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;

Central banks in emerging markets have piled up currency reserves for six trillion dollars. They had to reinvest them - and bought meist US bonds. Central banks from the industrial nations have been purchasing bonds for four trillion dollars since 2008 as part of "quantitative easing". No matter what they cost. In the case of banks, regulatory provisions dominate the investment decision. Not the return. Life insurance companies and pension funds pay particular attention to ensuring that the investments match their obligations. Fund managers and ETF providers buy when they receive capital inflows - not when the securities are particularly attractive.

If securities are bought for an unimaginable amount of money for reasons that have nothing to do with generating a reasonable return, then it is reasonable to assume that the prices for these investments are now simply very high.

It is therefore particularly interesting that the private-wealth stock market indicator now calls for caution. Current results of the indicator can be found at www.private-wealth.de . We have adapted the editorial program im Bereich "how to invest it" to this new situation. In of this issue you will find many ideas for reducing the risk in your portfolio. Es are investments that promise to be independent of Märkten Rendite And so-called asymmetric investments, which make small profits possible when prices rise. Mit which you will lose less if it goes wrong.  

All this of course has a price: Falls the prices continue to rise, you miss profits. But it is you who can afford the luxury of being a buyer at  vernünftige Sie are not linked to any benchmark index. You're only responsible for yourself. They're already wealthy. Sie it doesn't have to be. Sie just want to stay it.

Sincerely,

Klaus Meitinger                        Moritz Eckes
Editor-in-Chief                       Publisher

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