Editorials


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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By reasonable and unreasonable investors.

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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;

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