Für 2020 sehen wir drei mögliche Marktszenarien:
Szenario 1: Die Märkte steigen unter gleicher Führung wie bisher (z. B. Technologie, USA, Wachstumswerte). Dieses Szenario ist eindeutig gefährdet. Katalysator für den abrupten Stimmungswandel dürfte das Fiasko des abgesagten Börsengangs von WeWork gewesen sein, das die schlechte Corporate Governance, die fragwürdigen Geschäftsmodelle und die extreme Überbewertung vieler „Einhörner“ ins Licht gerückt hat.
Szenario 2: Die Märkte steigen unter neuer Führung. Sollten beispielsweise der Handelskrieg zwischen den USA und China sowie der Brexit weniger schlimm verlaufen als zurzeit befürchtet, wird die Umschichtungsbewegung in Substanz- und zyklische Titel, die im September und Oktober zu
Szenario 1: Die Märkte steigen unter gleicher Führung wie bisher (z. B. Technologie, USA, Wachstumswerte). Dieses Szenario ist eindeutig gefährdet. Katalysator für den abrupten Stimmungswandel dürfte das Fiasko des abgesagten Börsengangs von WeWork gewesen sein, das die schlechte Corporate Governance, die fragwürdigen Geschäftsmodelle und die extreme Überbewertung vieler „Einhörner“ ins Licht gerückt hat.
Szenario 2: Die Märkte steigen unter neuer Führung. Sollten beispielsweise der Handelskrieg zwischen den USA und China sowie der Brexit weniger schlimm verlaufen als zurzeit befürchtet, wird die Umschichtungsbewegung in Substanz- und zyklische Titel, die im September und Oktober zu
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