A precious-metals reality check

The latest sell off was a dramatic reminder that precious metals can move in bursts. Inflation adjusted prices are still at levels rarely seen in modern history.

A differentiated look at the IT sector

Our CROCI analysis highlights the importance of valuation assumptions

4th Quarter 2025 Market Update: German equities defied a poor economy

By: Hansjoerg Pack

3rd Quarter 2026 Market Update: German Equities

By: Hansjoerg Pack

Looking into the third quarter, the key market debate has shifted away from geopolitics and back towards artificial intelligence and the sustainability of the current technology cycle.

3rd Quarter 2025 Market Update: Views on Germany

By: Hansjoerg Pack

10 themes for the year ahead

Which investment themes could be relevant for 2026? An overview of all 10 themes.

10 Themes - #9: Diversification today

Planning scenarios, managing risks and seizing opportunities

10 Themes - #8: U.S. dollar under pressure, but that’s not the end

The greenback is caught between tactical shifts and structural anchoring.

10 Themes - #7: Industrial policy in transition – from global to local

Governments are increasingly prioritizing resilience over efficiency, with far-reaching consequences for markets and companies

10 Themes - #6: Europe's rearmament is a project for decades

Europe's limited defense capabilities may remain so for some time. This is not a comforting realization, but it means funds could be flowing into the defense sector for a long time.

10 Themes - #5: Could Europe's demographics raise interest in stocks?

Europe’s pay-as-you-go pension system should be supplemented by a funded system. This could also help foster public financial literacy and support Europe's economy.

10 Themes - #4: Digitalization meets sustainability

Our digital future is going to need a lot more energy than people think

10 Themes - #3: Stablecoins have the potential to transform the payment infrastructure

Regulated euro stablecoins set the standard for efficiency, liquidity and institutional acceptance

10 Themes - #2: China as relative beneficiary of U.S. trade policy

No country is targeted by U.S. tariffs and sanctions as much as China. But China is also a country that seemed well prepared for Trump's second term. China's stock markets may be benefiting.

10 Themes - #10: Artificial Intelligence: too big for a one-pager

Surging investment, rapid innovation, and rising volatility – why AI is reshaping winners and losers, and how active selection may be key in what we think could be a boom, not a bubble.