Morning Briefing: Die drei Baustellen, auf denen sich Bosch neu erfindet

Good morning, dear readers, <source>Christian Fischer</source> has an attractive job as <source>Bosch</source> CEO, unshackled from market whims thanks to the backing of a foundation. However, surprises can arise there, as <source>Stefan Hartung</source> discovered when he held the position before Fischer. Given that <source>Bosch</source> is undergoing a new renaissance, it's particularly surprising that my colleagues <source>Martin Buchenau</source> and <source>Kirsten Ludowig</source> met a <source>Christian Fischer</source> who, despite being in the role for just over three months, already has plans for Bosch's transformation.

The three key aspects of this rebranding are: daring: Fischer establishes a venture-capital fund of over 100 million euros, with a clear focus on Germany and, ideally, deep-tech startups; swiftness: Fischer shortens decision-making processes, gives business units more freedom, and increases the pace; and active social engagement: Bosch has traditionally only invested in fields with at least a billion euros in sales potential.

Now, Fischer says, "If a business generates 200 million euros in revenue but offers a ten percent return, we find that interesting." If Fischer succeeds, Bosch would look increasingly different from the company founded by <source>Robert Bosch</source>. Nonetheless, it would still be recognizable. Markets: The era of debt excesses is ending.

No "free lunch," as economist Milton Friedman once noted. Yet, for over a decade, almost all governments in Europe and the United States believed they had disproved this notion, amassing debt like never before and believing they would never pay for it. In recent weeks, the cost of this misguided belief has become apparent. The age of debt excesses and rock-bottom prices is waning.