The End of Free Money

The End of Free Money

Capital markets are in for an eventful week. Today, U.S. inflation data for November will be published, before FED Chairman Jerome Powell is expected to announce the last interest rate hike of 2022 in the United States tomorrow. On Thursday this will be followed by...
The End of Free Money

Attractive Bonds vs. Zombie-Companies

Since the Great Financial Crisis equities delivered significantly better returns than bonds. Nevertheless, bond prices also rose by an unusual extent. Bond yields fell to historically low levels in the wake of unprecedented interest rate cuts and central bank purchase...
The End of Free Money

Vain hope of perfect timing

Hopes of a timely turnaround by the U.S. Central Bank in its monetary policy initially led to a strong recovery of the stock markets over the summer. But continued high consumer goods inflation, combined with even higher increases in industrial pre-acquisition prices,...
The End of Free Money

Gas shortage in Germany

The flow has dried up. Russia has stopped supplying gas to Europe via the Nord Stream 1 Baltic Sea pipeline on 31 August 2022. First, the delivery volumes were set back to 40 percent of the possible transport capacity, then to 20 percent and now to 0 percent. The...
The End of Free Money

No fear of volatility

After the worst first six months of the year in stock market history, investors must continue to show strong nerves. The S&P 500 stock index lost a whopping 20 percent in the first half of 2022, only to stage a stellar recovery in July. The change in investor...
The End of Free Money

Why gold, cryptocurrencies and complex derivatives do not matter

Managers of a multi-asset portfolio can use the full breadth of the capital market as part of their capital allocation. In addition to equities and bonds, investments in commodities, precious metals, derivatives and in new asset classes such as cryptocurrencies are...
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