Author: Stefan Markus Kremeth

Good Morning Ladies and Gentlemen

“I object to intellect without discipline.”

by Mr. Spock

Thank you

Thank you for your positive feedback on my last «Stefan’s Weekly». I was happy to read that many of my readers were also into Star Trek and Mr. Spock in their youth. Mr. Spock was one of my heroes when I was a boy. Because of your positive feedback and because he was my hero, I wanted to share another quote by him with you today.

Your feedback on conviction-building

I want to share an excerpt from a brief e-mail conversation with John, a long-time reader and former year-end competition winner. He wrote: «Dealing with randomness is unsettling. Notice how financial outlets always comment on why the markets move daily.” My reply: «Absolutely, it is big business to put investors through emotions!» Furthermore, «Thinking about Mr Spock’s quote…people seem very forgiving of being misinformed or lied to if they are told what they want to hear…reinforcing their conviction.» My reply: «This drives me crazy; why are people forgetting so quickly?»

ECB policy meeting; my personal conclusion

At their first monetary policy meeting in 2024, ECB President Christine Lagarde and her «guardians of the euro» decided yesterday on their first monetary policy meeting this year to leave the key interest rate at 4.5% and the deposit rate at the record level of 4 %. In their statement, they did not indicate when the first interest rate cut may be expected; however, they claimed that the future decisions of the ECB Governing Council will ensure that key interest rates remain at a sufficiently restrictive level for as long as necessary.

What does this mean?

You may ask what this means for investors. It means there will not be any immediate interest cut in the euro currency area, not like widely expected in the second half of Q4 2023. However, this also means that the carrot will continue to be held in front of our noses, and we can expect a rate cut just later than market participants originally expected. It also means that the ECB management does not want to let anyone look at its cards and keeps all options open.

Okay, but is this now good or bad for equities, precious metals, bonds, etc?

I imagine markets will stay somewhat lacklustre for a few more days or maybe even weeks but may move up afterwards. I would not be surprised to see investors return to the «rate cut» narrative, leading to a positive bias as a consequence.

Ladies and Gentlemen

As always, please share your opinion with me, but please do not forget (instead of hitting the reply button) to send your messages to smk@incrementum.li

Many thanks, indeed!

I wish you an excellent start to the day and the 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 102
9494 Schaan/Liechtenstein
Mail: smk@incrementum.li

Good Morning Ladies and Gentlemen

“In critical moments, men sometimes see exactly what they wish to see.”

by Mr. Spock

Negative bias

From the Emails I receive, I sense a particular negative bias among some of my readers. This is interesting, and I sometimes ask myself how the thoughts of these readers are shaped. Let us have a look at some basic theory on conviction building.

Conviction building

How do we humans arrive at our convictions? According to research, Ladies and Gentlemen, there are at least two very prominent ways. On the one hand, we arrive at our convictions based on evidence that is either made available to us or that we collect ourselves, while on the other hand, we may arrive at our convictions by adopting the beliefs of others with more or less evidence verification.

We just love patterns

At Incrementum AG, we constantly produce charts; some readers can not get enough of them. This is great for us, and we see it as a big compliment for our work. It is also fascinating because our brain constantly searches for patterns that have meaning for us or from which we can derive (potential) predictions. In doing so, we often overshoot the mark by recognising patterns where there are none. This cognitive distortion is called the clustering illusion (The clustering illusion describes the human characteristic of attributing meanings to random patterns that inevitably occur in sufficiently large amounts of data). Now, when we (humans) discover patterns, we also want to discover their cause because most of us strongly need causal explanations, which I believe is not all that bad. However, we tend to weigh “evidence” asymmetrically. In other words, we give more weight to facts that correspond to our convictions than to facts that speak against them.

The issue

It becomes problematic when convictions mutate into dogmas and can no longer be corrected, no matter how much evidence is available. Yes, Ladies and Gentlemen, questioning our thoughts, ideas, and beliefs is not really our strength.

