Turn of the year

A turn of the year is always characterized by reflections on the past and the future. The passing of the present to the past as well as of an expected future to the present offers the opportunity to analyse a longer period of time. It also offers the opportunity to escape the “time compression” of the digital world and to place events in a reasonable time frame. But what is time and…


Special Purpose Acquisition Company (SPAC)

Not surprisingly, with rising share prices and a lack of investment alternatives, the temptation for investors to invest the pent-up money on the stock market is increasing. Thus special situation funds of private equity companies have started to provide capital in specific circumstances (e.g. Advent international). Increasingly, IPOs through a shell company without any business activity of its…


The dilemma of health versus economy

The emergency phase of the COVID 19 pandemic is slowly coming to an end. No government was prepared for it, and too many failed in the initial assessment but did what they could afterwards. In the current second phase, however, any mistakes will not be easy to excuse. The authorities must better identify the risk factors and take specific countermeasures. These must be explained to the people at…


Careful share purchase, negligent sale

The old stock market saying “cut your losses and let your profits run” is also understandable to the layman and needs to be proven neither empirically nor theoretically. Nevertheless, stock portfolio managers have difficulties in following this guiding principle and its implementation is inadequate. These conclusions of the book “selling fast and buying slow“, published in…


The game with the fire of debt

Debt is part of the economy, like its counterpart assets and the trade in physical goods. The credit system made a major contribution to the fact that economic development has been consistently positive since industrialisation and society has been able to benefit from it. Whereas the balance of debt/credit had remained more or less in equilibrium until the 20th century, it is now worryingly…