An den Finanzmärkten zahlt es sich aus, veränderte Bedingungen frühzeitig zu erkennen. Die Frage ist, ob die derzeitige makroökonomische Unsicherheit und die Fragilität der Marktstruktur ein aktives Management begünstigen. In beiden Fällen ist festzustellen, dass die Wahrscheinlichkeit einer Outperformance für erfahrene aktive Manager deutlich gestiegen ist. Zunächst wird erläutert, wie die volatilen makroökonomischen Indikatoren und die Spannungen in der Marktstruktur in den Sektoren der festverzinslichen Wertpapiere und der Aktien zusammenwirken. Dennoch bedarf es einiger Kriterien, damit aktive Manager bessere Karten in der Hand haben, als passive oder ETF-Anleger.
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