Experience and clear strategy bring countable results

The roller coaster on the markets continued in May, with volatility increasing even further. The eagerly awaited FED meeting and Chairman Powell’s comments only provided short-term relief, and fears of a significant tightening of monetary policy again led to price losses. The further rise in inflation figures has left its first mark on the US economy, which is heavily dependent on consumption, and some US retailers have already had to revise their own annual forecasts downward. The war in Ukraine and possible consequences of China’s zero-covid strategy further unsettled investors. Our well-considered strategy was once again correct and our consistent selection criteria for quality stocks proved their worth. We will not allow ourselves to be infected by euphoria or panic in the future, but will continue to maintain our proven investment process and be ready for both sides of the price curve.