Autor: Stefan Markus Kremeth

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

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

Good Morning Ladies and Gentlemen

«Happiness is contagious; spread it!» (from a fortune cookie)

Once in a while, I receive emails with questions about cryptocurrencies. For example, one reader argued that cryptocurrencies backed by precious metals would be tangible. Another reader asked me if governments/central banks could issue cryptocurrencies out of thin air. Of course, I am happy to share my take on it.

Gentlemen’s agreement

However, first, for an interview in the Executive Global Magazine, I was asked to describe what defines Incrementum AG; this is what I said:
«Besides the fact that we love what we are doing and are very passionate about what we do, we are patient and generous with our staff, customers, outsourcing partners, and ourselves. (I know, this is a bit taky and what everyone would say, the next part is key, though). However, one of the critical factors for success in our organisation is the gentlemen’s agreement among partners to take any strategic decision only with 100% consent by all five partners. To reach a consensus, it is necessary to approach others, take their needs and wishes seriously, and put one’s wishes and needs on the back burner to some extent; this has fostered not only trust among us partners but also promoted responsible action.»

Tangibility

If an investor considers the fact that an asset is physically tangible to be necessary, cryptocurrencies will not be able to play a role in his investment universe. Under no circumstances are cryptocurrencies tangible; this was probably quite deliberately never part of the design equation of cryptocurrencies and should, therefore, not be an expected feature. The good thing about physical precious metals is their tangibility. No cryptocurrency will ever have that feature; we should never forget that.

What about precious metals-backed cryptocurrencies?

The same is true here; cryptocurrencies are not tangible, even backed by precious metals. In this context, we can also use futures on precious metals as an example. Although precious metals themselves are tangible, futures on them are not. Again, this is because they are not „tangible“; they only exist in «paper» or digital form.

Investment purpose

However, depending on an investor’s investment purpose, precious metals-backed cryptocurrencies, which is today’s topic, may represent a valuable investment tool. So it comes down to one of asset management’s most important questions: „what is your investment purpose»? If a solid and regulated issuer issues a token backed by physical precious metals and if those precious metals are regularly audited and stored in a known or better in many different and known locations, and if the storage, the management of the process, the insurance, the auditing etc. is not costing an arm and a leg in yearly fees, there may be a market for precious metals backed crypto assets.

Cost

Nevertheless, investors should remember that precious metals do not produce cashflows. However, managing, storing, insuring, and auditing the physical precious metal of any such precious metals-backed crypto asset creates cost. The critical question to look out for is how the issuer of such tokens caters to the cost.

What about cryptocurrencies issued by governments?

Cryptocurrencies issued by governments would presumably be regulated by the issuing government and backed by its national economy. They could be issued like today’s conventional currencies within the given central bank’s mandate (and yes, if you want to some extent „out of thin air“). As pure book currencies, they would not be tangible either. Cryptocurrencies issued by governments would most probably lose the design feature „crypto“ because I assume governments would probably build in features offering them full transparency about who uses the currency where and for what. In this respect, it would be a „digital fully transparent currency“ rather than a cryptocurrency.

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

Good Morning Ladies and Gentlemen

«No one left to their own devices can be rational enough to come to consistently reasonable conclusions.» (Steven Pinker)

Interest rates

Yesterday, the European Central Bank lifted its base rate by 0.75%. This move was widely expected. Next Wednesday, November 2, 2022, the next Fed meeting will occur. Again, a rate hike of 0.75 % is expected. For the following meeting on December 14, 2022, only a 0.50% hike is currently favored and priced in. The mood there has changed very recently; some two weeks ago, another rate hike of 0.75% was still priced in. This change of mind by investors has had a relieving effect on the stock markets.

Stats

The period two to three days before a Fed meeting has a positive statistical bias. Furthermore, November is one of the year’s strongest months regarding stock market performance. As a matter of fact, for the last 30 years, November, after April, has been the second-best month of the year, and since World War II, there has not been a down period for the S&P 500 in the twelve months following the mid-term elections.

What is happening to hedge strategies?

U.S. banks such as Goldman Sachs report more extensive sales of put options. At the same time, short-sold index futures are being covered. In other words, institutional equity investors seem to be smoothing out their hedges.