Solution for your investment approach

If you apply the above to your investment strategy, you may conclude that you need to make one or two adjustments. In any case, I recommend that you not overestimate the patterns but question them and that you not just follow the opinions of gurus but form your own opinion and be aware of the asymmetric weighting of your conclusions. For me, the best way to fight that behavioural pattern is to try to prove the opposite of my current opinion, and my current opinion probably has some value if I am still convinced by it at the end of such a process. To me, this is almost the only way to get a more complete picture of almost any situation. Think about the quote by Mr. Spock.

The glass is half-full

Besides all the horrible things humans can do and the tremendous suffering and ghastly political decisions made by some incapable political leaders, I see changes and opportunities. To me, the glass is half-full.

Ladies and Gentlemen

As always, please share your opinion with me, but please do not forget (instead of hitting the reply button) to send your messages to: smk@incrementum.li

Many thanks, indeed!

I wish you an excellent start to the day and the 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 102
9494 Schaan/Liechtenstein
Mail: smk@incrementum.li

Good Morning Ladies and Gentlemen

“Ceterum censeo Carthaginem esse delendam.”

by Cato the Elder, a Roman Politician 150 BC

Emails

I received some emails asking for a market outlook. I usually do not like to predict the future because I do not believe in predicting, unless one can win a silver coin. Nevertheless, I am happy to share my view of what happened in 2023 and the potential consequences for 2024. Investing during the first quarter was essential when looking at our private clients’ portfolios. The ones that missed the first quarter did not perform. Unfortunately, the performance is not evenly distributed. This is also why I am advocating, as a general rule, investing and staying invested. Trying to time the market is utterly difficult.

Interest rates drive the market

Under normal circumstances, one would assume interest rates to drive the markets. However, at least in the short term, perception is even more important than fact, which is precisely what happened in December 2023. There is a famous saying among traders, and it goes like this: «Buy the rumour, sell the fact». I think it is fair to say that this happened in December 2023. The perception was that U.S. base rates would drop for the first time in Q1 2024, and markets went up. But will there be rate cuts in Q1 2024 already? I do not think so.

ECB and Fed

I believe the ECB and the Fed will keep their base interest rates high for longer than anticipated by the market because I believe the current rates will stay where they are until the decision-makers are convinced that inflation is falling, particularly in core services. However, I also believe that the central bankers have reached the end of their interest rate hikes.

Bullish markets

Especially towards the end of the year, markets went up on decreasing interest rate fantasies. The central bankers from the ECB and the Fed seemed much more cautious than the markets, and there are still objective reasons for this because of the ongoing tight labour market and sticking inflation that is still well above target. Even if some market participants feel differently, the central banker’s caution is probably essential because if central banks decrease interest rates too early and inflation remains high, markets may collapse, and central bankers may face a credibility issue.

Okay, but when will we see the first interest rates decrease?

I obviously do not know, maybe in Summer? You know, Ladies and Gentlemen, the great uncertainty as to the «when» is driven by the fact that the high-interest rates will only have a delayed effect on the economy. This is why central bankers repeat at every meeting that monetary policy works with long and variable delays, making it difficult to estimate the magnitude of the slowdown.

Is a recession in the cards?

We certainly are in a recession in Germany, but for the U.S., I am more optimistic and see low growth rates or a soft landing. 2024 is an election year in the U.S., which could drive the market because election years under a democrat presidency are usually good years for equities.

The quote

The quote, sent in by Mike, stems from a Roman senator 2’200 years ago and is about the destruction of the North African city of Carthage. It shows that, in some respects, we seem not to have developed despite all the knowledge accumulated over that period. Think about it!

Many thanks, indeed!

I wish you an excellent start to the day and the 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 102
9494 Schaan/Liechtenstein
Mail: smk@incrementum.li

Good Morning Ladies and Gentlemen

“The intelligent altruists, though less altruistic than the unintelligent altruists,
will be fitter than unintelligent altruists and selfish individuals.”

Herbert Simon, Nobel Prize winner in economics

Who won?

