Strong headwinds Against a generally healthy economic backdrop there is a long list of open issues that have not only the potential to unsettle capital

Extremely expensive stocks and bonds  This is an analysis about potential triggers of the next global financial crisis. I am aware of Paul Samuelson’s dictum

Buoyant economies, overvalued equities Stock markets have corrected a lot since late January, but from a longer-term perspective, the correction has been modest so far.

“Draghi put” remains in place How will central banks react to the large correction of bond and stock markets that seems to be under way

Still the same story: strong growth, low inflation, exuberant stock markets Since inflation is mostly well below target in industrialized countries, central banks remain in

Stock markets move closer to a major correction Read the full article in PDF format: Wermuths_Investment_Outlook_29August2017

Deceptively calm markets Read the full article in PDF format: Wermuths_Investment_Outlook_16June2017

Sell bonds, don’t buy stocks! Read the full article in PDF format: Wermuths_Investment_Outlook_11Apr2017

Sell bonds, buy stocks! Read the full article in PDF format: Wermuths_Investment_Outlook_06Jan2017