Kategorie: Stefan’s Weekly

Low inflation is going to stay for some time! Readers feedback

Posted on by Stefan Markus Kremeth

Dear Ladies and Gentlemen

My last weekly mail on Japanese conditions in global government bond markets triggered a few messages by readers. Unfortunately the format of my weekly mail doesn’t allow me to publish all of the answers in full length but as usual I am very happy to include some of the ideas and comments I have received. In general everyone seemed to agree that there were no signs of higher bond yields, nor any sharp inflation increases on the horizon, at least not in advanced economies. My old friend Mark could even imagine negative inflation especially since he strongly believes that borrowing reduces future growth and I wouldn’t argue against that.

Anton added his believes of interest rates remaining under the manipulation of central banks for some time in the future, as to allow continuous debt servicing going forward. However, he sees at least two major issues with this. First artificially low interest rates are bad for efficient capital allocation (i.e. low interest rates in the US have incentivised corporates to lever up, do M&A and share buybacks at the expense of investment spending, including higher wages. Second artificially low interest rates benefit owners of financial assets at the expense of savers. Again, I wouldn’t argue against that.

You know, Ladies and Gentlemen, I am seriously troubled when other people’s ideas become “religion” and whenever this is the case, I think we need to be careful. Anton made an interesting statement in this respect. He mentioned that this is why he valued “so dearly the Enlightenment as a philosophical, theological and scientific movement because it liberated our civilisation from dogmatic thinking…now and again our society falls back into that rigid form of looking at things, but that’s the echo of the cyclical nature of human history…perhaps the future is brighter.” What a statement, I sure like that one and hope for my remaining life span to be long enough to live that bright future!

Last but not least I wanted to share a short statement by Robert, who pointed out to me an important fact in respect to the cash-flow strategies I am so fond of. Fact is that depending on where you are domiciled, cash-flows stemming from investments in financial assets are taxed in different ways and sometimes even in a „prohibitive manner“ and thus taxes most probably will have a more or less negative impact on the strategy as such. This is certainly true. However, as I cannot possibly know all the different tax laws, I hope for your understanding.

As always, I encourage you to send me your feedback and/or questions but please don’t forget (instead of hitting the reply button) to send your messages to: smk@incrementum.li

Many thanks, indeed!

And now, Ladies and Gentlemen I wish you a great day and weekend.

Kind regards,

Yours truly,
Stefan M. Kremeth
Wealth Management
Incrementum AG

Japanese conditions – low inflation is going to stay for some time!

Posted on by Stefan Markus Kremeth

Dear Ladies and Gentlemen

Japanese conditions in global government bond markets are more and more likely. But what does it mean for our investors with reference currency Euro or Swiss Francs, if Germany’s 10-year government bond yields 0% or almost 0%, Switzerland’s 10-year government bond even yields -0.75%. What does it mean, if central banks own large portions of their countries’ government bonds (the Bank of Japan owns 49% of Japanese government bonds, the European Central Bank owns 20% of European government bonds and the U.S. Federal Reserve System owns 13% of U.S. government bonds)?

The answer is not so trivial and since we do not have any long-lasting experience in this, we cannot really know where the situation is heading. One thing is certain though, as long as central banks are buying government bonds in the primary (direct at source) or secondary (at exchanges) markets at current or even increased rate, government bond markets will not become free markets (free in an economic sense) but stay manipulated. Manipulated may be a strong word for one or the other of you and I am not judging, but let’s face it if in any market of any product in the world one single buyer buys all the “leftovers” there will never be a fair price defined by offer and demand for that very product. In the case of government bonds one would assume that a country as over-indebted as Japan would have to pay much higher interest rates to sell their government bonds to investors than for example Germany a country running on a much, much lower debt to GDP ratio than Japan, only that this is not the case. The reason for this is central bank intervention.

Personally I believe Japan is indicating a direction in this respect as Japan is somewhat running ahead of us sitting here in Europe. Japan is running on low or ultra-low interest rates for decades already and Japan is in a situation of constantly increasing government debt levels that have reached roughly 250% of GDP. What we can learn from Japan and what we can expect to experience in Europe including Switzerland (at least partially and maybe to some lesser extent) is the following:

  • Debt to GDP ratios will rise.
  • Interest rates will stay low due to central bank interaction.
  • Government spending discipline is not going to increase.
  • Government bond markets stay manipulated by central bank interaction.
  • Government bond markets’ liquidity problem is going to stay due to central bank interaction.
  • Inflation will stay low.
  • Central bank status quo for decades.

