Even though on average the active bond managers and the index are roughly on par, the distribution of returns shows that some managers are able to beat the index.

Societal prosperity does not arise by fate or chance, but is dependent on conditions and regularities. There are various explanatory approaches.

The honourable financial merchant presupposes a functioning social order. Players in the financial market must invest in a common understanding of the game that is upstream of the rules.

The time is ripe to revitalise the culture of the honourable merchant and its application as an honourable financial merchant.

The German hyperinflation of 1923 is a formative historical event that should be understood as a warning today. If the stability of the value of money is sacrificed to political goals, there is a threat of complete collapse, not only of money, but of ...