The simplest dividend strategy that always works

You buy / save four dividend-paying dividend ETFs such as:

- iShares EM Dividend, A1JNZ9, 8,0% dividend yield, four distributions / year, 0.65% TER, -3% 5-year performance

- iShares STOXX Europe Select Dividend 30, 263529, 6,4% Dividend yield, four distributions / year, 0.32% TER, +38% 5-year performance

- iShares Asia Pacific Dividend, A0J203, 5,8% Dividend yield, four distributions / year, 0.59% TER, +11% 5-year performance

- iShares UK Dividend: A0HGV6, 5,4% Dividend yield, four distributions / year, 0.40% TER, +19% 5-year performance

> You could just as well take other dividend ETFs with attractive payouts or more than four to increase the number of payouts.

>> When comparing the performance of dividend ETFs, you must of course add the annual distributions. add. Some dividend ETFs only pay out a pathetic 2% to 3% p.a. and then of course had more price performance. << Swipe

15 advantages of this strategy

1) 16 distributions per year is very motivating (especially for beginners). With five different ETFs of this type it would be 20 per year.

2) These distributions are reliable, because if a company/stock cuts or cancels its dividends, it is automatically dropped from the respective index. Other shares move up. Always top of the dividend league in your portfolio.

3) The ETFs mentioned can be invested in free of charge with almost all brokers and banks.

4) By diversifying the many shares in several ETFs, the risk associated with individual shares is avoided.

5) You save a lot of valuable time, as it can be a full-time job to follow all the news, analyses, quarterly reports, annual reports, ratings, etc. of e.g. 20-30 individual stocks. That's what an analyst does. But most people already have a full-time job. Many have a degree, training, family & children, hobbies, duties, do sport, want to travel or have to look after relatives. If you waste countless hours on shares in order to earn a few euros more a year, depending on your position, your hourly wage is often just a few cents. You might as well go to work regularly, including tax.

6) Dividend payouts are often increased so that dividend growth is recorded.

7) The dividends collected are not spent on consumption, but reinvested in the weakest ETF every six months. This gives you even more dividend growth.

8) If you get a pay rise, you also increase the savings plan installments again. This increases dividend growth again.

9) As a result of points 6-8, you will eventually receive a 13th salary from dividends alone.

10) If you stick with it for a few more years, you will then collect five-figure dividends. Then people will arrive and ask how you managed that. It's easy to work out when you'll personally reach that point.

11) Even if you have to cancel your savings plans at some point due to an emergency, you will continue to collect your 16 dividends every year for the rest of your life. And then you pass on these ETFs and your descendants will collect 16 times a year for the rest of their lives. So it's very sustainable.

12) In crises and crashes on the financial markets, you continue to collect your dividends while others mourn their price losses. This gives you peace of mind and prevents "shaky" hands / ill-considered panic selling out of fear.

13) The constant distributions allow you to comfortably utilize your annual allowance without any trading, selling or market timing. It is so simple. Also suitable for junior portfolios.

14) This strategy helps to create a passive income, which then increases the measly German pittance pension very well after decades. The alternative is a deposit bottle pension. No thanks.

15) After a few years, you will become familiar with the phenomenon of collecting double-digit personal dividend yields. More than 10% is quite realistic, as you had much lower purchase prices years ago and the dividends are constantly being increased. It was the same for me a few years ago. I had the aforementioned UK Dividend A0HGV6 and Euro Stoxx 30 Dividend Select 263529 and after only a few years I already received 11% personal annual dividend yield. No overnight money or fixed-term deposit can match that. Unfortunately, I then sold both ETFs to sink the money into Wirecard. Biggest mistake. Please don't be as stupid as me. Thank you.

Maybe a nice post to save with the bookmark at the bottom right

> Another tip: Please check the ETF data directly on the issuer's website. Broker/bank data is often out of date and therefore incorrect.

>> What other advantages does this strategy have? How do you like it? I have explained it to many beginners and they have been very happy with it for years and are making great money without stress and work.

>>> In the podcast "Buy High. Sell Low" episode 17 this ETF strategy is explained in detail with a calculation example. Link in profile description. Link: https://open.spotify.com/episode/0LzAFILz0zNiErh5lCJOvS?si=16oQ7uLXQ3WGGXdfeIvJnA

#etf
#etfs
#ishares
#blackrock
#dividende
#dividenden
#dividend
#sparplan
#juniordepot
#strategie
#traderepublic
#aktien
#aktie

Junior custody account

Investing money for children

Friends,

As I would like to invest something for the future for my three-year-old godson in addition to material gifts, I have looked into the alternatives.

Disclaimer I: I'm not a tax consultant, I googled my knowledge together and used sample calculations etc. based on my own knowledge - so please feel free to challenge me

Disclaimer II: After I finished my research, I have the Post from @freakyfinance
saw . who had already looked at the whole thing in a similar form a year ago (thanks for that). However, there is a different focus there in part, so be sure to read it as well.

Tdlr: Optimal tax savings with a custody account in the child's name, but with very high amounts there may be problems with health insurance and BAfÖG. If you invest in your parents' name, you forgo the tax savings, but have fewer problems with health insurance and BAföG & can give away up to EUR 400,000 per child tax-free. As a "third" person, this is generally difficult - it is better to talk to the parents in advance. If a custody account is invested in a child, then profits should be realized and reinvested in order to minimize the tax burden.

Alternative 1: Custody account investment in own name

A separate custody account is set up with a broker in your own name, into which you can then pay and invest as you wish. After a certain cut-off date, the custody account can then be transferred/given as a gift. However, gift tax is then also payable by the donee, as this is a stranger - according to the law - and applies even to very small amounts (from EUR 20,000). In addition, as you formally have your own securities account, you are also subject to your own taxation; if the saver's allowance has already been used up, the tax gnaws at the longed-for compound interest for the godchild.

The disadvantages clearly outweigh the advantages:

• Gift tax (from EUR 20,000)
• Capital gains tax (if exhausted)
• The custody account only belongs to the recipient after the gift has been made
• If other people wish to make a contribution, they must rely on the goodwill of the custody account holder.

Alternative 2: Parents set up a custody account for the child

In this case, the custody account belongs to the child for legal and tax purposes, and the parents manage it in trust until the child reaches the age of 18. In addition to the saver's lump sum (EUR 1,000), the basic tax-free allowance (EUR 11,604 in 2024) also benefits here, as the child does not yet have any taxable income. In this respect, up to EUR 11,604 of tax-free investment income could be generated per year. A non-assessment certificate must be applied for from the tax office every 3 years. However, the deposit assets are also taken into account when applying for BAföG at a later date; in this case, the entitlement does not apply from assets of EUR 15,000. Furthermore, as soon as the child's annual income (including capital income) exceeds EUR 5,820 (EUR 485 per month), it is no longer covered by the parents' health insurance. Additional information for high performers: a child costs around EUR 110 - 150 per month in private health insurance.

Advantages:

• Tax-saving effect (and therefore faster asset accumulation)
• Custody account belongs directly to child and can therefore be part of financial education
• One face to the customer: one custody account that everyone can transfer to

Disadvantages:

• Parents must have a certain level of financial education
• Complexity: BAföG, family insurance...e.g. mini-job on the side more difficult if higher capital income is already achieved (health insurance company may cancel co-insurance)

Alternative 3: Parents' custody account investment

Similar to 1, except that the parents have set up an additional custody account in their name for the child (it is generally advisable to set up a separate custody account to ensure clear separation). Friends and relatives can then pay into this account and the parents then invest it. The custody account is then transferred on a certain date, whereby - due to the close relationship - up to EUR 400,000 can be gifted tax-free. The disadvantage is that the child's tax-free allowances are not used; however, there is no need to worry about the child being excluded from health insurance due to the high capital income. It can also be advantageous for BAfÖG, as it is not the parents' assets but their income (including capital income) that is taken into account.

