Highlights of the Special Edition
FOCUS THEMES 2020
Central bank behaviour in light of the fear of “Japanification. Geopolitical uncertainty in a multi-polar world. Europe on its path to recovery despite an unresolved Brexit situation. And the likelihood of a third reversal in US national policy after the 2020 election.
THE BIG PICTURE
As indicated in the title of this publication, we believe it’s not yet time to say goodbye. Risky assets such as equities continue to be supported by a string of positive headlines. Monetary policy may be reaching its limits. Politics as a key market driver in the near term. And numbers pointing to a recession-free slowdown.
With negative interest rates, traditional concepts of wealth management do no longer meet the high demands of ever-changing financial markets. We make the case for an active and risk-sensitive asset allocation with a distinct focus on capital preservation.