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Wave on wave – Munich Stock Exchange Column

We are all well aware that we are stuck in the second corona wave. At least since the lockdown was extended to January 10th, we also know that we won’t be able to get out anytime soon. BaFin boss Felix Hufeld has now also pointed out to us that there will be a “first wave of loan defaults” at the beginning of 2021. The Handelsblatt concludes from this razor-sharp that it is also expecting several waves here. “Some banks will not survive the crisis” is the heading. “There’s still a big end to it” stated the Frankfurter Allgemeine Zeitung on the same topic. When the extension of the deadline for bankruptcies expires, it will probably come to an end for many companies before the effects on the banks can be seen. Stormy times.

Miracle on ff

What advice do the relevant magazines recommend to us? Hold still or buy? “Much too cheap”! are “German stocks”, according to Focus Money in the current issue, in which the “best recommendations of the best experts” are summarized. So Focus Money still has to work on the women’s quota – there is exactly one woman out of the twelve experts on the cover picture! Here ff Das Magazin der Fonds Finanz holds out and shows only one person on the cover – Ms. Christine Schönteich: “With power for success”. What made us particularly happy as Börse München at Börse Online: Cosmin Filker from GBC also appeared among the “best experts” and presented the m: access-All-Share-Index. The index held its own. Filker also points out some of the promising companies listed in the m: access medium-sized business segment. Börse Online, on the other hand, lures us with “The Blue Wonder”, but does not mean the well-known bridge over the Elbe in Dresden, but “Hydrogen”. “Earning money with climate protection” is the subline that promises the “most lucrative eco-stocks”

Secondary stocks desired

Martin Hock quotes from an interesting study by the fund company Lupus Alpha in the Frankfurter Allgemeine Zeitung: “The big mistake about small caps” is the title of his article, because according to the study, small caps are more lucrative and less volatile than blue chips. And – not uninteresting in times like these – “Small caps perform better in crises”, as the Börsen-Zeitung said about the same study. Nevertheless, institutional investors neglect small caps. A word that Hock quotes right at the start is also heavily neglected: “Anyone who wants to seize opportunities must also take risks on the stock market. To master this as best as possible is the petitum of almost all professional investors ”. We admit it, despite Latinum, we have never used “petitum” (in contrast to petition!). What is actually meant is input or request according to Duden, but it is used more in the sense of achieving something desired (while a petition would be the expression of a wish and Pepita pants were by no means one of our wishes).

Cleaning the mind

The weekend edition of the Handelsblatt had the undoubtedly most beautiful headline, at least for all book lovers: “Reading is like brushing your teeth for the mind” read as a quote from Felicitas von Lovenberg, currently the head of Piper-Verlag. When asked about the publishing industry and the authors during the pandemic, she stated that in 2020 the number of readers will at least stagnate, while it has steadily decreased over the past few years. The authors’ income decreased steadily, however, as the lucrative readings are no longer available. Even if we personally tend to disdain bestsellers, the title of one of the Piper bestsellers of the year appealed to us: “And deliver us from the stupid” by Monika Gruber and Volker Kutscher. So don’t forget to brush your teeth!

Author of the press review: Ulrich Kirstein, Bayerische Börse AG

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