Skip to main content

Online magazine

thumb Editorial
Dec 07, 2021 Editorials

The beginning of a new era.

Dear readers, We are actually hesitant to use terms like "new era" or "new epoch". But at the beginning of 2022, it seems appropriate to us - because in the future, the conditions for investors will change fundamentally. The last decade was marked by a boom in all asset classes. Real estate prices doubled. The MSCI World, which aggregates the shares of companies from industrialised countries, climbed by 250 per cent, and the Nasdaq 100 by as much as 580 per cent. A long period of interest rate…
Klaus Meitinger, Moritz Eckes 987
Opinionleader 2 Grad
Dec 03, 2021 Opinionleader

"We can still do two degrees."

What are the scientific facts around climate change? The Lerbacher Runde asks, Professor Jochem Marotzke, coordinating lead author for the chapter "Future World Climate" in the current IPPC report, answers. Lerbacher Runde (LR) COP26 was called the Last Chance Saloon.Did the world use the last chance? Jochem Marotzke (JM) For me, the outcome of the climate summit left me with mixed feelings. Glasgow has by no means put us back on track towards the 1.5 degree target and in this respect was…
Prof. Jochem Marotzke 865
leru 462 011021
Dec 03, 2021 How to invest it

Money trends 2022 - it's getting hot.

Lerbacher Runde. Once a year, bankers, asset managers and family officers meet at Schloss Bensberg to provide wealthy investors with inspiration and guidance. While the autumn of 2020 was still dominated by the pandemic and economic recovery, new questions are now being asked: What is happening with inflation? Are we witnessing the turnaround in interest rates? What would that mean for the price of real assets, which have experienced an unprecedented boom thanks to zero interest rates? And how…
Klaus Meitinger 853
Lerbach Regeln
Dec 03, 2021 How to invest it

More rules, more taxes, more government.

Political opportunities and risks. The state is increasingly intervening in society and the economy. This is a trend that the Lerbacher Runde believes will continue. For capital investors, this will reshuffle the cards. "It feels like we see greater government intervention in the private economy after every crisis," notes Fabian Strube, Robeco. "The massive spending programs after the pandemic, the discussion about the stability pact in Europe, tax increases or the regulator's interventions in…
Gerd Hübner, Klaus Meitinger 817
Lerbach Gold
Dec 03, 2021 How to invest it

Before a golden decade?

Economy. After the economic slump in 2020 global economic momentum initially picked up rapidly in 2021. Now supply bottlenecks are putting the brakes on. How does the Lerbach Roundtable view the short- and medium-term prospects for the global economy? "The question of the economy is, of course, always at the beginning of every investment strategy session," outlines Kai Röhrl, Robeco, "because growth means more sales and higher profits. This should then also be reflected in the equity markets."…
Gerd Hübner, Klaus Meitinger 794
Dec 03, 2021 How to invest it

Dangerous balancing act.

Inflation. Prices are rising faster than they have in 30 years. Is this really just a temporary phenomenon? Or is the genie of inflation now out of the bottle? And above all: how will the central banks react? The Lerbacher Runde analyses. If the Lerbach Round is to define the question that will decide the investment trend in 2022, the answer is clear: Is the rise in inflation really just temporary, or will prices continue to rise and a real turnaround in interest rates occur? "After all, the…
Gerd Hübner, Klaus Meitinger 778
Dec 03, 2021 How to invest it

Boom, bubble - bust?

Market Analysis. The prices of tangible assets - shares and real estate - have risen extremely sharply over the last ten years. Is this boom justified? Can it continue? Or will it be followed - as so often - by a slump? The Lerbacher Runde does the research. In retrospect, the last decade will go down in the history books as the decade in which investors became very wealthy more quickly than ever before. As the boom decade. As the era of asset price inflation. Some numbers: Over the past…
Gerd Hübner, Klaus Meitinger 838
Dec 03, 2021 How to invest it

The hot twenties.

Climate as an investment factor. The fight against climate change will dramatically change the way we do business in the future. This will widen the gap between winners and losers among companies. The Lerbacher Runde explains how investors should react to this. "There is an interesting study," says Stephan Kemper, BNP Paribas WM Private Banking: "On behalf of the 'Financial Times', the impact of a CO 2 price of 100 euros was calculated for the 1000 largest listed companies - today the CO 2…
Gerd Hübner, Klaus Meitinger 748
Dec 03, 2021 How to invest it

Attractive alternatives.

Interest rate substitute. Structuring a successful portfolio has become difficult today. Firstly, interest-bearing securities with good credit ratings no longer preserve the purchasing power of assets when inflation rises. And secondly, in the risk scenario - with rising interest rates - both equities and bonds are negatively affected. The Lerbach Round's solution: more alternative investments must be added to the portfolio. In the past, Bunds had two roles in the portfolio. They brought…
Gerd Hübner, Klaus Meitinger 703
Dec 03, 2021 How to invest it

Lucrative credit investments.

