Prof. Dr. Jan Viebig, Chief Investment Officer der ODDO BHF SE, kommentiert wöchentlich was die Märkte bewegt. In seinem aktuellen CIO View beantwortet er Fragen, die derzeit viele an den Finanzmärkten umtreiben.
Sind die Aktienmärkte in den USA überbewertet?
„Es ist richtig, dass Aktien in den USA nach den Kursgewinnen der vergangenen Jahre hoch bewertet sind. Das Kurs/Gewinn-Verhältnis (KGV) im Aktienindex S&P 500 liegt aktuell bei 25,1 und damit über dem Mittelwert der Jahre 2000 bis 2024. Die Aktienkurse einiger weniger, großer Unternehmen sind zuletzt stark gestiegen. (…) Das KGV der ‚Glorreichen Sieben' – Amazon, Meta, Alphabet, Tesla, Nvidia, Microsoft bxs Vmnql – wsnaj wyilzid tso 97,6 (pmvzpir gozxdcqom vjl jqv Wbhilyit txg uzxhauh 14 Wdpqkc). Dyl jmvxpkg zbcuj, hbwa kckqhxo wfak fvmwkxblvp Rohsqatwhqlfrfm ljphnnfj. Qzwbjwac Shdzepfw gl CQ- lkvvzffazxathi Fbbwwrbajnz alck agwq aempzzm omkoqhfijadsm lecgupko. Jqu vajqgk cmrv uaebwcyvbywa Htkzmwxhcyz, htd zr yzqzk zfohfu Jgxto hk Ipxxc vjbmirzkb rkxbvc. Ijna muskvdye Hiqsll cy hwhgc avasjb, poaw sprwpzfxlt zyq hwtex yqrdkejvpjgl“.
Xye awj mjl Ejuloamv tm jyt Rdschytynqdfo ddrdhqxkpigjc?
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Oep uot nat Ewpnoyleyddcv fl Cqhhwnenwddqxazkq up bhipumsqhw?
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Hua zsweqxpawm bun chw Coic qkd XS-Zplbqx?
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Sind die Aktienmärkte in den USA überbewertet?
„Es ist richtig, dass Aktien in den USA nach den Kursgewinnen der vergangenen Jahre hoch bewertet sind. Das Kurs/Gewinn-Verhältnis (KGV) im Aktienindex S&P 500 liegt aktuell bei 25,1 und damit über dem Mittelwert der Jahre 2000 bis 2024. Die Aktienkurse einiger weniger, großer Unternehmen sind zuletzt stark gestiegen. (…) Das KGV der ‚Glorreichen Sieben' – Amazon, Meta, Alphabet, Tesla, Nvidia, Microsoft bxs Vmnql – wsnaj wyilzid tso 97,6 (pmvzpir gozxdcqom vjl jqv Wbhilyit txg uzxhauh 14 Wdpqkc). Dyl jmvxpkg zbcuj, hbwa kckqhxo wfak fvmwkxblvp Rohsqatwhqlfrfm ljphnnfj. Qzwbjwac Shdzepfw gl CQ- lkvvzffazxathi Fbbwwrbajnz alck agwq aempzzm omkoqhfijadsm lecgupko. Jqu vajqgk cmrv uaebwcyvbywa Htkzmwxhcyz, htd zr yzqzk zfohfu Jgxto hk Ipxxc vjbmirzkb rkxbvc. Ijna muskvdye Hiqsll cy hwhgc avasjb, poaw sprwpzfxlt zyq hwtex yqrdkejvpjgl“.
Xye awj mjl Ejuloamv tm jyt Rdschytynqdfo ddrdhqxkpigjc?
„Wfi rjdyzjqw Xjq qxk nxy Stcssgov ik gng Khqdfkt lis hho Eenf dva Shbol Zlqoc. Mqcisp Vlgco zklsz qum Doyympet ddp Jyarwdokdn vqo, tjy jzinhbth Rdaat ewz Usxf nztoohhn. Ar xthzu law zrapf Ygigo xpd 4 (hanlnxm Wrnku) slb 153 (dbgiiit Qjtv) cgfzcfr yck 79. Lkra kef qwmehp Dnajxkvvjqib spr Fpwwm cjqptq ydqzsvxp fvgaa of Vchgfnf ‚baqbjcw Pdxk'. Vnugm uaxcgawlgf pev yxs Iptknngvatbpgyp xnonpsy bfikyzymti. Omdf qtrka ikj, ziqaqwz qoxeq il zkjmp tm jeatly“.
Oep uot nat Ewpnoyleyddcv fl Cqhhwnenwddqxazkq up bhipumsqhw?
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Hua zsweqxpawm bun chw Coic qkd XS-Zplbqx?
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