Advantages:

• Simplicity
• One custody account that everyone can transfer to
• Tax-free gift of up to EUR 400,000

Disadvantages:

• Parents must have a certain level of financial education
• Capital gains tax (if used up by themselves)
• The custody account only belongs to the recipient after the gift has been made

Where to open the junior custody account:

Finanzfluss recently published a Video in which the best junior custody account providers were presented. The current results of the comparison can be found >hier< to be found. The winners here are currently ING - in particular due to the free ETF savings plan and the minimum savings rate and finvesto, the latter probably due to the affiliate program ;) - Fun, here the costs for the one-off investment are probably particularly low, which could be particularly interesting for taking advantage of tax benefits (keyword profit realization and reinvest), but more on this in the later numerical example. As I personally don't know finvesto, I would open the custody account with ING.

Numerical example I:

Now that we have decided to invest something for our little ones, we need to optimize the whole thing again within the constructs. To make the various options more tangible, I have brought along a few numerical examples:

The following sample calculation is based on the following meta-premises:

• Investment period: 18 years (securities account will be closed when you reach the age of majority)
• Investment amount p.a: EUR 3,000 (child benefit 2023 x 12)
• Base interest rate for advance lump sum calculation: 2.55% (base 2023)
• Investment construct: ACWI ETF ($ISAC & $VWRL ), equity allocation: > 51 %
• Tax exemption for advance lump sum calculation: 30%
• Yield forecast: accumulating ETF = 7 %, distributing = 5 % + 2 % dividend
• Tax rate: 26.375 % (capital gains tax + solidarity surcharge)

Option 1:

Depot to child invested & accumulating ETF / results:

• Deposits: EUR 54,000
• Deposit value: EUR 105,567
• Settled via advance lump sum: EUR 12,668
• Taxable profit on sale: EUR 38,899
• Taxes: EUR 10,260
• Amount paid out: EUR 95,307

Option 2:

Deposit to parents invested & accumulating ETF / results:

• Deposits: EUR 54,000
• Deposit value: EUR 100,914
• Settled via advance lump sum: EUR 12,309
• Taxable profit on sale: EUR 34,605
• Taxes: EUR 9,127
• Amount paid out: EUR 91,787

Option 3:

Deposit to child invested & distributing ETF / results:

• Deposits: EUR 68,105 (reinvestment of the dividend)
• Deposit value: EUR 104,642
• Settled via advance lump sum: EUR 0 (if dividend > advance lump sum = 0)
• Taxable profit on sale: EUR 36,537
• Taxes: EUR 9,637
• Amount paid out: EUR 95,005

Option 4:

Deposit to child invested & accumulating ETF. Profits are realized and reinvested at the end of each year in order to make greater use of the tax-free allowance (trading fee EUR 10 p.a.) / Results:

• Deposits: EUR 105,237 (reinvestment of gains)
• Deposit value: EUR 105,237
• Settled via advance lump sum: EUR 0 (if book profits > advance lump sum = 0)
• Taxable profit on sale: EUR 0
• Taxes: EUR 0
• Amount paid out: EUR 105,237

Conclusion:

As expected, the parent deposit option is the worst, but the discount is smaller than I would have expected. Here you have to assess for yourself whether the insurance against the risk that your child will blow the money on your head at 18 is worth EUR 4,000 - 14,000. Options 1 & 2 are not much different, mainly due to the current base interest rate of 2.55%, which is included in the upfront lump sum calculation at 70%, resulting in a similar tax rate to a 2% dividend ETF. The lower the prime rate, the better the option of the distributing ETF in direct comparison. Option 4 generates the most effort, as profits have to be realized once a year, but this is well remunerated. If this strategy is chosen, it is important to opt for a custody account with low one-off investment fees.

Numerical example II:

Here, the custody accounts are held until the end of the 35th year of life and then liquidated, e.g. for a house purchase. The assumptions as above apply, with the following adjustments:

• Investment period: 36 years
• Investment amount up to the end of 20: EUR 3,000 p.a.
• Investment amount 21-25: EUR 0 (studies)
• Investment amount 26-36: EUR 6,000 p.a. (work & increase in savings rate)
• From 26, you start working and therefore no longer have a basic tax-free allowance.

Option 1:

Deposit to child invested & accumulating ETF / results:

• Deposits: EUR 123,000
• Deposit value: EUR 453,632
• Settled via advance lump sum: EUR 86,334
• Taxable profit on sale: EUR 244,298
• Taxes: EUR 64,434
• Amount paid out: EUR 389,198

Option 2:

Deposit to parents invested & accumulating ETF / results:

• Deposits: EUR 123,000
• Deposit value: EUR 428,196
• Settled via advance lump sum: EUR 81,539
• Taxable profit on sale: EUR 223,658
• Taxes: EUR 58,990
• Amount paid out: EUR 369,207

Option 3:

Deposit to child invested & distributing ETF / results:

• Deposits: EUR 218,735 (reinvestment of the dividend)
• Deposit value: EUR 447,238
• Settled via advance lump sum: EUR 0 (if dividend > advance lump sum = 0)
• Taxable profit on sale: EUR 228,503
• Taxes: EUR 60,268
• Amount paid out: EUR 386,970

Option 4:

Deposit to child invested & accumulating ETF. Profits are realized at the end of each year and reinvested in order to make greater use of the tax-free allowance (trading fee EUR 10 p.a.) until the start of working life (26), thereafter no more profit realization per year. / Results:

• Deposits: EUR 254,718 (reinvestment of profits until 26)
• Deposit value: EUR 468,841
• Settled via advance lump sum: EUR 54,066 (years 26 to 36)
• Taxable profit on sale: EUR 160,057
• Taxes: EUR 42,215
• Amount paid out: EUR 426,626

Conclusion:

The parental custody account option has a more painful effect here, with reductions of EUR 20,000 to EUR 57,000 compared to the other options. The clear winner here is the tax-optimized investment (option 4). The differences between options 1 & 3 are negligible and can swing in one direction or the other if the base interest rate changes.

Special case: transferring a parental custody account to a child:

Of course, you could now come up with the idea of simply giving your own assets to the child at birth and then letting them grow tax-free so that you can use them again later. Especially as EUR 400,000 per parent can be transferred to the child. However, this entails a number of risks, including the fact that a gift from the child to the parents is only possible up to EUR 20,000 per parent. The gift from child to parent would therefore overcompensate for the tax burden saved, making it a loss-making transaction. There may be other options such as buying a property etc. but that would be going too far & I am not a tax expert.

#juniordepot
#etfs
#vorabpauschale
#dividende
#steuer

Another milestone has been reached. The 200,000€ by 30 are cracked 🚀

Yesterday on April 14, 2023 I reached another goal. The original goal of "100k until 30" I have thus clearly achieved.

This is really a crazy development when I consider that I started at 0 almost exactly 10 years ago in 2013.

It has subsequently taken 7 years (end of 2020) until I had reached the 100k, 2.5 years later are now already cracked the 200k.

I am curious how long it will take to reach the 300,000€.

In the attached screenshots you can see the development in 2023 and since the beginning in 2013 (excerpt from Portfolio Performance).

-&gt; My most important insight on the way to the 200k: Invest as early and as much as possible at a young age! You will profit your whole life from it.

#etfs
#aktie
#dividends
#100k
#goals

How many ETFs do you have in your portfolio and how many do you have in a savings plan?

I currently save 4 ETFs regularly ($VWCE, $SBIO, $WSML and $RBOT). In the case of NASDAQ Biotech, I am considering whether to stop the savings plan and simply hold the position. The profits will then be shifted into the FTSE All World.

#etfs
#savingstips
#portfoliofeedback

TradeRepublic now finally with #etfs from #vanguard , #vaneck and #invesco.

And a #sparplan can now be executed like other #brokern also be executed from 1€ and also weekly.

Class optimizations, improvements. Now still the allowance for the spouse can deposit. 👍

How do you see the changes? What are you missing #traderepublic still missing?

From e-fan to e-hater: Why I criticize Germany's hype about e-mobility #tesla
#emobilität
#etfs
#pepsi

Hello everyone,

today we will talk about e-mobility according to my vote. A topic that interests many, especially against the background of buying an e-car, but also regularly divides minds away from desired and undesired opinions.

Before we start here as always my Disclaimer:

Disclaimer: This is not investment advice. It is also not a solicitation to buy and/or sell financial products. I only describe my opinion here. You have your own responsibility towards your investments. Therefore no liability.

Since it is already clear to me that the topic might require a second part, I will first refer to general advantages and disadvantages of e-mobility, make profitability calculations for e-cars on a private car basis and finally make a first rough conclusion, how and why I have which opinion about plug-in cars.