Private Real Estate Loans. Banks are pulling back from lending on commercial real estate projects. Private investors can fill this gap. The incentive: attractive returns, regardless of developments on the capital markets. "Because there are projects with different risk profiles, the market offers a broad field for every type of investor," says Peter Begler, Alternatives Director at Schroders. "It's actually a curious situation," Peter Begler reflects: "We have a real estate boom all over…
Sonderveröffentlichung: Schroder Investment Management (Europe) S.A., German Branch 727
Dec 03, 2021 How to invest it

An optimal combination.

Dividend Strategy Asia. High-yielding assets are desperately sought at the moment. George Gosden, portfolio manager at Columbia Threadneedle, advises investors to look to Asia. Not only is the long-term economic environment right there, but there are also attractive dividend yields from high-growth companies. "Those who pursue a dividend strategy in Europe," explains George Gosden, "usually end up with companies with a solid business model but no growth prospects. On the other hand, those that…
Sonderveröffentlichung: Columbia Threadneedle 692
Dec 03, 2021 How to invest it

It's getting wilder.

Currency management. For globally invested assets, exchange rates have a massive impact on portfolio returns. "But because the currency markets have been quiet in recent months, many investors have lost sight of this aspect," recalls Johannes Mayr, chief economist at asset manager Eyb & Wallwitz, predicting, "In 2022, this will change. Investors should prepare themselves." "Currency management is perhaps the most underestimated aspect of investing," Johannes Mayr reflects, "because exchange…
Sonderveröffentlichung: Eyb & Wallwitz 701
Dec 03, 2021 How to invest it

Return on investment with meaning.

Impact-investment. Creating social benefit while generating attractive long-term returns is the goal of NN Investment Partners' Smart Connectivity strategy. Companies are sought that benefit from the shift towards a more sustainable economy, have a positive impact on the environment or society and contribute to the UN's sustainability goals with their innovative solutions. "Did you know that around four billion people worldwide live in cities?" asks Ivo Luiten, Lead Portfolio Manager at NN…
Sonderveröffentlichung: NN Investment Partners 700
Dec 03, 2021 How to invest it

To the stars.

Space stocks. The first tourist flights into space have aroused interest in the investment theme of New Space. But there is much more to it than that: navigation and communication possibilities based on satellites, the observation of climate data from space or the exploitation of new sources of raw materials are fascinating development opportunities. There is enormous potential for the companies involved. Space, endless expanses. The year is 2021, and these are the adventures of private…
Gerd Hübner 687
Dec 03, 2021 How to invest it

Trend towards sustainability.

Real estate industry. Buildings are among the biggest emitters ofCO2."We will therefore not succeed in complying with the Paris climate agreement without a sustainable real estate industry," Thomas Wiegelmann of Schroder Real Estate is convinced. Because the pressure on this sector will continue to increase, investors will have to pay very close attention to the sustainability of real estate investments in the future. With high energy consumption and heavy reliance on fossil fuels, real estate…
Sonderveröffentlichung: Dr. Thomas Wiegelmann 708
Dec 03, 2021 How to invest it

The bill is coming.

Monetary policy. In recent years, the printing press has become the tool of choice to combat economic crises. Central banks bought bonds with "freshly printed money" to stabilize the banking system in the 2008 financial crisis and cushion the impact of the current pandemic. Meanwhile, the balance sheets of the FED and the ECB have grown to nearly double-digit trillions. Who is footing the bill? Whenever disaster threatens, the cavalry comes. In the economy, the central banks have been doing…
Sonderveröffentlichung: B. Metzler seel. Sohn & Co. AG 673
Dec 03, 2021 How to invest it

Structural Reform.

Secondary Private Equity. In times of low interest rates and high valuations on the stock markets, classic portfolios of shares and bonds no longer work as well as they did in the past. "I therefore advise restructuring the portfolio," explains Florian Dillinger, Matador Partners Group: "Private equity, the participation in unlisted companies, stabilizes and increases the return." "Take a little trip back in time with me to the year 2031," prompts Florian Dillinger, Matador Partners Group, "and…
Sonderveröffentlichung: Matador Partners Group AG 782
Dec 03, 2021 A letter from

"Enough with the debt brake."

A letter from ... Dr. Christian Jasperneite. The chief strategist of M.M.Warburg & CO says why saving no longer makes sense after the resignation of Bundesbank President Weidmann. I know - those who have known me for a while may rub their eyes in surprise at this headline. After all, I've been arguing against runaway national debt for decades. But here I am, and I can't help it. For ten years, Jens Weidmann, as head of the Bundesbank, has fought tirelessly to prevent the ECB from becoming an…
Dr. Christian Jasperneite 684
May 29, 2021 Editorials

Directional Decisions.

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…
Klaus Meitinger 906
May 29, 2021 Opinionleader

"Take the lead."

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."
Christian Klein 894
May 29, 2021 How to invest it

"Stock prices will continue to rise."

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.
Klaus Meitinger 818
May 29, 2021 How to invest it

"A correction is looming in the equity markets."

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.
Klaus Meitinger 742
May 29, 2021 How to invest it

Real estate world in flux.

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 GmbH 758
May 29, 2021 How to invest it

Successfully invest money sensibly.

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.
Klaus Meitinger 761
May 29, 2021 How to invest it

Capital has an effect.

