The Elf Has Moved In

This December, an elf has taken up residence in our home. This year, it’s Henry – he’s originally from England. It’s remarkable where these little elves turn up.

If you have no idea what I’m talking about, you’re in the same boat I was two years ago. That’s when Andreas moved in – complete with his own magical elf door on our living room wall. Let me tell you, these elves pull off the most incredible pranks. But they also write very sweet letters to my children.

Of course, it’s easy to dismiss the whole thing. You know the drill: “We didn’t have any of this when I was a kid…” But then again, some things come to stay. In 1814, Fanny von Arnstein was probably mocked when she introduced the first historically documented Christmas tree to Vienna.

Honoring Traditions, Embracing the New

When it comes to investing, it’s dangerous to turn your back on the new too quickly. Imagine if we had dismissed the internet, smartphones, or artificial intelligence as “just a fad.”

That’s why in 2025, we’ll continue to look to the future with curiosity, act with discipline in the present, and learn from the past.

The first Gutmann Viewpoint appeared in June 2020. Thank you for your loyalty over 190 editions! For the number crunchers among us: all those newsletters combined would make up 320 Word pages. The next edition awaits you on January 10, 2025 in your inbox.

At the start of January, you’ll also receive our quarterly portfolio management report. If you haven’t subscribed yet, you can sign up here.

The entire Gutmann team wishes you restful holidays. Stay healthy, and let’s start a successful new year together!

PS: We’ve prepared a special video for you: “The First Noel,” sung by Bank Gutmann employees.