Wild Christmas Hares

Like hares fleeing from an approaching fox, the stock and bond markets unexpectedly veered off this year. But savvy hunters refused to lose the scent and now look back at a prey-rich 2023.

After a good start to the year, followed by fluctuations in every direction, share prices slid downhill for three months from August onwards. By the end of October, they had fallen by an average of 10% and investor sentiment became noticeably more tense. As is so often the case, the turning point on the markets came when most people no longer expected it. This is precisely when equity and bond prices shot up. All in all, an exciting year, accompanied by 43 issues of the Gutmann Viewpoint. 

The Gutmann Viewpoint newsletter first appeared in June 2020. Thank you for your loyal readership now spanning a cumulative 150 issues! For number crunchers among us, all the newsletters together makes a 270-page Word document. And to keep up to the pace, expect my next issue in your inbox on January 12, 2024.

Before the fresh Gutmann Viewpoint reaches you again next year, you will receive our Gutmann Portfolio Management Quarterly Report in the first week of January. If you have not yet subscribed, please register here.

The Gutmann Chief Investment Office team and all our colleagues wish you happy and relaxing holidays. Stay healthy and start a successful new year with us!

PS: We have prepared a congratulations video for you. Experience Gutmann in all its diversity - festive in a Christmas dress with squirrels, but of course also in suit and tie. And not just in German, Czech and Hungarian ... we have so much more to offer ...