{"id":16986,"date":"2026-10-23T09:16:14","date_gmt":"2026-10-23T07:16:14","guid":{"rendered":"https:\/\/hqam.ch\/?p=16986"},"modified":"2026-10-23T09:18:40","modified_gmt":"2026-10-23T07:18:40","slug":"the-quality-pulse-issue-7","status":"publish","type":"post","link":"https:\/\/hqam.ch\/en\/the-quality-pulse-issue-7\/","title":{"rendered":"The Quality Pulse | Issue 7"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"16986\" class=\"elementor elementor-16986 elementor-16977\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-c6de011 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"c6de011\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-c0b47f9\" data-id=\"c0b47f9\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b39be83 elementor-widget elementor-widget-heading\" data-id=\"b39be83\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Would You Still Buy It Today?<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-c712737 elementor-widget elementor-widget-text-editor\" data-id=\"c712737\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p dir=\"ltr\">The endowment effect, portfolio discipline and why existing holdings need to compete with new ideas<\/p><p dir=\"ltr\">Every portfolio review eventually returns to the same question: if the money were in cash today, would this share still be an attractive investment? It sounds simple, but the answer requires looking beyond the original investment decision. Businesses evolve, valuations change and new opportunities emerge.  <\/p><p dir=\"ltr\">Ownership shifts the reference point. In classic experiments, people given a mug asked more to give it up than others were willing to pay for it. Investors show the same pattern: a study of 10,000 brokerage accounts found they realise gains far more readily than losses. Even professional investors are affected \u2013 a 2023 study of institutional portfolios found skill in buying, but selling decisions weaker than random benchmarks.   <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-4728b63 elementor-widget elementor-widget-image\" data-id=\"4728b63\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img fetchpriority=\"high\" decoding=\"async\" width=\"1024\" height=\"486\" src=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP07_Kennzahlen_EN-1-1-1024x486.webp\" class=\"attachment-large size-large wp-image-16991\" alt=\"\" srcset=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP07_Kennzahlen_EN-1-1-1024x486.webp 1024w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP07_Kennzahlen_EN-1-1-300x143.webp 300w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP07_Kennzahlen_EN-1-1-768x365.webp 768w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP07_Kennzahlen_EN-1-1-1536x730.webp 1536w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP07_Kennzahlen_EN-1-1.webp 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8882e2b elementor-widget elementor-widget-text-editor\" data-id=\"8882e2b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A fair contest makes the point concrete. Visa and Mastercard both reported 14% net revenue growth for the quarter to 30 June 2026. Yet one number cannot pick the winner: revenue mix, regional exposure, regulatory risks and valuation differ, and a headline growth rate cannot reveal what the share price already assumes. The more accurate comparison is forward-looking, not anchored to the original purchase price.  <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-afb8417 elementor-widget elementor-widget-heading\" data-id=\"afb8417\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">The owner\u2019s test<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-8b0a75f elementor-widget elementor-widget-text-editor\" data-id=\"8b0a75f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>For a long-term quality investor, this calls for a disciplined review: has the competitive advantage strengthened or weakened? Are returns on additional invested capital still attractive? What expectations are reflected in the current valuation? Does the position remain an appropriate allocation of capital compared with the alternatives, after taxes, transaction costs and portfolio risk?   <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7e1898c elementor-widget elementor-widget-image\" data-id=\"7e1898c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"image.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<img decoding=\"async\" width=\"1024\" height=\"474\" src=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP07_Abbildung_EN-1-1-1024x474.webp\" class=\"attachment-large size-large wp-image-16992\" alt=\"\" srcset=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP07_Abbildung_EN-1-1-1024x474.webp 1024w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP07_Abbildung_EN-1-1-300x139.webp 300w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP07_Abbildung_EN-1-1-768x355.webp 768w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP07_Abbildung_EN-1-1-1536x710.webp 1536w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/QP07_Abbildung_EN-1-1.webp 1600w\" sizes=\"(max-width: 1024px) 100vw, 1024px\" \/>\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-1e7c41f elementor-widget elementor-widget-text-editor\" data-id=\"1e7c41f\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>A good investment decision does not remain good merely because it was good when first made. The aim is not to trade more. It is to ensure that every holding continues to earn its place.  <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-f93ba64 elementor-widget elementor-widget-heading\" data-id=\"f93ba64\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Conclusion<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-07c02e4 elementor-widget elementor-widget-text-editor\" data-id=\"07c02e4\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Ownership changes how a holding is judged, not what it is worth. Existing positions deserve the same forward-looking analysis as new ideas. Not more trading \u2013 but every holding has to keep earning its place.  <\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-bed33f9 elementor-align-center elementor-tablet-align-center elementor-mobile-align-justify elementor-widget elementor-widget-button\" data-id=\"bed33f9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"button.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<div class=\"elementor-button-wrapper\">\n\t\t\t\t\t<a class=\"elementor-button elementor-button-link elementor-size-sm\" href=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/10\/The_Quality_Pulse_Version_07_EN-3.pdf\" target=\"_blank\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">PDF<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-88710ab elementor-widget elementor-widget-text-editor\" data-id=\"88710ab\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>ADVERTISEMENT<\/strong><br\/>This document has been prepared solely for information and advertising purposes and does not constitute a solicitation offer or recommendation to buy or sell any investment product or to engage in any other transactions.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>One Insight. One Perspective. Every Week.  <\/p>\n","protected":false},"author":9,"featured_media":16997,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[64],"tags":[],"class_list":["post-16986","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-quality-pulse"],"acf":[],"_links":{"self":[{"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/posts\/16986","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/comments?post=16986"}],"version-history":[{"count":7,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/posts\/16986\/revisions"}],"predecessor-version":[{"id":17004,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/posts\/16986\/revisions\/17004"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/media\/16997"}],"wp:attachment":[{"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/media?parent=16986"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/categories?post=16986"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/tags?post=16986"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}