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…
Sonderveröffentlichung: NN Investment Partners 721
May 29, 2021 How to invest it

That sounds fantastic.

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.
Yvonne Döbler 667
May 29, 2021 How to invest it

The rock.

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.
Sonderveröffentlichung: Schroder Investment Management (Europe) S.A., 567
May 29, 2021 How to invest it

Infinite possibilities.

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.
Gerd Hübner 577
May 29, 2021 How to invest it

Readjust.

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 &…
Sonderveröffentlichung: Eyb & Wallwitz 551
May 29, 2021 How to invest it

It's worth it.

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.
Gerd Hübner 634
May 29, 2021 A letter from

"We're calling for a turnaround."

A letter from ... Marcus Vitt, Spokesman of the Board of Donner & Reuschel, Edmund Stoiber, Peer Steinbrück, Günther Oettinger, Hans-Werner Sinn, Wolfgang Reitzle and many more.
Marcus Vitt 840
May 26, 2021 How to invest it

Virtuous Circle.

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.
Sonderveröffentlichung: Robeco Deutschland 562
May 26, 2021 How to invest it

Emerging Markets reloaded.

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.
Sonderveröffentlichung: Columbia Threadneedle 579
Nov 28, 2020 How to invest it

The new world of investment.

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.
Gerd Hübner 742
Nov 28, 2020 How to invest it

Reality check.

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?
Threadneedle Management Luxembourg S.A. 738
Nov 28, 2020 How to invest it

Education is worthwhile.

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.
Yvonne Döbler 765
Nov 28, 2020 Editorials

The ultimate value storage.

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…
Klaus Meitinger, Moritz Eckes 1139
Nov 28, 2020 How to invest it

Rethinking interest rate investments.

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.
Klaus Meitinger 3498
Nov 28, 2020 How to invest it

The (un)holy alliance.

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?
Klaus Meitinger 628
Nov 28, 2020 How to invest it

The view over the valley.

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.
Klaus Meitinger 695
Nov 28, 2020 Opinionleader

Reboot with President Biden.

Europe now has the opportunity to set a new transatlantic agenda. "We should not wait for US initiatives, but actively make offers to the US", demands Markus Kaim, Stiftung Wissenschaft und Politik.
Markus Kaim 1005
Nov 28, 2020 How to invest it

Turn fantasy into profit.

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 & CO 636
Nov 28, 2020 How to invest it

Hunt for unicorns.

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.
Sonderveröffentlichung: Schroder Investment Management 643
Nov 28, 2020 How to invest it

The better bond.

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.
Sonderveröffentlichung: NN Investment Partners 548
Nov 28, 2020 How to invest it

Better to live in the city.

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 GmbH 589
Nov 28, 2020 How to invest it

The catcher.

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.
Sonderveröffentlichung: Eyb & Wallwitz 624
Nov 28, 2020 How to invest it

Change in the Middle Kingdom.

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. 588
Nov 28, 2020 How to invest it

Fascinating PerSPACtives.

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.
Klaus Meitinger 571
Nov 28, 2020 A letter from

Keeping society together.

A letter from... Andreas Rickert. The founder of Phineo is concerned about the existence of the non-profit sector and explains how the Corona relief fund can be used to help.
Andreas Rickert 981
Nov 19, 2020 How to invest it

Tech-Check.

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?
Klaus Meitinger 580
Nov 19, 2020 How to invest it

Invest it like Yale.

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 AG 601
Jun 08, 2020 How to invest it

For a better world.

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.
Sonderveröffentlichung: Merck Finck Privatbankiers 726
Jun 08, 2020 Opinionleader

What can the state do?

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.
Prof. Maximilian Werkmüller 1047
Jun 08, 2020 Editorials

Courage. Confidence. Confidence.

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…
Klaus Meitinger, Moritz Eckes 1084
Jun 08, 2020 How to invest it

Orientation. In the eye of the storm.

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.
Klaus Meitinger 704
Jun 08, 2020 How to invest it

The optimal balance.

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.
Sonderveröffentlichung: Schroders Deutschland 842
Jun 08, 2020 How to invest it

Top dogs and challengers.

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.
Sonderveröffentlichung: Eyb & Wallwitz; www.eybwallwitz.de 733
Jun 08, 2020 How to invest it

Acceleration.

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.
Sonderveröffentlichung: Robeco Deutschland 680
Jun 08, 2020 How to invest it

Back to the future.

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 AG 673
Jun 08, 2020 How to invest it

It depends on the pulse.

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."
Sonderveröffentlichung: Columbia Threadneedle 602
Jun 08, 2020 How to invest it

Now more than ever.

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 Investment 626
Jun 08, 2020 How to invest it

For a better world.

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.
Sonderveröffentlichung: Merck Finck Privatbankiers 611
Jun 08, 2020 How to invest it

The digital gold.

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.
Klaus Meitinger 901
Jun 08, 2020 A letter from

Who thinks of the poorest?

A letter from... Sabine Holzknecht. The author of private wealth has been honorary chairwoman of the organization "Help without Frontiers" for four years. She appeals to our solidarity.
Sabine Holzknecht 1101
Jun 01, 2020 How to invest it

The world after Corona.

