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…

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…

Although the quotations of most stock indices are close to their record levels, two thirds of the members of the Lerbach Competence Circle are betting on rising prices in the coming six months as well. They have good arguments for this.

Too much optimism, too high expectations, prices rising too quickly - this is how one third of the Lerbach Competence Circle comments on the situation on the stock markets.In the course of the next six months, the experts expect significant setbacks.

Sustainable investment. In future, more and more capital will only be made available to companies that behave in an exemplary manner in terms of ESG - environmental, social and corporate governance. Or make a positive contribution to our society through their business model, products and services. A megatrend has gained momentum and will continue to accelerate in the future.

Impact Investment. Investments in innovative companies with a positive impact on the environment and society are increasingly becoming the focus of investors. But putting this idea into practice is not entirely straightforward. "Measuring and controlling the actual impact is just as big a challenge as building an optimized portfolio from the many exciting companies. We have developed a special approach for this," explains Huub van der Riet, long-standing manager of the NN (L) Global Equity…

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.

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 &…

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.

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?

Income. Secure interest rate investments will not yield a return for years to come. For investors seeking adequate returns with reasonable risk, broad diversification across a range of alternative investments is the solution.

Economic policy. Fiscal and monetary policy are increasingly converging. Is this a curse? Or a blessing? And what does it mean for the future of the economy, the prospects for growth and the outlook in the various asset classes?

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.

Venture capital. Venture capital investments in the technology sector have always had a special appeal due to the great potential for returns. Accelerated by the pandemic, innovation and disruption are now receiving an additional boost. "Intelligent fund solutions give investors the opportunity to invest early in the billion-dollar companies of tomorrow," says Peter Begler, Schroders.

Green Bonds. Increasingly, governments and companies are issuing bonds to finance "green" projects. This is interesting for investors for two reasons. "Capital has a positive effect, and with the right selection, the risks in the portfolio can be reduced," explains Bram Bos, NN Investment Partners.

Real estate. Wealthy investors and family offices are looking for secure investments with long-term stable returns. Tino Lurtsch, Managing Director at Schroder Real Estate, and Georg Gmeineder, Alternative Director Real Estate at Schroder Investment Management, will show how this goal can still be achieved today through selected properties in metropolitan regions.

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.

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.

Technologieaktien. Die Wertentwicklung von Aktien im Tech-Sektor ist atemberaubend. Und erinnert ein bisschen an die Dot-Com-Blase der späten 1990er Jahre. Ist die Furcht vor einem Tech-Crash unbegründet? Und wieviel Tech gehört ins Depot?

Secondary Private Equity. Many large investors are so successful because they hold a high quota of private equity in their portfolios over the long term. "Even for wealthy private investors and smaller family offices, however, this is not so easy to implement," explains Florian Dillinger, Matador Partners Group AG. "In order to create easy access to this asset class for them, we have founded Matador".

Strategy. How will the global economy develop? How will corporate earnings turn out in the future? Which losses at companies will be temporary, which permanent? And how should investors position themselves now? The Lerbach Competence Circle, an illustrious panel of 26 family officers, asset managers and private bankers, has answers to the most important questions from investors.

Infrastructure bonds. The market for interest rate investments is split in two. Completely safe securities no longer offer a yield. And where investors can achieve high returns, the risk of bankruptcy is always present in the face of the looming global recession. The Schroders investment house has found a middle ground. Infrastructure bonds can generate yields of around four percent - with a maximum of security.

Stock strategy. Once the dust settles, it will become clear that the global economy is likely to grow more slowly in the post-Corona period than previously assumed, says Georg Graf von Wallwitz, founder of the asset management firm Eyb & Wallwitz. Then only a few companies will prosper. "These have to be found. Because they will become more and more valuable for investors.

Megatrends. More and more often, investors are not orienting themselves to countries when building up their equity portfolio, but to ­themen. "The pandemic will reinforce trends that were clearly visible before," says Ed Verstappen, trend investing expert at Robeco. Today is therefore a good opportunity to invest in this sector. The professional explains what investors should bear in mind when making theme investments.