Finally, and once again, the sleepless nights are over; it is time to declare our year-end competition winner.

Like every year, the data stems from Finanz und Wirtschaft (fuw.ch).

S&P 500            

According to the above source, the S&P 500 closed the year at 4’768.67. Almost every year, my readers are far too negative for equity markets; I wonder why this is the case because, statistically, there is no better way to invest than in equities. The lowest bid for the 2023 year-end competition for the S&P 500 came in at 3’175. The closest call in the S&P 500 came from my partner Ronni Stöferle, who had 4’634 points, which was also the highest bid; well done, Ronni and many thanks for participating!

Gold

According to the above source, Gold closed the year at USD 2’062.75; in clearly positive territory. A few of my readers were hoovering around USD 2’300.00 and the highest bid came in at USD 2’600.00; however, most were far too optimistic. Michael’s estimate came in at USD 2’071 and, therefore, was the closest. Well done, Michael and many thanks for participating!

Silver     

According to the above source, Silver closed the year at USD 23.785. However, the participants were too bullish on Silver as well, with estimates flying as high as USD 38.00. The closest call in Silver came from Attila with USD 24. Well done, Attila and many thanks for participating!

The Winner   

Dario is the Incrementum 2023 year-end competition winner; thus, the one-ounce Silver coin goes to Dario, a long-term reader of Stefan’s weekly, who regularly participates in the year-end competition. Congrats, dear Dario, well done!

However

However, Dario won because the first-place participant came from within Incrementum AG. Partners and employees from Incrementum AG can only participate out of competition. Ladies and Gentlemen, the closest overall bets came from my partner Ronni Stöferle; Dario finished second, my partner Mark Valek third, and I, Ladies and Gentlemen, finished fourth. There will most probably be another competition in 2024. And of course, Ronni, I will get you a Silver coin too. Well done, Ladies and Gentlemen, congrats to all participants!

Many thanks, indeed!

I wish you an excellent start to the day, the weekend, and a fabulous 2024!

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 102
9494 Schaan/Liechtenstein
Mail: smk@incrementum.li

Good Morning Ladies and Gentlemen

“To help socialism win, we must first create the proletariat.”
Unknown (at least to me)

A challenging year

It has been a challenging year, and I almost have the impression that only challenging years are left. The markets, regulation, political, social and entrepreneurial misjudgements seem to be piling up, and most people are probably just longing for normality. So am I, Ladies and Gentlemen! Let us see; maybe things will get better next year. Either way, I am grateful to have my family, friends, clients, partners, colleagues and you, dear readers, as reliable partners on my side. Thank you for your consistently professional and comprehensive feedback, support and kind words! Thank you indeed!

2023 year-end competition

Without wanting to give away a secret, the performance of the S&P was again underestimated by many participants in this year’s competition, and, on the other hand, the performance of precious metals was overestimated. Interesting, no?

Merry Christmas

There is not much left for me to write today. I was swamped these last weeks, so I skipped one or the other «Stefan’s weekly» for which I apologise. Some of you have noticed and mentioned this to me in one form or another. Anyway, now let me wish you and your loved ones a Merry Christmas. Let it be funky, relaxed, delightful and full of joy. I will be back next week, after the last trading day, with the «2023 year-end competition» winner.

Your point of view

Ladies and Gentlemen, please share your opinion with me, but please remember (instead of hitting the reply button) to send your messages to: smk@incrementum.li.

Many thanks, indeed!

I wish you an excellent start to the day and a wonderful Christmas-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 102
9494 Schaan/Liechtenstein
Mail: smk@incrementum.li

Good Morning Ladies and Gentlemen

“Prophets are best spoken to 10 years later.”

Willi Ritschard, member of the Swiss Federal Council between 1973 – 1983

Time Confetti

Time confetti (a term coined by Brigid Schulte, the director of the Better Life Lab at New America and formerly a staff writer for The Washington Post for nearly 17 years) is a phenomenon which amounts to little bits of seconds and minutes lost to unproductive multitasking. Each bit alone is good. Collectively, though, all that confetti adds to something more pernicious than you might expect.

