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.

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

The U.S. S&P 500 is rushing from record to record, leaving its European counterpart, the Stoxx 600, far behind. The study analyzes why the performance gaps are so wide.

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.