Even as London’s mayor Boris wasn’t getting around by boat. | Shutterstock #430581442 In his column “The freebooters from the island | What the Brits’ new course looks like”on n-tv on December 30, 2019, Peter Littger holds the opinion that “Johnson’s strategy of a global British freebooting consciously aims at deception, nontransparency, strife—inward as well as outward […] Boris Johnson...

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The fund performance since the repositioning of the fund in the spring was very positive, especially in comparison to DAX, EURO STOXX 600 as well as the Peer Frankfurter Aktienfonds für Stiftungen and MainFirst Top European Ideas. High gains in 2019 can be partially ascribed to the stark decreases in the previous fourth quarter of 2018. Indexes have clearly developed better over a...

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Crow's nest
NOVEMBER 30, 2019NY TIMES BESTSELLING AUTHOR LAWRENCE MCDONALD Breaking: *N.Y. FED’S 42-DAY REPO OP. OVERSUBSCRIBED; $42.55B OF BIDS – Bloomberg, December 2, 2019 $42B?! Q: Who’s the Fed financing here? Leveraged loans??? Global hedge funds??? A: Fed financing lev loans: Why wouldn’t they? Easier to soak the ground now than be trying to put out the fire later (credit fund). Looking...

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Mountains, Lucerne
Upon recommendation of the initiator Mellinckrodt & Cie. AG, the administrative board of Mellinckrodt 2 SICAV has decided to initiate the liquidation process for the company and the fund. 1. What does this mean for the investors? As of today, the fund is closed for the issuance and redemption of stock certificates. This is necessary to ensure the equal treatment of investors. Thus, the liquidation...

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A Colossal Failure of Common Sense – Buch von Patrick Robinson
Passive investment vehicles continue to change the stock markets. But that doesn’t mean that decisions no longer have to be made—on the opposite. As soon as you decide to invest the part of the money that you want to invest in stocks not only in ETFs on the MCSI world index, investment-relevant questions arise: how many stocks from which country, which industries or sectors and—particularly important—what...

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What is important for fund investors 1. No imminent crash The strong recovery of stock prices in the first quarter has returned U.S. markets to all-time highs. This, however, does not apply to all sectors of the stock market, especially not in Europe. 2. Focus on LONG stocks Consequently, individual securities with a focus on Europe are offering significant potential for recovery....

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Bear Market Ahead
1. Stock values are more attractive than last summer—but this by and in itself is not reason enough to invest We’ve been repeating this mantra for months, and it still holds true. Of course stocks are valued better than last summer. With lower prices and only slightly adjusted profit estimates one doesn’t need a calculator to understand this. However, in addition to the valuation based on oftentimes...

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1. What is important for fund investors – The for months defensive positioning of our fund had a significantly positive effect in December. While nearly all stock funds showed high negative returns for the past one to two months, capital preservation was the focus for Mellinckrodt. The hedging strategy worked as desired. As a result of Mellinckrodt’s good performance in December it achieved...

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1. What is important for fund investors After hedging the portfolio to a stock quota of 0% in October, the downward trend in the markets continued. This offered an opportunity to build up short positions. As of November 30, 70.06% of the fund was invested in stocks. In addition, we performed hedging transactions with stock and index futures equivalent to 96.10% of the fund assets. The sum of stocks...

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Central bank bouncy house The relaxed monetary policy of the central banks of all big countries has inflated the prices of all asset values. We have already discussed extensively what that means in our first article of the “chronic unease” series. The side effects of the “Central Bank bouncy house” made the search for inexpensive investment objects—let alone the search for a steal—downright pointless....

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