What is the price you are willing to pay

What price are you willing to pay is one essential question for almost everything in life. There is mostly a trade-off or cost associated with things in many aspects of life. It means something else of value is foregone whenever a choice is made. In a broader sense, the concept of everything having a price can extend beyond monetary terms. It can touch upon life’s philosophical, ethical, or even personal aspects. For instance, success might require hard work, dedication, and sacrifices, which can be seen as the “price” for success. Therefore, the idea varies based on context. Sometimes, the “price” might be tangible, like money or effort, while in other cases, it could be more abstract, like the compromises or sacrifices we make in pursuit of specific goals or beliefs.

Your emails, our conversations

When I look at individual emails in my inbox and think about some of the conversations I have with investors from time to time, I often notice that some people want to maximise short-term profit without paying the corresponding price. Preferably the highest possible returns without the unpleasant side of volatility. Unfortunately, Ladies and Gentlemen, this is not possible. In a world of seemingly instant gratification, this may seem unpleasant, yet it is the truth. For our private clients, we are trying not to separate between different investment styles. Instead, we offer one mandate style, trying to stay focused on the mandate specifications. However, volatility is part of the price our private investors must accept to exploit the long-term compounding effects of the mandate’s positive returns.

The connection between time confetti and the theory that everything has its price

You know, Ladies and Gentlemen, there is a connection between “time confetti” and the concept that everything has its price. Time confetti refers to the fragmented and scattered nature of our time due to various small, often mundane tasks or interruptions that consume a significant portion of our day. In the context of everything having a price, time is a valuable resource with its own cost. When time gets fragmented into bits and pieces by various demands on our attention, it can feel like we are paying the price for our ability to focus, concentrate, and engage in deeper, more meaningful tasks or pursuits. This fragmentation of time can directly relate to the notion that everything has a price. The “price” in this case might be the loss of focus, decreased productivity, or reduced quality in the tasks we engage in because our time and attention are divided among numerous demands. When time feels fragmented or scattered, the cost might only sometimes be immediately evident, but over time, it can impact our overall effectiveness and well-being. Therefore, managing time effectively becomes essential to mitigate the “price” paid.

Conclusion

By staying focused on one mandate style for our private clients, we try to keep the adverse price of time confetti as low as possible. When I was a boy, my parents often told me I should do one thing well rather than many mediocre things. At the age of sixty, it still makes sense to me.

Your point of view

Ladies and Gentlemen, please share your opinion with me, but please remember (instead of hitting the reply button) to send your messages to: smk@incrementum.li.

Many thanks, indeed!

I wish you an excellent start to the day and a wonderful 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 102
9494 Schaan/Liechtenstein
Mail: smk@incrementum.li

Good Morning Ladies and Gentlemen

“We can guarantee cash benefits as far out and at whatever size you like, but we cannot guarantee their purchasing power.”

Alan Greenspan

Why miners are not performing

Ladies and Gentlemen, we were asked why miners were not performing. You know, we, too, are unhappy about the performance of mining stocks – especially regarding an okay-ish gold price. We believe that the weakness in miners stems from a combination of cost inflation (personnel, energy), significantly higher capital costs and a lack of risk appetite (due to higher opportunity costs).

Global pension schemes

Do you know that global pension schemes are the most significant contributors to liquidity in financial markets? Every month, billions of dollars (worldwide) of retirement money are collected and allocated in cash, investment funds, mandates, direct investments, bonds, equities, real estate, etc.

Why pension schemes matter

Solid pension funds are essential for several reasons at an individual and societal level. Stable pension funds play a vital role in ensuring the financial well-being of individuals in their retirement years, reducing the strain on public resources, contributing to economic stability, and serving as significant investors in the financial markets. Governments do not want to see millions of people without sufficient pensions starving to death.

