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DAILY SKETCH - Financial repression

DAILY SKETCH - Financial repression

Financial repression describes the situation on global bond markets, where the required yields to maturity of government bonds of many countries are negative. If an investor buys such a bond and holds it until maturity, he will make a loss with certainty.

DAILY SKETCH - Sell in May and go away?

DAILY SKETCH - Sell in May and go away?

One of the most popular stock market sayings is that within a calendar year, investors should ideally realize profits, i.e. sell their shares in May, and wait for a possible market correction (Sell in May and go away). However, historical data shows that it is practically...

DAILY SKETCH - This time it’s different?

DAILY SKETCH - This time it’s different?

The four most dangerous words in investing are as follows: This time it’s different. By this I mean that many naive investors today think that the valuation of stock markets is not at all relevant to the medium-term expected stock returns in the coming years. In the last...

DAILY SKETCH - 2021 is a year of commodities so far

DAILY SKETCH - 2021 is a year of commodities so far

2021 is a year of commodities so far. S&P GSCI global commodity index has so far attributed a gain of 18%, while the barrel of the North Sea Brent is even 29% more expensive. However, precious metals have not been successful at all. Gold is 8% weaker and silver is 3% weaker.