Investment Outlook 08.2020
IMT Asset Management

Investment Outlook 08.2020



Politicians and market participants seem to be caught up in a sugar-rush-like euphoria. While politicians issue huge amounts of debt — cost-free as interest rates are zero or even negative — the investors are enjoying a market rally of almost all asset classes, detached from fundamental pricing models. The sugar-providers are the central banks, which have forced real and even nominal interest rates into negative territory and have provided ample liquidity via various quantitative easing programs.

Thomas Trauth

Economist, Dr. rer. pol., CFA, FRM