhin wachsende Länder wie beispielsweise
China bilden zwar ein gewisses konjunkturelles Auffangnetz. Deren Exportanteile sind
aber noch zu gering, um den Rückgang der Ausfuhren in die Industrieländer zu
kompensieren. Das Exportvolumen der Schweiz dürfte daher um 2.3% abnehmen. cm
Exportanteile 2008.
3.8 % OPEC
12.1 % Schwellen- und Tranformationsländer
4.2 % Entwicklungsländer
20.5 % Deutschland
2.3 % Sonstige aussereuropäische
Industriestaaten
1.5
0.5
200
05.08
91
Schweizer Markt, P/E nächste 12 Monate
Durchschnitt
Quelle: SNB (Zahlen bis Oktober 2008 )
3.0
1.0
250
03.08
0.30
0.20
1.50
1.46
89
2.5
2.0
300
S & P GSCI Commodity Index
Dow Jones AIG Commodity Index ( r. S.)
0.40
1.54
5
0
%
3.5
6 500
5 500
4 500
3 500
0.50
1.62
1.58
10
4.0
Index
9 500
8 500
7 500
1.66
20
Die Schweizerische Nationalbank hat entschlossen auf die verschlechterten Konjunkturaussichten reagiert. Im 4. Quartal 2008
senkte sie ihr Zinsziel für den 3 - MonatsLIBOR um insgesamt 225 Bp auf 0.5%. Wir
glauben, dass damit ein Boden erreicht wurde, sehen aber gleichzeitig, dass die Risiken
nach unten gerichtet bleiben. Von der Rendite
der 10jährigen Eidgenossen erwarten wir
kurzfristig eine Seitwärtstendenz. Da mittelfristig die Inflationserwartungen jedoch wieder höher liegen sollten und der Risikoappetit
2009 wieder zunehmen dürfte, erwarten wir
die Renditen in zwölf Monaten wieder etwas
höher, im Bereich von 2.7%. fh
Quelle: Bloomberg, Credit Suisse
Die Rohstoffpreise litten unter der Abschwächung
der globalen Wirtschaft. Quelle: Bloomberg, Credit Suisse
10 500
01.08
in %
EUR /CHF
Die Rohstoffpreise sollten
sich bald stabilisieren
Index
The Art
Of Investing
In Fine Art
9.1 % USA
10.6 % Sonstiges Europa
2.7 % China
00
01
02
01.09
3M- LIBOR Zielrate
Zielband
3M- LIBOR
03
04
05
06
07
08
09
2.9 % Österreich
3.0 % Japan
3.0 % Niederlande
8.9 % Italien
8.5 % Frankreich
4.7 % Vereinigtes Königreich
3.6% Spanien
Credit Suisse Bulletin 1/09
62
Francis Bacon
207
 1492%
Mark Rothko
165
 251%
Claude Monet
114
102
87
89
92
Henri Matisse
 308%
Jean-Michel Basquiat
 197%
 0%
Fernand Léger
Paul Cézanne Marc Chagall
 102%
Leader Lorin Maazel
The eight up-to-the -minute investment
pages provide a platform for Credit
Suisse analysts to provide readers with
the latest and most concise financial
information.
Leader Lorin Maazel
63
Maestro Maazel Has No Regrets
Interview: Michèle Bodmer
Lorin Maazel has conducted many of the world’s most notable
orchestras over the last 60 years. He is now in his seventh
and final season as music director of the New York Philharmonic.
Though soon to be 79, he has no plans to slow down. In fact, his
schedule is already booked through 2013.
Credit Suisse Bulletin 1/09
Credit Suisse Invest
Aussichten für Aktien
kurzfristig positiver
– 6%
Pablo Picasso
245
 498%
Photo: Rune Hellestad, Corbis
Fotos: Muster Mustermann
Credit Suisse
Aktienmarkt
320

The business section offers economic
outlooks, insights into developments in
whole sectors, and an overview of many
different markets.
Leader
Credit Suisse
Die Weltwirtschaft befindet sich in
einer schweren Rezession, doch erste
Anzeichen einer Stabilisierung sind
nun sichtbar. Als Folge davon sind die
Inflationsraten bereits stark gefallen
und dürften 2009 phasenweise negativ
werden. Die Notenbanken haben die
Zinsen massiv gesenkt. Angesichts
der schwachen wirtschaftlichen Lage
bevorzugen wir am Aktienmarkt
defensive Sektoren und sehen weiteres Abwärtspotenzial für Rohstoffe.
