vFOCUS Online : The new decade has begun and turbulent: it is Only the concern of a new Gulf war will tear the markets down, then the stock markets set new all-time highs. This gives us a foretaste of the next few years?

Maximilian Kunkel: This is, of course, difficult to say. It is established that there will be many changes in the next few years. We expect, for example, a further growth of the cities, a decline in trade and a decline in the working population in the industrial Nations. We also expect that wealth inequality will increase and the pension systems will come under pressure. There are many challenges that lie before us, which we have to face. Accordingly, investors need to adjust their behavior. The Person

Maximilian Kunkel is chief investment strategist at UBS in Germany. In this role, he developed together with his colleagues, investment strategies, assessments, and recommendations for high-net-worth clients.

Each challenge also brings opportunities.

FOCUS Online : What does that mean?

LF: It is, of course, to a to be among the major topics of the new decade, so about urbanization, increasing use of the Internet or climate protection. Because everywhere, where there are challenges, there are also opportunities.

FOCUS Online And the other?

LF: on The other do not need to be investors realize that the old rules apply. The basic principle must be reconsidered. Earlier bonds were purchased in order to achieve regular and predictable interest income. You bought, cashed the coupons and held the securities until maturity. Share gains in the first line only blending for a short-term course. Due to the low interest rate policy of the Central banks it is the other way around. The dividend and not the coupon of the bond is the source of Revenue. The focus is on the stocks, while the Bond portion is flexible and agile must be, because the interest income is minimal and not Hold-to-maturity lucrative.

This will provide many insurers and pension funds face major challenges. You are required by law to invest predominantly in bonds. The Depot-a comparison of FOCUS Online (display) you can now Find your suitable Depot in the comparison

investors, pension in Hand

For life insurance companies and pension funds to take Good is in fact nothing. No other developed country is so badly prepared for this combination of low interest rates and rising consumer prices, such as Germany. The pension scheme is based due to regulatory constraints to bonds and to shares. The investors should, therefore, at the time of retirement, the booklet in Hand.

display

FOCUS Online : you said that we will see low interest rates and rising prices. Currently, the interest rates are so low, just because prices are rising. It is not with the interest rates up again, if Inflation accelerates?

LF: Only to a limited extent. Interest on a normal level, would lead to a Crash in the real estate market and problems in many companies and countries. The debt is too high for normal interest rates. The economic impact of a turnaround in interest rates, which would earn the name would not be so catastrophic, that they would be politically feasible.

FOCUS Online : But Sweden has shown that interest rates can rise again.

LF: , In fact, has raised the Swedish Central Bank, the interest rate to zero percent. But this is also not a normal level. At normal levels, the Sweden will not increase the interest rate.

FOCUS Online This means that The Inflation will rise and the Central banks to look?

LF: Yes, they will let the Inflation only run once. How far is hard to say. We'll see where the pain is limit. With the SCC-exchange of letters next to values, and in the short term and the long term Top return on investment! (Partner quote) Here is an exclusive 30-day free trial!

share a revaluation

FOCUS Online : What's hot, the prospect of many more years of low interest rate policy for the stock markets?

LF: share stand in front of a re-evaluation. The income returns, so the profits in proportion to the market capitalisation, currently about six percent in the MSCI World. This corresponds to the level of 2003.

FOCUS Online : As the interest rate is still much higher. What end you conclude?

Kunkel : Either investors expect a significant decline in profits due to a recession, we do not see at the moment but. Or you don't trust the low-interest-fry, expect interest rates to rise back to normal levels. But we do not see. That is, if the investors have internalized the low interest rates, will it go with the rates even in a low growth to continue upward, because investors will re-evaluate what is expensive and what is cheap. It comes to a rating, expansion.

read also: the Fifth year in a row with red Numbers - Deutsche Bank as of 2019 loss of 5.3 billion euros, Where is Corona Virus everywhere? Real-time map shows the spread of the disease, FOCUS Online/Wochit Where occurs Corona Virus everywhere? Real-time map showing the spread of the disease

Date Of Update: 31 January 2020, 07:00