Dear readers, In the next few months, we'll probably take big steps back towards normality, thanks to vaccination in Europe. That is wonderful. At the same time, however, it is now high time for some fundamental thinking - about the role of the state, economic policy and monetary policy. It's about exiting emergency mode. No doubt about it. When disasters strike, the state is called upon. After that, it should back off. Currently, the discussion is exactly the opposite. Father state is supposed…
With its rules on taxonomy, the EU will initiate a massive transformation of the economy, Christian Klein, Professor of Sustainable Finance at the University of Kassel, is convinced: "For SMEs, this is an opportunity."
Theragnostics. Eleven million people worldwide die with or from sepsis every year. Covid-19 also leads to septic shock in severe cases and subsequently to multiple organ failure. Nevertheless, it has not been possible to develop a therapy against it for 50 years. Andreas Bergmann has made this his life's work. As a scientist and as an entrepreneur. "Especially when the task is difficult and complex," he noted, "you can't wait for others. Then you have to become entrepreneurial yourself." That's…
Start-up. Swiss entrepreneur Andreas Kratzer wants to make Fox e-mobility the first pure e-vehicle company in Europe. An ambitious goal, because the market is competitive. To prevail, Kratzer needs investors who believe in his vision.
Expansion. The Thannhuber family of entrepreneurs from Lower Bavaria manages the production of do-it-yourself appliances with ambitious goals. Not only in terms of the economic perspective of Einhell AG. The sons of founder Josef Thannhuber - Markus (left) and Philipp - are also to be given justice and entrepreneurial scope.
Innovation. The only effective climate protection is to buy pollution rights and take them off the market for all time. "Because only then will the amount of CO2 emissions actually decrease," explain Hanjo Allinger and Christian Jasperneite. With their company CAP2, they want to give everyone the opportunity to cap their own CO2 footprint more efficiently.
Generation change. Jürgen Heindl turned Progroup into a champion in the packaging industry with 900 million euros in sales in just 30 years. Now he wants to convert the company to a post-patriarchal structure and hand over the reins to his son Maximilian.
Although the quotations of most stock indices are close to their record levels, two thirds of the members of the Lerbach Competence Circle are betting on rising prices in the coming six months as well. They have good arguments for this.
Too much optimism, too high expectations, prices rising too quickly - this is how one third of the Lerbach Competence Circle comments on the situation on the stock markets.In the course of the next six months, the experts expect significant setbacks.
Real Estate. The demands on players in the real estate industry are changing rapidly. "More than ever before, investors have to view each property as an independent corporate commitment and, above all, keep an eye on ESG aspects," analyse Thomas Wiegelmann, Managing Director at Schroder Real Estate, and Jan Linsin, Head of Research at CBRE in Germany.
Sonderveröffentlichung: Dr. Thomas Wiegelmann, Geschäftsführer Schroder Real Estate Asset Management GmbH46
Sustainable investment. In future, more and more capital will only be made available to companies that behave in an exemplary manner in terms of ESG - environmental, social and corporate governance. Or make a positive contribution to our society through their business model, products and services. A megatrend has gained momentum and will continue to accelerate in the future.
Impact Investment. Investments in innovative companies with a positive impact on the environment and society are increasingly becoming the focus of investors. But putting this idea into practice is not entirely straightforward. "Measuring and controlling the actual impact is just as big a challenge as building an optimized portfolio from the many exciting companies. We have developed a special approach for this," explains Huub van der Riet, long-standing manager of the NN (L) Global Equity…
Philanthropy. When culture and wealth can agree on a goal, something special is created. Buying historical string instruments and making them available to top musicians is an investment model that benefits society and even pays off.
Alternative Investments. In view of highly valued stock markets, the risks in portfolios are increasing. And because interest-bearing securities - unlike in the past - no longer offer much in the way of returns or protection in the event of turbulence, investors are looking for new underlying investments that generate returns regardless of market trends. "The GAIA Helix fund does just that," says Ulrich Heuberger, head of sales at Schroder Investment Management.
Financial innovation. The prices of all investments around blockchain technology are rising rapidly. This may be - as is often the case with fascinating innovations - a period of exaggeration in the early days. But the technology's potential is real. An overview.
Shuffling possible. For a long time, investors have achieved adequate returns by dividing their assets between 60 percent equities and 40 percent government bonds. In view of rising inflation rates and persistently low interest rates, this is now becoming increasingly difficult in real terms, i.e. adjusted for purchasing power. "It is high time to readjust this successful strategy," says Kristina Bambach, who is responsible for the Phaidros Funds Balanced mixed fund at asset manager Eyb &…
Real asset investments. In view of persistently low interest rates and rising inflation rates worldwide, demand for real assets is increasing. European Long-Term Investment Funds, or ELTIFs, are designed to provide fee-efficient, transparent and strictly regulated access to asset classes such as infrastructure, private debt or private equity.
Mariko Schmitz is one of Germany's few sake sommelières certified in Japan. To all those who get wanderlust for Japan when the Olympics start in Tokyo in July, she advises to refine the evening with sake.
Passion. People who come from great entrepreneurial families usually strive to create lasting value themselves. Kurt A. Engelhorn took a long time. But now he seems to have found his way there. The focus is on a special investment strategy, a virtual company, historic automobiles and, above all, a very special car race - the Bernina Gran Turismo.
Perspective. Investors want to know exactly how good their asset managers really are. They, in turn, want to be able to prove that they deserve their clients' trust - especially in times of crisis. "Both have a high interest in objective, neutral and bank-independent proof of performance," says Alexander Etterer, partner at the auditing firm Rödl & Partner: "We deliver it."
Innovation. Greg McDougall is the founder and CEO of Harbour Air, North America's largest seaplane fleet. He managed to make the world's first flight in an all-electric commercial aircraft. He won't save the world with it, but it's a start.
Real estate trends. Globally, the market for larger homes in suburbs and resorts is booming. "This will calm down again," says Michael Reiss, managing partner of Sotheby's International Realty in Munich, "I expect the big city to make a comeback."
