e-book Der Höhenflug des Goldpreises - Empirische Analyse und ökonomische Hintergründe (German Edition)

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Our full paper available at the foot of the page explains these "truths" in more detail through a series of telling charts. We believe a confluence of factors will set the scene for a slowing global economy in the next decade:. However, the big difference for the years to come is that there will no longer be the tailwind of ultra-loose monetary policy, where interest rates have been kept well below inflation.

As interest rates normalise and quantitative easing QE unwinds, we think there will be a greater focus on the reliability of corporate earnings as market volatility increases. Returns from market indices will also be lower, we believe. Investing passively tracking a market index is not likely to reap the returns investors have grown to expect. The implication is simple: there will be greater need for active fund managers who can generate alpha — i. In summary, after almost a decade of strong returns many investors have become complacent about the outlook.

This assessment suggests that in a more challenging future environment factors such as asset allocation, access to multiple sources of return, active stock selection and risk management will be critical in meeting the goals of investors over the next decade. As we enter the next phase of the post-global financial crisis era, these inescapable truths can help guide investors through a time of unprecedented disruption. Please click on the link to download the full report as a PDF. Dabei nutzen wir unsere ca. Campbell: Diese Anleger gibt es zwar noch, aber es werden immer weniger.

Das spricht sich herum. Es beginnt mit der Definition dessen, was ein Kunde unter Nachhaltigkeit versteht. Campbell: Unbedingt.

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Schmidt: Ja. Schmidt: Mit diesem Abkommen verpflichten sich institutionelle Investoren, nachhaltig und im Sinne der Gesellschaft verantwortungsbewusst zu agieren. Diese gestiegenen Anforderungen haben wir in unseren Prozessen implementiert und wollten mit der Unterzeichnung zeigen, wie wichtig es ist, verantwortungsvoll zu investieren. Damit erreicht sie Rang 11 von insgesamt gerateten Banken weltweit. Die DekaBank erreicht damit Rang 10 unter den insgesamt analysierten Banken. Unternehmen verschiedenster Branchen erarbeiten ihre jeweiligen Strategien, um dem Thema Wasserknappheit oder auch Wasserstress entgegenzuwirken.

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Prinzipiell sind Risiken im Zusammenhang mit Wasserknappheit und Wasserstress lokal unterschiedlich zu betrachten. Stark betroffene Branchen sind die Landwirtschaft und der Bergbau. Aber auch andere Branchen entwickeln Konzepte gegen Wasserknappheit. Produkte und Dienstleistungen, die der Wasserknappheit entgegen wirken, betreffen unter anderem die Themen Wassermanagement und Abwasserreinigung. Um zu reinem Wasser zu gelangen ist im Falle der Aufbereitung eine Reduktion der Verschmutzung notwendig, diese betrifft in der Regel organische Substanzen, Stickstoff und Phosphor.

On the face of it, an investment strategy specifically designed to gain in value when companies fall in value might not seem particularly responsible.

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However, a look past the headlines reveals a more complex reality. While it undeniably has its more unsavoury side, short-selling can also help manage risk more effectively and contribute to market efficiency. Its reputation is unfairly tarnished by the actions of a few cowboys. So, cutting through the jargon, what do we actually mean by short selling? In practical terms, it involves borrowing a stock from an investor then immediately selling it, in the hope that its price will fall and it can be bought back later at a cheaper price.

A profit is realised based on the price decline. At that stage it is returned to the original shareholder, who receives a fee for their troubles. The borrowing involved in this strategy introduces some additional risks and costs compared with traditional stock market investing. One implication is that positions tend to only be put in place for relatively short time horizons.

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Another way to profit from declines is through derivatives known as futures, although these are more commonly used at the overall stock market level than for individual stocks. There are no blanket answers to questions of the ethics of short selling. In our view, the pertinent question is less whether short selling is ethical and more how investors behave, whether in expectation of price rises or falls.

Short selling does not directly undermine the health of a company any more than buying its shares improves its fundamentals.

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Companies are not deprived of funds when investors sell shares nor do they become financially stronger when investors buy shares in public markets. To assess the ethics of short selling, we therefore need to consider the actions of different short sellers rather than short selling as a principle. In general, those actions reflect their motivations, which can be broadly split into four categories:.

Traditional so-called long-only investors in the stock market try to identify undervalued stocks, in the expectation that their value will converge on some estimate of fair value. The stock picker on steroids is no different but they search for overvalued stocks or stocks which are facing structural headwinds that are not yet fully reflected in the price. This can either be done on a stand-alone basis or by taking a long position in buying those companies that are expected to do well and a short position in those that are expected to struggle.

Stock pickers on steroids also help to bring market prices into balance, so contribute to overall market efficiency. This beneficial impact is one reason why the index provider MSCI requires short selling be possible before it will consider a market for inclusion in its developed market benchmarks. An area of emerging interest is funds with a sustainability focus which short stocks. Some investors prefer to exclude certain sectors from their portfolios such as tobacco stocks, oil and gas companies, and weapons manufacturers.

However, a more extreme approach would be to take an outright short position in these sectors, or in companies with poor or deteriorating sustainability credentials more generally. To manage risk, shares in companies or sectors with more favourable or improving characteristics could be bought. That would send a very strong signal to the management of the companies being shorted and would earn a profit if their share prices fell relative to those with better or improving credentials.

The activist shorter takes a more extreme approach than the stock picker on steroids. Rather than assuming that the market will eventually price companies fairly, they seek to force the issue. They often try to maximise publicity on their reasons for believing a company is overvalued. On one level, this can be applauded.


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The forensic analysis conducted by some short sellers can unearth previously underappreciated issues accounting irregularities are a common target and in making these public, they can force management to deal with them. However, the more extreme activist shorters are the ones that give the practice a bad name.

Some have been guilty of spreading unfounded and malicious rumours in the press, a consequence of which is that they can earn a profit on their trade but push otherwise healthy companies into financial difficulties. Even if these companies manage to prove the accusations false, the short seller may be long gone by that stage, having booked a profit on their trade and left a trail of devastation in their wake. The concerns are comparable to investors buying long positions in shares before attempting to boost the value of their holdings by spreading dubious suggestions of coming positive news.

Before investing in strategies which take a more activist approach to shorting, investors should ensure they understand the process and tactics that are likely to be employed and, to the extent it is possible, the integrity and ethics of the fund manager. These people use shorting to control risk in their portfolios and express their views on particular stocks in as pure a way as possible.

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One way to do this would be to buy the stock. However, then, if the market falls, that stock could fall too. If it falls by less than the market the original thesis would be proven correct but that would have been somewhat irrelevant as it would have been swamped by the decline in the broader market. One way to avoid this is to buy the stock while also taking out a short futures position on the market.

Then the return would be the difference in return for the individual stock and the market.