Dear Ladies and Gentlemen, Dear Readers, there are situations where these old film frames appear. From second hands that sneak slowly but relentlessly in the direction of twelve o'clock. Where everyone knows that soon, very soon something important has to decide. The next year has a high-noon moment like this in store. The focus is on Europe. For a long time it looked as if the economy in Euroland would get its act together. For a few months now, however, the leading indicators have been pointing clearly downwards again. Is the recession coming back?

a message had caught our attention: "First equity fund to be 100 percent controlled by artificial intelligence." After researching the story on page 72, we sensed that this could be the big thing of the coming decades. The development of the AI runs on an exponential curve - it goes steeply and quickly upwards as soon as it has passed a critical point.

Dear Readers, What is the most important aspect of an investment decision for you? Welch a question, you may now say: der price, of course, and associated with it the expected return. In recent years, a very special class von Anlegern has become increasingly important. They are investors who are completely or at least quite indifferent to price and yield;

The US scientist Hyman P. Minsky, who died in 1996, became known for his theses on the sudden crisis despite a booming economy. The idea: the longer the economy runs, the more likely it is that banks, companies, consumers and investors will lose their sense of risk. They change their investment strategy and plunge into ever more daring financing. The financial markets are running hot, optimistic statements are making the rounds: "There is no longer any economic cycle. Interest rates will never rise again." The end of the party is then triggered by an incidental event. In view of the high level of debt, even small price losses are forcing the first investors to sell. Banks are now beginning to reclaim their loans. The hunt for returns becomes...

With every weaker growth figure and every negative news from the corporate sector, more and more investors are beginning to think the seemingly unthinkable. Can it really be that the world is facing another recession?

the biggest economic policy experiment of all time is entering the next round. In phase one, more than 700 interest rate cuts and billions of bond purchases have pushed yields in all asset classes and pushed their prices up, but one aspect has been overlooked by investors.