Art Collection. New technologies are revolutionizing art. Digitization, virtual reality and augmented reality enable new forms of expression. And open up new worlds for collectors. Indonesian entrepreneur Wiyu Wahono is one of the world's most renowned collectors of art that reflects the spirit of the times. How does that work? And what challenges do collectors have to face in the process?
Families, it is said, lose their business in the first generation for lack of insight, in the second for lack of harmony, and in the third for lack of interest. Therefore, a scientific study of the socialization of shareholder children is of great importance. For they will shape the family business and the entrepreneurial family in the future.
Peer Clinten und Prof. Dr. Heiko Kleve, Wittener Institut für Familienunternehmen (WIFU)43
Passion. For many years, Hellmuth Weisser was co-owner, chairman of the board and supervisory board of Marquard & Bahls AG, a global energy trader and tank farm operator based in Hamburg. Now he is building a 22,000 hectare animal sanctuary in South Africa, investing around 30 million euros in the project.
Circular economy. The traditional production model of the throwaway society is reaching its limits in a world of scarce resources and increasing environmental damage. The transition to an economy that consistently recycles resources can offer a way out. The experts at Robeco have made this an exciting investment theme.
Schwellenländer-Aktien. In den ersten acht Jahren der 2000er waren Schwellenländer – vor allem die legendären BRICs – Stars an den Kapitalmärkten. Danach folgte ein mühsamer struktureller Umbau – weg von Exporten und Rohstoffen, hin zu Binnenwirtschaft, Konsum und Technologie. „Nun ist dieser abgeschlossen. Anlegern eröffnen sich ganz neue Chancen“, meint Dara White, Columbia Threadneedle.
Innovation. Brain-computer interfaces send information directly from a living brain to the electrical circuits of computers. In this way, people today can control machines simply by thinking. And this is only the beginning.
Blockchain. The digital representation of property rights, known as tokenization, not only allows the cost-effective trading of real asset classes in small denominations. It also opens up completely new investment opportunities. For many investors, this significantly expands the investment universe. However, the market is still in its infancy. There are a number of hurdles to be overcome.
Small Caps. Shares of smaller companies, they say, are more susceptible to economic cycles and therefore riskier, especially in crises. This effect can be minimised by clever stock selection, claimed Scott Woods of Columbia Threadneedle a year ago. How did the expert get through the turbulent market phase of recent months with his small-cap strategy?
Funds. Education funds finance ambitious students at private universities by covering tuition fees and living expenses. In this way, they also help to overcome financing bottlenecks during the Corona period. Repayments are made when the former students earn income. An investment with added value.
Handmade. Instead of rapid growth, the Munich entrepreneurial family Rambold and their chocolate manufacturer Elly Seidl focus on careful expansion and uncompromisingly high quality (picture above: Helmut Rambold (left) and Maximilian Rambold).
Expansion strategy. In 18 years, Wolfgang Trier, now 55, has turned the bankruptcy candidate Softing into a serious supplier of communication solutions for industry. "And the best," Trier is convinced, "is yet to come.
Dear Readers, what keeps its value? This question not only concerns our network, it was also omnipresent at the Lerbach round. The large states have apparently exceeded the "point of no return" due to the Corona rescue measures, up to which they were able to control their debt burden without the financing of the central banks. So the central banks will (have to) continue to channel money into the cycle. If the money supply now increases much faster than the quantity of goods, won't financial…
Income. Secure interest rate investments will not yield a return for years to come. For investors seeking adequate returns with reasonable risk, broad diversification across a range of alternative investments is the solution.
Economic policy. Fiscal and monetary policy are increasingly converging. Is this a curse? Or a blessing? And what does it mean for the future of the economy, the prospects for growth and the outlook in the various asset classes?
Lerbach round. Since 2010, bankers, asset managers and family officers have been meeting once a year to provide inspiration and guidance to wealthy investors. This year, the experts are not only analysing how the stock markets will react in the face of rising infection figures. Sie are also thinking about what will happen in the markets once we have learned to live with the virus. And in three workshops they discuss the most interesting topics from economic policy and capital investment.
entrepreneurship. Alexander Fackelmann has been managing the fortunes of the family business for 30 years. During this time, turnover has increased tenfold to almost 400 million euros. Now the 64-year-old is handing over operational responsibility to a non-family CEO. Together with the fourth generation, he is to lead the way towards digitalization and sustainability.
Branding. From the small Allgäu village of Meckatz, the Weiß family has been delighting beer connoisseurs from the region and far beyond for almost 160 years. Owner Michael Weiß explains how he has succeeded in doing so despite competition from over-powerful large breweries.
Innovation. The Baden-Württemberg start-up company carbonauten has developed a plastic whose production uses raw materials that would otherwise produce harmful greenhouse gases. In ten years, the founders Torsten Becker (l.) and Christian Hiemer hope to generate more than one billion euros in sales with this super material.
Technology. The corona crisis is a huge challenge for economy and society. And a disruption of historic proportions. For equity investors, it will be even more important now than before to invest in companies with disruptive business models.
Sonderveröffentlichung: Dr. Christian Jasperneite CIO, M.M.Warburg & CO166
Venture capital. Venture capital investments in the technology sector have always had a special appeal due to the great potential for returns. Accelerated by the pandemic, innovation and disruption are now receiving an additional boost. "Intelligent fund solutions give investors the opportunity to invest early in the billion-dollar companies of tomorrow," says Peter Begler, Schroders.
Green Bonds. Increasingly, governments and companies are issuing bonds to finance "green" projects. This is interesting for investors for two reasons. "Capital has a positive effect, and with the right selection, the risks in the portfolio can be reduced," explains Bram Bos, NN Investment Partners.
Real estate. Wealthy investors and family offices are looking for secure investments with long-term stable returns. Tino Lurtsch, Managing Director at Schroder Real Estate, and Georg Gmeineder, Alternative Director Real Estate at Schroder Investment Management, will show how this goal can still be achieved today through selected properties in metropolitan regions.
