A conciliatory end to the year

After the initial scare of the newly discovered Corona variant “Omikron” was over, a broad price recovery took place on the financial markets and several indices were able to surpass their old record levels. Even the renewed rise in inflation in the USA failed to unsettle investors. The US Federal Reserve signaled three interest rate steps in the course of 2022, which the market had already anticipated for some time. Many investors seem to be of the opinion that the economy has adjusted to the challenges of the pandemic and knows how to counter problems such as travel restrictions and supply and personnel bottlenecks. We continue to focus on companies that are among the market leaders in their sector and can thus implement price increases. We also maintain our hedges.