Retirement security for individuals

Pension funds provide individuals with a stable source of income during their retirement years. This helps retirees maintain their standard of living and cover essential expenses like housing, healthcare, and daily living costs. A solid pension fund allows individuals to plan for their retirement more confidently. They can estimate their future income and make informed decisions about when to retire and how to manage their finances.

Reduced dependency on social welfare programs

Solid pension funds reduce the reliance on government-sponsored social welfare programs and lead to less strain on public resources. Individuals with sufficient retirement savings are less likely to depend on public assistance, which helps governments manage their budgets more effectively.

Economic stability

Retirees with solid pension funds are more likely to have disposable income, contributing to consumer spending, which stimulates economic growth and helps maintain a stable economy. Adequate pension funds can contribute to lower poverty rates among the elderly population. When retirees have enough income to cover their basic needs, they are less likely to fall into poverty, reducing the overall burden on social support systems.

Employment attraction and retention

Employers offering solid pension plans can attract and retain talent more effectively. Employees often consider retirement benefits as a crucial factor when evaluating job opportunities. A competitive pension plan can be valuable to an overall compensation package.

Investment in capital markets

Pension funds are significant institutional investors. They pool the savings of billions of individuals and invest them in various financial instruments such as stocks, bonds, and real estate. This capital injection into capital markets can contribute to economic development.

Financial market stability

Pension funds are long-term investors, and their stability helps counter short-term market fluctuations, which can contribute to the overall stability of financial markets.

Inter-generational equity

Pension funds enable the transfer of wealth across generations. Individuals can pass on accumulated assets to their heirs by saving for retirement, promoting inter-generational equity.

Conclusion

In summary, solid pension funds play a vital role in ensuring the financial well-being of individuals in their retirement years, reducing the strain on public resources, contributing to economic stability, and serving as significant investors in the financial markets.

Your point of view

Ladies and Gentlemen, please share your opinion with me, but please remember (instead of hitting the reply button) to send your messages to:
smk@incrementum.li.

Many thanks, indeed!

I wish you an excellent start to the day and a wonderful 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 102
9494 Schaan/Liechtenstein
Mail: smk@incrementum.li

Good Morning Ladies and Gentlemen

“If you are going through hell, keep going.”

attributed to Winston Churchill

Update

It is time for an update to our «Incrementum Year-End Competition 2023-Edition». The last update dates back a few months, and Q3 was a challenging quarter for most market participants, leading even to fearful comments among the less experienced ones. I truly understand it was not easy, and worse, the problematic time lasted until the end of October.

S&P

So far, the highest bet on the S&P still stands at 4’634 and the lowest at 3200. Yesterday, the S&P traded at 4’347.35, slightly above our June update, despite the rough ride we have experienced during the last three months.

Gold

So far, the highest bet on gold stands at 2,600 and the lowest at 1,910. Yesterday, gold traded at  USD 1’957.27, slightly below the price in our June update.

Silver

So far, the highest bet on silver stands at 38 and the lowest at 21.13. Yesterday, silver traded at  USD 22.60, almost 10% below our June update.

What may be ahead of us

Statistically, the best six months of the year for financial markets have just begun. However, there is no one-way street and looking at what is going on on our planet, there may be a bumpy ride ahead of us until springtime; a bumpy ride with a positive bias, however.

Your point of view

Ladies and Gentlemen, please share your opinion with me, but please remember (instead of hitting the reply button) to send your messages to: smk@incrementum.li.

Many thanks, indeed!

I wish you an excellent start to the day and a wonderful 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 102
9494 Schaan/Liechtenstein
Mail: smk@incrementum.li

Good Morning Ladies and Gentlemen

“The stuff your dreams are made of is not tearproof.”

Simone Lappert

Tenacity: my favourite definitions

An example of tenacity is the ability to keep doing something challenging despite obstacles or setbacks. Another example of tenacity is the determination to continue pursuing a goal or a dream, even when there are difficulties or opposition. Tenacity can also mean the quality of holding firmly or being persistent in something. Others may not easily persuade someone who defends their beliefs or opinions with tenacity.