I'll leave my personal beliefs out of this part a bit and only include them more towards the end. It is rather to be understood as opinion instead of opinion making.

So that we all start from the same page, I'll divide my analysis as follows:

PART 1 - E-cars an Exciting Topic

1. e-mobility from the point of view of an ex-fan - definitions, experiences and examples.

PART 2 - My opinion on E-cars: Unprofitable, inferior and still the winner - why E-cars would remain irrelevant without the hype tomorrow.

3. transport policy out of the ivory tower: why other countries use a mobility mix with among others biodiesel, fuel cells and hydrogen

1. e-mobility under power - Does it live up to the German government's hype?

I still remember very well my first encounter with the topic of e-mobility. It was about 22 years ago....

But according to your profile you are only 30 now? How does that work?

Basically it's quite simple: Because of my hobby of RC cars. I've always enjoyed racing small remote controlled cars, winning small prizes and outshining the RC cars of other drivers in terms of looks and racing techniques. My fascination for it I noticed after one gave me a first relatively slow RC car for children. It only drove a maximum of 20 kilometers per hour, but it was just suitable for my age group to develop a first understanding of a non-gasoline powered remote controlled car (cf. (1), (2)).

Only with higher age, here thus with approx. 13/14 I deepened this hobby. I often took part in smaller competitions among friends, dealt with the basics of driving physics and yes - had to deal with electrical engineering. As some of you will know, there are different types of cars in RC racing, which I perceive to minimize in variation as I get older: At some point there are mainly "racing cars" instead of monster trucks and co. (cf. (2)).

What does this have to do with e-mobility?

Very much. According to (3), almost all non-professional RC cars are electric cars based on batteries or accumulators. Combustion cars are considered to be very powerful, but also professional and noisy and therefore not recommended for children (see (3)). In general, electric RC cars are considered to be "clean to drive" or easy to handle - but on average they achieve significantly shorter driving times than verbena cars (see (4)).

One can drive approximately 20 minutes with a battery of 4,000 milliamps. For some, that is enough. What happens afterwards?

Correct: Recharge. For a whole hour. Only then can it be ensured that the car is fully charged and has not achieved battery damage due to incorrect charging (cf. ibid.).

And the verbs?

The great strength of the internal combustion engine is that it can be refueled in a matter of seconds or minutes and then be on the road again. With a neatly realistic engine noise that also assumes a protective function (see (4)).

It can often be observed that the step to more regular driving is more likely to be taken with the combustion engine. One of the leading reasons is the power and distance advantage as well as the reversal of the "advantage" of e-motors (see (4), (5)).

The what?

Reversing the advantage of e-motors is quite simple: Easy handling is a nice term for a completely different concept: Lack of customizing

If I can only change wheels, suspension, certain bodywork, etc., then I am limited in terms of the core of my car: The Engine tuning.

Sources (6) and (7) show exemplary fuels for combustion engines and...

Do you notice anything?

For about 6 paragraphs now, I've been deleting the "RC" and talking about drive types in general.

Why? Because the advantages and disadvantages of e-mobility can be modeled almost perfectly on the smaller brothers and sisters in spirit of the Honda-E, Tesla Model 3 etc. Have you noticed? The pros and cons are close.

Source (7) is more inclined towards e-mobility and is one of the articles that is quite positive about tuning e-drives. However, even this author cannot avoid naming the lack of a sense of achievement after tuning. The e-motor just sounds the same - nothing has changed in the engine noise and the e-car takes over the shifting anyway. Then spend several thousand euros for it (see (7))?

The example of tuning shows that e-mobility disenfranchises the driver and deprives him of a full driving experience.

But how exactly does the e-car work?

Essentially, there are various battery types within the e-business - some still experimental, some already conventional. What they all have in common is that their heart is not an engine powered by fossil energy, but instead a high-voltage battery forms the counterpart to gasoline, diesel and co. as energy storage. Current models have the following capacities (see (8). (9)):

- AUDI E-Tron 71 / 95 kWh with stated 338-437 Km

- Hyundai Kona 39.2 / 64 kWh with stated 305-484 Km

- Tesla Model 3 55 / 75 kWh with stated 430-567 Km

Yes but their motors seem to have an acceptable range for a second car?

I used a very simple trick for the three models, which some salespeople also like to use: Average times, ethical pseudo-argumentation and concealing price and environmental factors.

Being nice, I have chosen 3 very noble and highly respected brands to show you the problem of e-mobility in a more striking way. The following statements are made only on the example of the AUDI, but are also applicable in parts to other E-cars.

Let's start with the AUDI e-tron 50 quattro. According to (10), it is currently the cheapest E-tron from AUDI. It costs 69,100€, has a curb weight between 2,445 kg - 2,695 kg and comes with an enormous engine power of 313 hp (230 kW) with a torque of 540 Newton meters (see (10), (11)).

Wow, that seems like a lot - why does that leave you cold?

Imagine paying almost 70,000€ to be able to drive a maximum of 200 kilometers per hour with a powertrain that is in the best case 437 kilometers of range. With the experience that the sportiness will find its abrupt end early and a vacation from a certain distance &gt; 300 km tends to foresee an e-charging station search (cf. ibid.).

How can I approximate how long the e-car will run?

AUDI, for example, uses the WLTP procedure. WLTP stands for "Worldwide Harmonised Light-Duty Vehicles Test Procedure". A somewhat unwieldy title for a globally uniform range test for lightweight commercial vehicles (cf. (12), (13)).

It is performed on a test rig for 30 minutes and simulates a distance of 23 kilometers with four different speed ranges:

• Up to 60 kilometers per hour
• Up to 80 kilometers per hour
• Up to 100 kilometers per hour
• More than 130 kilometers per hour

During these intervals, an attempt is made to simulate realistic driving: This means that the driver accelerates and brakes within these intervals, thus stressing the acceleration, consumption and abrasion of the car. On average, the car drives 47 km/h for this test and also has to cope with a temperature of 23 degrees Celsius.

Why is this important?

One of the factors dominated by e-cars in particular is the battery management system. In addition to checking the "fill level" of the battery, it also performs safety functions in the form of temperature control of the battery cells. This should be between 20 and 40 degrees Celsius. In this interval, the electrochemical processes can function best (cf. (14)). The above-mentioned test of 23 degrees is thus perfectly within the "feel-good" interval of the e-motor (cf. (12), (13)).

But is this also realistic for consumption?

If we look at the German weather data for 2022, we quickly notice that only in August was the temperature above 20 degrees Celsius on average. Specifically, it was 20.3 degrees Celsius in August. Consequently, all other months reached temperatures, some of which were just over 10% of the lower range limit of the comfort interval. As an example, we refer to December 2021 to May 2022, where temperatures averaged in a channel between 2.6 degrees Celsius to 14.4 degrees Celsius in May (cf. (15)).

So what?

The weather data already shows that for 11 out of 12 months and thus in 91.67% of the annual months, the test procedure has set a base temperature value that is too high. From this, we can conclude that the e-car has to expend significantly more energy during a cold start in order to maintain an on-board temperature, among other things (cf. ibid.).

Every car driver, whether E or gasoline/diesel, will know that a cold start usually results in a multiple of fuel consumption. It is not uncommon to reach a multiple of the consumption in the display. According to (16), this value is often 1.5 to 2 times higher and can be even higher in winter (see (16)).

This is not a new problem with electric cars and is described in numerous forums. Especially for this test, there is a test called GREEN NCAP, which is also conducted on a test bench like the WLTP and simulates 14 degrees Celsius and -7 degrees Celsius (see (17)).

The Hyundai Kona Electric mentioned above achieves an additional consumption of 46% at -7 degrees Celsius - IF the consumption level of 14 degrees Celsius is taken as a basis. However, as we have just noticed. The comfortable temperature of the battery is 20 to 40 degrees Celsius - but the WLTP test of (18) has been performed at 23 degrees as described. Thus, the gap from these optimal values to the 14 degrees Celsius and then to the -7 degrees Celsius only increases and shows the distortion of the range problem (cf. ibid., (18)).

Thus, the above-mentioned optimum ranges will most likely never be reached in practical use.

How can we calculate how the values of (17) and (18) will relate to each other?