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.
Gerd Hübner, Klaus Meitinger 709
Jun 01, 2020 How to invest it

U(ndecided) States of America.

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. 638
Apr 03, 2020 Editorials

Insecure times.

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…
Klaus Meitinger 1241
Nov 25, 2019 Editorials

Herculean task.

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…
Hanns J. Neubert und Ludger Wess 1406
Nov 25, 2019 Editorials

An intrepid look into the 2020s.

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…
Klaus Meitinger 1431
Nov 25, 2019 Opinionleader

Inside USA.

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.
Markus Kaim 1324
Nov 25, 2019 How to invest it

The Lerbach Round. The wisdom of the many.

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…
Yvonne Döbler, Gerd Hübner, Klaus Meitinger 992
Nov 25, 2019 How to invest it

The future in the depot.

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.
Yvonne Döbler, Gerd Hübner, Klaus Meitinger 822
Nov 25, 2019 How to invest it

Techceleration.

Disruption. The speed of innovation in the economy and society is increasing dramatically. The Lerbach Round Table analyses the technology boom and shows how investors can benefit from it.
Yvonne Döbler, Gerd Hübner, Klaus Meitinger 1031
Nov 25, 2019 How to invest it

Investment for Future.

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.
Investment for Future. 813
Nov 25, 2019 How to invest it

Hunt for returns.

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?
Yvonne Döbler, Gerd Hübner, Klaus Meitinger 871
Nov 25, 2019 How to invest it

Security for TINA.

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.
Yvonne Döbler, Gerd Hübner, Klaus Meitinger 971
Nov 25, 2019 How to invest it

_________________________________

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.
Schroder Real Estate 832
Nov 25, 2019 How to invest it

Little pearls, big ones.

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.
Columbia Threadneedle 827
Nov 25, 2019 How to invest it

Of chaff and wheat.

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.
Metzler seel. Sohn & Co. 1000
Nov 25, 2019 How to invest it

The best of both worlds.

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.
Eyb & Wallwitz 740
Nov 25, 2019 How to invest it

Martin mobilizes.

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.
Miriam Zerbel 816
Nov 25, 2019 How to invest it

When the opportunity knocks.

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.
Matador Partners Group AG 779
Nov 25, 2019 How to invest it

Investment with family connection.

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.
Gerd Hübner 688
Nov 25, 2019 How to invest it

Double success.

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.
Merck Finck Privatbankiers 672
Nov 25, 2019 How to invest it

Asia, the power house.

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.
Schroders Deutschland 727
Nov 25, 2019 A letter from

LaGarde, guardian of money?

A letter from ... Carsten Mumm. The chief economist of the bank Donner & Reuschel thinks about the monetary policy of the next decade.
Carsten Mumm 1230
May 25, 2019 How to invest it

Hot phase.

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.
Klaus Meitinger 874
May 25, 2019 Editorials

Now it's all about the whole thing.

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…
Klaus Meitinger 1260
May 25, 2019 Opinionleader

New digital world.

"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…
Manfred Broy 1129
May 25, 2019 How to invest it

I don't see unicorn mania.

"The evaluation of the technology Unicorns Uber, Lyft, Airbnb and Pinterest reflects their gigantic growth potential," says Bernd Schrüfer of the Family Office Lucatis. Investors should be there.
Bernd Schrüfer 957
May 25, 2019 How to invest it

Unicorns have fable ratings.

"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.
Hendrik Leber 1082
May 25, 2019 How to invest it

Godot's not coming.

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. 971
May 25, 2019 How to invest it

True sustainability.

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.
Sonderveröffentlichung: Robeco Deutschland 998
May 25, 2019 How to invest it

Time and spirit.

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.
Dr. Annette Doms 1013
May 25, 2019 How to invest it

What we really need.

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."
Sonderveröffentlichung: Columbia Threadneedle 825
May 25, 2019 How to invest it

Welcome to paradise.

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.
Klaus Meitinger 1053
May 25, 2019 How to invest it

Waking up Sleeping Beauty.

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.
Sonderveröffentlichung: Kriton Immobilien GmbH 816
May 23, 2019 A letter from

Well meant is not well done.

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…
Hans-Werner Sinn 1095
Dec 11, 2018 A letter from

Billionaires move the world forward.

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?
Caroline Kuhnert 1112
Dec 11, 2018 How to invest it

Second hand, first class.

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 AG 904
Dec 11, 2018 How to invest it

The dead live longer.

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?
Gerd Hübner 1051
Dec 11, 2018 How to invest it

Truffle hunter.

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."
Sonderveröffentlichung: Kriton Immobilien GmbH 1081
Dec 11, 2018 How to invest it

Stop! Stop!

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.
Dr. Ludger Weß 1090
Dec 11, 2018 How to invest it

Smart City - smart system.

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.
Sonderveröffentlichung: Pictet & Cie (Europe) S.A. 1008
Dec 11, 2018 How to invest it

Beautiful new financial world.

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.
Sonderveröffentlichung: Robeco Deutschland 1015
Dec 11, 2018 How to invest it

Let's have a look.

