Before the Tipping Point AI & Sustainability
Sep 18, 2026 · 16 min · 9 segments
In this episode of *Before the Tipping Point*, Lourdes welcomes back **Philipp Hämmerli**, Managing Director and Chief Investment Officer at Bonafide Wealth Management, for an investor-operator…
Philipp HämmerliGuestLourdesHostSo maybe you can tell our audience, as an investor operator, where is the real monetization point in the protein super cycle for seafood, premium branded demand, food service substitution, value-added convenience? or cost down commodity scale? Maybe give us your one highest conviction bet for the next 24 months and the one consumer signal you track that tells you it's real, not hype.
You just have to do your homework while shopping and don't get trapped by marketing.
A canned tuna, for example, is really ready for money, containing more than 30 grams of protein per 100 gram.
That's roughly 50% more than in a salmon fillet or three to four times the protein content of peas.
But coming back to your first question regarding positioning, we still have many consumers down trading their groceries.
Food service where consumers go out and eat more expensively in fine dining is also currently not in a favorable position with regards to the current crisis around affordability.
Value-added convenience, where I think of a sushi box sold at the daily department in supermarket, is something doing quite well these days.
And some of the large salmon farmers have been diversifying into VAP over the past few years.
So, I think combining a global business which is diversified into value-added and has a nature as a low-cost commodity producer is the place to be.
And then you end with probably a position in MUBI, the largest salmon farmer globally, as your high-conviction pet.
But disclaimer, you shouldn't forget, one name alone is never a complete portfolio.
Regarding the consumer signal, you ask, I like to watch the export value of salmon, which combines volume and price.
As you know for sure, we had huge supply growth globally for salmon over the past 18 months, but all is absorbed from mainstay markets like the US and Europe, as well from emerging players like China.
If you go back in time, let's say 15 years, think we would have seen many farmers running out of money.
So it seems for me like consumers are well educated about the benefits like protein content of this pink fish.
So maybe you can tell our audience, as an investor operator, where is the real monetization point in the protein super cycle for seafood, premium branded demand, food service substitution, value-added convenience? or cost down commodity scale? Maybe give us your one highest conviction bet for the next 24 months and the one consumer signal you track that tells you it's real, not hype.
You just have to do your homework while shopping and don't get trapped by marketing.
A canned tuna, for example, is really ready for money, containing more than 30 grams of protein per 100 gram.
That's roughly 50% more than in a salmon fillet or three to four times the protein content of peas.
But coming back to your first question regarding positioning, we still have many consumers down trading their groceries.
Food service where consumers go out and eat more expensively in fine dining is also currently not in a favorable position with regards to the current crisis around affordability.
Value-added convenience, where I think of a sushi box sold at the daily department in supermarket, is something doing quite well these days.
And some of the large salmon farmers have been diversifying into VAP over the past few years.
So, I think combining a global business which is diversified into value-added and has a nature as a low-cost commodity producer is the place to be.
And then you end with probably a position in MUBI, the largest salmon farmer globally, as your high-conviction pet.
But disclaimer, you shouldn't forget, one name alone is never a complete portfolio.
Regarding the consumer signal, you ask, I like to watch the export value of salmon, which combines volume and price.
As you know for sure, we had huge supply growth globally for salmon over the past 18 months, but all is absorbed from mainstay markets like the US and Europe, as well from emerging players like China.
If you go back in time, let's say 15 years, think we would have seen many farmers running out of money.
So it seems for me like consumers are well educated about the benefits like protein content of this pink fish.
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