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.

This is exactly the area in which we appear to be now.

Anyone who thinks about AI for a longer period of time can quickly oscillate between utopia and dystopia. Thinking machines that are much smarter than us could solve all our problems: Hi Siri, how do we get the CO2 out of the atmosphere? How do we cure cancer? How do we eliminate hunger? They could realize the vision of a life without effort and effort. When low-cost AI does the most work, labor productivity increases dramatically. Because this corresponds to the relationship between production and labour input. On the other hand, global distribution issues arise: What do all those who hardly work live on? From unconditional basic income? Will the worldwide productivity gains of the CIs be distributed peacefully within the respective countries and between the different nations? This is gonna be exciting.

The feelings of investors are similarly divided at the moment. Many stock markets are chasing from record to record. The valuations of some companies have now reached breathtaking levels. There is, of course, a plausible justification for this. The economy is running better than it has for a long time, corporate profits are rising and interest rates remain ultra-low because the central banks are afraid to disturb the party. That's actually the stuff stock bubbles are made of. But can this ideal situation last forever? Or is the next crash imminent? As every year in early summer, we asked the Lerbach Round - bankers, asset managers, family officers - to give us their assessment.

The advice of the professionals: dance as long as the music plays. However, because this could stop at any time, we have set up a special survey tool in order to be able to activate the expert round also between the annual meetings. We would like to offer you, dear readers, answers to current questions. For instance: How would the removal of President Trump affect the capital markets? You will see the opinion of the Lerbacher Runde regularly on our homepage (user ID: privatewealth, password: Intelligenz). Come and have a look.

Sincerely,

Klaus Meitinger
Chief Editor

Moritz Eckes
Publisher