Wir erwarten eine Abschwächung des
USD.
Andy Warhol
Credit Suisse Bulletin 1/09
Credit Suisse
Ausblick Global
422
 111%
 90%
Credit Suisse Bulletin 1/09
Übersicht
Top 10 Artists by Auction Sales in 2007
(in Million US Dollars) Source: Artprice
 % Change since 2006
Text: Lisa Liao, research analyst, New York
Credit Suisse Bulletin 1/09
66
Economy Investing in Art
The fine arts market generates around 40 billion dollars a year, spurred by a new
breed of collectors from emerging economies such as China, Russia or India. This results
in a broader consumer base, less focused on the US and Western Europe. Global
wealth creation and increased transparency that come with globalization and technology
have also expanded the art market’s reach to a broader audience.
Breakthrough is usually a positive word, conjuring up visions of fresh perspectives,
new opportunities, the overcoming of hurdles. But when applied to their dikes and dams,
the Dutch fear it like nothing else. Approximately two-thirds of the country is below
sea level. That amounts to almost 10 million people, together accounting for 65 percent
of the country’s gross domestic product.
42
48
Photo: Alessandro Di Meo, epa, Keystone
12
composing. In my late teens, I felt there must
Bulletin: You have a long history with the
be many other things that I did not have an
New York Philharmonic, having made
opportunity to explore, including literature,
your conducting debut in 1942, at age 12.
history, philosophy and languages. So, I put
Sixty years later, you took over as music
myself through night school at the Univerdirector of the orchestra. Was it destiny or
hard work that got you there?
sity of Pittsburgh.
I worked during the day by playing violin
Lorin Maazel: I think it is impossible to make
any kind of career in any field without a great in the Pittsburgh Symphony. I joined not for
deal of hard work. Musicians, chess players, the purpose of widening my dimension as a
athletes and mathematicians show their tal- musician, but for the purpose of earning
ent at an early age. You cannot become a money to put myself through school. Little
chess master unless you have the genius for did I know that those performances would
it. That is certainly true in my field as well. turn out to be decisive for me because I was
Musicians show their talent early, yet, very playing under some of the most famous confew show it as publicly as I did. In my case, ductors of the day, and I was learning a great
I conducted the New York Philharmonic deal from them without realizing it. They were
among many other orchestras in the United convincing me that my future would lie in
States during World War II as a child prodigy music, just as my past did.
Fame has accompanied you for most
until the age of 15 . Some 30 years later, I
came back to the New York Philharmonic as of your life. How do you deal with it ?
an adult and began a new relationship based Fame is what other people think of you and
on something considerably more solid. This about you. It is being known outside your own
relationship culminated into the music direc- private circle of family and friends, but it is
torship which I am enjoying today.
really an extension of that. If you are known
by 50 people or 50 million people, what’s the
At what point in your life did you
realize that conducting was what you
difference? Seen that way, fame is no more
really wanted to pursue?
or less important than being known by your
Not until my early 20 s. I had spent most of inner circle. Most people, however, don’t see
my childhood as a musician learning to play it that way and they attach some kind of
the violin, piano and clarinet and studying value to fame that it doesn’t have.
So, you clearly don’t put much stock in
being famous.
I was quite famous – if that is what you want
to call it – as a child. Some people have said
that I was forgotten. I wasn’t forgotten. It was
just that people saw no more reason to be
interested in Lorin Maazel as a young adult.
The Lorin Maazel they knew was a boy in
short pants with black curly hair looking very
serious conducting famous orchestras and
masterpieces. That person was gone. With
the disappearance of that person went
knowledge of him and his fame. Therefore I
learned early that fame is ephemeral.
Yet, many great conductors have left
their marks on musical history.
People are forever talking about legacies and
a place in history, but that is total nonsense.
Even the shortest view of history will show
us that there have been hundreds and thousands of great artists, poets and musicians
who have been forgotten.
To be overly focused on questions of posterity and legacy, of having a place in history,
is a waste of time. It is an egomaniacal exercise irrelevant to the purpose for which
performers should be concerned. We are
there to communicate what it is that we know
about the music with people at a given moment. To the degree that we are success- >
Credit Suisse Bulletin 1/09
Money and intellect are often drawn
to each other. Prominent opinionformers from all over the world reflect
on their roles as leaders, their missions, and their objectives.