Conclusion

To me, all of this could build an exciting environment for a year-end rally. The risks are still there, yet they seem to be known and in the heads of market participants by now and last but not least:

Sale

People generally buy more things if they are on sale, and they buy less the more expensive they get. However, with financial assets, it is the opposite round. The cheaper they get, the fewer people are interested in them and find all the reasons to see all sorts of risks, and the more expensive they get, the more interest they attract, and risks seem almost non-existent. To me, this is flabbergasting and far away from realism and reason.

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, a great weekend, and above all and still, peace!

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

Good Morning Ladies and Gentlemen

The end of last week, the beginning of this week, and also yesterday finally showed some positive market moves. However, the question remains if this is it or if we have further potential. Since I do not know the answer, I am looking at some sentiment indicators, and maybe they can hint at what direction the market will go.

Bank of America (BofA)

To come straight to the point, the BofA Global Research Fund Manager Survey for October sees macro and investor capitulation complete.

This is it, then?

Unfortunately, it is not all that easy. Because central bank capitulation has only just begun, and lack of fund outflows prevents the „big low“. The BofA research has drawn up a list of criteria for the so-called „big low“. The list comprises eleven points, of which the first six result from the fund manager survey. In total, BofA sees seven of the eleven points fulfilled. Just not enough for a „big low“, even if already quite pessimistic.

Macro capitulation

The BofA survey shows that 72% of fund managers expect a weaker global economy. No real surprise, you may think, and yet 72% is quite a number. Nevertheless, this expectation has already been pretty low for the last eight months. Financial markets have taken their time to adjust. Today, I may say, the current levels somewhat better reflect that pessimism.

Investor capitulation

The cash level of global asset managers is at a two-decade high of 6.3% (the previous month’s 6.1%). The last time the cash share was higher was in April 2001.

So what is missing for a more positive outlook?

We need a statement from Fed Chairman Jerome Powell that gives confidence to market participants that inflation is slowly but surely getting tamed and interest increases will stop eventually or at least perform at a lower speed. Then, with 60%, we still see a relatively high share of equities as part of BofA’s assets under management, and last, but not least, funds have so far hardly seen significant outflows.

Research

Once again, and as you all probably know, I am not a big fan of average research issued by the average commercial bank. Much of it always goes in the same direction, always late cyclical and nicely wrapped in consensus-driven statements, and not to forget ESG-compliant. Nevertheless, The investor crowd gobbles this stuff up; why I do not understand because the platitudes from some of these reports could, at times, easily overpower the Swiss alps.

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, a great weekend, and above all and still, peace!

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

Good Morning Ladies and Gentlemen

I sometimes get the impression that I am always reading/watching the same narratives. Now, I understand journalism is, by definition, cherry-picking. It reports on rare events, such as wars, epidemics or catastrophes, not on everyday life, i.e. peace, health and security. This tendency towards negativity is exacerbated because journalists fight for clicks and, as moral preachers, want to jolt their audience out of its complacency. The satirical magazine „The Onion“ sneered: „CNN holds morning meetings to decide why viewers should panic all day long.“ While this may seem funny, it is not; it is dangerous. Think about it.

Conversation with John

Anyway, the other day I had a long conversation with John, and I would like to share some of the thoughts that came up during our conversation. I will concentrate on John’s thoughts; they are much more interesting than mine.

Financial markets may fool participants (Stefan)

Many people make money in a bull trend in whatever asset class and believe it was because of their fantastic judgement. So if they feel happy about it, that is just fine. However, such situations may lead to sorrow once the market trend changes and the investment mood swings from greed to fear. There was so much hot air in the markets at the beginning of this year. Cashflows were unimportant; multiples did not count; the crazier, the better and the faster it went up. A correction was overdue; pitty that even quality companies lose a lot in such an environment. As long as asset managers stick to their investment principles and do not panic, I think they are fine.

Though experiences are necessary (John)

There is a saying that the youth is wasted on the young. Massive losses are how people gain investment wisdom. It is necessary to gain experience to understand that bull trends do not last forever, and neither do bear markets. Experience via direct exposure is the best teacher, not via arguments. A disciplined approach geared towards cash flows is more enduring, but that has limited appeal when new-era companies dominate the landscape.