This list is by all means not complete. But it shows why I believe there will not be either a quick fix or hyper-inflation anywhere soon.

Therefore, ask yourself if you really want to invest your money following an unlikely scenario? Because maybe it makes sense to invest in cashflow returning strategies and keep some precious metals for the ultimate worst-case scenario, no?

What is your opinion?

As always, I encourage you to send me your feedback and/or questions but please don’t forget (instead of hitting the reply button) to send your messages to:

smk@incrementum.li

Many thanks, indeed!

And now, Ladies and Gentlemen I wish you a great day and weekend.

Kind regards,

Yours truly,

Stefan M. Kremeth
Wealth Management
Incrementum AG

A simple calculation

Posted on by Stefan Markus Kremeth

Dear Ladies and Gentlemen

If you belong to the people who pay their bills primarily in Swiss Francs and/or Euros you belong to a rather large cohort of a few hundred million people living most probably somewhere on the European continent.

Today, I would like to show you with a simple calculation why I prefer equities over bonds.

If you keep your money as liquid and as safe as possible in a bank savings-account (hopefully with a bank offering some sort of government guarantee or at least a bank not getting involved in investment banking and/or corporate debt) or you have it invested in Swiss and/or German government bonds, you, Ladies and Gentlemen, will most probably receive 0% interest. Maybe you will even have to pay a small interest for depositing your money at the bank or for investing it in government bonds of short maturity and in any case, you will have to pay some small banking fees here and there on a regular basis.

This means, in the case of you wanting to invest your money in a Swiss and/or German government bond for 10 years because of its relatively low volatility, you will have to accept 0% interest or in other words no income whatsoever from such an investment and even worse, you will actually lose small bits and pieces of your money (fees) over the entire 10-year period. This truly means that at the end of a 10-year period you have less money than when you started and in real money terms, which means adjusted to purchasing power, you may have lost 10% – 20% due to inflation over that period.

To me this seems not a very attractive investment.

On the other hand, if you invest your money over 10 years in some solid listed company that pays regular annual dividends of 4.5%, thanks to the effect of compounding you will receive some 50% return over the same period. True, you will most probably have to accept higher volatility, but doesn’t the proposed return deliver an incentive high enough to accept such volatility?

Ladies and Gentlemen, to me it does!

Now, I know this is a very simplified calculation but both examples are real and possible in today’s market environment. Solid company delivering 4.5% dividend yield on one side and 0% 10-year government bond on the other side.

Think about it!

As always, I encourage you to send me your feedback and/or questions but please don’t forget (instead of hitting the reply button) to send your messages to:

smk@incrementum.li

Many thanks, indeed!

And now, Ladies and Gentlemen I wish you a great day and weekend.

Kind regards,

Yours truly,

Stefan M. Kremeth
Wealth Management
Incrementum AG

What’s next?

Posted on by Stefan Markus Kremeth

Dear Ladies and Gentlemen

I receive a fair number of messages asking about my view on the markets. As my regular readers all know, I still cannot foresee the future although I am trying hard but so far, I was totally unsuccessful.

However, if we take the core messages of my recent weekly mails about long-term investing into considerations and also what Mr. Andy Haeberli, Profond’s CIO, mentioned in last week’s interview, then – at least for me – there is not much room for investments outside the “real asset” bracket.

To make money with easy to understand, straight forward fixed income strategies seems difficult with current low interest rates. Either you accept elevated currency- or counterparty risks or you will not find decent yields on your fixed income investments. When it comes to real assets you may will have to accept higher volatility – as in equities and/or precious metals – but you get higher returns in the long run.

You may know, that we offer a cashflow based mandate for our private clients and while we cannot diversify those portfolio’s entire volatility away, we receive very decent cash returns on invested capital and interestingly enough, at least half of the companies whose equities we hold in those mandates, just announced dividend increases.

Now, Ladies and Gentlemen, what I want to say with this is, that if you are willing and capable of accepting volatility in your portfolio, you may appreciate rather stable cashflows on your invested capital and this should not to be neglected because the effect of compounding interests will help you to increase those cashflows even more (in theory exponentially) over time.

While I don’t know where markets or single investments are heading, I am confident that by following a strict investment process in seeking and harvesting positive cashflows, you may not get rich over night, but you will be able to steadily increase your capital over time.

