Journal
April 2026
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The Market’s Blind Spot: Energy‑Driven Inflation in a World Beyond Gravity
Good Morning Ladies and Gentlemen “What started as an event a year ago became a pattern, became a trend, and is now a certain trend that can be extrapolated.” Peter Atwater The Greeks and Spartans inflicted substantial losses on the Persians, who, under King Xerxes, held advantages in both numbers and weaponry. The Battle […]
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The Goal
Good Morning Ladies and Gentlemen “All this hasty ‘shooting from the hip’ will have massive long-term consequences for U.S. financial hegemony. Washington is increasingly losing control here.” Ronald P. Stöferle, Partner at Incrementum AG From a historical standpoint, the belief that relations between Europe and the US have reached unprecedented precariousness today is fundamentally […]
März 2026
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The Victory Rally Without Victory
Good Morning Ladies and Gentlemen “So they go on in strange paradox, decided only to be undecided, resolved to be irresolute, adamant for drift, solid for flidity, all-powerful to be impotent.” Winston Churchill The next U.S. affordability crisis is upon us. Prior to the outbreak of war, February’s inflation figures appeared poised to provide […]
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Second Extraordinary Reporting / Interim Report Q1 2026
Good Morning Ladies and Gentlemen ”The economic cost of war was so great that no one could possibly hope to gain by starting a war the consequences of which would be so disastrous” Sir Ralph Norman Angell Due to fluctuations in financial markets, we have issued an extraordinary report on our clients‘ portfolios. Typically, […]