In view of high inflation rates, interest rates are rising worldwide. After around three years in negative territory, there are now positive yields on ten-year federal bonds again for the first time. And central banks are signaling that they will take their foot off the gas this year. Analysts are therefore already talking about the start of a new investment regime. What is in store for investors? The editors of private wealth asked the Lerbach Competence Circle - 40 strategists from family offices, private banks and asset managers - for their take on inflation, monetary policy and interest rates. Inflation, the Lerbach Competence Circle suspects, will definitely keep us busy throughout the year. In Germany, the increase in consumer prices...

In their search for promising securities, the experts of the Lerbach round currently distinguish between three categories with different risk and return patterns. The first, comparatively defensive category includes shares of companies whose prices are 15 to 20 percent below their pre-crisis level and which are very likely to return to their 2019 turnover level in 2022 - they are an anchor of stability for a portfolio.

The members of the Lerbach Competence Group initiated by private wealth and Robeco are responsible for the investment strategy of 40 family offices, private banks and asset management companies. This is how the professionals position themselves on the stock markets after the rollercoaster ride. We asked the professionals what a balanced portfolio of liquid asset classes of an average investor willing to take risks should look like in the long term. And how they would currently run such a portfolio.

Dear Readers, Boris Johnson's Conservative Party won the absolute majority in the British Parliament. This has made one of the core risks of recent months more predictable. The House of Commons will now quickly adopt the necessary laws for Britain's withdrawal from the EU on 31 January. What comes after 31 January 2020, however, is less clear. This is when tough and probably long trade agreements with the EU begin. The Lerbach Round is therefore also split when it comes to the impact of the election on the way in which the future Brexit will be made. Half of the experts now expect a higher probability of a soft Brexit. After all, Boris Johnson could now easily get the withdrawal agreement negotiated with the EU through the House of Commons...

Dear Readers, The European Central Bank has given concrete form to its medium-term policy guideline. It will continue its bond purchase program until September 2018, but will reduce the monthly purchase volume from currently 60 to 30 billion. However, the Lerbach Round does not see this as a fundamental turnaround in monetary policy. Instead, it interprets the ECB's plan as a signal that monetary policy will remain very loose.