There is no magic in this and crashes may occur at any moment. However most solid global companies keep paying stable dividends even during stock exchange crashes. This means if you do not have to sell a solid investment during a stock market crash and if you are patient enough to wait until stock markets recover, your loss potential is most probably going to be limited. However, it all comes down to picking the right stocks and this is hard work and involves a lot of research and number crunching.

As always, I encourage you to send me your feedback and/or questions but please don’t forget (instead of hitting the reply button) to send your messages to:
smk@incrementum.li

Many thanks, indeed!

And now, Ladies and Gentlemen I wish you a great day and weekend.
Kind regards,

Yours truly,

Stefan M. Kremeth
Wealth Management
Incrementum AG

Interview with Mr. Andreas Haeberli, CIO of Profond

Posted on by Stefan Markus Kremeth

Dear Ladies and Gentlemen

As announced two weeks ago I was able to interview Mr. Andreas Haeberli, CIO of Profond Collective Foundation. Please find my questions with Andy’s answers for your convenience:

1) What is Profond’s investment goal?
We want to offer sustainably high benefits to our policy holders. When we invest, we therefore focus primarily on real values, i.e. equities and real estate. These asset classes enable us to generate above-average returns in the long term. With optimal diversification, we take risk parameters and financial stability into account.
2) What is your investment horizon?
Pension fund assets are invested over a very long period of around 60 years (40 years of gainful employment and around 20 years of pension entitlement). As a result, short- and medium-term financial markets fluctuations balance each other out well. Therefore, we are not influenced by short-term movements and short-term events in financial markets. We do not engage in any tactical investments or hedges. However, we generally hedge foreign currency risks for nominal values, real estate and infrastructure investments.
2) Where do you see the biggest challenge for a Swiss based pension fund manager today?
The current low level of interest rates presents major challenges to investors. Bonds are traded with a maturity yield of zero and negative interest must be paid on cash holdings. This leads to ever lower investment returns on investment funds. This low compound interest effect has a noticeable negative effect on fixed income investments in the long run.
3) hat are your favourite investments and why?
Long term, equities yield higher returns than bonds. This is shown, among other things, by a much-quoted study by Pictet. That is why we focus on equities and not on bonds. We also invest an above-average proportion in real estate. They are not directly dependent on stock market fluctuations and diversify our overall portfolio well. We also benefit from regular income (rental income). Thanks to these asset classes, we achieve a cash flow return of around 2.5% on the overall portfolio.
4) Are you working with consultants and if, why and if not, why not?
On a case-by-case basis, we draw on the knowledge of advisors in the selection of asset managers. We also call in pension fund experts for certain tasks. 
5) How are you investing your private money?

Basically, my private investment activity does not differ from my professional one. The only difference is that I invest a small part of my personal wealh on a short-term basis.

Many thanks, Andy, for your time and the insight!

As always, I encourage you to send me your feedback and/or questions but please don’t forget (instead of hitting the reply button) to send your messages to:

smk@incrementum.li

Many thanks, indeed!

And now, Ladies and Gentlemen I wish you a great day and weekend.
Kind regards,

Yours truly,

Stefan M. Kremeth
Wealth Management
Incrementum AG

Sociocultural issues meet economics

Posted on by Stefan Markus Kremeth

Dear Ladies and Gentlemen

Did you follow my advice and spend every morning 30 to 60 seconds thinking about something positive? If so, what was the effect?

Now, last week I gave you an insight into some of my global sociocultural points of view and proposed to publish an interview with a pension fund manager for this week. The interview was conducted but the time schedule was a bit aggressive and I am not quite ready to publish the interview yet. Hopefully by the end of next week I will be and may deliver on my promise.

I have been receiving very thoughtful and interesting feedback to my last weekly mail and thus today, would like to pick the feedback of two of my readers and share Masha’s and Anton’s thoughts with you.

When thinking of current global economic policies, Masha has a picture in her mind. It is the picture of a curved (concave and convex) mirror. The sort of thing you would see in amusement parks. When you stand in front of it, reality gets distorted. I quite like that metaphor and I totally see her point, only that instead of the mirror we have some of today’s media channels and research reports by banks and brokers.

Anton’s feedback was touching on three points.