We already know from the source that the range of the Hyundai Kona shrinks from 305-484 kilometers to 215 kilometers IF we are even 6 degrees Celsius below the minimum limit of 20 degrees Celsius. So at 14 degrees Celsius, the car already loses more than a third of its range: we are only at 65.57% performance of the battery (see (17), (18)).

What happens when we cool down to - 7 degrees Celsius?

It really won't be pretty now. Cooling down to this winter temperature is accompanied by 147 kilometers of range. So, according to the source, we lose 32% performance compared to the 14 degrees Celsius and are now additionally kicked in the butt, since we only compared chain values.

Chains...what?

We just talked about more than a third, then another 32 percent...but what does that really mean for the stated range values and me as a driver?

Let's compare the stated 305 to 484 kilometers of the Hyundai Kona with the calculated values. Let's add a time line to generate the average ranges per month according to (15), (17) and (18). For this, we assume that the winter months of November, December, January and February are closer to -7° in terms of consumption than to the fall temperatures.

For an average driver of an e-car with equally average temperatures, the following range table now results (cf. ibid.):

• January: T(January) e T(Winter) i.e. 147 km - 215 km.
• 
  February: T(February) e T(Winter) so 147 Km - 215 Km
• 
  March: T(March) e T(Fall) so 215 Km max.
• 
  April: T(April) e T(Autumn) so 215 Km max.
• 
  May: T(April) e T(summer) so 215 Km - 484 Km.
• 
  June: T(April) e T(summer) so 215 Km - 484 Km.
• 
  July: T(April) e T(summer) so 215 Km - 484 Km
• 
  August: T(April) e T(summer) so 215 Km - 484 Km
• 
  September: T(September) e T(Fall) so 215 Km max.
• 
  October: T(October) e T(Autumn) so 215 Km max.
• 
  November: T(November) e T(Winter) so 147 Km - 215 Km.
• 
  December: T(December) e T(Winter) so 147 Km - 215 Km.

I was extra nice and defined the interval for the summer months according to the manufacturer's specifications.

What does that tell us?

We are buying a car that is highly sensitive to temperature in a country whose climatic conditions are mostly unfavorable to the type of drive. In addition, the average price of electric cars is significantly higher than that of combustion engines. A simple example illustrates this even at the same manufacturer level.

While the Hyundai Kona described above costs €36,400 in the cheapest configuration and with a weaker engine performance profile and battery, the Hyundai Kona Diesel costs €26,300 at a similar configuration level (see (19), (20)).

Why is this explosive?

The Kona diesel consumes 4.9L per 100 km with a 50 liter tank. That is:

50L / 4.9L = 10.20-factor.

The Kona electric is at:

14.7 kWh / 100 Km so 39 kWh / 14.7 kWh = 2.65-factor.

So we see that the input-output ratio of the e-car cannot keep up with an ordinary diesel (cf. (21), (22)).

What should this input-output ratio tell us?

By means of input-output calculation we all judge our decisions every day. Do I buy the sushi for 30€ or do I rather make it myself? Do I fire up the grill or go to the Greek restaurant?

Both considerations are based on the focus on the fulfillment of needs. The input-output ratio shown already indicates that the line efficiency of the diesel is 3.85 times (=10.2/2.65) greater than that of the e-car.

What is the point of your relatively complex calculation?

Plenty. The automotive industry is already noticing that the trend toward electric driving may be "going under". Inflation, the elimination of an e-car premium, and delivery times that eliminate the joy of a new electric car are doing the rest.

An example of this is Ms. Jaskula, the Chief Human Resources Officer of ZF Friedrichshafen, the world's third-largest automotive supplier, who already expects 11 million e-cars (see (22), (23)).

Sounds great, doesn't it?

No. That's falling short of the target of around 39%. The German government had planned for 15 million e-cars by 2030. In the worst case, this target will not be reached either. That would be a drop of approx. 27% compared to the target. Not a good outlook for e-mobility in Germany (cf. ibid.).

But where does this come from?

Each of us can notice it every day - as soon as the letter from the electricity supplier arrives, a queasy feeling arises: The budget billing is to be increased. While in 2012 the average electricity bill of a 3-person household in Germany was still about 75€, this has now reached about 117€ in 2022. This represents an increase of 56% and leaves little scope for compensation elsewhere on the consumer side, especially in the inflation-stricken middle classes (see (24), (25)).

If we also look at the average kWh prices for commercial and industrial customers, the supply side has also had to increase substantially. Industrial customers in particular were still paying 15.78 cents/kWh in 2012. Today, that adds up to 22.51 cents/kWh. This also corresponds to an increase of 42.65% (see (24), (25)).

The average distance a commuter in Germany has to travel is 16.91 kilometers each way, so a total of 16.91 kilometers * 2 (outward + return) = 33.82 kilometers in total. In Germany 2023 we will have 250 working days, where I assume 30 vacation days EXPLICITLY NOT using the e-car. I do this to keep the comparison reasonably fair (cf. (26), (27), (28)).

So let's do the math: How much does the diesel cost me compared to the e-car?

We calculate the annual mileage: 33.82*220 =7,440.4 kilometers in 2023.

For this I refuel the diesel: approx. 8 times, because 7,440.4 / (10.2*100) = 7.29 (Rounded: 8 times)

What does this currently cost me? We approximate the diesel price for this using the average value method from 2022, which is EXTREMELY fair on my part, because 2022 was a year of very high diesel prices in my opinion. Source (28) testifies this especially graphically (cf. (28)).

The relevant diesel price to this is 1.811€ per diesel liter. So we get fuel costs of: 8*50*1,811€/L = 724,40€ for mobility the whole year. The following statements refer to (29), (30), (31), among others:

What is the cost to me of refueling more often and the "good" feeling of the e-car?

For this, we calculate simplified with the 200 kilometers from the above analysis. This is also very nice in light of my weather impact comment. We get:

7,440.4 km / 200 = 37.202 (rounded 38) charging events.

What could this cost me?

We calculate: 38 charging processes * 39 kWh capacity * 48 cents/kWh at the charging station and arrive at: 711,36€ for the Stromer. If we offset with the diesel we come to:

724,40€ - 711,36€ = 13,04€

In this scenario, we "save" 13.04€ if we use the Stromer.

Is this a good or bad value?

For a long time, calculations like these were the reason why I was one of the first people in my circle of acquaintances to come out in favor of e-mobility. Yes, that's right: Like many others, I found it fascinating that you can now drive "big RC cars." Analog their advantages as well as disadvantages. Unfortunately, I quickly realized that these calculations only work out if one ignores the essential shortcomings of e-mobility.

I am referring primarily to employees below the middle class for whom these cars would never be affordable and are also only conceivable as company cars in cases of short distance, charging station supply and not frequent use as a second car.

Let's also calculate the acquisition costs:

36,400€ (e-car) - 26,300€ (diesel) = 10,100€.

Yes but premium? So environment and so?

Medium term: Nix to less premium. For 2023, the premium is supposed to be 4,500€ - after having been 6,000€ so far. This goes hand in hand with my comments on inflation, the interview with Ms. Jaskula from ZF Friedrichshafen and the ever decreasing "tank difference" in favor of e-mobility. According to (31), the e-premium is to be further reduced from 2024.

What does this mean?

Let's calculate that too: 10.100€ - 4.500€ premium = 5.600€ the Diesel is possibly cheaper

When would we have that with STABLE ELECTRIC and DIESEL PRICE with the E-car out?

If we save 13,04€ per tank year, one notices the problem nevertheless very fast: Late.

5,600€ / 13.04€ annual fuel savings = 429.47 years.

No I am not joking. So we can rather not make up the difference without promotion via tank savings. The shift to e-mobility seems to be faltering due to the breakaway of the artificial push of e-cars by the federal government.

What about insurance, repairs, inspections, etc.?

A very old argument of mine for e-mobility picks up on exactly that. While the e-car doesn't need oil changes or emissions inspections, wear parts are less likely to be affected by recuperation. As a result, e-cars have to go to the workshop for maintenance less often on average (see (32), (33)).

BUT: There is a trap in this block around service, maintenance and repair. It is: accident. Allianz has commissioned a wide-ranging study on this and found out that a 10% surcharge after accidents is the rule for e-cars. It is therefore more expensive to repair an e-car after an accident than a combustion engine (cf. ibid.).

