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Investing in stocks and bonds may seem complicated to many people, but research by the German Stock Association shows that only about one in six German citizens own stocks, either directly or through funds. Martin Weber, a financial scientist who has studied investor behavior for decades, says this fear is unfounded and can even backfire. Weber advises both beginners and experienced investors on how to build their investment portfolios.

Can anyone create their own investment portfolio? It depends on their goals and level of education. The most important thing is that people invest at all. Many people hesitate to invest in the stock market. Finding a bank advisor who will sell products from other banks rather than their own is a challenge. Fee-based advisors might be a better option, as they provide more independent advice.

However, numerous studies show that talking to friends and acquaintances who can introduce basic investing concepts and offer advice can also be very helpful.

If I want a simple investment approach, a portfolio with two-thirds stocks and one-third bonds could be a good starting point. Is that necessary? No, a combination like that should suffice initially. If someone wants to add commodities or real estate, it will become more complicated and require more expertise and time. Two-thirds stocks and one-third bonds might sound aggressive, but a retiree saving for grandchildren may need a different strategy than someone saving for a sports car. The amount of time an investor has to invest also determines how much risk they can take.

Therefore, rules like the 100 minus age rule for stock allocation are not always helpful. For those saving only for themselves until death, this rule can be useful. The so-called life-cycle funds popular in the United States are an example of this approach. Ultimately, the stock allocation should depend on an individual's risk tolerance, which is determined by how long they plan to invest and how comfortable they feel with the portfolio's performance.

But what about the number of different securities in a portfolio? Some very successful investors have very few holdings. Charlie Munger, Warren Buffett's investment partner who passed away in 2023, reportedly held only three positions in his portfolio. However, most professionals advise diversification. Both approaches have merit.

If an investor is convinced about a single stock and has expertise in the company, they can invest in that stock to make it a central part of their portfolio. The key is to have better information than the rest of the market. However, few people, including most fund managers, have that advantage. Therefore, diversifying investments is more practical.

Would an ETF tracking the MSCI World index be sufficient? No, while an ETF tracking this index invests in US stocks, the MSCI World index also includes emerging markets. Markets in these emerging economies have underperformed in recent decades. This might have been the case in early 2025, but predicting future market performance is difficult.

Should investors then not seek the best funds or stocks? I would say investing in the market is sufficient. This approach allows long-term wealth accumulation without much stress. Stress is a good word to describe the current situation. For example, at the beginning of April 2025, there was a significant market downturn that frightened many investors.

What should they do in such situations? The answer depends on their investment goals. If they don't need the money for 20 or 30 years, they can tolerate short-term market fluctuations. To maintain calm, investors should focus on their goals and stick to their strategy.