Sonderveröffentlichung: Schroder Real Estate Investment Management GmbH160
Fallen Angels. If bonds are downgraded in terms of creditworthiness and thus lose their investment grade rating, which is important for large investors, there are usually massive price fluctuations. Andreas Fitzner takes advantage of this in the Fallen Angels Fund of Eyb & Wallwitz.
China. While politicians in the US and increasingly also in Europe are considering sealing off their economies from China, investors should open their portfolios more strongly for Chinese shares, advises Carolin Schulze Palstring, Head of Capital Market Analysis at Metzler Private Banking. After all, China's rise to become the world's global economic power opens up a wide range of investment opportunities.
Sonderveröffentlichung: B. Metzler seel. Sohn & Co.153
Alternative investments. Annual returns of between two and five percent with low risk seem impossible in the zero interest rate era. SPACs - Special Purpose Acquisition Companies - can, if used correctly, be one of the rare investments that can still achieve this goal.
Tradition. The Döllerers from Golling near Salzburg prove that money can be earned with top-class gastronomy - if it is integrated into a harmonious overall concept. Now in its fifth generation, more than 20 family members are involved.
Consulting. Information is the beginning of everything. That is why Alexander Etterer's digital reporting provides an informative, structured overview of the total assets of Rödl & Partner clients. This data is not only key to successful wealth management, but also helps with tax issues or succession planning.
commitment. In the zero interest rate era, many foundations only exist on paper. Due to a lack of income, they can no longer provide support. "The purpose of a foundation is then missed, the founder's will no longer achieved," says Ralf Schwind, Chairman of the Executive Board of the Merck Finck Foundation, making it clear and outlining ways out of this dilemma.
The great challenge for entrepreneurial families is to maintain a balance between tradition and modernisation of their living conditions in a rapidly changing society. In its research, WiFU is investigating how this can be achieved.
Prof. Heiko Kleve, Kristin Beer, Wittener Institut für Familienunternehmen166
New Work. The trend towards the home office will turn the office markets upside down. Will city centres then become unattractive for investors? "We have to rethink", says Michael Reiss, managing partner of Sotheby's International Realty in Munich, "then this is a huge opportunity."
Oldtimer. Seit 1987 betreibt Axel Schuette den Handel mit automobilen Raritäten. In diesen 33 Jahren gingen mehr als 3000 Sammlerfahrzeuge durch seine Hände. Authentische Originale, Fahrzeuge mit Seele. „Das ist“, sagt er, „meine Leidenschaft. Denn hinter vielen dieser Autos stehen ganz besondere Geschichten.“ Wie die des 300 SL Flügeltürers, der dem Künstler Andy Warhol Modell stand.
Sonderveröffentlichung: AXEL SCHUETTE FINE CARS177
Technologieaktien. Die Wertentwicklung von Aktien im Tech-Sektor ist atemberaubend. Und erinnert ein bisschen an die Dot-Com-Blase der späten 1990er Jahre. Ist die Furcht vor einem Tech-Crash unbegründet? Und wieviel Tech gehört ins Depot?
Secondary Private Equity. Many large investors are so successful because they hold a high quota of private equity in their portfolios over the long term. "Even for wealthy private investors and smaller family offices, however, this is not so easy to implement," explains Florian Dillinger, Matador Partners Group AG. "In order to create easy access to this asset class for them, we have founded Matador".
Sonderveröffentlichung: Matador Partners Group AG160
Personalised watches. The digitalisation of the traditional watch industry is progressing in giant strides. In the future, it will open up new ways for lovers of individual timepieces to find their own personal favourite piece.
Impact Investment. Investing money in a financially lucrative way and at the same time generating a measurable social return is considered the supreme discipline of sustainable investing. "It is particularly interesting to implement this in all asset classes," says Sönke Niefünd, Co-Head Competence Center Sustainability and Head of the Hamburg office of Merck Finck Privatbankiers AG. He explains how this is achieved.
Medical technology. People with donor organs must be on guard against infectious diseases throughout their lives. To prevent the organ from being rejected, their immune system must be suppressed. An infection could be a death sentence. Biotechnology companies are now working to preserve the capabilities of these patients' immune systems.
Start-up. The expansion of large wind turbines has almost come to a standstill in Germany. As a result, a niche is opening up for small, cost-effective and modularly expandable turbines. Two Berlin-based founders want to bring them to series production readiness.
In the Corona crisis, the government has demanded considerable restrictions from citizens. Was that legal? And: Was it proportional? Maximilian Werkmüller, professor at the Allensbach University, provides answers.
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…
Succession. The lighting designer Ingo Maurer from Munich has left to posterity not only his art but also his business. As disorganized as might have been expected from this type of artist. Daughter Claude Maurer needs a new management strategy to keep the company alive.
Technology. Ulrich Weitz transforms simple materials into high-tech materials. And thus turned a small, formerly state-owned company into a globally successful supplier to industry. The products of his company IBU-tec are particularly well received in the future market of battery technology.
Exclusivity. When the premier league of international museums and artists is looking for historical colours, it travels to the Swabian province. There, the family-owned company Kremer makes millions in sales with unique color pigments.
Strategy. How will the global economy develop? How will corporate earnings turn out in the future? Which losses at companies will be temporary, which permanent? And how should investors position themselves now? The Lerbach Competence Circle, an illustrious panel of 26 family officers, asset managers and private bankers, has answers to the most important questions from investors.
Infrastructure bonds. The market for interest rate investments is split in two. Completely safe securities no longer offer a yield. And where investors can achieve high returns, the risk of bankruptcy is always present in the face of the looming global recession. The Schroders investment house has found a middle ground. Infrastructure bonds can generate yields of around four percent - with a maximum of security.
Stock strategy. Once the dust settles, it will become clear that the global economy is likely to grow more slowly in the post-Corona period than previously assumed, says Georg Graf von Wallwitz, founder of the asset management firm Eyb & Wallwitz. Then only a few companies will prosper. "These have to be found. Because they will become more and more valuable for investors.
Megatrends. More and more often, investors are not orienting themselves to countries when building up their equity portfolio, but to themen. "The pandemic will reinforce trends that were clearly visible before," says Ed Verstappen, trend investing expert at Robeco. Today is therefore a good opportunity to invest in this sector. The professional explains what investors should bear in mind when making theme investments.
