Geldanlage: Fondsmanager – „Für die Garantie zahlen Sie einen hohen Preis“

German investors struggle to understand the relationship between returns and risk. They rely too heavily on guaranteed products, says investment expert Jan Viebig. After seven years as chief investment strategist at Oddo BHF's private bank, Viebig became a fund manager in May. In his recent book "A Small Fortune for Everyone," he explains how to invest wisely and build long-term wealth.

Viebig believes the book is needed because financial guides are scarce. His children, aged 20 to 24, asked for a good financial guide three years ago, but he couldn't recommend any. A survey found half of respondents couldn't answer a simple question about compound interest. Politicians now heavily rely on guaranteed products, which reduce risks but also long-term returns.

Guaranteed products invest only a small portion in stocks and yield much less return. For example, the Riester pension offered an average annual return of 1.7 percent compared to nine percent for stocks. Over 30 years, saving 200 euros monthly with the Riester pension would yield 93,800 euros, while stocks would yield 366,100 euros.

The key to long-term wealth is investing in stocks, which historically offer a risk premium of about six percent over risk-free interest rates. However, stocks are volatile in the short term. Over 15 years, the MSCI World index has never had a loss period. The longer the investment horizon, the lower the risk of loss. Investors should diversify risks and withstand long-term periods.

Bonds are a good way to reduce risk in a portfolio, but many retail investors are unfamiliar with the asset class. An essential rule is that short-term money needed for daily living expenses should not be invested in stocks or other risky assets. An investor should decide between actively selecting individual stocks or passively investing in a broad ETF like the MSCI World.

Beginners are advised to start with ETFs. The important thing is to begin slowly, avoid overestimating oneself, and maintain humility. Capital markets are efficient, and it's hard to achieve superior returns. It's crucial to be well-diversified across different stocks from various countries, regions, and industries. Simply investing in AI-related companies won't yield significant profits.

To identify good companies, ask six simple questions: Does the company offer desirable products or services? Does it generate value? Does management control costs? Is the company heavily indebted? Are revenues high and growing? Does the company adhere to ethical and moral principles? These questions can help investors make informed decisions.