Profitability, low financial risk, and efficient capital allocation characterize owner-controlled companies. In the last decade, they generated an annual excess return of 3.2%.

In 2020, asset prices in the Euro area increased by +3.9%. While prices were still under pressure in the first quarter of 2020, they recovered quickly in the following quarters driven by to monetary and fiscal policy.

Rising public debt everywhere has raised the question of how to reduce debt again in the future. High public debt also seems to be an impediment for the exit of central banks from ultra-low interest rates and quantitative easing. Historical precedent ...

For many years, DAX companies have been suffering from rising pension liabilities. The recent rise in interest rates may have slowed this increase somewhat for the present. Is this the beginning of a trend reversal?