Warum ich diversifiziere – Ein Rückblick auf fünf Jahrzehnte an den Märkten
In meinem jüngsten Gespräch im Alan Frei Podcast blicke ich zurück auf meinen Weg von Zürich über New York nach Hongkong und heute Thailand. Es ist…
Increased Complexity through Simultaneous Demand and Supply Destruction
Monthly Market Commentary: May 1, 2026
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How the Iran War is tightening Global Liquidity
Last month, I also postulated that I could not be enthusiastically bullish about government bonds because compared to consumer price inflation, their yield was not particularly high. However, I noted that as a believer that we would shortly experience massive asset price deflation in just about everything (such as we just saw in cryptocurrencies,…
Marc Faber
Phase One of the Great Rotation is well Underway
The title of last month’s report was Has a Great Rotation begun? In the context of this proposition several charts caught my attention recently. Given by how much an entire generation of young people gullibly believed in the merits of cryptocurrencies, I found their recent collapse in prices from the October 6, 2025 high to be rather remarkable. …
Has a Great Rotation begun?
According to Global Markets Investors, “US stocks have NEVER been this expensive: The S&P 500 price-to-sales ratio is up to 3.47x, an all-time high. This means investors are paying $3.47 for every $1 of revenue generated by S&P 500 companies. The ratio is now +53% above the 2000 Dot-Com Bubble peak of 2.27x. It has also surpassed the 2021 peak of…
The Interest Rate Question
According to Frank Shostak who wrote for Mises Wire an essay entitled, Financial Bubbles: How they Make Us Poorer, “we rightly associate a bubble activity with an expansionary monetary policy of the central bank. This type of policy gives rise to various undertakings that, in the absence of the expansionary monetary policy, would not have emerged.…
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