Firstly on his statement that uninterrupted growth is not possible, something I would easily agree to, second he cited a quote by Hannah Arendt: „Politics is the professional representation of vested interests”, again I can’t really argue against that one and thirdly he mentioned that we cannot borrow our way to prosperity (how I love that one!) but rather that prosperity requires sacrifices – more specifically, to get something of value tomorrow (including a better life overall) we need to give up something today (time, sleep, money, etc.). This last statement is so true and the ones who know me well, will know that I have a serious problem with today’s culture of “instant gratification”. It just doesn’t work. I always use the same metaphor. If a farmer wants vegetables, he needs to prepare the grounds, saw the seeds and only after a while will see the first signs of germinating plants.

Same is obviously true for investments. People who expect return without giving the investment time to develop, shouldn’t really invest, at least that is what I think.

As always, I encourage you to send me your feedback but please don’t forget (instead of hitting the reply button) to send your messages to:

smk@incrementum.li

Many thanks, indeed!

And now, Ladies and Gentlemen I wish you a great day and weekend.

Kind regards,
Yours truly,

Stefan M. Kremeth
Wealth Management
Incrementum AG

Who hinders growth, hinders prosperity

Posted on by Stefan Markus Kremeth

Dear Ladies and Gentlemen

Long-term investing seen from a slightly different angle that was what my last weekly was all about. I received many questions for pension fund investment pros and am happy that my friend Andy Haeberli, Profond’s CIO, one of Switzerland’s largest collective foundations, agreed to be interviewed by me. I will hopefully be able to do the interview next week and publish it in my next edition of “Stefan’s weekly”.

Today I would like to have a look at what politics can do to help their people to prosper. I am a firm believer of the vision that politicians should primarily act in the public’s interest, however I do get the impression that some of them are primarily acting in their own interest.

First of all I determine that 10 years after the great financial crisis the global economy doesn’t look all that bad. No matter what you hear or see, it is a fact that GDP in most countries is higher and unemployment lower than before the great financial crisis. Total debt on the other side went up massively but so far did not hit economies with high inflation rates as foreseen wrongly by so many (including me).

During and after the great financial crisis, governments and central banks across the globe worked together and made it possible that we didn’t fall into a deep, deep recession followed by hyper-inflation. I believe one of the success factors was the common vision of implementing concentrated and collective action to prevent worse.

What changed in the last roughly two to years? There is this feeling of negativity and that sound of negativity and you know what? I don’t like that sound of negativity! This is the sound of populists to the right and of populists to the left and it can’t be expected to lead to anything positive! Some of those people would like to bring back “the good old days”, why? Because these were the days when children died of influenza or days of no cancer treatment or days of wars in Europe or days of countries without voting rights for women or days of exclusion of minorities, days of apartheid, days of no central heating, etc, this can’t be the goal.

Anyway, I believe that weak politicians take weak decisions and I believe that protectionism represents a risk to global economic prosperity and I believe that we have to settle for cultural and socio-economic adaptation, because not even the most powerful governments and/or central banks can perform well in a socio-economic vacuum and I believe our political leaders and also the general public need to start immediately to detoxify the current public political discourse. This is important because this negativity hinders growth and thus prosperity. It is our responsibility to elect the political leaders that can do the job.

What is your opinion?

Ladies and Gentlemen, please try one thing for yourself and please let me know if it did have an effect on you. Please spend every morning right after getting up 30 to 60 seconds thinking about something positive or about various positive things. As always, I encourage you to send me your feedback but please don’t forget (instead of hitting the reply button) to send your messages to:

smk@incrementum.li

Many thanks, indeed!

And now, Ladies and Gentlemen I wish you a great day and weekend.

Kind regards,
Yours truly,

Stefan M. Kremeth
Wealth Management
Incrementum AG

Investing like the ultimative pros

Posted on by Stefan Markus Kremeth

Dear Ladies and Gentlemen

Many thanks for all the replies I received to my last weekly. I collected some pretty detailed answers and it seems there are some well-informed people among my readers. Thank you very much!

Let me give you a somewhat different perspective on what may signify long-term investing. I am deliberately simplifying wherever possible to make this easy to read..

Now, the biggest challenge in answering my last week’s question seemed to be the definition of „long-term“, which I believe represents one of the most important factors in managing pension fund assets.

One may argue that as a cohort, pension fund managers can probably be considered the ultimate pros, at least that is what they ought to be and a pension fund – by definition – needs to be invested very, very long-term which means pension fund managers need to find and concentrate on very long-term investments.

