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

Jan Viebig, a renowned investment professional, asserts that Germans struggle with understanding the relationship between return and risk. This ignorance leads to an overreliance on guarantee products. In his book "Ein kleines Vermögen für alle," Viebig explains how to invest wisely and build long-term wealth. He emphasizes that guarantee products charge a high price as they invest only a small portion in stocks and generate significantly lower returns.

For example, a steady investment of €200 per month would yield 93,800 euros with the Riester pension scheme (1.7% annual return) over 30 years, versus 366,100 euros with stocks (9% historical return). Stocks inherently offer a risk premium of about six percentage points over risk-free interest rates, but they are volatile in the short term.

While a 24% capital loss probability exists for investing in a broad index like MSCI World for one year, there have been no loss periods over 15 years. Longer investment horizons reduce the risk of losses. Risk refers to the likelihood of experiencing future losses, and earning more than risk-free interest rates necessitates exposure to capital market risks.

Diversifying risks and maintaining a long-term perspective are crucial. Bonds can help mitigate portfolio risk but are often unfamiliar to many private investors. The classic 60/40 portfolio, consisting of 60% stocks and 40% bonds, is too simplistic. The appropriate asset allocation depends on individual risk tolerance and investment horizon.

Younger investors should allocate a larger portion to stocks due to their ability to withstand market fluctuations, while those nearing retirement should decrease risk exposure and invest more in bonds. The rule of "100 minus age equals the recommended stock allocation" is outdated. However, the investment horizon is equally important as age.

Funds intended for short-term expenses should not be invested in stocks or other risky assets. An initial recommendation is to invest in ETFs for beginners, gradually transitioning to actively managed funds as their interest in individual stock analysis grows. The key is to start slowly, avoid overconfidence, and maintain humility, as capital markets are largely efficient, and achieving superior returns is challenging.

It is also essential to diversify across different companies from various countries, regions, and industries. When evaluating companies, investors should ask themselves six fundamental questions: Does the company offer desirable products or services? Does it create value by generating returns higher than its cost of capital? Does the management control expenses, resulting in high profit margins?

Is the company over-leveraged and likely to default? Are sales increasing? And does the company adhere to ethical and moral principles? These questions help investors identify good companies worth investing in, while overvalued stocks should be avoided.