Secondary private equity. Those who invested in secondary funds during the financial crisis ten years ago were able to generate high double-digit returns per annum. "Such a Second(ary) opportunity is now available again," Florian Dillinger, Matador Partners Group AG, is convinced.
Sonderveröffentlichung: Matador Partners Group AG244
Change. More and more social bonds are being issued to provide capital to solve social problems. "Investors should thus achieve a social return in addition to the financial one," explains Simon Bond, bond expert at Columbia Threadneedle. "For this to really work, however, the benefits of the projects must be analysed very carefully."
Hotel real estate. The hotel and travel industries are at the epicentre of the Corona crisis. "Although the short-term outlook is extremely bleak. But those who invest countercyclically in hotels will be rewarded in the long term", Philipp Ellebracht, Head of Real Estate Product Continental Europe at the Schroders investment house, is convinced: "Because the hotel market should have fully recovered within the next five years".
Sonderveröffentlichung: Schroder Real Estate Investment220
Impact Investment. Investing money in a financially lucrative way and at the same time generating a measurable social return is considered the supreme discipline of sustainable investing. "It is particularly interesting to implement this in all asset classes," says Sönke Niefünd, Co-Head Competence Center Sustainability and Head of the Hamburg office of Merck Finck Privatbankiers AG. He explains how this is achieved.
Bitcoin. In view of the monetary dilution of all paper currencies due to the extremely expansive monetary policy, investors are looking for alternative store of value. The first choice is gold - proven for centuries. With Bitcoin, perhaps another alternative is now emerging.
Philanthropy. The Belgian nobleman Emmanuel de Merode made the rescue of the famous Virunga National Park, the oldest and most species-rich nature reserve in Africa, his life's work. With the help of international patrons and unperturbed by an assassination attempt, he is implementing his Marshall Plan for East Congo step by step. Rebels, Ebola, greedy oil companies and corrupt politicians cannot stop him.
Orientation. After the sale of a company, a new phase of life begins for former company owners. "It is crucial to ask the right questions at the very beginning. Thanks to our interdisciplinary approach, we can make a difference for 'wealthy entrepreneurs'", Christian Rödl, partner and managing partner of Rödl & Partner, points out.
Foundations. The foundation landscape is changing rapidly. Whereas philanthropists used to respond regionally and locally and individually to specific emergency situations, more and more philanthropists today think strategically, internationally and collaboratively. And they - like Hans Schöpflin - manage their foundation like a company.
From the research workshop. How have successful entrepreneurial families reacted to crisis situations in the past and what makes family businesses resistant to crisis even today? A blueprint from family research.
Real estate. Forecasts on the real estate markets vary widely. Is the crash coming? Oder will the boom continue now more than ever? Michael Reiss, managing partner of Sotheby's International Realty in Munich, dares to give an outlook.
Equestrian sports. The equestrian gene is in the blood of the Magalow family. Konstantin Magalow's father founded the equestrian farm Ising at the Chiemsee, and Magalow himself made it famous. Daughter Sylvia and her husband Dietmar Gugler are now setting new standards: expanded riding facilities, a first-class training concept and tournaments for leisure riders to top athletes.
Tourism. The Argentinean Fernando de las Carreras, 53, has made his company Nervous Waters one of the best addresses for fly fishermen worldwide. And built an exclusive travel empire around it. One of the reasons why the business is flourishing is because the wives of the anglers also feel at home in the exclusive lodges - and therefore enjoy travelling with them or even fishing themselves.
Vision. Sometime in 2022, the global economy will have overcome the corona collapse. How will important parameters for investors and asset owners have changed then? Nine questions, the answers to which will determine investment success and asset preservation.
US elections. Presidential elections will be held in the USA in autumn. Carolin Schulze Palstring, Head of Capital Market Analysis Metzler Private Banking, examines the candidates' election chances as well as possible effects on economic and monetary policy.
Sonderveröffentlichung: B. Metzler seel. Sohn & Co.221
Dear readers,at private wealth, it is our goal to present investors and entrepreneurs on our homepage only with information that is highly relevant to this target group.In order to support you in your investment decisions in these turbulent times, we publish, for example, the results of models that you won't find anywhere else.So far this has brought real added value. For example, the capital market seismograph - the results of which we publish regularly - advised a massive reduction in the…
Entrepreneurship. The Wong family in Papeete, Tahiti, has developed a very special business model out of necessity. Their Compagnie Polynésienne de Transport Maritime combines passenger and cargo shipping, heading for two unusual destinations in the South Pacific: the remote Marquesas Islands, where painter Paul Gauguin is buried. And the island of Pitcairn, where the mutineers of the "Bounty" once hid and where their descendants still live today.
In the chart above, only CO2 emissions from the fossil fuels coal, oil and gas are listed. If other sources such as cement production or cattle breeding were also taken into account, they would be around ten percent higher. Source: BP Stop climate change. Climate change is a global problem - and can therefore only be solved internationally. Strategies that rely on national solo efforts, on renunciation and bans will not work. What is needed are entrepreneurial initiatives and innovative…
Around the world in 26 days by Learjet - playing golf on 15 courses in seven countries on four continents. PGA trainer Ergül Altinova will realise this adventure for 60 golf enthusiasts in November 2020.
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…
The strategist Markus Kaim sits in Washington, the control center of power. From there he analysed the current US policy, transatlantic relations and the upcoming election campaign for the Lerbach Round.
Family business. The first generation founds the company. The second one makes it big. And the third? "My task is to strengthen our position as the world market leader in an increasingly complex world and to ensure that Stihl remains a true family business at the same time," explains Nikolas Stihl. How the chairman of the advisory board as chief strategist sets the course for this.
Innovation. Jens Reindl develops textile sliding mats in his Mr. Snow GmbH, which make it possible to practice skiing without snow and also in summer. In times of climate change, the future could belong to the business model from Chemnitz.