Another very strong argument against current e-mobility results from these contexts: The residual value problem in case of acceptance uncertainty. Pepsi, for example, has already received its first e-trucks as tractors from Tesla - how much potential is still there in the market? Who will still buy these e-trucks or our 200-300 km cars, should the potential be sufficient?

What chance does e-mobility have in the commercial sector? Which for us private individuals? Can it be the solution that we all use a type of drive that is less efficient, less developed, more expensive to buy and no longer subsidized?

But before this goes completely beyond the scope of this article, let's save it for a possible part 2. There, in the part "Transport policy from the ivory tower: Why other countries use a mobility mix", I will not only shed light on the private sector, but also present the future of e-mobility at Pepsi.

What's your take on this? Are you Team E, Team Biodiesel/Hydrogen, or Team Internal Combustion?

I look forward to constructive comments 😊

To help you be prepared, feel free to watch my new Pepsi video 😊

https://youtu.be/vGCzY5DWDVs

SOURCES

(1) https://sportfanat.de/rc-car-racing-kindheitstraeume-werden-wahr/

(2) https://www.alza.de/spielzeug/so-wahlen-sie-ein-rc-auto-aus

(3) https://www.elternkompass.de/ratgeber/spielzeug/rc-spielzeug/ferngesteuertes-auto/

(4) https://www.trade4me.de/Blog/Technik-Tipp/Verbrenner-oder-Elektro-Car-Die-richtige-Wahl-bei-RC-Cars-Technik-Tipp

(5) https://www.welt.de/wirtschaft/webwelt/article207428749/RC-Cars-Darauf-kommt-es-bei-ferngesteuerten-Spielzeugautos-an.html

(6) https://www.conrad.de/de/ratgeber/modellbau-modellbahn/treibstoff-fuer-modellmotoren.html

(7) https://efahrer.chip.de/news/elektroautos-lassen-sich-nicht-aufmotzen-tuner-macht-schluss-mit-dem-geruecht_106883

(8) https://emobil.swhl.de/aufbau-und-funktionsweise

(9) https://www.adac.de/rund-ums-fahrzeug/elektromobilitaet/kaufen/elektroauto-batterie-groesse/

(10) https://www.autoscout24.de/auto/audi/audi-e-tron/

(11) https://praxistipps.chip.de/elektroauto-pro-und-contra-argumente-zur-elektromobilitaet_113374

(12) https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwj80PeixcT8AhWTHOwKHVieCdgQFnoECBgQAQ&url=https%3A%2F%2Fedison.media%2Felektroautos%2Faudi-e-tron-mehr-power-mehr-speed-mehr-reichweite%2F25231719%2F&usg=AOvVaw2vjZv8YMd6psAP7uuyBK3f

(13) https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwi6q6D9xsT8AhVNPOwKHT3OCUkQFnoECBgQAw&url=https%3A%2F%2Fwww.volkswagen.de%2Fde%2Fbesitzer-und-service%2Fueber-ihr-auto%2Fkundeninformationen%2Frechtliches%2Fwltp.html&usg=AOvVaw2VxuiSWcQ69xCOqV2jZMZB

(14) https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwiDlvevycT8AhUdS_EDHciDCPwQFnoECA8QAw&url=https%3A%2F%2Fwww.energieloesung.de%2Fmagazin%2Fsommer-sonne-e-auto-kann-ihrem-e-auto-die-hitze-schaden%2F&usg=AOvVaw0pS7r3dUsRyoWr66q86jMo

(15) https://de.statista.com/statistik/daten/studie/5564/umfrage/monatliche-durchschnittstemperatur-in-deutschland/

(16) https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwj8osHby8T8AhU_wAIHHXUMAwUQFnoECAkQAw&url=https%3A%2F%2Fwww.focus.de%2Fauto%2Fratgeber%2Fauto-abc%2Fauto-warum-verbraucht-ein-motor-beim-kaltstart-mehr-sprit_id_3573507.html&usg=AOvVaw3DjYDf2aTbqOcFo-nkUWkd

(17) https://www.adac.de/rund-ums-fahrzeug/elektromobilitaet/info/elektroauto-reichweite-winter/

(18) https://www.audi.de/de/brand/de/neuwagen/layer/wltp-lp/layer/nefz-wltp.html

(19) https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwiV-p791MT8AhUMy6QKHZrfCMQQFnoECBYQAw&url=https%3A%2F%2Fwww.autobild.de%2Fartikel%2Fhyundai-kona-2017-11476797.html&usg=AOvVaw1i5FBSfEQdvOfoCri-k5v6

(20) https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwiGhsu71MT8AhWLxqQKHXX9CQ0QFnoECDMQAw&url=https%3A%2F%2Fwww.adac.de%2Frund-ums-fahrzeug%2Fautokatalog%2Fmarken-modelle%2Fhyundai%2Fhyundai-kona-elektro%2F&usg=AOvVaw20ECL3xlWmVNfMYFF86mau

(21) https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwj9xfmP1sT8AhWd_rsIHSINBl0QFnoECAgQAw&url=https%3A%2F%2Fwww.mobile.de%2Fauto%2Fhyundai%2Fkona%2F2017%2Fsuv%2Fmodell%2Fdaten-fakten&usg=AOvVaw3V3JbPkVAyniLLTl4bs5X_

(22) https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwip0a_a1sT8AhWkTeUKHagtBWwQFnoECBAQAw&url=https%3A%2F%2Fwww.hyundai.de%2Fmodelle%2Fkona-elektro%2F&usg=AOvVaw09cRxxmmY0gOp2X5XU9l4d

(23) https://efahrer.chip.de/news/energiekrise-und-inflation-top-manager-sehen-schwarz-fuer-e-autos_109945

(24) https://de.statista.com/statistik/daten/studie/154902/umfrage/strompreise-fuer-industrie-und-gewerbe-seit-2006/

(25) https://de.statista.com/statistik/daten/studie/5670/umfrage/durchschnittliche-monatliche-stromrechnung-seit-1998/

(26) https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwiYxquq3MT8AhWM_qQKHeC9B5gQFnoECA0QAw&url=https%3A%2F%2Fwww.postbank.de%2Fthemenwelten%2Fberuf-vorsorge%2Fartikel_immer-laengere-arbeitswege-fuer-pendler.html&usg=AOvVaw107eEoZJMB8gRfgjhIx7jh

(27) https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjIqa3g3MT8AhUWt6QKHaurCrcQFnoECAgQAw&url=https%3A%2F%2Fwww.schulferien.org%2FArbeitstage%2FArbeitstage_2023_Nordrhein_Westfalen.html&usg=AOvVaw0qHjNWLEo21Xg85EZv0cwG

(28) https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwj8rsHf3cT8AhVS4qQKHeZNDGUQFnoECAgQAQ&url=https%3A%2F%2Fde.statista.com%2Fstatistik%2Fdaten%2Fstudie%2F224105%2Fumfrage%2Fdurchschnittlicher-preis-fuer-diesel-kraftstoff%2F&usg=AOvVaw0253Hr0ClkBZ4ez9z54Qi5

(29) https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwjyhdSP38T8AhVEzqQKHYDID8QQFnoECAwQAw&url=https%3A%2F%2Fwww.autobild.de%2Fartikel%2Fsteigende-strompreise-vorteil-elektroautos-zu-verbrennern-schwindet-dahin-21709975.html&usg=AOvVaw3Inyv9V_vvKMv9cfk_v__d

(30) https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=&cad=rja&uact=8&ved=2ahUKEwihtdaM4sT8AhWP16QKHWjxDL8QFnoECAQQAw&url=https%3A%2F%2Fwww.entega.de%2Fblog%2Felektroauto-verbrauch%2F&usg=AOvVaw2B1S3wsOuySZz2JgTbTVq0

(31) https://www.adac.de/rund-ums-fahrzeug/elektromobilitaet/kaufen/foerderung-elektroautos/

(32) https://www.autobild.de/artikel/elektroauto-vs.-verbrenner-kostenvergleich-15131047.html#-1480369008

(33) https://www.autobild.de/artikel/tesla-semi-lkw-zugmaschine-elektro-22317277.html

A plea for the Magnificent 7: Or why big tech is still NOT too expensive

Now that Big Tech and the Magnificent 7 in particular have done incredibly well in 2023, the question naturally arises as to how things will continue in 2024. I have found some very interesting data and information on this:

Who are the Magnificent 7 anyway?