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.
Klaus Meitinger 1059
Dec 11, 2018 How to invest it

Who comes too early, ...

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.
Paul Greer 810
Dec 11, 2018 How to invest it

If not now, when?

Emerging market equities are now very attractive after the sometimes sharp price declines, says Michael Keppler of Keppler Asset Management Inc. New York. Now is a good time to invest.
Silke Lauenstein 855
Dec 11, 2018 Opinionleader

The future of the energy revolution.

"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.
Martin Faulstich 1178
Dec 11, 2018 Editorials

Der Bär rages under the radar.

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…
Klaus Meitinger 896
Oct 02, 2018 Editorials

Turn of time.

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.
Klaus Meitinger & Moritz Eckes 1173
Oct 02, 2018 Editorials

More private wealth - exclusively for you.

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…
Klaus Meitinger & Moritz Eckes 1149
Oct 02, 2018 Editorials

The high-noon moment.

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…
Klaus Meitinger & Moritz Eckes 1170
Oct 02, 2018 Editorials

Between utopia and dystopia.

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.
Klaus Meitinger & Moritz Eckes 1196
Oct 02, 2018 Editorials

By reasonable and unreasonable investors.

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;
Klaus Meitinger & Moritz Eckes 1176
Oct 02, 2018 Editorials

The Minsky moment.

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…
Klaus Meitinger & Moritz Eckes 1218
Oct 02, 2018 Editorials

On the fag end.

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?
Klaus Meitinger & Moritz Eckes 1157
Oct 02, 2018 Editorials

The situation is getting worse.

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.
Klaus Meeting und Moritz Eckes 1113
Oct 02, 2018 Editorials

Ten years of private wealth.

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.
Klaus Meitinger & Moritz Eckes 1099
Oct 02, 2018 Editorials

The justice debate.

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.
Klaus Meitinger und Moritz Eckes 983
Oct 02, 2018 Editorials

It comes to an oath.

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.
Klaus Meitinger und Moritz Eckes 918
Oct 02, 2018 Editorials

We're out of here.

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…
Klaus Meitinger 811
Oct 02, 2018 Editorials

The story rhymes.

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?
Klaus Meitinger & Moritz Eckes 893
Oct 02, 2018 Editorials

Issue June 2014: Bubble, Bubble.

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…
Thomas Müller 921
Oct 02, 2018 A letter from

Everyone has to be able to participate.

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.
Prof. Marcel Fratzscher 1082
Oct 02, 2018 A letter from

Protective layers.

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.
Dr. Walther Michl 1197
Oct 02, 2018 A letter from

Become wiser.

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?
Bernd Kolb 1151
Oct 02, 2018 A letter from

"Is passive investing really better than active investing?"

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.
Camille Thommes 1084
Oct 02, 2018 A letter from

Greek tragedy.

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.
Jochen Felsenheimer 1072
Oct 02, 2018 A letter from

"I'm worried already."

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;
Wolfgang Bosbach 1226
Oct 02, 2018 A letter from

The end of sound fiscal policy.

A letter from... Christian Jasperneite; The chief strategist von M.M. Warburg & Co. warns that dubious budgetary policies in Europe are taking the Central Bank hostage.
Christian Jasperneite 1273
Oct 02, 2018 A letter from

Economy and honor!

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…
Rudolf X. Ruter. 1116
Oct 02, 2018 A letter from

Can bio-science save the world?

A letter from... Prof. Dr. Michael John Gorman. The founding director of BIOTOPIA - Naturkundemuseum Bayern is considering how we can meet the big questions of the 21st century.
Prof. Dr. Michael John Gorman 998
Oct 02, 2018 A letter from

End game.

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.
Claude Martin 909
Oct 02, 2018 A letter from

Prosperity for all.

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…
Camille Thommes 1067
Oct 02, 2018 A letter from

Art and Economy.

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…
Prof. Dr. h. c. mult. Reinhold Würth 1029
Oct 01, 2018 Opinionleader

"Now it's enough."

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.
Dr. Peter Bofinger 1162
Oct 01, 2018 Opinionleader

Entrepreneurs must act now.

Many companies in Germany are facing huge challenges. "Our scenario analysis shows how decision-makers must act now so that 'made in Germany' remains a leader," informs Florian Klein, Deloitte.
Florian Klein 1258
Oct 01, 2018 Opinionleader

How families solve conflicts.

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) 1156
Oct 01, 2018 Opinionleader

"The cobalt boom is justified."

"The high prices for cobalt and lithium reflect the current supply-demand situation," says Abid Mukhtar of Commodity Capital. "It's still worth getting started." I already know what most people think: the recent dramatic price increases for lithium and cobalt are exaggerated. This is a hype, a speculative bubble that is fundamentally unjustified. Prices will soon collapse again and it is therefore better to wait for cheaper entry prices;
Abi Mukhta 1263
Oct 01, 2018 Opinionleader

"It's a cobalt hype."

