Multiple Existential Crises

Good Morning Ladies and Gentlemen

”We cannot add days to life, but we can add life to days.”

Young woman at the funeral service in Crans-Montana

Politics often focuses intensely on the present while remaining largely indifferent to the future. This oversight is especially concerning as it ultimately impacts our children and grandchildren. Ladies and Gentlemen, I believe it is essential to uphold the principle of intergenerational justice, the right of young people to access an equitable distribution of freedom, opportunities, and responsibilities over time and across generations, grounded in their fundamental right to liberty. Unfortunately, due to short-term political opportunism, this principle is frequently overlooked, which leads to a slow numbing and creeping poisoning of political discourse and action

Multiple Existential Crises

The world is currently grappling with several existential crises, be it concerns about Greenland’s annexation by the U.S., or Taiwan’s integration into China, Canada becoming the 51st state of the USA, Germany’s imperative to arm Ukraine, European regulatory frenzy, ever more sanctions and tariffs, and rising prices for daily goods. In this context, the pursuit of balanced budgets has been set aside. For the first time in decades, we see an almost global trend towards fiscal stimulus in advanced economies.

Bullish on Crude

Ladies and Gentlemen, keeping such “multiple existential crises” in mind, there is no need for over-analysis; it is clear that gold, silver, and copper are experiencing significant price increases, and I believe that global growth is likely to exceed expectations, and therefore, the real surprise to me would be if oil does not rise alongside these other commodities.

Will this Lead to Inflation

I believe higher inflation is likely to occur eventually. However, for the first half of 2026, I anticipate that inflation will be under control due to base effects. Last year, we saw considerable inflationary pressures in several economies, but at present, that does not appear to be recurring. This situation (positive base effect) should contribute to lower inflation rates, and, possibly by Q2, we may also see a reduction in interest rates in the U.S., and, who knows, potentially in the EU as well.

Higher Prices vs Lower Prices

It is important to emphasise that a decrease in inflation should not be confused with lower prices. A reduction in inflation simply indicates that prices will not rise as rapidly as they have in the past, but it does not imply that prices will actually decrease.

Today’s Quote

As some of you may have heard, there was a most unfortunate, terribly sad incident, a deadly fire in a club for young people in Crans-Montana, Switzerland, my home country. 40 young people lost their lives, and another 120 were partly life-threateningly injured. During the main funeral service in a regional church, which was broadcast on TV, a young lady in mourning said, “We cannot add days to life, but we can add life to days”. To me, this was very touching, so I immediately wrote it down to share it with you. The statement is relevant, and I will try to keep it in mind.

Ladies & Gentlemen

Feel free to send your messages to smk@incrementum.li. Many thanks, indeed!

I wish you an excellent start to the day and weekend!

Yours truly,

Stefan M. Kremeth
CEO & Head of Wealth Management
Incrementum AG – we love managing assets

Tel.: +423 237 26 60
Cell: +41 79 303 48 39
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9494 Schaan/Liechtenstein
Mail: smk@incrementum.li