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

Many Germans struggle to understand the relationship between returns and risk. They rely heavily on guaranteed products, says investment expert Jan Viebig. After seven years as chief investment strategist at Oddo BHF Private Bank, Viebig now manages funds independently. In his recent book "A Small Fortune for All," Viebig explains how to wisely invest and build long-term wealth.

Viebig notes that the German public needs more financial education, as evident in a study where half of the respondents failed a simple question about compound interest. Guarantees reduce both risk and return over the long term. Guaranteed products invest only a small portion in stocks, yielding much less return. The Riester pension, which historically offered a 1.7% annual return, provided 72,000 euros after 30 years by saving 200 euros monthly, compared to 93,800 euros with stocks, which historically returned 9%.

Even if returns are unpredictable, stocks offer a risk premium of about 6% over risk-free interest rates. However, stocks can be volatile in the short term. Over a 15-year period, the MSCI World index has never experienced a loss. Diversifying portfolios with bonds can reduce risk, but many individual investors are unfamiliar with this asset class.

The classic 60/40 portfolio, 60% stocks and 40% bonds, is too simplistic. Individual risk tolerance and investment horizon matter. Young investors can afford to take on more risk by investing a larger portion in stocks due to their longer investment horizon. Those closer to retirement should reduce risk and invest more in bonds.

The rule of thumb "100 minus age equals recommended stock allocation" is outdated. While age is important, the investment horizon is equally crucial. Money needed for short-term living expenses should not be invested in stocks or other risky assets. When it comes to actively selecting individual stocks versus passively investing in a broad ETF like the MSCI World, beginners should start with ETFs.

As they gain experience and enjoy analyzing individual stocks, they can add more value to their portfolio. However, buying a stock because the company is good is not enough; it must also be priced correctly. Just as one checks the price of milk or butter at the supermarket, investors should consider the price of stocks. Buying an overpriced stock cuts into returns.