"The prices for cobalt and lithium are currently significantly exaggerated. Viele Suppliers want to make a fast euro with the E-Auto-Story", warns Christoph Eibl, Tiberius Asset Management: "Don't let yourself be seduced". One thing I have to say in advance. I am convinced that we will see higher long-term prices for strategic metals, which are important for a new energy mix. Wenn Sie therefore have five to ten years time, kaufen Sie calmly cobalt or lithium. <font…
Christoph Eibl 1135
Oct 01, 2018 Opinionleader

Museums must reinvent themselves.

Should there be free admission to state museums or not? Florian Mercker, private-wealth art expert, uses the current discussion as an impetus to think about concepts for the museum of the future. In Germany, the abolition of entrance fees to state museums is discussed at regular intervals. Reflexively, those who have no money of their own - general directors, politicians, administrators - conjure up the death of the West. The entrance fees are indispensable to keep the administration running.…
Dr. Florian Mercker 1239
Oct 01, 2018 Opinionleader

Complicated new world.

Richard Smith-Bingham, Director EMEA of the Global Risk Center at Marsh & McLennan, believes companies need to prepare for disruptive change. It is my job to help companies and entrepreneurs identify critical risk factors for their business. However, the revolutionary political and technological changes that are currently taking place make me sceptical about the appropriateness of the euphoria that is currently driving stock market prices higher. In my view, global companies in particular will…
Richard Smith-Bingham 983
Oct 01, 2018 Opinionleader

No end of the boom in sight.

"In the German metropolises, demand for living space will exceed supply for even longer," says Jochen Möbert of Deutsche Bank: "House prices will therefore continue to rise. I can understand that many are sceptical about the years of real estate boom in this country. Above all, because residential construction is actually growing strongly. The number of building permits finally rose last year to 375,000, an increase of 20 percent on the previous year and the highest level since 1999. And…
Jochen Möbert 974
Oct 01, 2018 Opinionleader

"The trend in purchase prices is breaking."

"The prices for condominiums are no longer in any meaningful relation to the framework conditions. Those who invest risk their equity", warns Harald Simons, Empirica AG, member of the Council of Real Estate Experts. The industry is currently discussing above all a possible rise in interest rates as a risk to real estate prices. It overlooks the fact that the interplay between supply and demand for housing may also lead to such a break in the trend.
Harald Simons 1137
Oct 01, 2018 Opinionleader

Inflation is coming back.

The price increases of recent months are not a temporary phenomenon, meint Peter E. Huber, Vorstand of asset manager StarCapital: "They mark the beginning of a new era". After 35 years of disinflationary tendencies nobody believes in a real comeback of inflation anymore. In my opinion, this will be the biggest surprise of the coming years.
Peter E. Huber 974
Oct 01, 2018 Opinionleader

"The worst is yet to come."

Uwe Eilers, Geneon Wealth Management, is convinced that leaving the EU will damage Britain's economy in the long term. "Keep your hands off British assets." I am well aware that it is not easy to argue against the current economic data. After all, the big slump in the British economy, which many had expected after the British Yes to Brexit, failed to materialise. On the contrary, the British stock market has performed very well. And many economists are currently revising their forecasts for…
Uwe Eilers 1104
Oct 01, 2018 Opinionleader

Brexit risks are overestimated.

The pound depreciated significantly after the Brexit decision. "This will stimulate the economy," says Christian Jasperneite, M.M. Warburg: "British assets offer positive surprise potential." Have you followed the current forecasts of economists on developments in Great Britain? Then you've probably noticed that most analysts have started to raise their expectations for economic growth on the island. In fact, three months ago they were still assuming a meagre increase of 0.9 percent for the…
Christian Jasperneite 971
Oct 01, 2018 Opinionleader

The real D.J. Trump.

What will really change in the World Concert under a US President Donald J. Trump? Seit of the election, countless scientists, economists, analysts and political scientists have commented - private wealth summarizes their opinions. In the Anglo-Saxon world, there is a hübschen Spruch if a person is to concretize their position or reveal their true character: "Will the real Donald Trump please stand up." Before the US election, commentators outbid each other with negative forecasts in case Trump…
Klaus Meitinger 895
Oct 01, 2018 Opinionleader

The economist with a mission.

Appreciation. Hans-Werner Sinn's terms of office as President of the ifo Institute and Professor at the LMU Munich will end on 31 March. Eine of the most influential voices of science in the economic policy debate is leaving the big stage. "I want to bring rationality into the public debate," is how Hans-Werner Sinn describes his motivation. His arguments are like genes in the public discourse, which spread inexorably once they have been presented.
Klaus Meitinger 1085
Oct 01, 2018 Opinionleader

What's certain is insecurity.

Refugee crisis, IS, Ukraine, Brexit - we are living in a time of crisis in geopolitics. Markus Kaim, Stiftung Wissenschaft und Politik, explains why this will continue to be the case in the future. Even earlier generations did not live on the island of the blessed. And yet there is a remarkable difference between yesterday and today. The established orders with which we were politically socialized have become fragile. Above all, however, these introduced orders have not (yet) been replaced by…
Markus Kaim 1080
Oct 01, 2018 Opinionleader

Global economy facing loss of control.

