There Are No Safe Assets But Diversify Anyway, Ermotti Says

Sergio Ermotti in Davos, on Jan. 21.Photographer: Krisztian Bocsi/Bloomberg

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January 21, 2026 at 12:30 PM UTC

Diversification is even more important now for investors, although there are “no safe assets,” according to UBS Group AG boss Sergio Ermotti.

“Honestly, there is no choice to the dollar,” Ermotti said during a panel at the World Economic Forum in Davos on Wednesday. While he sees value in global equities, he added that asset prices are inevitably tied to geopolitical issues.