Dear Readers,

in a few weeks, the new decade will begin. The last decade has been shaped by the disappearance of interest rates, the outstanding performance of the US equity market and the recognition that the world has a real problem with climate change. This is the starting point for strategic thinking on the 2020s.

Thinking ahead, global warming will remain the greatest socio-political challenge. We see a halfway realistic hope in the "self-defeating prophecy". If the lung doctor says to the chain smoker: "You will die at the age of 50", this could shake the smoker to such an extent that he radically stops smoking - and turns 70. Only in this way will there perhaps still be a chance to refute the terrible and correct forecast of a climate crisis. However, the price of CO 2 would now have to be drastically increased very quickly. Only then will it be possible to economically implement the technological solutions that already exist today on a global scale (please read page 32ff).

For investors, the end of the interest rate is the most important new date. Our panel of experts - the Lerbach Round Table - is convinced that this will not change in the next decade. Now that bonds and real estate already reflect this in prices, the last candidate for a complete revaluation is the broad equity market. However, fears of recession and earnings slumps currently stand in the way of this (page 42 ff). This can lead to turbulence again. These would then be opportunities to buy. It is also interesting to note that in the past, the best markets of one decade in the next were usually no longer in the lead. If that remains the case, the coming decade could not belong to Wall Street, but to emerging markets and frontier markets (pages 48 and 88).

Our publishing house will also reposition itself in the future. Starting next year, we will present new ideas, strategies and stories from the network on our homepage (www.private-wealth.de) two to three times a week, thus massively expanding our online reporting. However, the following still applies: private wealth is a curated platform. The content must have real relevance for entrepreneurs and investors. This is of course free of charge for you as a subscriber. We would be very pleased if you accompany us on this way and visit our homepage regularly.

Sincerely,

Klaus Meitinger Chief Editor

Moritz Eckes
Publisher