2010 Topics
Issue
Topic
No. 1/2010
Neighbors
No. 2/2010
South
No. 3/2010
Movement
No. 4/2010
Consumption
No. 5/2010
Switzerland/Worry Barometer
Publication Schedule
Issue
No. 1/2010
No. 2/2010
No. 3/2010
No. 4/2010
No. 5/2010
Publication date
23. 03. 2010
25. 05. 2010
27. 07. 2010
28. 09. 2010
15. 12. 2010
Closing date for ads
27. 01. 2010
29. 03. 2010
02. 06. 2010
04. 08. 2010
27. 10. 2010
Closing date for copy
10. 02. 2010
14. 04. 2010
16. 06. 2010
18. 08. 2010
10. 11. 2010
Circulation
German/Switzerland
German/Germany
English
French
Italian
Total circulation
High Flyer
20,000 copies are distributed at the gates of
the Zurich and Basel airports. Further distribution
at 37 gates in Zurich and 13 gates in Basel.
Quality Counts
The magazines are personally addressed and mailed
to subscribers in a high-quality envelope.
printed
95 000
5 000
25 000
30 000
10 000
165 000
WEMF -certified 2009
90 568
19 711
27 704
7 521
145 504
Individual booking possible
Individual booking possible
Individual booking possible
Individual booking possible
Individual booking possible
Advertising Formats/Prices/Language Combinations
Page layout
Print area
Width x height
Page format
Border
Width x height
+ 3 mm trimming
1/1 page
1/2 page portrait
landscape
1/3 page portrait
landscape
1/4 page portrait
landscape
2 small advertisements
2 x 1/1 double page spread
2 x 1/2 double page spread
2 x 1/3 double page spread
Inside front cover
Outside back cover
191 × 264 mm
94 × 264 mm
191 × 130 mm
61 × 264 mm
191 × 85 mm
45 × 264 mm
191 × 63 mm
45 × 45 mm
414 × 264 mm
414 × 130 mm
414 × 85 mm
191 × 264 mm
191 × 264 mm
220 × 297 mm
107 × 297 mm
220 × 144 mm
74 × 297 mm
220 × 100 mm
58 × 297 mm
220 × 77 mm
440 × 297 mm
440 × 144 mm
440 × 100 mm
220 × 297 mm
220 × 297 mm
Tariff G/E/F/I
Tariff G
Circulation Circulation
165 000
100 000
Net
16 500
9 850
9 850
6 880
6 880
5 800
5 800
2 650
24 800
14 900
10 450
18 100
18 900
9 850
5 850
5 850
3 950
3 950
3 400
3 400
1 450
14 800
8 850
5 920
10 840
11 320
Tariff E
Circulation
25 000
2 650
1 600
1 600
1 150
1 150
950
950
450
3 980
2 400
1 725
2 900
3 040
Tariff F
Tariff I
Circulation Circulation
30 000
10 000
3 600
2 200
2 200
1 580
1 580
1320
1320
650
5 400
3 300
2 520
3 960
4 140
Prices in CHF excluding VAT.
Discounts/Annual Turnover Premium/Advisory Fee
Discounts
Advisory fee/annual turnover premium
Multi-language discountplus
2 × 5%, 3 × 15%
15% of net price
1 language 3%, plus 2 languages 5%, plus 3 languages 8%
The combined discount can be cumulated with the normal renewal discount.
1 850
1 110
1 110
800
800
650
650
350
2 800
1 680
1 200
2 020
2 120
Page Sections and Formats
Page format: 220 × 297 mm
(border formats + 3 mm trimming per outer edge)
Additional formats are
available on request
print-ad kretz gmbh
Tel.
+41 (0)44 924 20 70
E-mail info@kretzgmbh.ch
1/1 page
Pr. area 191 × 264 mm
Border
220 × 297 mm
2 x 1/1 double page spread
(1 filmsetting)
Pr. area 414 × 264 mm
Border
440 × 297 mm
1/2 page portrait
Pr. area 94 × 264 mm
Border
107 × 297 mm
1/3 page portrait
Pr. area 61 × 264 mm
Border
74 × 297 mm
1/4 page portrait
Pr. area 45 × 264 mm
Border
58 × 297 mm
1/2 page landscape
Pr. area 191 × 130 mm
Border
220 × 144 mm
1/3 page landscape
Pr. area 191 × 85 mm
Border
220 × 100 mm
1/4 page landscape
Pr. area 191 × 63 mm
Border
220 × 77 mm
2 x 1/3 double page spread
(1 filmsetting)
Pr. area 414 × 85 mm
Border
440 × 100 mm
Small advertisement
Pr. area 45 × 45 mm
2 x 1/2 double page spread
(1 filmsetting)
Pr. area 414 × 130 mm
Border
440 × 144 mm
Distribution
Addressed mailing
bulletin stakeholders
CS employees/branches
G
70 000
10 000
F
20 000
3 000
I
6 000
1 500
E
7 000
3 000
Airport (at departure gates)
Zurich
Basel
Total copies
G
7 000
3 000
90 000
F
3 000
2 000
28 000
I
E
10 000
7 500
20 000
Private Banking Lounges
The Board of Directors & Executive
Board of Credit Suisse
Customer Relationship Managers
Inserts/Stick-Ons/Bound Inserts
Inserts can be included on a national or regional basis
( 25,000 or more copies with inserts).
