And the Winner is?

Good Morning Ladies and Gentlemen

”More than 30% of U.S. market capitalisation now trades above 10x sales.”

GMO (Grantham, Mayo, Van Otterloo & Co. LLC)

Who won?

Finally, and once again, the sleepless nights are over; it is time to declare our year-end competition winner.
As every year, the data comes from Finanz und Wirtschaft (fuw.ch).

Shanghai Composite

According to the source mentioned, the Shanghai Composite Index closed the year at 3’968.84, finishing in clearly positive territory. Some of my readers had predictions around 2’500.00. However, the closest prediction came from Mark T., who estimated that the Shanghai Composite Index would close the year 2025 at 3’974.66, just 5.82 points aside. Well done, Mark T.!

10-Year U.S. Treasury

According to the source mentioned, the 10-year U.S. Treasury closed the year at 4.121468%. The closest prediction came from John and Antoine, both of whom estimated that the 10-year U.S. Government Bond would close the year at 4.1%. Well done, John and well done, Antoine!

Silver

Ohhh, Ladies and Gentlemen, Silver was my favourite investment for almost two decades, and it never took off and in 2025 – woooosh!
The slow long-term performance, the volatility, and the frustration were tough to manage for me, and now, what am I supposed to do? Should I sell or stay greedy and hope for more?
Anyway, let us have a look at our winner in this category. According to the source mentioned, Silver closed the year at USD 71.31. The highest and closest prediction came from Mark L., who guessed USD 54.50, well ahead of the others. Well done, Mark L.!

The Winner

Ladies and gentlemen, this year’s competition was once again very close, particularly between Mark L., Mark T. (former winner) and my partner, Hans, who runs our flagship fund with great success for years now.
And the winner is… Mark L.!
Yes, this marks his first victory in the Incrementum Year-End-Competition, making him the 2025 champion.
Congratulations, Mark L.! A wonderful one-ounce silver coin will be sent to you. Well done!

Thank you!

Thank you very much for participating. Maybe there will be another Year-End-Competition for 2026. But first, I wish you all the best for 2026. Stay healthy and fit, and take care!

Ladies and 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
Im alten Riet 153
9494 Schaan/Liechtenstein
Mail: smk@incrementum.li