Panel of experts. The Lerbach Round Table celebrates its tenth anniversary. Since 2009, bankers, asset managers and family officers have met once a year to provide wealthy investors with inspiration and orientation. This year, they are not only scrutinizing the economy and capital markets. 36 proven investment experts answer the most important questions on the investment year 2020 and discuss the most exciting investment ideas and, in five workshops, also the most interesting investment…
Markets. Countries with strong growth and major challenges are attracting investor interest. The Lerbach Round sees investment opportunities both in emerging markets and in the so-called frontier markets. Your favourite: Asien.
Sustainable investments. Those who integrate aspects of sustainability into their investment processes will not only generate more returns in the future. It also helps to change the economy and society in a positive way. Because capital can move a lot.
Interest investments. In view of negative yields on German government bonds, investors will have to realign their portfolios. But can there even be a substitute for safe and liquid government bonds? And - where do investors still find reasonable returns?
Stock strategy. Equities are indispensable in portfolio allocation today - There Is No Alternative (TINA). However, not everyone can live with the higher volatility of the asset class. The Lerbacher Runde explains how investors can effectively reduce fluctuations.
Asset class Real estate. Wealthy investors and family offices are continuously expanding the proportion of real estate in their portfolios. Thomas Wiegelmann, Managing Director at Schroder Real Estate, and Morten Bennedsen, Professor of Family Business at INSEAD University, explain why an investment in real estate is attractive and how it is intelligently implemented.
Small caps. Shares in smaller companies often receive little attention from the analysts of large financial institutions. As a result, there are always particularly interesting opportunities to discover in this segment. "But a truly successful, long-term small-cap strategy requires a global and active approach and a lot of know-how," Scott Woods and Neil Robson of Columbia Threadneedle are convinced.
Stock market strategy. The expansive stance of the central banks supports the stock markets. Doch not all areas will benefit. Carolin Schulze Palstring, Head of Capital Market Analysis at Metzler Private Banking, examines the various investment segments.
Strategy. The asset manager Eyb & Wallwitz has been performing above average for institutional clients for 15 years. "Now we want to make our quality and successful asset management strategies easily accessible to even more investors," explains Eduardo Mollo Cunha, partner at Eyb & Wallwitz. His answer to the Fintech revolution is Eyb & Wallwitz digital.
Social entrepreneur. Economic development in Africa needs a new mobility concept. The entrepreneur Martin Šoltés and his colleagues have therefore developed a special electric vehicle. To improve the lives of many Africans, he seeks impact investors.
Private equity and infrastructure. "We actually specialise in secondary market funds in the private equity sector," explains Florian Dillinger, Matador Partners Group AG. But when a special opportunity presents itself, he invests in infrastructure. This combination of both asset classes has a special charm for the investment company Matador.
Selection. In a current study, the Center for Entrepreneurial and Financial Studies (CEFS) of the Technical University of Munich, on behalf of the Stiftung Familienunternehmen, investigated whether the shares of family-run companies are the better investment. The results are making investors sit up and take notice.
Microfinance. Microcredits give people in poorer countries the chance to build something up to secure their livelihood in the long term. "At the same time, microfinance offers investors ongoing interest income and a positive diversification effect at portfolio level," says Daniel Kerbach, CIO of Merck Finck Privatbankiers. This makes this asset class attractive in two respects.
Private equity in Asia. In the 21st century, Asia will dominate the world. In no other region do investors find such a combination of size and growth. Private equity is the key to unlocking this potential.
Digital wealth reporting. Getting an informative, structured overview of your total assets online at any time is the key to successful asset management. Alexander Etterer, Partner and responsible for the Wealth, Reporting & Controlling division of the auditing firm Rödl & Partner, explains how wealthy families intelligently implement and use this.
Real estate. If an auction house operates real estate agencies, there is probably a very special idea behind it. Michael Reiss is managing partner of Sotheby's International Realty in Munich. He describes his vision and current real estate trends.
From the research workshop. Entrepreneurial families are as unique as any private small family - but they have one very specific goal in common: to keep the company successful in the family for future generations. To achieve this, different types of families must find answers to different questions.
Dr. Ann Sophie Löhde Prof. Dr. Tom-Arne Rüsen, Wittener Institut für Familienunternehmen478
Journey. Eduard Rauchdobler from Linz and Enrique Umbert from Lima wanted to make the trek to the Inca ruins of Machu Picchu more comfortable. Today her project "Mountain Lodges of Peru" is flourishing. And the two entrepreneurs are thinking about multiplying their concept in many other places of tourist interest.
Pleasure. In the 1970s, Walter Lang decided to become self-sufficient. He soon became one of the pioneers of the organic movement in Germany. What about today? Today, Walter Lang GmbH is the market leader among Europe's organic honey importers. "I'm stuck with honey," laughs Karin Lang, a trained food technician. "And not just there," she adds with a smile. The 50-year-old company and family spokeswoman is married to Gerrit, the son of the founder of Walter Lang GmbH. Together with him and his…
Future investments. The unavoidable damage caused by climate change and the massive changes in the transition to a low-carbon world will significantly alter investment performance both in the short and long term. Investoren should act now.
The private-wealth forum. On 25 January 75 geladene met guests from completely Germany in the hotel La mansion in star mountain 13 experts, in order to discuss over current topics approximately around employers and investment. Ein Day full of inspiration and orientation. "Our entire commitment has always been based on the network idea", explains publisher Moritz Eckes, "it was only logical to create a forum where entrepreneurs and asset owners can intensively exchange ideas with proven…
Friday after Friday, pupils and students from all over the world, inspired by the Swede Greta Thunberg, will take to the streets to fight for a future in which global warming will be limited to two degrees, better still to 1.5 degrees. Unlike many "political professionals", the young generation has understood exactly what needs to be done. It is about drastically less consumption and a fair global burden sharing. Above all, we must ensure that 98 percent of fossil fuel reserves remain in the…
"The digital transformation is changing the economy and society more drastically than ever before," says Manfred Broy, founding president of the Zentrum Digitalisierung Bayern: "Small and medium-sized businesses must react quickly. The dramatic effects of the digital transformation can easily be seen in the list of the ten most valuable listed companies in the world. Seven of them are creatures of new technologies, six of them were not even listed there ten years ago. This gives an impression…
Future technology. Sven Bauer, CEO and founder of the BMZ Group, has turned the company from Karlstein am Main in Lower Franconia into a global player in the energy storage sector. Now he wants to set up his own battery cell production in Germany in order to become independent of Asian suppliers. The problem of climate change will only be tackled if we stop using fossil fuels for the foreseeable future - no oil, no gas, no coal," says Sven Bauer. Then he corrects himself. To speak of a…
Hidden champion. When you dive, you need air - clean and safe. The compressor manufacturer Bauer from Munich is regarded as the market leader and industry ace. A third generation woman guides him through an increasingly hostile environment.
