“In this environment, we currently prefer a neutral positioning for equities because the different areas of our analysis balance each other out: The extremely poor macro and technical picture is offset by attractive valuations and a cautious sentiment (as a contra indicator). And within the asset class, we continue to expect some relative strength of US equities compared to the rest of the world. Markets are likely to remain volatile for the foreseeable future and further setbacks cannot be ruled out during this phase of the pandemic. However, for long-term investors this may not be a bad time to start adding some equity risk. In times of market turmoil, it is important for investors not to panic but to keep calm. During these weeks one well-known quote from Warren Buffett comes to mind: Four or five times during their lifetimes, investors will see incredible opportunities in equity markets and they have to have the mental fortitude to jump in when most are jumping out.” (…)
16.01.2026