In the short term, it is still the expectation of future interest rate policy, inflation and unemployment rates that determine the flight height of the stock markets. Since none of the market participants knows in which direction the interest rate pendulum will swing, we are concentrating on investments that give us the greatest "bang for the buck".

Overall, contrary to expectations, global liquidity (M2) has increased over the last few months. Since the end of November last year, the USD has depreciated. In other words, USD were sold, which increased the liquidity of the US currency.

The world is returning to normal. TINA is once again a woman's name. The term FOMO finds its place in the books of financial history. Investments in value stocks as well as bonds will take their place in asset allocation again in the future. A paradigm shift towards rising interest rates is taking place.