Most people know them, but I would nevertheless like to list them at the beginning and divide them according to whether I have them in my portfolio or not:

In my portfolio:

• Apple $AAPL
  
• Microsoft $MSFT
  
• NVIDIA $NVDA
  
• Alphabet $GOOG / $GOOGL
  
• Meta $META
  

Not in the portfolio:

• Amazon $AMZN
  
• Tesla $TSLA
  

Performance 2023 (see attached chart):

In total, the performance in 2023 was ~80%. Of course, NVIDIA was at the top with over 230%, Meta was also extremely strong with ~200%.

Tesla also doubled. Next came Amazon (+80%), Alphabet (+60%) and Microsoft (+57%). Apple brought up the rear with "only" +48%.

The S&P 500 gained ~25% in the same period and also benefited greatly from the aforementioned heavyweights - excluding these 7 companies, the remaining 493 S&P 500 companies only gained 10% on average.

-> Inevitably, these stocks must have run hot after such a performance - or did they?

Let's take a closer look at this matter and not in isolation for the year 2023, but since the beginning of 2022 (also attached as an image):

Over the last two years (01.01.2022 - 18.01.2024), the performance of the Magnificent 7 is only a measly 5% and was even negative before the 2023 year-end rally. Over the same period, the S&P 500 only posted a slightly lower performance of 3%.

An investment in short-dated US Treasurys (1-3 months) would have generated a performance of 7% would have been achieved.

-> Over the last two years, an investment in short-dated US government bonds would therefore have been more lucrative than in the Magnificent 7

-> In summary, this means one thing above all: Yes, Big Tech performed phenomenally in 2023, but above all it made up for the massive losses from 2022. This does not necessarily mean that they are overvalued, as a lot has changed since the end of 2021. On the one hand, these companies have continued to grow massively and the topic of AI has played an increasingly important role since the end of 2022

What does this mean for 2024 and the current valuation?

I have included a screenshot from today's Deutsche Bank newsletter "Prospects for tomorrow" is attached. It provides some reasons why these companies can continue to perform strongly:

• Magnificent 7's expected P/E ratio is currently ~27, which is well below where it was in 2020-2022, when the expected P/E ratio was over 35
• Compared to the other companies in the S&P 500, this is a premium of 60%! However, the Magnificent 7 sales are expected to grow by 11% p.a. until 2025 - That is almost three times as much as the other companies in the S&P 500
• In addition, the companies have extremely strong margins that could grow even further due to AI
• On average, the companies are virtually debt-free and even have net cash available. While other companies have to worry about interest payments and refinancing and may also be able to invest less money in acquisitions or research/development, the 7 companies are not burdened by this. On the contrary, this even offers opportunities to widen the gap even further and to benefit from the problems and weaknesses of the others (more research, interesting takeovers, etc.)

As mentioned in the newsletter, there will certainly not be another +80% in 2024. However, I still see these stocks outperforming the S&P 500 and the MSCI World.

I have a total of 5 of the 7 companies in my portfolio and continue to buy regularly in 4 of them (Apple, Microsoft, Alphabet & NVIDIA). Meta is a classic hold position for me, as I want to continue to monitor the development of the group (Metaverse), but will not continue to buy here for the time being.

I do not have Tesla and Amazon in my portfolio and will not add them for the time being. Tesla has too many controversies for me personally, between "it's just a car company" and "Tesla will soon control the world" there are too few shades of gray for me. Amazon is too divided a company for me: I wouldn't buy the e-commerce business on my own and I have the cloud business AWS covered with Microsoft and Alphabet as well. For e-commerce, I have a MercadoLibre $MELI in my portfolio, which is growing even faster and covers a completely different region with South America. In addition, with the developments in Argentina and Javier Milei, I see hope that the continent will develop even more towards capitalism and away from socialism.

How do you see the Magnificent 7 performing in the future?

And what do you see as companies that could become the next Magnificent 7 or complement them?

For me, the topic is cybersecurity is one of the key issues for the next few years and I see the threat posed by AI, autonomous driving and geopolitical "opponents" such as Russia and China continuing to grow. With regard to the last point in particular, defense companies such as Lockheed Martin are of course also benefiting $LMT but they are far less able to scale their business.

A software company in the cybersecurity sector, on the other hand, can scale massively and relatively easily. This is why companies such as Palo Alto Networks $PANW or Crowdstrike $CRWD are high up on my list, in the portfolio and candidates for the next Magnificent 7.

#stocks
#etfs
#tech
#stockanalysis
#performance

Getquin rewinds - All that glitters is not gold ☄️

Now that the majority of the rewinds shared are performing really well and most of them are in the top 10% of the community, it's time to show the other side of the coin.

Even though my performance is supposedly better than 95% of the community, I would like to show the shit list of my portfolio here 😂

Please make some noise for:

Sea $SE Match $MTCH and Block $SQ all of which have losses of ~50-70%.

But even a Pfizer $PFE at the moment I would prefer to assign Waste Management $WM from @Simpson for recycling 😂

The purchase of Hershey $HSY has not paid off so far - but I'm convinced in the long term and simply started the savings plan at the wrong time in the middle of the year. Sartorius $SRT3 continues to suffer from the normalization after Corona and China in general is simply not doing well, which is reflected in my China ETF $MCHS shows.

With Teladoc $TDOC and BASF $BAS I have already sold two more pipe-drawers this year.

#rewind

#depot

#stock

#personalstrategy

#etfs

MARKET PRESENTATION INDIEN🇮🇳 (Part 1) - The better emerging market?

Hello all,

according to the last vote, the topic of India's market presentation won out over Walmart and nuclear energy. Since relatively many votes were also in favor of Walmart in the final decision, I will take up this topic on my YouTube Channel. Feel free to follow me there for analysis around dividends, markets and REITs - my latest video series is about GLADSTONE CORPORATION:

https://www.youtube.com/watch?v=UbKe6TRCj2I&list=PLvMlhIipaC_e37n8eliKkmy4lU3xvchOk

Before we start as always my disclaimer: This is not investment advice. It is also not an invitation to buy / sell financial products. I describe here only my opinion. Therefore, I also assume no liability. Investments carry risks. You have your own responsibility towards your investments

In order to have a clear structure, I suggest the following:

PART 1

India in figures, data and factsMarket basics, school education, IT boom

PART 2

• The top 3 India companies at a glance

India in facts, figures and statistics

2.05 children per woman.

Approx. 25 percent younger than 15 years.

50 percent younger than 25 years.

Figures that one could only dream of in Germany (see (1)). The average age in Germany in 2021 was 44.7 years. 19.96 million of us are under the age of 24 - that gives us just 23.99 percent of a population of 83.2 million. Our age structure is therefore just half as good in this age group. In terms of the number of children, Germany has between 1.5 and 1.7 children per woman (see (2), (3), (4)).

The truth is, however, that this immense population growth, which is expected to eclipse even China in the next three months, is not accompanied by benefits for all population groups. While in that country 61% of 60 to 64 year olds were in the workforce in 2021, in India it has already been 90% of the 60 plus generation since 2014. So the question is, what is the reason for this and what options will be available for us and India in the long run (see (4), (5), (6)).

One of the biggest costs of the German social system, namely the German pension system, is largely eliminated in relation to India. Yes read correctly - In India it is mostly not common to receive a pension from the state for a life of work. Instead, situations arise where, for example, women now also have to overcome new hurdles (cf. (7))

To understand this, one must know the 10 percent rule with respect to India. Only about 10 percent of Indians in India receive some kind of "pension-like" benefit in the form of an occupational pension or state pension. No larger proportion (see (6), (7)).

Why, then, does old-age security work?

For a long time, this old-age security functioned through the care of the elderly by the younger generation, which also benefited the older women in particular due to the loss of earnings caused by the above-mentioned average of 2 children per woman. However, this system is increasingly eroding - many younger Indians are moving away from the countryside to the metropolises because of the labor market opportunities and are then logically no longer active locally in the country. This is fundamentally problematic because the care work is left to just a few relatives and it is not possible to predict when the son or daughter will come home.

