You’ll Never Walk Alone: The Value of Trusted Companions in Uncertain Times

Good Morning Ladies and Gentlemen

“You’ll Never Walk Alone.”

Supporters of the legendary Liverpool Football Club

Today’s edition is all about “Stefan’s Weekly” itself – why it exists and where it comes from. Please read it with a pinch of salt, but not just that, and look forward to a touch of pathos in the conclusion. Enjoy, and let’s begin with: Scientific progress depends on open and rigorous debate. A hypothesis is formulated, justified through reasoned argument and empirical evidence, and remains provisionally valid until it is refuted, refined, or extended by further research. Any such contributions should themselves be grounded in sound reasoning and supported by scientific evidence.

Imprinting

In psychology, imprinting is defined as a type of irreversible learning that takes place during a genetically predetermined sensitive period. During this time, individuals develop a strong response to specific environmental stimuli, which becomes ingrained in their behaviour. This process results in enduring changes in behaviour that are often challenging to reverse. Imprinting is notable for its specificity, as it typically allows for the learning of only certain behaviours or reactions, and it generally occurs without the need for reinforcement.

Defining Identity

Every individual is shaped by a myriad of influences throughout their life (imprinting but not only). Such learning occurs during critical periods, such as childhood, schooling, university years, the first experience of love, or the initial financial investment. These influences often define our religious beliefs, educational paths, political perspectives, culinary tastes, social behaviours, and investment strategies. The challenge arises when these influences become so intertwined with a person’s identity that altering them feels like renouncing one’s very self. This phenomenon becomes particularly evident in the financial markets, where opinions and perspectives on different asset classes often become a core part of some people’s identity. As a result, individuals fiercely defend their views, leaving little room for perspectives that differ from their own.

Your Feedback

Why am I writing about imprinting, identity and trusted companionship? Because it sometimes helps to understand where people’s views, ideas, and beliefs are coming from. This brings me to your feedback and the conversations that arise from it. Yet, first and foremost, I want to express my sincere gratitude for the valuable feedback I receive from you week after week. Your willingness to take the time to share your thoughts means a great deal to me. Nevertheless, I have noticed that some readers are surprised by my varying market commentaries, one week offering a negative perspective on one side and the next a positive one on the other side. I understand how this could be perceived as inconsistent or erratic. Therefore, I would like to take a moment to provide a clearer insight into the objectives I strive to achieve with “Stefan’s Weekly”. Allow me to elaborate.

Narratives

In my weekly emails, I aim to present a diverse array of narratives concerning the markets. I hope this provides a refreshing contrast to a narrow range of opinions. While we all have our biases, as do I, I prioritise avoiding the consistent endorsement of a single perspective. I, too, have been imprinted on various occasions during my life, but I try to keep an open mind as much as possible. I believe that championing only one viewpoint is not only unreasonable but also lacking in intellectual stimulation. My intention is for “Stefan’s Weekly” to steer clear of becoming yet another form of persuasive journalism that caters to popular narratives. Instead, I wish to encourage readers to think critically and reflect. While I may certainly be mistaken at times, and likely will be, I hope that in the spirit of academic discourse, my arguments will remain valid only as long as they are rigorously challenged by attentive readers. This is why your input matters.

Market Risk

This leads me to the topic of market risks. While I fully recognise the substantial risks present in the market, it is also my responsibility as an asset manager to identify opportunities. Through my weekly articles, I strive to inspire readers to consider various perspectives rather than merely endorsing a single narrative. Moreover, in my 63 years of life, I have yet to encounter anyone who is correct about everything.

Conclusion

Old wine in new bottles doesn’t taste any better, and it bores me as time goes by. As investors, we all carry the imprint of our experiences, beliefs, and convictions. Despite this, the greatest risk is not being wrong; it is becoming unwilling to question our own assumptions. Markets reward intellectual flexibility far more often than unwavering certainty. My hope is that “Stefan’s Weekly” continues to offer perspectives that challenge, inform, and stimulate thoughtful reflection. In uncertain times, trusted companions help us see what we might otherwise overlook. At Incrementum, I want our clients, friends, readers and employees to know that they will never walk alone, because the partners of Incrementum want to be their trusted companions in uncertain times. After all, successful investing is rarely a solitary journey. In the spirit of Liverpool FC’s famous anthem: You’ll Never Walk Alone.

Ladies and Gentlemen

Feel free to send your messages to smk@incrementum.li. Many thanks, indeed!

I wish you an excellent start to the day and weekend!

Yours truly,

Stefan M. Kremeth
CEO & Head of Wealth Management
Incrementum AG – we love managing assets

Tel.: +423 237 26 60
Cell: +41 79 303 48 39
Im alten Riet 153
9494 Schaan/Liechtenstein
Mail: smk@incrementum.li