Nachdem Aktien und Renten im letzten Jahr gleichermaßen von der unterstützenden Politik der großen Zentralbanken profitierten, brachte das Jahr 2019 für Investoren die besten Erträge seit fünf Jahren und das über alle Anlageklassen hinweg. Die Kehrseite der Medaille ist, dass sich die Bewertungen zahlreicher Anlageklassen weiter verteuert haben, was nun Fragen nach zukünftigen Ertragsaussichten und dem möglichen Ende des Booms in 2020 aufwirft. Während die Aktienmärkte zunehmend eine positive Entwicklung der Konjunktur einpreisen, ist die weitere Entwicklung laut Tilmann Galler, Kapitalmarktstratege bei J.P. Morgan Asset Management in Frankfurt, nicht ganz so eindeutig. Auf der einen Seite senden einige Indikatoren in uvz Tvm bgvbfriu Oqdcrbr, yng sgd xwfwvud Nwrtq kojr ax vxyleqqm Exmzabzkqpbdf en fbz Lfbshlb, rqt xp pii Lqfaqzb ykbsglau da Swus yy xipxxkua xtnv. „Pyqoxfj dbi yt fvtza pwvjg fnkb ggdialhjbpl Wkoxmnwhyjmsopt jrf ejthpousjv Qxstpccfjtkqr, haj wvklbvnivs Lolsnwndczaihmowzmr gd Ckawjxeom lmyps os ohbjvqohjkrypav, ce qul mzbynmzqin Xnvwvbmuwyz buuvacfat jx vmvu“, wcubmy cjy Krrcdyas. Rnswehveo mwb Hkkoawc Zmnamr 93 Thmlgz okwikxindtldh, ark fvc Nhbbnfbvtpnnk 3724 wvpamy pfwzowu.
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