Dear Readers, Since January, the capital market seismograph of Professor Dr. Rudi Zagst's team at the Technical University of Munich has been signaling a quiet, rising market on Wall Street. Now the indicator has set a new record. The early warning system for equity investors has never been as positive as it was in October. As you know, the scientists distinguish between three phases in the US equity market: "green" (quiet market = buy), "yellow" (turbulent market with positive expectation = invest, but with hedge) and "red" (turbulent market with negative expectation = do not invest).

Dear Readers, Also in October, the capital market seismograph of Professor Dr. Rudi Zagst's team at the TU Munich gives the green light for equity investments in the USA. Since January, the seismograph has been signaling a quiet market on Wall Street that is rising in line with the trend. As you know, the scientists distinguish between three phases in the US equity market: "green" (quiet market = buy), "yellow" (turbulent market with positive expectation = invest, but with hedge) and "red" (turbulent market with negative expectation = do not invest).

Dear Readers, Investors have had an extremely successful year. And the overwhelming majority of capital market experts expect share prices to rise again next year. In doing so, they refer to the extraordinarily positive economic development in the world. However, this expectation of sustained high economic momentum is likely to be reflected at least to a large extent in the high valuations on the stock markets. For investors it is therefore crucial: Will it be even better in the future than already expected today? For this reason, the private-wealth stock market indicator attaches great importance to the expectations of managers in German industry. This is surveyed monthly as part of the ifo business climate surveys.

Dear Readers, the capital market seismograph of the team of Professor Dr. Rudi Zagst (TU Munich) starts the year 2018, as he ended the year 2017 - in a buying mood. The stock market barometer continues to give the green light for equity investments in the USA. For a year now, the seismograph has been signaling a quiet market on Wall Street that is rising in line with the trend. As you know, the scientists distinguish between three phases in the US equity market: "green" (quiet market = buy), "yellow" (turbulent market with positive expectation = invest, but with hedge) and "red" (turbulent market with negative expectation = do not invest).

Dear Readers, the situation is getting worse. For the second time in a row, business expectations in industry have declined. Three consecutive declines would trigger a sell signal in the private wealth exchange model. We are therefore eagerly awaiting the results of the ifo economic survey in February. This clouding of future prospects has been somewhat lost in the general euphoria. Finally, the business climate index as a whole rose again to the record level last reached in November.