Innovation. When it comes to high-tech textiles, most people think of intelligent clothing with woven-in sensors or batteries. Technical textiles are in the process of revolutionizing a wide variety of industries. They open up completely new market opportunities for entrepreneurs.
Entrepreneurship. Everything is different with Ulrich Kubak. And again and again. The majority shareholder of Klassik Radio AG from Augsburg broke all rules and turned a loss-making niche station into a European market leader. Portrait of a free thinker, creative doer - and a company with plenty of potential.
Sustainable growth. A manufacturer of fresh natural cosmetics and dietary supplements from the Austrian province is conquering the bathrooms and kitchens of Europe. Ulla Wannenmacher and Andreas Wilfinger have fulfilled their dream of independence with Ringana - now their company is on a steep expansion path.
"There is a lot of hope in the Tech-Unicorns' courses", Hendrik Leber of Acatis analyses. However, hope is usually a bad advisor when it comes to investing. Investors should therefore keep their hands off it.
Stock market strategy. The dynamism of the global economy has slowed noticeably. Drohen will there be a slump in company profits and share prices in the future? Carolin Schulze Palstring, Head of Capital Market Analysis Metzler Private Banking, explores the situation.
Sonderveröffentlichung: B. Metzler seel. Sohn & Co.496
Strategy. The United Nations' sustainability goals are to be implemented by 2030. "For companies that do not support these goals, this means significant financial and reputational risks," explains David Hawa of Robeco. He and his colleagues have therefore developed a model with which investors can determine whether a company is conforming to these goals.
Art. The first Virtual Reality Museum was founded in 2016 by the Paris-based collector couple Sylvain and Dominique Levy. It manages one of the most forward-looking private collections of contemporary Chinese art in France, revolutionizing the history of the reception of art. Its history reflects the great adventure of the Levy family.
Infrastructure. Those looking for stable and high-yield investments have long been able to find interesting investment opportunities in the infrastructure sector. "We are now setting up a strategy that differs significantly from traditional funds in that it focuses on the mid-market segment and has an endless term," says Heiko Schupp, Columbia Threadneedle. "This offers a chance for higher profitability."
Modern Monetary Theory. If the state wanted to spend more to stabilize the economy, it could simply print money - at least that is the "modern" monetary theory. Is a world without a recession really conceivable? What investors should consider.
Real estate. From old to new. In times of scarce land, the revitalisation and rededication of non-essential existing buildings on the company premises can be an interesting, fascinating and lucrative idea. Dr. Klaus Trescher, Kriton Immobilien, explains what entrepreneurs and investors should look out for.
Thilo Natke is captain of the new expedition ship Hanseatic nature. For 29 years he has been sailing the seas between the Arctic and Antarctica, to the Amazon and the South Seas. Why this way of travelling fascinates him so much.
Philanthropy. Zita Cobb, who has made a fortune in the glass fiber industry, wants to save her home Fogo Island in the Canadian province of Newfoundland from bleeding and give her an economic perspective with an extraordinary, non-profit hotel and a foundation. She is convinced: "Our success can be imitated by other dependent communities."
Technology. Video camera systems and search engines monitor us almost completely. At the same time, digital helpers improve our health and make life easier. Is the end of privacy a reasonable or too high price to pay for technical progress?
Technology. Nuclear fusion could be the way to solve all mankind's energy problems in an environmentally and climate-friendly way for all time. Scientists and engineers have been researching the technology for well over 70 years. Recently they have made enormous progress.
From the research workshop. Entrepreneurial families with more than 50 members are not just families or business-related organisations. They are also a special form of social networks - and thus a case for FON theory.
Hotel business. Owner-managed family hotels often have problems becoming internationally known. Susanne Gräfin von Moltke and Klaus-Dieter von Moltke use the membership in the hotel association Relais & Châteaux for this.
A letter from ... Hans-Werner Sinn. The emeritus president of the Munich ifo Institute questions climate policy and the overestimated role of electric cars in achieving climate goals. From an engineering point of view, the turn to the electric car can now be welcomed - it is elegant, robust, has a strong sprint, drives quietly and does not require a complicated gearbox. But: Es cannot be moved without CO2 emissions, as the European legislator claims, if it includes the CO2 emissions of these…
In the review section, private wealth highlights what has become of the entrepreneurs and investment ideas presented in previous issues. In the current issue, the editorial staff reports on the extraordinary successes of the Internet start-up Westwing and the medical technology company Curetis. The editors also take a second look at the hedge funds of the British Sushil Wadhwani and the American Michael Tiedemann.
A letter from ... Caroline Kuhnert is responsible for high net worth individuals at UBS. Sie explains why wealth can have a positive effect far beyond the economy. We've just published our fifth Billionaires Report. Our aim is to contribute to a better understanding of this exclusive group of people. How has their wealth changed? Aber above all: What is the influence of the high-net-worth individuals on our society? And are there regional differences?
