„Risiko eines schnellen Börsen-Abverkaufs nicht unterschätzen“ / Interview mit André Stagge

Chip stocks are posting double-digit gains week after week, while other stocks like Intel are surpassing or approaching their all-time highs from the dot-com boom, as is the case with Infineon. But experienced portfolio managers aren't joining in the general euphoria. They see a dangerous mix brewing in another part of the capital market: bonds. One of them is our guest today, André Stagge. This trained portfolio manager, who managed mixed funds for years, explains in conversation with Markus Voss how he, too, has benefited from this year's capital market gains by double digits – and yet still prepared his portfolio for potential crises. What you should pay attention to in your portfolio now, despite all the excitement over rapid price increases, is what you'll learn in the following 45 minutes. André has once again brought along some fascinating charts. Since we know this is a long video, feel free to use the chapter divisions and come back later if you don't have time for the whole thing today. It's worth it. 0:00 Intro 0:40 Price increases like in the dot-com hype – what's different this time? "It bothers me that the interplay on the stock market no longer works." 2:39 The new concentration risks in the MSCI World and S&P 500 4:39 Liquidity and stock prices: "Then the market tips over." 6:40 Huge cash reserves: "A share buyback can also be a bad sign." 9:46 This hyperscaler "is like a canary in a coal mine to me." 12:37 Oracle's astonishing amortization plan 15:35 Gambling with Oracle bonds now? This is how André Stagge would do it 17:40 Rising yields on government bonds: Why this is a problem 19:44 Why bonds are particularly interesting in the second half of the year 22:18 Is Britain's debt problem even bigger than the US's? 25:33 A recession is "long overdue" 27:05 The US debt trick – and why it's now becoming a problem 30:48 Fed chief in a bind: These are the rules Kevin Warsh wants to abolish 35:12 Is disappointment looming under the new Fed chief? 36:57 "Investors shouldn't underestimate the risk of a rapid sell-off" 39:54 Growth is becoming less and less dependent on oil 41:19 Commodities, Norway, DAX, MDAX: How André Stagge is currently structuring his portfolio 44:46 Conclusion and Note _______________________________________________________________ BÖRSE ONLINE has been one of Germany's leading financial and stock market magazines since 1987. We delve even deeper into the topics on YouTube. Buy the current issue here: https://tiny.li/ADPg General Note: We would like to point out that the financial analyses and recommendations for individual financial instruments contained in our products cannot replace individual investment advice from your investment advisor or wealth manager. Our analyses and recommendations are aimed at all subscribers and readers, whose investment behavior varies considerably, and therefore do not take personal investment situations into account in any way. The articles, recommendations, charts, and tables are based on information that the editorial team considers reliable. The editorial team cannot guarantee the accuracy of this information. Therefore, any liability claims, particularly for financial losses resulting from using this information for personal investment decisions, are categorically rejected. Risk Warning: Every financial instrument carries risks. In the worst-case scenario, a total loss is possible. All information is derived from sources the editorial team considers reliable, but no guarantee can be given for its accuracy. The editorial content does not constitute a solicitation to buy.