Magazine

  • Klaus Meitinger, Moritz Eckes

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...

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  • Klaus Meitinger

Money trends 2022 - it's getting hot.

(Reading time: 4 - 7 minutes)
Lerbacher Runde. Once a year, bankers, asset managers and family officers meet at Schloss Bensberg to provide wealthy investors with inspiration and guidance. While the autumn of 2020 was still dominated by the pandemic and economic recovery, new questions are now being asked: What is happening with inflation? Are we witnessing the turnaround in interest rates? What would that mean for the price of real assets, which have experienced an unprecedented boom thanks to zero interest rates? And how should investors deal with climate change? The experts know the answer. "We are living in exciting times," says Kai Röhrl, Head of Wholesale, Robeco Germany, opening the twelfth Lerbach Roundtable: "The economy and capital markets have barely come...

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  • Jennifer Holleis

Guaranteed to succeed.

(Reading time: 2 - 4 minutes)
Thanks to clever marketing of ten-penny baking powder sachets and early diversification, August Oetker's pharmacy became one of Germany's largest companies in 130 years. After the Oetker Group was split up in the summer of 2021, its future is open. The year 1891 promises to be a good one. On January 1, 29-year-old pharmacist Dr. August Oetker takes over the "Aschoff'sche Apotheke" at Niedernstrasse 3 in Bielefeld, having borrowed the money from his mother-in-law and the bank. His wife, Karoline, supported the natural scientist and son of a master baker and took care of their two-year-old son Rudolf. August Oetker promised "to serve everyone who honors my bakery with his trust to the best of his ability. His first own formulations were...

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  • Gerd Hübner, Klaus Meitinger

More rules, more taxes, more government.

(Reading time: 3 - 6 minutes)
Political opportunities and risks. The state is increasingly intervening in society and the economy. This is a trend that the Lerbacher Runde believes will continue. For capital investors, this will reshuffle the cards. "It feels like we see greater government intervention in the private economy after every crisis," notes Fabian Strube, Robeco. "The massive spending programs after the pandemic, the discussion about the stability pact in Europe, tax increases or the regulator's interventions in China are just a few examples." But there are also hard facts to support this sentiment. For example, Germany's government spending-to-GDP ratio climbed above 50 percent for the first time last year. "The first thing to note, however, is that...

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  • Prof. Jochem Marotzke

"We can still do two degrees."

(Reading time: 4 - 8 minutes)
What are the scientific facts around climate change? The Lerbacher Runde asks, Professor Jochem Marotzke, coordinating lead author for the chapter "Future World Climate" in the current IPPC report, answers. Lerbacher Runde (LR) COP26 was called the Last Chance Saloon.Did the world use the last chance? Jochem Marotzke (JM) For me, the outcome of the climate summit left me with mixed feelings. Glasgow has by no means put us back on track towards the 1.5 degree target and in this respect was disappointing for many. On the other hand, the conference also brought many important advances. Despite all the slowdowns: The end of coal was heralded. That is a beacon. LR Is the 1.5 degree target still realistically achievable? JM I don't think...

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  • Gerd Hübner, Klaus Meitinger

Before a golden decade?

(Reading time: 3 - 5 minutes)
Economy. After the economic slump in 2020 global economic momentum initially picked up rapidly in 2021. Now supply bottlenecks are putting the brakes on. How does the Lerbach Roundtable view the short- and medium-term prospects for the global economy? "The question of the economy is, of course, always at the beginning of every investment strategy session," outlines Kai Röhrl, Robeco, "because growth means more sales and higher profits. This should then also be reflected in the equity markets." Although the recovery has stalled somewhat recently due to material shortages, supply bottlenecks and a spike in Corona numbers, the Round remains confident looking ahead to 2022. In the U.S., they have real growth of 4.2 percent on the books, and...

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