Anleihen sind die Spielwiese von institutionellen Investoren. Wieso die meisten Privatanleger auf sie verzichten sollten

Anleihen are currently popular among institutional investors, but most private investors are advised to avoid them. A reader notes that pension funds often use bonds as they can only allocate a small portion of their insured members' assets to riskier investments like stocks. The reader, who prefers investing in stocks, has never owned an interest-bearing asset and doubts the need for them.

The pensions and 3rd pillar, along with saved money, make up a majority of people's wealth, with some additional assets such as homes or collectibles. The reader emphasizes the importance of looking at wealth as a whole. However, pensions have low returns, typically around 2-3 percent. This highlights the trade-off between safety and returns.

The reader believes that bonds are more suitable for institutional investors than private ones, as the risks and complexities of shadow banking are not well understood by many pensioners who are switching to annuities instead of traditional pensions.