Global economy facing loss of control. According to Professor Henning Vöpel, Managing Director of the Hamburg Institute of International Economics, the world is looking for a new order: "But the road to it can be long and very difficult.
Professor Henning Vöpel 929
Sep 30, 2018 How to invest it

A question of control.

CEOs in family businesses. Der CEO ist the most important decision maker in the company. More and more family businesses are deciding to fill this position externally as part of the succession process. Wie the family then organizes the collaboration to minimize um Konflikte? Bankhaus Merck Finck supports WHU in Vallendar with a junior professorship to answer such questions.
Sonderveröffentlichung: Merck Finck Privatbankiers 1186
Sep 30, 2018 How to invest it

Ingenious change to the building plan

Genome editing. After half a century of molecular biological research, scientists can now make precise and targeted interventions in the genetic material of plants, animals and humans. What does this mean for the biotech industry? And how do investors benefit?
Dr. Ludger Weß 842
Sep 30, 2018 How to invest it

Return of returns.

Interest rate trend. The decisive factor behind the declining interest rates of recent decades was a factor that was often hardly noticed - the ageing of society. If the so-called baby boomers retire from working life in the future, the glut of savings in recent years could turn into a savings squeeze. Then interest rates should tend to rise again - with considerable effects on capital investments.
Sonderveröffentlichung: B. Metzler seel. Sohn & Co. 965
Sep 30, 2018 How to invest it

At the top.

Business cycle. After the strong upswing of the past two years, global economic growth appears to have peaked. Is the crash following now? How likely is a recession? And how are the inflation rates, which are regarded as the decisive influencing factor for central bank policy, developing? The Lerbach Round takes a close look at the world of business from the investor's perspective.
Klaus Meitinger 849
Sep 30, 2018 How to invest it

Cock closed.

Monetary policy. With flows of liquidity and zero interest rates, the central banks have stimulated the economy and capital markets. Now they pull the reins slowly, but surely again. What impact will this have on the prices of the various assets?
Gerd Hübner 837
Sep 30, 2018 How to invest it

The Lerbach Round.

Panel of experts. The Lerbach group - bankers, asset managers and family officers - meet every early summer in Schloss Bensberg to provide investors with inspiration and orientation. In 2018 the meeting will be particularly explosive. After zehn Jahren upswing and low interest rate, monetary policy and economy seem to be on einem Wendepunkt. What happens now on the interest rate and stock markets?
Klaus Meitinger 989
Sep 30, 2018 How to invest it

"The party's over."

"There were good fundamental reasons for the correction on the equity markets," explains Roland Kaloyan, Head of European Equity Strategy at Société Générale. "Prices could fall further until the end of 2019."
Roland Kaloyan 814
Sep 30, 2018 How to invest it

"The party goes on."

"The turbulence of February was a correction, not a turnaround," says Carsten Klude, chief strategist at M.M.Warburg, "our traffic lights are still at auf Grün. Stock prices will continue to rise."
Carsten Klude 1041
Sep 30, 2018 How to invest it

I'll pay. You're looking. You'll find We win.

Investment idea. From the US, an investment alternative is coming to Europe that is perfect for entrepreneurial investors. The participation in Search Funds paves the way for direct investments in the most interesting medium-sized companies.
Klaus Meitinger 1161
Sep 30, 2018 How to invest it

The race to catch up continues.

Investment strategy. Emerging market equities were already last year's winners. However, because the shares there are still relatively cheaply valued, it is interesting to further increase the positions.
Klaus Meitinger 990
Sep 30, 2018 How to invest it

"We want to make a difference."

Responsible investing. Sustainability in financial investments has long ceased to be a niche issue. As demand grows, so does the demand from investors for implementation. Pictet Bank's Wealth Management has therefore developed a system that enables it to meet the individual values of its clients.
Sonderveröffentlichung: Pictet & Cie (Europe) S.A. 886
Sep 30, 2018 How to invest it

Added value through finetuning.

Investment concepts. Strictly passive index investments have advantages and disadvantages.More and more investors are asking Darum whether it is not possible to avoid negativen Aspekte without having to forego the positive ones. This idea follows the concept of Enhanced Indexing.
Sonderveröffentlichung: Robeco Deutschland 904
Sep 30, 2018 How to invest it

When investors insure.

Investment strategies. More and more investors are using cat bonds to diversify their portfolios. These securities function similarly to an insurance policy against natural hazards and are intended to generate interesting long-term returns independent of the capital markets. In 2017, however, the large number of natural catastrophes put prices under pressure. A warning signal? Or a chance?
Gerd Hübner 963
Sep 30, 2018 How to invest it

Art as a multi-channel business.

Trade fairs, gallery owners and auction houses are closely interlinked in the art trade. "Each of these channels has its specific challenge - and collectors benefit," explains private-wealth art expert Florian Mercker.
Florian Mercker 1010
Sep 30, 2018 How to invest it

Miniature marvels.

Automaton. More than 150 years ago, talented mechanics began to recreate living beings in artistic automatons. These songbirds, humans and dogs master the most complicated movements and patterns. However, their performance only knows one direction - upwards.
Jan Lehmhaus 971
Sep 30, 2018 How to invest it

"An art fair is not an amusement park."

