It is our tradition to commence a new year by providing our Investment Theses, i.e., our outlook for the coming years’ markets to our clients. We now wish to make these Investment Theses available to visitors to our homepage as well. The outlook contains our estimations for the most important asset classes and constitutes the basis of our investment decisions. These are reflected on in our respective Review, announced six months into the year. We welcome your feedback and are at your disposal for more in-depth discussions.