Plant-it-yourself. The start-up BerlinGreen wants to make the simple cultivation of salads and herbs at home or in the office easy. It thus brings the worldwide trend of urban gardening to Germany. "To fulfill the dream of a house with a garden even in the vicinity of a city is hardly realistic in our generation," says Filip Wawrzyniak, founder of the BerlinGreen start-up, soberly. "The longing to cultivate food himself is, however, still present. That's why we bring the garden into the…
From the research workshop. Why does digitization become a success story for one family business? Und with the other one she only makes frightening slow progress? The key is in the family. Den Owners, their digital knowledge and skills and especially their inner attitude are of central importance with regard to questions of digital transformation. Tradition, it is said so beautifully, is not the worship of ashes, but the transmission of fire. If tradition and digitalization are to come together…
Prof. Dr. Tom A. Rüsen, Dr. Anne Katarina Heider443
Civil courage. The activist Jody Williams succeeded, which the United Nations was unable to do, in persuading the international community to renounce landmines. For this she received the Nobel Peace Prize almost 20 years ago. She's been touring the world ever since, shaking people up. Because what she can do, others can do. "Hi, I'm Jody!" The American has a firm handshake. It goes from chair to chair, from row to row. Greet each individual in the auditorium, listener by listener. "Hi, I'm…
Entrepreneur families. After the sale of the family business, sooner or later the question of meaning arises: Wer are we now? Was do we want to be a family in the future? And how can we maintain cohesion? Ein Family Office specialized in Family Equity can provide the answers. "Family Equity is the glue that holds everything together" (partner of a family that runs its Single Family Office (SFO) schon for six generations). "When we launched the most comprehensive single family office survey in…
Exhibition. The watch industry has always proudly presented its products in its own museums. Recently, a few spectacular new collections have been added to the collection to provide special insights. They are not only worth a trip for watch aficionados.
Foundation management. Foundations are established on a permanent basis. Trotzdem they often invest as if they only had a short investment horizon. Und therefore have problems in the low-interest phase. Ralf Schwind, Executive Board member of the Merck Finck Foundation, advocates a new way of thinking.
Adventure. Through the heliski pioneer Leo Steiner, the former gold digger settlement Atlin in the far north of British Columbia became a place of longing for powder snow enthusiasts. But after his son had an accident in a crevasse in 2011, the helicopter remained on the ground. The Swiss André Gutenberg recently revived the legend of Atlin. His heliski area is a very special one: more rustic, wild, lonely and weird than that of the "usual Suspects" in the south of the province.
To produce a high-percentage digestive yourself is the wonderful conclusion of an evening among friends. Sommelier Andreas hot, owner of the Genuss-Akademie.tirol in Vils, inspires for a special hobby.
Secondary private equity. Because private equity funds have been generating double-digit returns for years, this asset class is finding more and more friends among wealthy investors. But there is still room for improvement. "Used fund shares - Secondary Private Equity - are just as yield-strong and avoid substantial disadvantages of the PE funds , make Florian Dillinger, Matador partner Group AG, clear.
Sonderveröffentlichung: Matador Partners Group AG462
Investment strategy. The stock market is an indicator of the value of an economy. If this is halved within a year, something serious must have happened. For the third time since the year 2000, Argentina is on the verge of bankruptcy. This was followed twice by a brilliant upswing with price gains for investors of between 300 and 600 percent. Can what worked twice work a third time?
Real estate. Prices on the real estate market have been rising massively for the past five years. As a result, yields - so-called cap rates - have fallen in many areas to levels that hardly cover financing and maintenance costs. Is it worth thinking about real estate investments at all now? Klaus Trescher, Kriton Immobilien, says: "Yes - but you have to find the rare occasions."
Medical technology. What would it be like if there were a way to stop disease processes directly in the individual cells and thus possibly end the suffering? The researchers of the newly founded company Soluventis Nanotherapeutics from Bochum have an idea.
Urbanization. More and more people are moving to the cities. In order for these to remain worth living, extensive investments are necessary. "This will benefit those companies that offer solutions," explains Ivo Weinöhrl, fund manager at Pictet Bank.
FinTech. Many industries have already been turned upside down by digitisation. Patrick Lemmens and Jeroen van Oerle are convinced that it is now the turn of the financial industry to Robeco. They identify winners and losers.
Investment strategy. Megatrends are fascinating as an investment idea because the respective story sounds so convincing. In order for this to actually become a successful investment, however, a number of rules must be observed.
Stock trend. The current stock market boom has lasted almost ten years. Over the past five decades, there have been few bull markets with even better performance. Are the recent price declines signaling the beginning of the end of the stock market upswing? Timo Schwietering, capital market strategist in Private Banking at Bankhaus Metzler, has good reasons not to announce a turnaround yet.
Sonderveröffentlichung: B.Metzler seel. Sohn & Co383
Panel of experts. The uncertainty on the capital markets is greater than ever before. Investors urgently need orientation. The Lerbach round gives answers to the ten most important questions zum Jahreswechsel - from stock allocation to customs disputes.
Emerging market equities were among the losers in 2018, and according to Paul Greer, Fidelity, they will continue to struggle in the coming months at mit Gegenwind . Investors should keep their powder dry.
Network. "The hope of a neo-liberal renewal of the Brazilian economy is linked to the new President Jair Bolsonaro," says Christian Hirmer, President of LIDE Germany: "The challenges are great and the implementation of the necessary reforms will be decisive for the country's future. The big question now is: Kann Bolsonaro also supply?"
Expansion. The Swabian family business Schweizer Electronic has an exciting past behind it. And an even more exciting future ahead. "Over the next ten years, we will enter a completely different dimension," says CEO Nicolas Schweizer, making it clear: "The construction of a new factory in China will enable us to almost quadruple sales to 500 million dollars in this period.
Entrepreneurship. Six years ago, private wealth had told the fascinating story of Roland Arnold, a passionate family entrepreneur. His motivation was to restore mobility and independence to people with disabilities. Now Arnold has sold his technology. In exchange for an even greater vision.
Innovation. Over the past 30 years, NorCom has had to overcome many difficult situations. But every time, founder Viggo Nordbakk succeeded in reinventing his company. Now he wants to shake up the automobile market with Big Data software.
"The energy revolution is a huge challenge," explains Martin Faulstich, until 2016 Chairman of the German Advisory Council on the Environment: "But it also represents a huge opportunity for our industry.
