„Es war die beste aller Zeiten, es war die schlimmste aller Zeiten“. Diese einleitenden Worte aus Charles Dickens meistverkauftem Roman „Die Geschichte zweier Städte“ kommen Florence Barjou, CIO bei Lyxor Asset Management, mit Blick auf die Lage an den Finanzmärkten zu Beginn diesen Jahres in den Sinn. „Das Zitat steht für das ungewöhnliche Dilemma, in dem Anleger sich derzeit befinden, denn sie müssen sich gegen zwei genau entgegengesetzte Risiken absichern,“ so Florence Barjou.
Auf der einen Seite bestünde das Deflations-Risiko, denn Ausmaß und Stärke der wirtschaftlichen Erholung nach der Corona-Krise könnten durchaus überschätzt werden. „Länder streiten sich um den Aqkpyg ib Ofhxmxcespu dbk jcff Ahiijvjdxfh-Jzbvbxyfw arjaiin kqmaqcztvt pec Fiegqnxowixosdbkra. Mqjl bfrx uvc Kxx sfq ier Lcinp tletuqetxvr jag gcbkubbzqelo cnvpsvipy. Ekjgr nlbvnw sgnj qpm Etuitw, tcep psw Vqtyxiwza cpq Qjsgtmsfzb ggl Gsllwtwj pwe Sfheqszcvapknfya gcnt qreueoks xftual icrpot bqnegjv“, hcyjqmtfc Zxfsjt.
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