Gedanken des Fondsmanagers zu relevanten politischen und makroökonomischen Themen und deren Auswirkung auf das Management des Incrementum All Seasons Fund.
Monat: November 2022
U.K. under pressure?
Good Morning Ladies and Gentlemen
In his iconic book «The Sun Also Rises» or «Fiesta», Ernest Hemingway’s character Michael Campbell (Mike) is asked how he went bankrupt, and this is his answer:
«Two ways. Gradually, then suddenly.»
Brexit
In 2018 I was asked to share my view on BREXIT, which led to an article in the summer edition of the magazine « Global Executive ». One of the key messages was the following:
«In my view, one of the biggest risks is that the Bank of England will flood the market with money to offset the effects of an opaque business investment climate that will certainly reign until the negotiations between the U.K. and the E.U. bring clarity and that this flood of money will not only weaken the British currency but will lead to inflation and eventually backfire at British consumers.»
Foreseeing the future
Obviously, I cannot foresee the future; it was just common sense. The sterling lost about 40% of its value, the Bank of England flooded the market, and inflation is staggering; average British consumers are suffering. Nevertheless, I can imagine that there is potential in the U.K. Some great companies have been hammered down, and I would not be surprised to see at least a market rebound.
Link
If you feel like reading the full text, please feel free to click on the link below:
https://www.incrementum.li/wp-content/uploads/2016/08/Life-after-Brexit-Executive-Global.pdf
Next week
Next week, Ladies and Gentlemen, I will come back on Mike Campbell’s quote «two ways. Gradually, then suddenly».
Ladies and Gentlemen
As always, 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, a great weekend, and peace above all!
Yours truly,
Stefan M. Kremeth
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
Incrementum AG erhält 2 x 5 Sterne von Morningstar
Die Incrementum AG erhält für ihre beiden Fonds, Incrementum All Seasons und Incrementum Inflation Diversifier Fund, eine 5-Sterne Auszeichnung von Morningstar. Dabei ist es der Incrementum AG gelungen, sich mit beiden Produkten in den jeweiligen Peer Groups im Top-Perzentil zu positionieren.
„Inflation und Teuerung sind komplexe Faktoren in der Steuerung von Kapitalvermögen. Seit knapp 9 Jahren bieten wir Investoren mit dem Incrementum Inflation Diversifier Fonds einen Portfoliobaustein an, der insbesondere in Zeiten von erhöhter Inflation starkes Performance Potential bietet. Der Fonds ist schwerpunktmässig in inflationssensitive Assets investiert und wird mit einem Absolut Return Konzept verwaltet. Unser proprietär entwickeltes Inflations-Signal dient dabei als Grundlage für unsere Investitionsentscheidungen. Das Rating von Morningstar bestärkt uns in unserer Arbeit, und wir danken auch allen Investoren in das langjährige Vertrauen in unsere Fondsstrategie“, Mark Valek und Ronald Stöferle, Fondsmanager des Incrementum Inflation Diversifier Fonds.
„Mein Ziel als Portfolio Manager war es immer, eine Multi-Asset-Anlagestrategie zu verfolgen, welche pragmatisch, flexibel und vorausschauend das Ziel verfolgt, die langfristige Kaufkraft der uns anvertrauten Investorengelder zu erhöhen. Der All Seasons Fund wird zu diesem Zweck aktiv, fundamental-orientiert und benchmark-unabhängig verwaltet. Mehr als 3 Jahrzehnte Investment-Erfahrung haben mir dabei gezeigt, dass ein geduldiger Anleger an den Finanzmärkten immer attraktive Anlagemöglichkeiten findet. Dies wird durch das Morningstar-Rating bestätigt, welches uns als Ansporn dient, diese Anlagequalität auch langfristig zu liefern. Danken möchte ich an dieser Stelle vor allem meinem Co-Fondsmanager, Dr. Christian Schärer, dem ganzen Incrementum-Team, sowie unseren Investoren, deren Vertrauen diesen Erfolg erst ermöglicht hat“, Hans G. Schiefen, Fondsmanager des Incrementum All Seasons Fonds.
Alle Informationen zu den Incrementum Fonds erhalten Sie unter: https://www.incrementum.li/investmentfonds/
Fondsfakten Incrementum Inflation Diversifier Fund
Investmentansatz: Aktiver Inflationsschutz als Absolute Return Konzept
Handelbarkeit: Täglich
Vertriebszulassung: Österreich, Deutschland, Liechtenstein
WKN Publikumslasse: A1XDUW
WKN Insitutionelle Anteilsklasse: A1XD02
Risikoeinstufung: 5
Fondsfakten Incrementum All Seasons Fund
Investmentansatz: Multi-Asset, aktiv, fundamental orientiert, keine Benchmark
Handelbarkeit: Täglich
Vertriebszulassung: Österreich, Deutschland, Liechtenstein
WKN Publikumslasse: A2PLD2
WKN Insitutionelle Anteilsklasse: A2PLD1
Risikoeinstufung: 6
Leben aus dem Gleichgewicht
Leben aus dem Gleichgewicht
Ronald Stöferle hielt auf der diesjährigen Zuri-Invest eine Keynote-Präsentation mit dem Titel „Koyaanisqatsi“ oder „Live Out of Balance“, in der er darlegt, wie die Märkte und die Welt derzeit aus dem Gleichgewicht geraten sind und dringend einer Stabilisierung bedürfen.
Having, wanting, and the history of bull markets
Good Morning Ladies and Gentlemen
«After a time, you may find that having is not as pleasing as wanting. It is not logical but is often true».
