Wohin ist die Marktvolatilität verschwunden?

Fernsehen und Zeitungen machen weiterhin bei jeder Regung der globalen Finanzmärkte ein großes Trara. In Wirklichkeit ist jedoch die unheimliche Ruhe, die so gut wie jede große Anlagenklasse von Aktien bis zu Anleihen erfasst hat, die eigentliche große Neuigkeit. Ist die gesamte Investment-Welt auf Prozac?

Es wimmelt von Verschwörungstheorien, insbesondere in den Reihen der Finanzhändler, für die Volatilität wie der Wind für Segler ist. Diese Händler rechnen sich zuversichtlich aus, dass sie, solange die Märkte in Bewegung sind, egal in welche Richtung, immer noch Geld verdienen können. Und weil der Rest von uns nicht über die Zeit, Informationen und Fertigkeiten verfügt, um ihnen Paroli zu bieten, behalten sie meistens Recht. Doch mit den derzeit schlafenden Märkten sind die Profite gering.

Die großen Buhmänner des Tages sind riesige Regierungsinvestoren, besonders asiatische Zentralbanken, mit ihren Vermögen von mehreren Billionen Dollar. Von diesen Superfonds, deren Manager nicht unbedingt die Profitleidenschaft der privaten Investoren teilen, wird behauptet, sie erdrückten Zinssätze und Wechselkurse. „Die großen asiatischen Zentralbanken unterdrücken uns“, beschwerte sich ein junger Händler vor kurzem bei mir.

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