Basically, the strong trend toward urbanization in India is a relatively clear-cut case. What is happening to the detriment of smaller communities in India is strengthening the industrial metropolises such as Pune, which has been massively strengthened in particular by the automotive industry such as VW, for example. In addition to relatively simple organizational processing for external companies, most of which no longer need an Indian partner for their expansion into India, the above-mentioned population growth offers significant opportunities for not only German employers (see (1), (7), (8)).

Why is this so?

It may not be a popular opinion on my part, but education has a completely different status in India than in Germany. In India, despite greater poverty in families, it is common for them to go into massive debt, contrary to their income, and in some cases spend 25 percent of their income on their children's schooling. But this was not always the case, because the right to school for every child has only existed in India since 2012. No - not 1912. But 2012. Before that, the school system was far more restrictive in terms of admitting poorer households and was able to be more selective ((9), (10)). So is everything okay in terms of education?

Unfortunately, rather no. The driving force behind this emphasis on the importance of the school system was the fight against illiteracy and the promotion of quality education for future personnel, plus the hope of combating poverty. The whole thing is relatively interesting in that India has taken a step toward qualifying the population, but on the other hand has rather shifted the problems (see (9), (10)).

In what way?

The school system in India is the engine for assigning capable personnel to companies. So, judging from the last comments, one might think that the situation would clear up and India would become a pioneer in education. Typical stereotypes still include the Indian IT person who is in demand as a skilled worker outsourced to India at a cheap rate. This is not only wrong, but also an isolated view.

The human resource potential of India is particularly limited in that the lower class cannot participate significantly or unproblematically in this educational focus. The above-mentioned example of the indebtedness of poorer families often leads to a situation in which sons tend to be sent to school for longer periods of time, while daughters are forced to stay at home. Ultimately, this is not a feminist debate, but is due to the expectations of this culture, the lack of a welfare state in parts, and the population growth trend. Wickedly put, there may be a perception that the daughter needs to be placed somewhere and take career disadvantages because of child-rearing hours, and therefore the son is the better investment. I often found this rhetoric in various sources in modified expressions and for me this thinking is a clear result of the composition of India's pension policy (almost non-existent), wanted population drive (more potential for foreign investors) and a one-earner mentality (which is at the expense of both sexes) (see (9), (10), (11), (12)).

Why at the expense of both genders?

For explanation, I take up again the comparative rhetoric of the beginning with Germany. In the 1950s, Germany was confronted with the construction of a society in the West, and this construction followed the classical understanding of roles. The woman stayed at home for the children, the man went to work (insofar as possible after the war experiences) as the sole breadwinner. It was often the case that many men, due to their experiences as soldiers or their training there, did not directly find a highly qualified job but instead became active in the low-wage sector or working-class milieu. The husband decided whether his wife was allowed to work or not. This was the case until 1957, so that the sharing of the main responsibility for earning a living only really took off then. If one compares the mortality tables, the cigarettes and alcohol consumption of these times of men with those of the women, then a quite fast picture results which together with hard work did not affect straight positively the life expectancy of the gentlemen (see (13)). For this I wrote already times a contribution loosely to the cigarette industry and like it up-to-date disrupted is. You might also be interested in this article (see link tree).

As a consequence, men performed significantly worse than women in terms of living conditions and resulting life expectancy. Moreover, since the 1950s, women's employment has increased significantly, at least part-time (see (13), (14)). What does this have to do with India?

Plenty. Because sons are assigned the resources of daughters, girls on average receive a poorer education and will not be able to participate in higher education in India in the future. Thus, the German single-earner system is mirrored relatively directly, because daughters without education are not likely to become high earners.

Indeed, to be admitted to a highly qualified education in India, 10 years of schooling must be successfully completed PLUS 2 years, which I will call "upper secondary education" in the following. This is MINIMUM STANDARD and in detail one can educate oneself still clearly more if money is available (see (1), (13), (14)).

The comparison with our educational habits is relatively complex, because here we also have an above mentioned entitlement to go to school, but it is structured differently than in our country by its consequences.

Yes - you can go to school in India normally from 6 to 14 years.

Yes - this school attendance is then also free of charge.

Yes - you can also apply for a kind of quota at elite private schools, which have to allocate 25 percent of their places to socially disadvantaged children from corresponding families.

Yes - if your employer prevents you from sending your children to school, he may have to pay a fine and allow you to do so.

No - the degree does not take you where you are thinking of going (see (15)).

Why?

I am simplifying the Indian school system for you:

• Primary Schools (basic education) for grades 1 - 8 (you are then 14 years old).

• Secondary Schools (advanced education) for grades 9 - 12 (at graduation you are 18 years old)

Strictly speaking, there is also a subdivision into Upperprimary School (Hauptschule), the Sek. 1 schools (roughly Realschule, but with different subjects and hours) and Sek. 2 schools (which are necessary for studies). The only important thing for you is that compulsory education is only for basic education. Wickedly said, you then have the standard of the Hauptschule. Because this goes up to the 8th grade (cf. (12), (15)).

And after that?

Then you have to pay - and not too little. This leads to the fact that you can get High Quality World Top Class Super Hype education at the private school, but it becomes so expensive after the 8th grade that only the son (at best) will continue to attend the school.

Yes but that way the poor have at least a minimum standard that benefits the companies?

I initially thought the same as an investor, however a second look at the matter opened me up to the fact that the Sitzenbleiben in grades 1 to 8 has been basically abolished and you are thus virtually "pulled along". I find this highly questionable, since our school system is at least permeable downwards. This Indian system, on the other hand, goes casually according to the motto "The main thing is that he has understood something and when it becomes important, we only have middle class upwards here in the classrooms". Now this is my very nasty view and you don't have to agree with me. But keep in mind that without having understood the fractions of the 5th/6th grade, the differential calculus of the 8th grade looks like NASA knowledge.

Why should that scratch my itch as an investor?

There are essentially 3 strong reasons why this notice

• of India's population structure,
• the role of women
• the school system
• the poverty of the elderly
• the disadvantages of the short compulsory education

For an investor are indispensable.

The first reason relates to the inner core of India's economic growth. If the illiteracy rate, which was considered the highest in the category for India at the emerging market level until well into the 2000s and 2010s, is not addressed - what exactly is coming after it, so to speak? Skilled engineers and computer scientists who can't read their own language? A doctor who has to have his reports read to him by the nurse?

That was a bit of an exaggeration, because corresponding illiterates leave school at an early age and are more likely to be found in the area of simpler work. This is not particularly complicated either - if you could not read German - could you then criticize my text here or participate in qualified discussion? No.

Yes, but I'm sure it only affects a few people, right? The government's initiative must have worked, right?

Jain with focus rather slowly. A source from Statista gives us information on this and proves that the ALPHABETISATION GRADE (i.e. at least the ability to read and, if necessary, write) in India has risen from 40.76% to 74.37% overall. In the period from 1981 to 2018.

Can the government of the day pat itself on the back now?

Yes with half a hand. After all, if we look in detail at what really happened after the measure was introduced, we see growth on a smaller scale than we thought. From 2006 to 2015, the number of alphabets increased to about 70%. From the original 62.75%. That's about 9 years for about a 7 percent increase. Since no common figure has been drawn for 2015, there is a dark field here. However, the figures for women and men imply a steady trend at about 70% (see (15), (16)).

The bottom line is that India needs skilled men and women to continue to expand. Various sources in the 2010s already feared a glut of unqualified young people in unemployment. This would have meant that with rising unemployment, relatively paradoxically, many jobs for growth could not have been filled (cf. ibid.).

To this day, India has a massive problem with this illiteracy-high school graduation paradox. Therefore, I consider this point to be very weighty.

The second reason essentially consists of the connotation between increasing demands in the IT sector and a secondary school leaving certificate that does little to no work towards this booming industry in India. Source (17) provides an example of a provider of these IT outsourcing solutions that offers IT services from India in the age of remote work. Source (18) even goes so far as to state the following:

"Today India is (..) the world capital for ITO".

ITO stands for Information Technology Outsourcing and sees the focus of India's labor market in the IT sector in particular. The only problem is: Every year, 13 million Indians graduate from high school in India. 3.5 million Indians can look forward to access to an apprenticeship or university place.