Change. More and more social bonds are being issued to provide capital to solve social problems. "Investors should thus achieve a social return in addition to the financial one," explains Simon Bond, bond expert at Columbia Threadneedle. "For this to really work, however, the benefits of the projects must be analysed very carefully."

Hotel real estate. The hotel and travel industries are at the epicentre of the Corona crisis. "Although the short-term outlook is extremely bleak. But those who invest countercyclically in hotels will be rewarded in the long term", Philipp Ellebracht, Head of Real Estate Product Continental Europe at the Schroders investment house, is convinced: "Because the hotel market should have fully recovered within the next five years".

Impact Investment. Investing money in a financially lucrative way and at the same time generating a measurable social return is considered the supreme discipline of sustainable investing. "It is particularly interesting to implement this in all asset classes," says Sönke Niefünd, Co-Head Competence Center Sustainability and Head of the Hamburg office of Merck Finck Privatbankiers AG. He explains how this is achieved.

Bitcoin. In view of the monetary dilution of all paper currencies due to the extremely expansive monetary policy, investors are looking for alternative store of value. The first choice is gold - proven for centuries. With Bitcoin, perhaps another alternative is now emerging.

Asset class Real estate. Wealthy investors and family offices are continuously expanding the proportion of real estate in their portfolios. Thomas Wiegelmann, Managing Director at Schroder Real Estate, and Morten Bennedsen, Professor of Family Business at INSEAD University, explain why an investment in real estate is attractive and how it is intelligently implemented.

Small caps. Shares in smaller companies often receive little attention from the analysts of large financial institutions. As a result, there are always particularly interesting opportunities to discover in this segment. "But a truly successful, long-term small-cap strategy requires a global and active approach and a lot of know-how," Scott Woods and Neil Robson of Columbia Threadneedle are convinced.

Stock market strategy. The expansive stance of the central banks supports the stock markets. Doch not all areas will benefit. Carolin Schulze Palstring, Head of Capital Market Analysis at Metzler Private Banking, examines the various investment segments.

Strategy. The asset manager Eyb & Wallwitz has been performing above average for institutional clients for 15 years. "Now we want to make our quality and successful asset management strategies easily accessible to even more investors," explains Eduardo Mollo Cunha, partner at Eyb & Wallwitz. His answer to the Fintech revolution is Eyb & Wallwitz digital.

Microfinance. Microcredits give people in poorer countries the chance to build something up to secure their livelihood in the long term. "At the same time, microfinance offers investors ongoing interest income and a positive diversification effect at portfolio level," says Daniel Kerbach, CIO of Merck Finck Privatbankiers. This makes this asset class attractive in two respects.

Private equity in Asia. In the 21st century, Asia will dominate the world. In no other region do investors find such a combination of size and growth. Private equity is the key to unlocking this potential.

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.

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.

Infrastructure. Those looking for stable and high-yield investments have long been able to find interesting investment opportunities in the infrastructure sector. "We are now setting up a strategy that differs significantly from traditional funds in that it focuses on the mid-market segment and has an endless term," says Heiko Schupp, Columbia Threadneedle. "This offers a chance for higher profitability."

Modern Monetary Theory. If the state wanted to spend more to stabilize the economy, it could simply print money - at least that is the "modern" monetary theory. Is a world without a recession really conceivable? What investors should consider.

Real estate. From old to new. In times of scarce land, the revitalisation and rededication of non-essential existing buildings on the company premises can be an interesting, fascinating and lucrative idea. Dr. Klaus Trescher, Kriton Immobilien, explains what entrepreneurs and investors should look out for.

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.

Urbanization. More and more people are moving to the cities. In order for these to remain worth living, extensive investments are necessary. "This will benefit those companies that offer solutions," explains Ivo Weinöhrl, fund manager at Pictet Bank.

FinTech. Many industries have already been turned upside down by digitisation. Patrick Lemmens and Jeroen van Oerle are convinced that it is now the turn of the financial industry to Robeco. They identify winners and losers.

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.

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.

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.

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?

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.