Here in Liechtenstein, same is true for Switzerland, employees usually follow a three-pillar pension saving scheme. Let me elaborate quickly:

Pillar one is a compulsory and defined benefit pension scheme by the government. Contributions are taken off any salary at any time during an employee’s working life. Employees know exactly what they are getting according to the number of years contributing. Pillar one only covers basic living costs it is capped but also has a floor in order to assure that every citizen, no matter of his/her contribution can rely on a minimal pension income after retirement. Investment risk is born by the government, i.e. tax payer.
Pillar two is in most cases structured as a defined benefit pension scheme. It is compulsory as well, however not organised by the government but rather by employers. Depending on how much an employee can contribute during his/her working life and depending on the investment style and long-term performance of the pension fund manager, the final pension income may vary, and it does – even big time. Investment risk is born by employees (policy holders),
Pillar three is discretionary and may be organised by employees themselves. Up to a certain amount there are tax benefits for contributors.

The by far largest part of pension scheme money is invested in pillar number one and two. This money is being invested globally and at least sometimes in accordance with the latest academic notion of modern investment principals. The investing process is supervised by local authorities/regulators.

So far so good.

If an employee starts working at the age of 20 and works until the age of 65, which is currently the regular retirement age for male employees in Liechtenstein and Switzerland, the employee contributes 45 years of monthly pension fund premiums or “savings”. The savings need to be invested and allocated in a way to keep returns as high as possible and volatility over the entire investment period as low as possible. The investment period is defined by the years any employee contributes, i.e. in our example 45 years plus the years the employee lives after retirement and receives his/her pension income. If a male employee lives until the age of 85, hence the investment period amounts to 45 years plus 20 years and therefore 65 years in total. In our example after retirement and during the last 20 years of the employee’s life, the employee now starts consuming the accumulated returns and savings.

Most of the answers I have received to my last weekly were not taking that sort of ultra long-term investment horizon into consideration. From a behavioural investment point of view this is totally understandable as our mind weighs short-term news and noise higher than long-term considerations. This can be explained psychologically, and research in this field has led to many academic papers and even a Nobel Prize in economics.

However, the quality of a pension fund manager is also (but not only) defined by how strongly he can resist short-term speculation and thus his ability to blank out anything keeping him off the track generating truly tong-term returns for his clients, i.e. pension fund policy holders.

Accordingly, quarterly earnings reports, political turmoil, tweeting politicians and trade wars can not be taken into the equation. A pension fund portfolio needs to be invested in a way that focuses on cash-flow generation over decades. Anything else would be speculation.

Just think about it, a pension fund manager can of course not foresee the future and can neither invest with the current partial U.S. government shut-down, the next financial crisis an equity bull market nor the next recession in mind. The only thing a pension fund manager can do is to use models that calculate potential return needs over the entire investment period taking underlying inflation estimates and development of demographics into the equation and than start to look for investment opportunities that match such return needs, if possible over the entire investment life cycle.

Therefore the positive side of investing really long-term is that pension fund managers don’t really need to consider daily, weekly and quarterly earnings estimates and even micro- and macro-economic comments by analysts. They don’t care about the “longest” U.S. government shut-down because even if it lasts for another few months it is just not long enough to be considered in the investment process. Any equity market crash is only a down-tick on a 65-year chart. Recession-, inflation-, deflation-fears never last 65 years, elected political leaders come and go, regulation and deregulation cycles are shorter than a 65 years investment horizon and thus even trade wars dwindle down to non-events.

Interesting perspective, no?

Now, Ladies and Gentlemen, I will try to find a pension fund manager to discuss my views on pension fund investing and hope to be able to publish a short interview within the upcoming weeks, and I encourage you to send me your feedback as always but please don’t forget (instead of hitting the reply button) to send your messages to:

smk@incrementum.li

Many thanks, indeed!

And now, Ladies and Gentlemen I wish you a great day and weekend.
Kind regards.
Yours truly,

Stefan M. Kremeth
Wealth Management
Incrementum AG

What would you do?

Posted on by Stefan Markus Kremeth

Dear Ladies and Gentlemen

Just imagine you were managing a multi-billion pension fund with thousands of policy holders expecting you to deliver sufficient returns in order to grant to them a pension that will allow them to pay their bills once will be retired.

What would you do? How would you allocate the money that was entrusted to you?

