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Kapitalanlage im Niedrigzinsumfeld

In: Vermögensbildungspolitik

Author

Listed:
  • Stefan Hofrichter

    (Global Economics & Strategy)

Abstract

Zusammenfassung Seit dem Höhepunkt der Weltfinanzkrise Ende 2008/ Anfang 2009 sind die Preise der wichtigsten Assetklassen weltweit beflügelt durch eine extrem expansive Geldpolitik deutlich gestiegen. An der generellen Ausrichtung der Geldpolitik wird sich in den nächsten Jahren wenig ändern. Dies bedeutet aber nicht, dass wir auch in der kommenden Dekade in den Finanzmärkten vergleichbare Returns wie in den letzten zehn Jahren erwarten sollten. Hohe Bewertungen von Staatsanleihen und von U.S. Aktien sowie das zunehmende Risiko steigender Inflationsraten deuten auf eher unterdurchschnittliche inflationsadjustierte Returns hin, allerdings mit deutlicher Differenzierung je nach Region und Assetklasse. Um im andauernden Niedrigzinsumfeld positive reale Erträge zu erzielen, kommen Anleger nicht umhin in Aktienmärkte mit moderater Bewertung zu investieren.

Suggested Citation

  • Stefan Hofrichter, 2021. "Kapitalanlage im Niedrigzinsumfeld," Springer Books, in: Hans-Jörg Naumer (ed.), Vermögensbildungspolitik, chapter 0, pages 171-184, Springer.
    • Handle: RePEc:spr:sprchp:978-3-658-34057-5_16
    DOI: 10.1007/978-3-658-34057-5_16
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