Art fair TEFAF. Patrick van Maris has made a name for himself at Sotheby's auction house. Since 2015 he has been CEO of TEFAF, which will take place from 10 to 18 March in Maastricht. The fair has long been known for its concentration on old masters and antiques. How does he succeed in opening up to a wider range of styles? And how is he preparing for the collectors of the future?
Anna Meinecke 1005
Sep 30, 2018 How to invest it

"We stiften Stiftungen."

Philanthropy. With a sub-foundation to the Merck Finck Foundation, people oriented toward the common good can achieve everything that would be possible in a legally independent foundation - only easier, cheaper and more efficient. A very special model.
Sonderveröffentlichung: Merck Finck Privatbankiers 713
Sep 30, 2018 How to invest it

"Bitcoin course will rise for a long time to come."

Some crypto currencies will establish themselves as means of payment in the long run, says Uwe Zimmer of Fundamental Capital. "An investment in the leading digital computing units is therefore worthwhile."
Uwe Zimmer 713
Sep 30, 2018 How to invest it

"This is a bubble of speculation."

"Bitcoin, Ethereum & Co. will never become widely accepted currencies," warns Maximilian Kunkel, chief investment strategist in the UBS Chief Investment Office for Germany: "Leave it alone."
Maximilian Kunkel 938
Sep 30, 2018 How to invest it

Dangers? Where are the dangers?

Stock markets. The world economy is booming. Corporate profits are bubbling up. Interest rates are low. And the stock markets are celebrating records. Investors currently obviously live in the best of all worlds. Can it stay that way? Or are there hidden dangers? Experience shows that when superlatives are the order of the day, it is high time to talk about the risks.
Klaus Meitinger 766
Sep 30, 2018 How to invest it

That's the defense.

Risk management. We live in the best of all worlds. Growth and, at the same time, ultra-low interest rates are causing prices to rise. But this also increases the risks. "It's like football - we have to be sure at the back to take advantage of the opportunities," smiles Armin Eiche, CEO Wealth Management Germany at private bank Pictet. It shows how investors keep risk under control.
Sonderveröffentlichung: Pictet & Cie (Europe) S.A. 748
Sep 30, 2018 How to invest it

Cool guys.

Stock market barometer. Six years ago, Professor Rudi Zagst of the Technical University of Munich (left) developed a scientific model that measures the probability of stock market turbulence. Together with the evil professional Oliver Schlick, he is now working on transferring the information into an investment model. Science meets financial experience - the two of them could not have chosen a better moment for it.
Klaus Meitinger 1057
Sep 30, 2018 How to invest it

The environment becomes more valuable.

Investment idea. If Europe wants to reach seine Klimaziele, it must reform the market for CO2 emission certificates. First steps have been taken. If the prices for these pollution rights rise in the future, financial investors will also benefit.
Klaus Meitinger 1025
Sep 30, 2018 How to invest it

Europe and the Causa Italia.

Euro. The ECB's monetary policy has recently pushed Italy's debt problems into the background. "But what will happen if the central bank now starts den Ausstieg from ultra-expansive politics?" asks Timo Schwietering, Head of Capital Market Analysis, Metzler Private Banking.
Sonderveröffentlichung: B. Metzler seel. Sohn & Co. 758
Sep 30, 2018 How to invest it

Intelligent gifts.

Gift. From 1 January 2018, new rules will apply to the taxation of investment funds' capital gains. Anyone who bought equity funds before 01.01.2009 can now use these so-called old funds for a particularly lucrative Christmas present.
Klaus Meitinger 761
Sep 30, 2018 How to invest it

Close the gap.

Private Debt. Since the financial crisis, banks have been increasingly withdrawing from lending to companies. But of course they will also need financial resources in the future. The solution to the problem is Private Debt - corporate financing through a loan from private investors. This can be very lucrative for investors. This is because private debt has attractive interest rates and attractive conditions.
Gerd Hübner 837
Sep 30, 2018 How to invest it

Keep looking ahead.

Prognosis. "Strategic investing means eliminating daily noise and focusing on the key structural trends," says Lukas Daalder, CIO bei Robeco Investment Solutions. That's why he dares a five-year outlook.
Sonderveröffentlichung: Robeco Deutschland 906
Sep 30, 2018 How to invest it

The history of the automobile.

Oldtimer collection. In a former factory building in Hersbruck, Franconia, the Dauphin family created a unique place of communication and a noble event location. A place of amazement, enjoyment and dreaming: the Dauphin Speed Event houses an outstanding collection of 160 precious automobiles and 300 motorcycles.
Philipp Wente 1314
Sep 30, 2018 How to invest it

Careful, hacker.

Cybercrime doesn't stop at the art trade either. Florian Mercker, private-wealth art expert, explains the methods used by criminals and how collectors and gallery owners can protect themselves.
Dr. Florian Meckre 734

Publishing address

  • Private Wealth GmbH & Co. KG
    Montenstrasse 9 - 80639 München
  • +49 (0) 89 2554 3917
  • +49 (0) 89 2554 2971
  • This email address is being protected from spambots. You need JavaScript enabled to view it.

Languages

Social media