Basel
4
2
1
Zurich
8
St. Gallen
Biel
9
Lucerne
Berne
6
Chur
7
3
Sion
Geneva
5
Bellinzona
Inserts/Stick-Ons/Bound Inserts
Prices in CHF for each 1,000 copies or part thereof
Inserts, loose
up to 15 g
16 –25 g
26 –35 g
36 – 49 g
50 – 65 g
185
208
226
258
279
Bound inserts (max. 1 per issue)
2 pages
230
4 pages
250
6 pages
270
8 pages
285
Maximum format 220 × 297 mm plus allowance for
trimming: 5 mm each for upper, outer,
and lower borders.
Minimum format
A5
Weight of paper
90 –130 g/m2
Stick-ons
Postcards
78
Other formats Upon request
Minimum format for accompanying advertisement:
1/1 page, b/w or color, minimum format A6, on the first
page of a 16-page block
Position
1.0 to 4.5 cm from gutter margin,
full-page height possible
Split
Conditions
Delivery
Sample
Possible by language/minimum circulation
25,000 copies
Price changes as a result of postal tariff
changes or print run adjustments are
expressly reserved. Prices include postage and
technical costs.
Two weeks before publication, send to:
Zollikofer AG , Mr. Rusch, reference:
Credit Suisse bulletin, Fürstenlandstrasse 122,
9001 St. Gallen. Delivery on pallets, unbanded,
and not interleaved.
At least 2 mock-ups to advertisement
sales before print layout
Prices in CHF excluding VAT.
Technical Data
Page format
Print area
Double page spread
Print details per language
b/w or color
Deliver copy to
Data delivery by FTP server
Screen ruling
Printing process
Paper
Printer
Color scale
220 × 297 mm
191 × 264 mm
Text and image components that are not to be cropped must be approximately
1 cm from gutter and page margins.
No border in gutter margin due to staple binding (tolerance varies however)
Complete, print-ready QuarkXPress data, InDesign data, or high-end PDF with
embedded fonts and proof. Images must be submitted in EPS or TIFF format,
and all fonts used must always be delivered with the copy. Data carriers: CD , DVD .
Incidental setting and lithographic costs will be invoiced separately.
NZZ Fretz AG , Roman Müller, Zürcherstrasse 39, 8952 Schlieren
Tel. +41 (0)44 258 19 62, Fax +41 (0)44 258 18 80, csbulletin@swissprinters.chh
Host: ftp.swissprinters.ch, USER ID : exchpdf, Password: austausch, Reference:
Credit Suisse bulletin
70 -line screen
Cover: sheet offset; contents: role offset; color order always Euroscale:
black, cyan, magenta, yellow; ink coverage: sheet offset (cover) max. 280%,
role offset (contents) max. 280%
White, uncoated paper. Cover: 170 g/m 2, contents: 90 g/m 2
NZZ Fretz AG , 8952 Schlieren, Tel. +41 (0)44 258 14 44
Euroscale /no pantone colors, pantone colors for envelope on request
Contact Persons
Editors
Marketing
Advertising
Daniel Huber
Credit Suisse
Publications, GCGP
Bleicherweg 33
8070 Zurich
Veronica Zimnic
Credit Suisse
Publications, GCGP 1
Bleicherweg 33
8070 Zurich
print-ad kretz gmbh
General Wille-Strasse 147
Postfach
CH-8706 Feldmeilen
Tel.
E-mail
+41 (0)44 334 52 58
daniel.huber@credit-suisse.com
Tel.
E-mail
+41 (0)44 333 35 31
veronica.zimnic@credit-suisse.com
Tel.
Fax
E-mail
+41 (0)44 924 20 70
+41 (0)44 924 20 79
info@kretzgmbh.ch
www.credit-suisse.com/bulletin