Predicting the future (John)

The future is hard to predict, yet the Federal Reserve makes so many decisions that deconstruct economics and the future into math models. Words and numbers are insufficient to capture the rich reality we experience via our five senses.  Yikes on the Fed. So many unintended consequences can result, which lead to further variations in the future. My former boss said everyone is right in their prediction of the market. There will be bubbles, crashes, investment fads, cyclical phenomena, inflation, and deflation in a long enough time frame. Timeframes are important. Is one right if the gold bull market will occur 20 years down the line? One can say that he/she is correct every year for the next 20 years and will be proven right due to the fickle nature of markets. When people think of the future, they extrapolate the performance of the recent past. Observing history, most things are cyclical.

Next cycle’s winners (John)

Current cycle winners become the next cycle losers. Prior cycle losers become the following cycle winners. Having an understanding of cycles can make predictions of the future more accurate. Yet, the future is unwritten. However, the key to understanding the future is to understand the environment that the past has created. Unfortunately, too many people think linearly in a nonlinear world.
Did you ever notice how every cycle change needs to have a crash? It resets the allocation of capital and redoes the investment narrative. Trends in motion stay in motion until there is a break in the narrative. For example, a key to the start of a bull market cycle (a focus on arithmetic which is a reality play) is to figure out what industry has started to pay down debt, consolidate, and focus on profitability/dividends instead of dense growth. In contrast, the start of a bear market involves new entrants, loads of debt, and overproduction. Increased competition will threaten profitability (think of pot companies and electric cars).

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, a great weekend, and above all and still, peace!

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

Good Morning Ladies and Gentlemen

Today I have a special goody for you. I am happy to send you a link to a video recording of a fireside talk between my partner Ronni Stöferle and John Hathaway. Both are well-known and respected experts in the gold space.

Please enjoy:

https://www.gowebcasting.com/events/precious-metals-summit-conferences-llc/2022/09/14/keynote-presentation-gerald-ford-hall/play/stream/34758

I wish you an excellent start to the day, a great weekend, and above all and still, peace!

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

Good Morning Ladies and Gentlemen

Guesses

The book is closed, and no more participants are accepted. The final highest S&P bid came in at 4’482, the final lowest at 1’881. The final highest bid for gold came 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, not Turkish Lira, McDonald’s burgers or sea shells.

Today’s prices

While I am writing this edition of «Stefan’s weekly», the S&P is trading at 3’771.52, gold at 1’674.90 and Brent crude oil at 91.84.

Predicting the future

To me, predicting the future is pretty hard, if not impossible. Interestingly enough, some of you have seen one or the other price development going in the right direction, and this is what you keep mentioning when writing to me. All fine, I know the feeling. When speaking to my family members, I also tend to highlight past arguments that, in retrospect, turned out to be correct. Now, with this «Stefan’s weekly» and also thanks to the «year-end competition», I would be super happy if I was able to make you a little aware of the difficulties when making predictions. Moreover, I hope for your understanding when we cannot always hit it exactly.

The price of gold

In this regard, Ladies and Gentlemen, I receive one or the other message about the price development in gold once in a while from some of you. I know the current gold price development may be disappointing. Nevertheless, when you look back at our research over the last years and you look at the scenarios we developed, you probably will have to admit that they are pretty banging (please excuse that expression, it is one of my son’s favourites) with increasing inflation, higher interest rates, central banks being behind the curve, possible stagflation (maybe not in the U.S. but in Europe, where it will be pretty hard to avoid). Look, Ladies and Gentlemen, I think the one exception is gold, which did not turn out to take advantage of the current situation and become a winner.

Forecast

As I did point out to Joao the other day: «We can not foresee the future, not with the best models and not with the best intentions. Gold will most probably always be an excellent inflation hedge but not necessarily in the short-run. Over decades or better centuries, gold will most likely keep its purchasing power, at least so far it has; however, gold holders may seek shorter-term performance, and there may be a mismatch between investors‘ expectations and the price movement itself.»

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, a great weekend, and above all and still, peace!

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

Good Morning Ladies and Gentlemen

Many thanks for your messages and compliments on my last post. Many of you, like myself, seem to have warm memories of watching Groucho Marx and his brothers decades ago.

U.S. Dollar (USD)

Since the great financial crisis about fifteen years ago, I have read one book, some research and many articles about the demise of the American currency. Nevertheless, the U.S. Dollar is still standing and is standing relatively strong! So far, it has proven to be the ideal inflation hedge ever since the current inflation cycle started roughly 18 months ago. The presumed dead still lives happily ever after.

