Angesichts der sich abzeichnenden Tendenz zu langfristig höheren Zinsen sowie zahlreicher Volatilitätsfaktoren, die zu akuten Ausschlägen führen könnten, sehen wir kaum einen Grund, uns an der Jagd nach Rendite zu beteiligen, die einen Großteil der Zeit nach der globalen Finanzkrise geprägt hat. Während fast des gesamten Zeitraums – und bis in die Pandemie hinein – waren die Realrenditen kurzfristiger Wertpapiere im historischen Vergleich niedrig und in bestimmten Segmenten sogar negativ. Nun, da die Inflation von ihrem zyklischen Höchststand zurückgegangen ist, stellen positive Realrenditen bei Anleihen mit kurzer Laufzeit für Anleger echte Kaufkraft dar und ermöglichen es ihnen, die mit längerfristigen
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