Weekly viewpoints

31 July 2026, 10:00 UTC Chief Investment Office GWM Investment Research

Was Sisyphus a happy man? Reflections for investors Weekly viewpoints Burkhard Varnholt, Senior Financial Market Adviser, UBS Switzerland AG

Sisyphus—a name synonymous with endless toil—has more to offer than may be apparent at first glance. Against the backdrop of steep mountains, gruelling Alpine crossings and volatile markets, surprising perspectives emerge on the meaning of investing. The markets, too, offer some unexpected insights: from European banks and the relationship between oil prices and geopolitics to the US policy rate and global bond markets. And finally, an unforgettable excursion tip for 1 August.

1. Sisyphus: The eternal question of meaning Who is not familiar with the famous story of Sisyphus? A king condemned to roll a boulder up a steep mountain, only to watch it roll back down just before reaching the summit. But what if we were to view Sisyphus not as a tragic figure, but as a happy one? This was the proposition put forward by Albert Camus (1913–1960) in his philosophical essay The Myth of Sisyphus (1942). It ends with the famous sentence: “We must imagine Sisyphus happy”—or, in the original French, “Il faut imaginer Sisyphe heureux.”

The ups and downs of cycling—and of life Can the ups and downs of the stock markets, like the changing fortunes of life and the world, also give life meaning? Hopefully. As I cycled over six Alpine passes last Saturday—first climbing and then descending again—this question and the metaphor of Sisyphus inevitably came to mind. The route took me over the Ofen Pass (Switzerland), the Stelvio (Italy), Foscagno (Italy), Eira (Italy), the Bernina (Switzerland) and the Julier Pass (Switzerland). When six consecutive crossings begin to drain your energy and your pulse rises with each climb, they can nevertheless bring cyclists an intense sense of happiness —perhaps difficult for outsiders to understand. Every metre gained through effort, every moment of doubt and every act of perseverance makes the descent, with the cool wind on your face, all the more rewarding. Happiness does not lie in doing nothing, but in the interplay between ascent and descent, exertion and recovery. Even if this may seem absurd at first glance, the experience from within is different. It evokes the cycles of life: creation and decay; sowing and harvesting; work and rest. Or, in the Benedictine tradition, ora et labora et lege—pray, work and read. More on that later.

Investing can be similar. It begins with phases of accumulation and growth. Inevitably, however, setbacks also occur. Over time, the interplay between success and disappointment shapes our character—and our sense of fulfilment. As Camus interprets “his” Sisyphus, the meaning of life does

This report has been prepared by UBS Switzerland AG. Please see important disclaimers and disclosures at the end of the document.

not arise from reaching a destination, but from the act itself. Sisyphus’ punishment becomes a metaphor for our own efforts: repeatedly taking on challenges, failing and starting again. We all roll our own stone—in the markets, in our professional lives and in our personal affairs. And this is not necessarily a burden; perhaps, as Camus suggests, it can even be a source of happiness.

The dual meaning of investing Two further aspects are worth considering. First, comparing the stock markets with a mountain is not entirely accurate. Sisyphus’ boulder rolls back precisely as far as he has pushed it up. Markets, by contrast, tend to rise over time. A more accurate image might be: “Two steps forward, one step back.” This reveals an important lesson for sustainable investment success: in our view, staying invested is crucial. Those who sow early will generally reap more. Setbacks are not failures; they create opportunities. Markets do not move in a straight line. Through experiencing this constant balancing act between aspiration and reality, expectation and disappointment, we develop resilience and the ability to remain invested and in motion. This is not only the value of investing for individuals, but also for society. Sustainable socioeconomic progress can emerge only…