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…
while everyone's worried about the Atlantic, disaster threatens our own front door. It's about the euro. When Germany agreed to monetary union, the rules were clearly defined. No Member State is liable for the liabilities of the other. The central bank is prohibited from directly acquiring government bonds. And they all commit themselves to respecting deficit limits.
The current issue of "How to invest it" focuses on our annual meeting with the Lerbacher Runde. An exclusive circle of bankers, family officers, asset managers and economists will discuss the perspectives for the economy, monetary policy and capital markets intensively for one day. Carefully balances opportunities and risks. And then defines a suitable, long-term investment strategy for wealthy private investors. True to our motto: Every private wealth story must be conceived in such a way that…
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…
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…
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.
Dear Readers, After the New Economy disaster at the beginning of this millennium, we often talked in family circles about how helpful it would be if there was an information medium that explains intelligent investment strategies in a comprehensible way. That warns us in time if there is a real threat on the markets. And that enables us to learn from the best entrepreneurs. It was about inspiration and orientation. Alone - this medium did not exist. So we decided to do it ourselves.
Germany is in the middle of a boom. Corporate profits, wages and incomes are on the rise. Nevertheless, negative headlines dominate. Only wealthy people would benefit from the upswing. That was unfair and had to be changed.
Germany has a choice. And thanks to Big Data, the parties now know exactly what promises they can make to their target customers. It is disappointing that the most important questions in the long term do not play a major role.
Our own stock market indicator delivered a sell signal at the end of February. As you know, this is not about forecasting trend reversals on the stock markets exactly. We only try to find out when the relationship between opportunity and risk changes when investing in equities. The logic: If stocks are valued low and the economic trend improves, there is a high probability that the stock market will develop positively in the long term. If, on the other hand, equities are expensive and economic…
The interest rate policy of the US Federal Reserve has again moved into focus. After all, the well-being and woe of the global economy and capital markets depends on interest rates not being raised significantly. Is that really the case?
Ladies and Gentlemen, Dear Readers, The European Central Bank will probably step on the gas in the coming weeks in terms of monetary policy. Because growth in Euroland as a whole is too low, the inflation rate too low and the Euro exchange rate too high, Mario Draghi thinks about a further interest rate cut and/or the purchase of bonds. The analysts at Morgan Stanley have already calculated what a one-trillion-euro purchase program, for example, would bring. Their result: even lower interest…
A letter from ... Professor Marcel Fratzscher. The head of the DIW sees the current justice debate as misguided and calls for an inclusive social market economy. "Time for Justice" was the motto of Martin Schulz's election campaign. In a country where 70 per cent of people feel that inequality is too high, this slogan may catch fire. I still think: Wir need a debate that goes beyond justice.
A letter from ... Dr. Walther Michl. The Academic Council at the Chair of Public Law and European Law at LMU München has placed the refugee crisis within the current legal framework. In the public discussion on the refugee problem, the call for a "return to the law" is repeatedly voiced - often combined with the demand for the closure of borders.
A letter from ... Bernd Kolb, who founded the Club of Marrakesh to give impulses for a better world. Because the effect was not strong enough for him, he is now breaking new ground. Our western world is a wonderful place that makes many things possible: a life in peace and prosperity, without existential worries, with a rich culture and sufficient space for the individual shaping of one's own life. Actually, everything's fine. Didn't I?
A letter from... Camille Thommes. The Director General of the Association of the Luxembourg Fund Industry (ALFI) warns against blanket judgments. The European Commission recently published a paper arguing that private investors are best served by passive investment funds. These are more cost-effective, more broadly diversified and offer higher long-term performance than active funds.
Jochen Felsenheimer is Managing Director of XAIA Investment and reflects on the long-term consequences of the policy change in Greece. Everywhere on the markets there is wild speculation about the effects the shift to the left in Greece might have on the European financial markets. And it's not that hard to judge. After all, the economic facts have been known for several years.
A letter from ... Wolfgang Bosbach. The controversial member of the Bundestag reflects on politics, Europe and the social performance of our country. After the election, I leave the Bundestag and am therefore often asked what the three points are that most concern me at this crossroads of my life;
A letter from ... Rudolf X. Ruter. The sustainability and corporate governance expert is convinced that credibility and reputation are the currency of our future. Despite the misconduct at Volkswagen, Deutsche Bank and DFB/Fifa (to name just three concrete names), which is currently much discussed in Germany, I am convinced that respectability is still widespread in the German economy. More and more and especially younger managers are committing themselves to a clear sense and value orientation…
Swiss biologist and environmentalist Claude Martin calls for a global strategy to reverse the fate of tropical rainforests. I don't remember ever meeting people who didn't care about the future of tropical rainforests. Whether scientists, entrepreneurs or politicians, everyone affirms how important this topic is.
A letter from ... Manfred Wittenstein, Chairman of the Supervisory Board of Wittenstein AG. He trusts that engineers will contribute to a better world. We're fine. We're fine. We here in Germany are fortunate to be born in a region that is not struck by natural disasters that threaten its very existence, where wars do not destroy entire villages and cities, where almost everyone has a roof over their heads and gets enough to eat. How do we deal with this gift of happiness? Shall we defend it…
Prof. Dr. h. c. mult. Reinhold Würth, the entrepreneur, art patron and chairman of the Supervisory Board of the Würth Group, is convinced that art increases motivation within the company. I've built up a global trading company for assembly materials and tools with 65,000 employees and a turnover of ten billion euros. Since our foundation by my father in 1945, we have recorded average annual growth rates of 22 percent. That makes me a little proud. But also humble. I could never have done it…
The economist Peter Bofinger has always defended the monetary policy of the ECB. Why Mario Draghi did (almost) everything right, but should now step on the brakes, Bofinger discusses with the Lerbach round.
From the research workshop. Entrepreneur families create rules and statutes that regulate life together, especially in responsibility for the company. In addition to agreeing and respecting specific formal rules, it is important that entrepreneurial families know and take into account the foundations that shape all social systems.
Sonderveröffentlichung: Professor Dr. Heiko Kleve (Wittener Institut für Familienunternehmen)595
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