Bets on Further Swiss Stock Declines Rise to 2008 High: Chart

An exodus from defensive plays made Swiss equities lag most developed markets this quarter, sending the number of outstanding bearish options to an eight-year high versus contracts betting on gains. A run into companies including Novartis AG and Roche Holding AG in the immediate aftermath of the Brexit vote pushed Swiss valuations to the highest since 2008 relative to their euro-area peers. “At a certain point you start taking a chance with other stocks -- there are just more opportunities out there,” said Ion-Marc Valahu, co-founder and fund manager at Clairinvest in Geneva.

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