{"id":17176,"date":"2026-11-13T10:29:34","date_gmt":"2026-11-13T09:29:34","guid":{"rendered":"https:\/\/hqam.ch\/?p=17176"},"modified":"2026-11-13T10:32:26","modified_gmt":"2026-11-13T09:32:26","slug":"the-quality-pulse-issue-10","status":"publish","type":"post","link":"https:\/\/hqam.ch\/en\/the-quality-pulse-issue-10\/","title":{"rendered":"The Quality Pulse | Issue 10"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"17176\" class=\"elementor elementor-17176 elementor-17157\" 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\">Quality Beyond the Numbers<\/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\">A familiar brand, a healthy margin and years of dependable earnings can make a company feel easy to own. They can also make it harder to notice when something has changed. Customers buy less, growth becomes more expensive, or new investments earn less than they used to.<\/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-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>That gap is the quality trap: investors keep paying for durability that the business is no longer demonstrating. Measures such as return on equity or earnings stability mostly describe what has already been achieved. They cannot show whether customers will stay loyal or whether the next investment will be as profitable as the last.<\/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=\"512\" src=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/11\/QP10_Abbildung_EN-1024x512.webp\" class=\"attachment-large size-large wp-image-17181\" alt=\"\" srcset=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/11\/QP10_Abbildung_EN-1024x512.webp 1024w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/11\/QP10_Abbildung_EN-300x150.webp 300w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/11\/QP10_Abbildung_EN-768x384.webp 768w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/11\/QP10_Abbildung_EN-1536x768.webp 1536w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/11\/QP10_Abbildung_EN.webp 1920w\" 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-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\">Lindt and the limits of pricing power<\/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>Lindt &#038; Spr\u00fcngli shows how this tension can build inside a strong business. Surging cocoa costs led the company to raise prices sharply, and its operating margin kept rising. At the same time, customers bought less. In September 2026, Lindt cut its full-year growth forecast, and in October it changed its chief executive.<\/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=\"299\" src=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/11\/QP10_Kennzahlen_EN-1024x299.webp\" class=\"attachment-large size-large wp-image-17182\" alt=\"\" srcset=\"https:\/\/hqam.ch\/wp-content\/uploads\/2026\/11\/QP10_Kennzahlen_EN-1024x299.webp 1024w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/11\/QP10_Kennzahlen_EN-300x88.webp 300w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/11\/QP10_Kennzahlen_EN-768x224.webp 768w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/11\/QP10_Kennzahlen_EN-1536x448.webp 1536w, https:\/\/hqam.ch\/wp-content\/uploads\/2026\/11\/QP10_Kennzahlen_EN.webp 1920w\" 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 dir=\"ltr\">The regional picture explains why group averages can mislead: sales grew in North America and the Rest of the World but fell in Europe. A premium brand does not give management unlimited freedom to raise prices in every market. Permanent damage to the brand is unproven, but the recovery still has to show up in what customers buy.<\/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>Quality is not a historical ratio. It is the ability to defend customer demand and to keep earning attractive returns on new investment. For investors, it is important to follow the business beneath the headline ratios and to revise their confidence when the evidence changes.<\/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\/11\/The_Quality_Pulse_Ausgabe_10_EN.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":17177,"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":[63],"tags":[],"class_list":["post-17176","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\/17176","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=17176"}],"version-history":[{"count":7,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/posts\/17176\/revisions"}],"predecessor-version":[{"id":17191,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/posts\/17176\/revisions\/17191"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/media\/17177"}],"wp:attachment":[{"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/media?parent=17176"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/categories?post=17176"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/hqam.ch\/en\/wp-json\/wp\/v2\/tags?post=17176"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}