Now it's all about the whole thing.

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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 soil. Otherwise it won't help if we save here in Europe (page 114 of the print edition). The industrial nations will have to pay just as much for this as for the preservation of the CO2 sink in the rainforest. How this should work in a world that is focused on growth and increasingly nationalistic in its thinking is still a mystery to us. Can we really do this?

Especially when we are in despair, the stories of entrepreneurs who owe their success to sustainable innovations are encouraging (page 114). We were particularly electrified by the great progress made in nuclear fusion. This is a real hope for infinite, environmentally friendly energy (page 94). It is frustrating, however, that the world has not bundled all its research capacities to help this technology achieve its breakthrough.

What can you do yourself? Capital must put pressure. Ask your investment advisor to invest your money only sustainably and with a view to climate change (page 52 of the print edition). As philanthropists, make sure that your efforts trigger a domino effect (page 80 of the print edition). And when you enjoy your hard-earned prosperity, you compensate for any larger CO2 footprint that may have been created on Atmosfair or other platforms.

But above all: Vote only for politicians - no matter which party - who are committed to a genuine, worldwide solution to the climate problem and do not hide behind the negative consequences of such a policy for the economy. And support the young generation. Anyone who pretends there's an easy, painless way out doesn't deserve your voice. We need true leadership - to intensify our efforts, to say goodbye to wishful thinking, to end the tendency to postpone and deny the unpleasant truths. It's about much more than just protecting our portfolios from the impact of climate change. It's about our children, our species. It's a whole thing.



Klaus Meitinger Chief Editor


Moritz Eckes

Der Bär rages under the radar.

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

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

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Turn of time.

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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.

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More private wealth - exclusively for you.

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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 it will still be relevant in one or two years, but this time in the discussion with the Lerbach Round Table we have reached the limits of this resolution in some points.

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The high-noon moment.

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thumb-Editorial 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 pointing clearly downwards again. Is the recession coming back?

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Between utopia and dystopia.

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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.

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