Journal

Stefan Markus Kremeth Ronald Stöferle Incrementum AG Hans G. Schiefen Mark Justin Valek Jeannine Grassinger Dr. Christian Schärer

March 2025

March 7, 2025

Where Will Growth Come From?

Good Morning Ladies and Gentlemen ”Don’t criticise what you can’t understand.” Bob Dylan In my previous weekly update, I discussed the possibility of stagflation in the U.S., and I received a few messages asking how considerable that risk was. Obviously, I do not know, and usually, stagflation is rare. However, household consumption and […]

March 17, 2025

Incrementum Year-End Competition 2025-Edition

Good Morning Ladies and Gentlemen ”It’s such a momentous change going on. If it continues like this, capital allocators will wonder: ‘Do I want to stay allocated to the U.S.?” Mansoor Mohi-uddin, chief economist at Bank of Singapore I believe that Europe is undergoing an awakening process, which is a positive development! However, […]

February 2025

February 21, 2025

The Political Downside of Money Printing

Good Morning Ladies and Gentlemen ”That most delicious of all privileges – spending other people’s money.” John Randolph of Roanoke In my view, the political ramifications of money printing manifest in an escalating dependency on the state for various forms of support. Events such as the Great Financial Crisis, the pandemic, and the Ukraine […]

January 2025

January 31, 2025

Central Bank Action / Economic Growth

Good Morning Ladies and Gentlemen ”Just the facts, Ma’am.” Joe Friday, Dragnet Last Week’s “Stefan’s Weekly Thank you for the feedback on last week’s edition of “Stefan’s Weekly”. Before getting into today’s topic, let me add another comment to last week’s discussion. Politicians need to prioritise their service to the state, which encompasses the […]