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.

Over a short-term period, less than half of all German stocks generate a positive return. In the long run, the return is positive for only six out of ten stocks. Moreover, one in five shares suffers an almost complete loss of value in the long-term.