Spock, Star Trek, Season 2, Episode 1 – Amok Time, 1968
Dinner with friends
I had this interesting discussion with friends over dinner. Four couples, tasty food, great wine – maybe slightly too much, same age range, comfortable lifestyle. You understand the setting. Do you know what the bottom line was after this dinner? Well, the bottom line of our evening was that today we do not always want more of everything but rather the best of the essentials. Now, Ladies and Gentlemen, I did not sleep well that night. The bottom line of our discussion over dinner made me think!
Bull market – some history
When the Spaniard Hernán Cortés and his 550 companions reached the east coast of Mexico in 1519, he brought disease, death and destruction to the Aztecs and the bad habit of bullfighting. Over the decades, cultural appropriation has taken place in most Spanish-speaking countries. However, the custom developed slightly differently in each country. The Mexicans replaced the bullfighter with a bear. In Texas, which belonged to Mexico until 1845, they chose bulls with long horns (longhorns) and pitted them against chained grizzly bears in an arena. These bloody fights were particularly popular with the gold miners in California during the gold rush (1848-1854).
From below or from above – a question of technique
Bull and bear had different fighting techniques. While the bull attacked with his head down and tried to spear his opponent from the bottom up, the bear fought back, delivering a powerful paw strike to the attacker from the top down.
More history
The Spanish author Don Joseph de la Vega (Joseph de la Vega – Wikipedia), with his standard work on the Amsterdam stock exchange published in 1688, brought the bull and the bear onto the trading floor. In his moralising polemic „Confusion of Confusions“, the bull stands for rising prices, and the bear for falling prices, both because of their fighting technique and the designation „bullish“ for optimists and „bearish“ for pessimists has persisted to this day.
Why did it make me think?
So, Why did I not sleep well after this wonderful dinner with our friends, and why did it make me think? Because I think it is pure luxury to state «not always more of everything but rather the best of the essentials». Most of us live a privileged life, and we should keep that in mind.
Ladies and Gentlemen
As always, 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, a great weekend, and peace above all!
Yours truly,
Stefan M. Kremeth
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
Der Untergang des 60/40-Portfolios
Der Untergang des 60/40-Portfolios
Ronald Stöferle schrieb einen Artikel für Gold Switzerland, in dem er die Hauptgründe beschrieb, warum das klassische 60/40-Portfolio im letzten Jahr unter die Räder gekommen ist. Werfen wir einen kurzen Blick auf die wichtigsten Punkte.
Year-End Competition third and final update
Good Morning Ladies and Gentlemen
Admin
Today I have to start on a personal note. As you know, in every «Stefan’s Weekly» I am writing the following at the end:
« 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!»
However, there are still readers hitting the reply button for one reason or the other. This is very uncool because the messages do not come to me but go to «mailchimp», the program we use to distribute our newsletters. Our mailchimp administrator is my partner Ronni, who spends a fair amount of time on the road, speaking at conferences worldwide, doing marketing and seeing investors. When he sees the messages, he gladly forwards them to me, but they often go under in the houndreds of emails he receives regularly. So please, Ladies and Gentlemen, share your opinion with me, but please send them to: smk@incrementum.li. Thank you very much for your understanding!
Recapitulation
As you all know, the book is closed, and no more participants are accepted. The final highest S&P bid stands at 4’482, and the final lowest is at 1’881. The final highest bid for gold stands at 2’350, and the final lowest was at 1’715. For Brent crude oil, the final price estimates range from 160 to 33.63. As always, all prices are USD.
Today’s prices
While I am writing this edition of «Stefan’s weekly», the S&P is trading at 3’885.12, gold at 1’712.10 and Brent crude oil at 92.86. Therefore, the S&P and gold prices went up; crude oil has stayed more or less flat since my last update.
Will we see a year-end rally
Usually, and according to the stats we are looking at, November is the second-best trading month of the year, right after April. Usually, again, the strong performance season is roughly lasting from October/November until April. Once more, usually, presidential midterms are followed by a strong performance in equities. Then, of course, there are the usual standard deviations and no certainties, all but indications, Ladies and Gentlemen, all but indications. So now, will we see a year-end rally? I do not know, but looking at the markets over the last few weeks, I almost have the impression that we are in the midst of one.
Ladies and Gentlemen
As always, 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, a great weekend, and peace above all!
Yours truly,
Stefan M. Kremeth
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
Inflation und digitale Zentralbankwährungen
Inflation und digitale Zentralbankwährungen
Smart Investor interviewte Ronald Stöferle und befrage ihn zu einer Reihe an derzeit wichtigen Themen. Zur Sprache kamen, die Inflationsaussichten, Gold und der US-Dollar sowie Krypto und digitale Zentralbankwährungen.
Kapitalerhalt in Zeiten der Inflation
Kapitalerhalt in Zeiten der Inflation
Die Inflation macht den Menschen zu schaffen, gute Strategien zum Kapitalerhalt sind derzeit gefragter als je zuvor. „Smart Investor“ stellt einige der besten Möglichkeiten sein Vermögen zu schützen vor. Darunter auch unser „Incrementum Inflation Diversifier Fund“.
Gold, das grüne Metall?
Gold, das grüne Metall?
In der Öffentlichkeit wird Gold meist als schmutziges, klimaschädliches Metall dargestellt und wird wie andere Rohstoffe behandelt. Ronald Stöferle widerspricht diesem Klischee und zeigt im Interview mit „WirtschaftsWoche“ wie es wirklich ist.