My view eighteen months ago

Ladies and Gentlemen, I was utterly wrong. I believed inflation would not get out of hand and was surprised by the dynamics of rising energy prices, mainly due to Russia’s war on Ukraine. Eighteen months ago, this war was not part of the inflation equation I had in mind. But, nevertheless, I was wrong.

Gold

Gold was not an ideal inflation hedge; we all know that, and gold miners did very poorly as well, we also know that. Lower precious metals and rising energy prices hit miners simultaneously, a blow to any miner’s margin. However, Ladies and Gentlemen, if we take up one idea of my last weekly mail.

Light-grey swan

Let us assume, just for the heck of it, that over the next six to nine months, the U.S. Fed can tame inflation in the U.S. and will therefore refrain from raising interest rates in significant steps of 0.75% or even 1% after every Fed meeting. What would this mean to the USD? I believe this could be the light-grey swan in a cohort of black swans and lead to a weakening of the USD. But, on the other hand, a weakening USD would probably lead to a strengthening of gold and gold miners with some short delay, do you not think so?

Investing / peak fear

Investors are people who are willing to delay gratification and invest for the future because investing is all about rewards that come from planting seeds and seeing them come to fruition over the long term. Now, while I have great sympathy for people’s fears and understand that today investors refrain from buying in these uncertain times, I can nevertheless easily imagine that once we have reached peak fear, the lowest levels in the market will be close. The difficulty is, of course, to know ex-ante when we have reached peak fear. How are you handling the timing of your investments?

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, a great weekend, and above all and still, peace!

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

Good Morning Ladies and Gentlemen

Thank you very much for your great comments and all the PDFs, videos, links and texts I have received. Unfortunately, I can not possibly view and/or read all of them. Please send me only what is genuinely different from mainstream thinking. To me, Ray Dalio, for example, is not. I follow him on LinkedIn and therefore mostly know what he publishes. On the other side, I like Kevin Muir; he looks at things differently.

“The secret of life is honesty and fair dealing. If you can fake that, you’ve got it made.”
Groucho Marx

Serious talks

Now, I am convinced most people even in Russia want to stop this war, bring the parties involved to the table, and discuss solutions everyone can live with. However, the particular interests and maybe even egos of the involved parties/politicians seem to make this currently impossible. Groucho would be astounded by the fact that our world leaders seem not even to be faking honesty and fair dealing anymore and still get away with it.

My view on inflation

When it comes to inflation, I probably have indeed, as some of you suggested, a slightly different view because of living in Switzerland and working in Liechtenstein; besides higher gas prices for my car, I have so far not felt any difference. However, the government just published the new tariffs for electricity two days ago, and in our community, they will go up by roughly 27%.

Media noise

From what people tell me and write to me about from outside Switzerland, i.e. mainly in Europe, the noise in the media is still higher than the inflation impact on the average citizen. I do not know if this is true, but in the past, the media seemed to exaggerate very often to create clicks. The media’s business case is built on selling, also thanks to ANGST. Ladies and Gentlemen, if we see let us say 10’000 (if at all) energy bills posted online, we think this is a lot; measured against almost 500 million inhabitants, it becomes a small number. I am by all means not downplaying that this energy crisis will hurt households, but I think a lot of it is known by now. Institutions are trying to seek solutions, and so far, humanity has always found ways of adapting to new situations, even if the process was painful.

Antifragility

The good thing about this energy crisis is that we are now forced to seek energy sources outside the established channels. So even if short-term this will hurt us, mid to long-term, it should help us to make us more antifragile.

Black swan

As an asset manager, I am constantly trying to gauge what is in the price of financial markets and where is more potential for upside or downside. Interestingly, black swans are only ever conjured up in connection with negative scenarios, and the same applies in the meantime with grey swans; soon, I can imagine, there will be light grey and dark grey swans. Russia has completely stopped its gas deliveries to Germany. The gas price has only reacted negatively initially; in the meantime, it went down. So the leverage of decreasing gas supplies from Russia is now gone. What I want to say with this is that perhaps from this, the possibility of a light-grey swan arises, which in the abundance of the ubiquitously assumed black swans would stand out positively. Think about it, Ladies and Gentlemen.

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, a great weekend, and above all and still, peace!

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