Dear Readers,

Of course the next few months will be tough. No question about that. But we don't have the impression that family businesses are emerging from our network. On the contrary. We hear sentences like: Take responsibility, decide, follow through. It's fantastic how the employees go along in this situation. Now more than ever instead of yes, but. The fact that everything secondary is now relegated to the background and only the survival of the company and the jobs counts, brings out the best in us. And: We have already experienced this twelve years ago. Now comes the great opportunity to gain market share. The fast eat the slow. And the brave eat the despondent. No, we are not worried about the entrepreneurs in our country.

Just as exciting today is the subject of capital investment. Of course, the members of our network were initially shocked when prices fell vertically in March. In the meantime, however, this has changed fundamentally. Now the chances are being sounded out: In the coming months, opportunities are likely to arise, as they occur at most once in a decade. This will be a great time for investors. We have outlined the guidelines for this for you in the cover story starting on page 44. Up-to-date details can be found regularly on our homepage (www.private-wealth.de).

Our greatest concern is that the crisis is being instrumentalised by populists. There are already protests that the Federal Government has reacted too drastically, harming the economy without reason. The figures show that mortality has not risen sharply at all. We ask ourselves what will happen if unemployment and bankruptcies increase drastically in the future. Nassim Taleb formulated some wise thoughts in his book "The Black Swan" 13 years ago. In a nutshell: Let's assume that politicians with courage, brains and foresight would have passed a law requiring bulletproof, permanently locked doors on all aircraft cockpits as of September 10, 2001. It would certainly have prevented what happened on 11 September. Only - no monuments would have been erected to these people. The public, which would see that the measure was completely unnecessary and a waste of money, could even expel them from office.

If it comes to that, we have to fight it. Remain courageous and confident!

Sincerely,

Klaus Meitinger Moritz Eckes Chief Editor Publisher