Tenacity in Investment management

Sensible investment management mainly makes the most of opportunities within a given mandate. Sometimes, opportunities do not come easy, and we (investment managers) must be tenacious to seize them. By persistently pursuing opportunities, we increase our chances of success. Tenacity does not mean mindlessly persisting in the same direction; it also involves adaptability. It is about finding new strategies, being open to change, and adjusting sometimes only little things to reach our objectives, always within the given mandate.

Conclusion I

Tenacity is often the key to achieving someone’s goals or dreams. Many worthwhile endeavours require time, effort, and the ability to push through challenges. One may give up easily without tenacity when faced with obstacles hindering one’s progress. However, one will inevitably encounter obstacles and setbacks, like in Simone Lappart’s quote, “The stuff your dreams are made of is not tearproof”. There may be tears on the way to reaching our dreams. However, tenacity helps build resilience and allows us to persevere through these challenges, learn from them, and become more assertive.

Conclusion II

The process of being tenacious often involves a learning curve. We acquire valuable experience and skills by persistently working towards our goals, undoubtedly a quality that fosters personal growth. This experience can be applied to future endeavours. When others see our determination and willingness to see things through, they are more likely to trust and believe in our abilities, enhancing our reputation and credibility in personal and professional settings. At least, Ladies and Gentlemen, this is what I would hope for from our clients and investors.

Your point of view

Ladies and Gentlemen, please share your opinion with me, but please remember (instead of hitting the reply button) to send your messages to: smk@incrementum.li.

Many thanks, indeed!

I wish you an excellent start to the day and a wonderful 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 102
9494 Schaan/Liechtenstein
Mail: smk@incrementum.li

Good Morning Ladies and Gentlemen

“If term premiums rise, they could do some of the work of cooling the economy for us, leaving less need for additional monetary policy tightening.”

 Lorie K. Logan, president and chief executive officer
of the Federal Reserve Bank of Dallas

What is happening?

Although it seems that the inflation momentum has been broken, there has been a massive sell-off in the bond markets over the past few weeks and interest rates have risen. The term premium shot up, even though inflation was mainly in line with expectations. Many market participants were surprised by this interest rate tsunami and lost money on their long bond exposure.

A question of demand and supply

Monetary authorities are shrinking or trying to shrink their respective balance sheets, i.e. they are increasingly dropping out as buyers of government bonds. The Fed, for example, is cutting its mountain of Treasuries by USD 50 bn per month. This means that high sovereign issuance is meeting less and less demand, and finally, investors are asking for ever higher compensation for the risk of investing in long-term bonds. The yield on ten-year U.S. Treasuries briefly scratched the 5% mark last Friday.

The war in the Middle East’s influence

However, an external event has broken the interest rate trend since last weekend. The war in the Middle East has led to a flight to safe havens, and government bond yields have thus returned somewhat from their highs.

The difficulty

Ladies and Gentlemen, the difficulty for global monetary authorities will be taming inflation without risking economic calamities. That is quite a task, and as we have learned in last week’s “Stefan’s Weekly”, in an ideal world and theory, rising interest rates should tame inflation, while government spending on infrastructure projects and the like should prevent the economy from stalling and yet, unfortunately, the theory is not always ideal.

Possible Conclusion

If we go back to Lorie K. Logan’s quote, “If term premiums rise, they could do some of the work of cooling the economy for us, leaving less need for additional monetary policy tightening” at the beginning of today’s “Stefan’s Weekly” we may conclude that the market is effectively doing the Fed’s work. The Fed would need to tighten less or tighten no more; in other words, I believe there is a fair chance that no more rate hikes are coming. Interesting, no?

Your point of view

Ladies and Gentlemen, please share your opinion with me, but please remember (instead of hitting the reply button) to send your messages to: smk@incrementum.li.

Many thanks, indeed!

I wish you an excellent start to the day and a wonderful 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 102
9494 Schaan/Liechtenstein
Mail: smk@incrementum.li