There is only one topic in the financial community at the moment: Has the global upswing in stock prices that has lasted since 2009 come to an end and will we have to adjust to falling prices, a bear market, in the future? However, this discussion always relates to the major indices. Wer takes a closer look, it recognizes that the bear has already struck in large parts of the market long ago. The share prices of dozens of well-known companies are 40 to 60 percent below their highs at ersten Halbjahr. Among them are many that belong to the crème de la crème of German industry - Bayer, Covestro, Siltronic, Osram, Schaeffler, Wacker Chemie and many, many more. Anglo-Saxons speak in this case of a Stealth Bear Market - a bear, which rages under dem Radar of those, which are interested only in the broad market.

This is what we feared at the beginning of the year.

At the end of February, our own stock market indicator gave an indication of the drastic deterioration in the risk-reward ratio on the stock markets ein Verkaufssignal. "We'll be out then", we wrote at this point and proposed to reduce the share quota auf null to 30 Prozent . With a view to 2019, a completely different question now arises for us: When should we invest again?

At present, however, the stock market indicator does not give the all-clear. The key to the further development of the stock markets is apparently im Handelsstreit between the USA and China. If this intensifies, a new global recession is quite possible. Then it would be right to wait and see. However, if the Gordian knot can be cut and the two countries perhaps even agree to reduce customs duties, interesting buying opportunities can already be found in many areas today, according to massiven Kursverlusten . The initial situation is therefore digital. Zero or one.

In the forecasts this leads to much greater uncertainties than usual. And therefore, as you signaled to us, more need for conversation. We have therefore created the conditions to be able to communicate mit Ihnen even more intensively. You will find important information from the editorial staff and the network on our homepage www.private-wealth.de., updated daily and in five languages. To this end, we are organizing the private wealth forum for you on January 25 to find intelligent answers to the questions that will significantly influence your success as an entrepreneur and investor in the coming year through concentrated discussions at  die The details can be found on the page on the right. We are looking forward to seeing you,