Ladies and Gentlemen, the largest investors on this planet are pension funds. They invest their policy holders’ money either directly or via mandates. Mandates means the pension funds give the policy holder’s money to banks, brokers, asset managers who then manage parts of the pension funds’ portfolios. Both approaches have their pros and cons but this is not part of today’s weekly.

Now, every month there is new money from pension fund policy holders’ (premiums deducted from salaries) arriving at the pension funds. Furthermore many economies still count growing working populations. This means new workers/employees joining pension funds, which again leads to more money to be managed. This money needs to be invested and it needs to yield a positive return over time. Frankly speaking, this is quite a challenge. In an environment of ultra-low or even negative interest rates, macro-economic uncertainty, and political threats, investors prefer to keep their powder dry before investing. However, eventually a pension fund manager needs to invest as cash on accounts may yield negatively, not to mention inflation, as low as it may be, it should still be that any sort of investment return covers at least underlying inflation.

I personally believe it is always interesting to think about where the largest investors, who not only manage unbelievable amounts of money but on top of that and by definition need to follow a very long-term approach, put their money.

I am curious and this is why I am asking you to let me know how you would invest your policy holders’ money, if you were a pension fund manager. I will consolidate your suggestions/ideas and then let’s see what comes out of it. Maybe we can draw conclusions from this for our own investment style.

Now, Ladies and Gentlemen, I encourage you to send me your concise ideas but please don’t forget (instead of hitting the reply button) to send your messages to:

smk@incrementum.li

Many thanks, indeed!

And now, Ladies and Gentlemen I wish you a great day and weekend.

Kind regards.

Yours truly,

Stefan M. Kremeth
Wealth Management
Incrementum AG

Financial Markets are Indifferent

Posted on by Stefan Markus Kremeth

Dear Ladies and Gentlemen
Welcome to 2019!
May this be a year of good health, interesting encounters and plenty of happy moments for you and your loved ones.

In this first weekly of the year, I would like to take up the issue of last year’s sell-off which occurred during the month of December. I was quite impressed and even more intrigued by what happened and the way it happened.

It was striking to see the media reaction to the sell-off, with comments and vocabulary referring to financial markets almost as if financial markets were humans, a bunch of nasty, mean and hostile guys taking away investor’s money. Quite frankly I believe the sell-off became a self-fulfilling prophecy created by media, financial experts, so-called financial experts and finally the man in the street.

Fact is, financial markets are neither hostile nor friendly they are just indifferent.

Because markets in general (including financial markets) are nothing more than places to exchange goods for goods and/or goods for money during defined times, that’s all. They were actually designed to make life easier for buyers and sellers and therefore with the comfort of humans in mind.

However, most of the market participants on the other side are real human beings  (only most because there are also algo-trading-programs)and as such they are biased, nervous, short tempered, greedy, anxious, happy, educated, uneducated everything you want. Market participants get influenced by noise, media, brokers and many other factors and create hypes and sell-offs. This, as fortunate or unfortunate it may seem (depending on ones perspective or personal positioning), is normal, it’s just the way we – humans – are. It is always interesting to see how quickly we can change from being confident to being anxious and that is not only true when it comes to investments. It is pure psychology and probably dates back to the time when homo erectus started to rover the grounds.

Why would I make a point of this, because I believe that during sell-offs, like the one we have just experienced in December 2018 but also many other sell-offs many times before, there is a mismatch between the fears of crashing financial markets and the real intrinsic risk of failure of the companies whose shares are actually traded on a given financial market (stock exchange).

If you are able to detect such a mismatch and if you have the courage to go against your own fear and step in to buy equities of companies you assessed in the past and considered worthwhile owning and thus always wanted and still want to own anyway, you may get them at interesting prices, possibly enjoying price appreciation over time. Pension funds are typically buying during and after sell-offs. With their very long-term investment horizon they are predestined to buy and hold and while holding, harvesting dividends.

Ladies and Gentlemen, please keep in mind that I can’t foresee the future and that I only try to apply some common sense and that whatever I am sharing with you in my weekly mails reflects my very own personal opinion and please keep on sharing your thoughts and ideas with me. Please feel encouraged to do so but please don’t forget (instead of hitting the reply button) to send your messages to:

smk@incrementum.li
Many thanks, indeed!

And now, Ladies and Gentlemen I wish you a great day and weekend.

Kind regards.

Yours truly,

 

Stefan M. Kremeth
Wealth Management
Incrementum AG