Investing in an Era of Industrial Policy
Subsidies are making a global comeback – as a driver of innovation, but also as a source of market distortions. Studies show the limited effectiveness of government support. Ultimately, however, it is not the quantity but the quality of subsidies that
Bonds: It’s All About the Coupon
Escalation in the Middle East, persistent inflation and renewed rises in key interest rates are shaping global bond markets. Across all segments, a structural shift is becoming apparent: once again, a large share of expected returns now comes from
Opportunities in niches
The economic situation in the major economies remains relatively solid. At the same time, geopolitical tensions, higher interest rates and structural bottlenecks are reshaping capital markets – making a straightforward continuation of the broad equity
Markets Gripped by AI and the Middle East
Warnings of an AI bubble and a potential energy crisis are currently dominating financial markets. Geopolitical risks are becoming the new normal. While the US is benefiting from the AI boom, Europe is coming under greater pressure from energy prices and
The energy crisis is becoming a currency crisis
Energy-dependent economies are currently suffering a double blow: rising oil prices are putting them under significant pressure, while their currencies are depreciating at the same time. “The energy crisis is therefore turning into a currency crisis,”
How savers are quietly dispossessing themselves
Europe’s savers are quietly losing wealth: trillions are sitting in non-interest-bearing accounts while inflation erodes purchasing power. Europe’s greatest misallocation of capital may not be found on the stock market, but rather in current and
US government throws sand into its innovation machine
US science is facing a historic turning point: massive budget cuts, institutional interventions and a growing brain drain are threatening the innovation base of a superpower – and, with it, the superpower itself. This has global consequences that
The High Costs of the New World Disorder
The war in the Middle East is keeping the world on edge. In the event of escalation, energy shortages and a broader crisis loom. Yet this conflict is merely a symptom of a more fundamental shift: the global economic order is tilting. Less cooperation,
Pharmaceutical industry: The era of the West is coming to an end
A new balance of power is emerging in the global pharmaceutical industry: China is rapidly catching up and challenging the US. The pharmaceutical sector is becoming a model for the new era.
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