The beginning of a new era.
(Reading time: 2 - 3 minutes)
Dear readers,
We are actually hesitant to use terms like "new era" or "new epoch". But at the beginning of 2022, it seems appropriate to us - because in the future, the conditions for investors will change fundamentally.
The last decade was marked by a boom in all asset classes. Real estate prices doubled. The MSCI World, which aggregates the shares of companies from industrialised countries, climbed by 250 per cent, and the Nasdaq 100 by as much as 580 per cent. A long period of interest rate cuts into negative territory led to a flood of investment capital flowing out of interest rate investments and into stocks and real estate. And because the price of living rose less than 15 percent from mid-2011 to mid-2021, the purchasing power...