And the rest?

Despite the booming IT sector, they may not end up in suitable professions or often have to abandon their school careers. In addition, most schools (18) and (19) do not have the equipment, cleanliness, class size or teacher training. This in itself leads to a lack of access to the above-mentioned sector (see (18), (19)).

Yes, but then can I as an investor profit from the trend toward outsourcing?

The third reason responds precisely to this delusion that you can simply outsource your complicated IT problems and no longer have to deal with expensive IT staff, a shortage of skilled workers and high taxes if you outsource.

This ITO trend is no guarantee that the India "business model" will work. Any simple research will quickly show that outsourcing may create additional problems. Cultural differences often make goal-oriented or problem-oriented communication difficult and a "No Problem Sir", as stated by the source (20), although everything is burning and one is basically unaware of the solution to the problem, often leads to disappointment (cf. (20)).

The silent post principle is also problematic in Indian culture, as communication often takes place with a senior manager, who then passes on the task to his team leaders. The team leaders, in turn, interpret the task to the developers and so it virtually goes back up the ladder, so that the customer receives a black donkey instead of a blue tiger (cf. ibid.).

In addition, the range of ITO services is often very confusing and leads many founders to fixate purely on price. This tends to be just as critical, since the ideas to be provided are often also linked to this. If you pay Fiat, you don't get BMW (see (19), (20)).

Result

We have now learned a few things about the cultural characteristics of India as an investment opportunity and have taken insights into population structure, old-age poverty, state security, gender equality, the role of family poverty in education, the relatively unsuccessful attempt of the policy of allowing poorer families to participate in the IT boom via secondary school graduation, the IT boom itself, the literacy rate, the ITO boom and finally the top 3 reasons for the relevance of this article.

This was part 1 on India as an investment market. With proper feedback, I will also write a part 2 on India's stock market.

I hope you enjoyed this part.

Are you invested in India isolated? How do you see the coupling of school system - labor market - economic performance? Have you had any experience with outsourcing to India?

Feel free to write it in the comments! :)

If you feel more like dividend stocks after this very market-heavy post, feel free to check out my REIT playlist on GLADSTONE COMMERCIAL, LAND and INVESTMENT by!

Every follower counts on our way to 900 Getquin &amp; 300 Youtube subscribers by June!

Your BASS-T

Sources

(1) https://www.watson.ch/international/wissen/823736948-bevoelkerungswachstum-indien-zieht-noch-2023-an-china-vorbei

(2) https://www.destatis.de/DE/Themen/Gesellschaft-Umwelt/Bevoelkerung/Bevoelkerungsstand/_inhalt.html

(3) https://de.statista.com/statistik/daten/studie/76262/umfrage/geburtenziffer-anzahl-der-kinder-pro-frau-2007-und-2008/

(4) https://de.statista.com/statistik/daten/studie/1365/umfrage/bevoelkerung-deutschlands-nach-altersgruppen/

(5) https://www.destatis.de/DE/Themen/Gesellschaft-Umwelt/Bevoelkerung/Bevoelkerungsstand/Tabellen/bevoelkerung-altersgruppen-deutschland.html

(6) https://www.destatis.de/DE/Themen/Querschnitt/Demografischer-Wandel/Aeltere-Menschen/erwerbstaetigkeit.html

(7) https://www.dw.com/de/indiens-rentner-immer-mehr-im-abseits/a-5604927

(8) https://www.handelsblatt.com/politik/international/indien-das-herz-der-autoindustrie-schlaegt-in-pune/2996128.html

(9) "Imagining India," Nandan Nilekani, Penguin Books, 2009, page 207.

(10) https://magazin.sofatutor.com/lehrer/lernen-in-anderen-laendern-indien-bildung-als-statussymbol/

(11) https://blog.pasch-net.de/klick/archives/854-Das-Schulsystem-in-Indien.html

(12) https://indienheute.de/wie-gut-ist-das-schulsystem-in-indien/

(13) https://www.ndr.de/geschichte/chronologie/Vater-Mutter-Kind-Moral-und-Frauenrolle-in-den-50er-Jahren,frauenrolle100.html

(14) https://www.bpb.de/shop/zeitschriften/apuz/31161/50-jahre-geschlechtergerechtigkeit-und-arbeitsmarkt/

(15) https://www.handelsblatt.com/politik/international/bildung-indien-fuehrt-schulpflicht-ein/3233658.html

(16) https://de.statista.com/statistik/daten/studie/170863/umfrage/alphabetisierung-in-indien/

(17) https://www.outsource2india.com/india/bpo-industry-india.asp#

(18) https://www.outlookindia.com/website/story/outlook-spotlight-bpo-india-how-it-conquered-the-world/406973

(19) https://www.bpb.de/themen/asien/indien/44534/expansion-qualitaet-gerechtigkeit/

(20) https://www.businessinsider.de/gruenderszene/allgemein/outsourcing-indien-tipps/

#indien
#analyse
#emerging
#etfs

BASS-T in 2023: Why I would start with shares in the first place

Hello all,

at the request of the community from last weeks poll on 3/18/2013, I will address my approach if I had to start from 0 again today. Before we start but as always my disclaimer:

DisclaimerThis is not an investment advice. It is also not an invitation to buy / sell financial products. I only describe my opinion here. You have your own responsibility towards your investments. So I also assume no liability.

Thematically we are in the first part of the series of "BASS-T in 2023" with the complex of topics demographic development, pensions and will look at how Norway deals with the issue of pensions for its citizens. In addition, we will learn why Germany is only very ponderously moving towards factually necessary and timely solutions and what alternative opinions prevail in the trade union spectrum. I would thus create an opinion for myself today and consider whether the pension will be enough for me some day. Ultimately, this is a question of character, because I don't think anything - absolutely nothing - of the blanket "pension is safe. The statement implies a false sense of security, which in itself is also relative. If I get a pension of 1 euro, then the pension is also secure. But it is by no means enough to lead a dignified life. Unfortunately, Germany is not in the forefront when it comes to innovative concepts for the citizens of this country, so that despite high taxation and a culture hostile to shares of very special colors, we remain on our tricycle, while other countries have been overtaking us for a long time.

In short, I ask the following questions here:

• What is the current state of demographic development in Germany?
• What is the state of the equity culture in Germany today?
• Are there alternative approaches that can look back on a success cycle of at least 10 years?
• What arguments do trade unions provide against the equity pension?

These are all questions on which one could easily write entire articles. I am explicitly addressing the connections between the questions here. If you want to hear more about any of these questions, write it to me in the comments.

Part 1: Why I would start with stocks in the first place

One of the first decisions I made for my retirement planning was done before I even bought a stock. We are talking about the mere decision not to rely on an ailing pension system. Whereas in 1962 there were approximately 6 depositors for every retiree, by 2020 that figure was less than 2 depositors - specifically, 1.8 depositors. With the impending retirement of the boomer generation, it is foreseeable that the ratio will fall further. In 2030, the ratio will be only 1.5 people paying into the pension system. All this can be viewed online and is no big secret (see (1)).

Nevertheless, the proportion of shareholders in Germany continues to hover around 7% - 7.6%. This includes people who also own active funds at banks, for example. It is certainly nice that according to (3) the number of shareholders is slightly increasing. However, this means that an overwhelming majority still clings to the dinosaur of the pay-as-you-go pension system or at least does not take advantage of the opportunities on the stock market (see (2)).

As a consequence, I would make the decision in favor of the capital investment. The "criticism" from parties of a certain spectrum would rather amuse me that it is a matter of "gambling with the pension" and that the state already takes care of the provision of its fellow citizens. A simple thought on this: The Norwegian sovereign wealth fund has a TER cost of 0.05% and has so far achieved an annual average return of 6.3%. This is not witchcraft in my perception either - the fund has clear rules that should be easy to understand for politicians of any color (cf. (4), (5)):

- Equities may account for a maximum of 70% of the fund

- Bonds should not exceed the 30% mark

Real estate must hold the 7% mark

So, for our deposits we get a product that is even monitored by an asset manager called Norges Bank Investment Management and can still keep the above mentioned low flat fee. The top positions include typical blue chip stocks and are also publicly viewable. From Apple, Microsoft, Alphabet to Novo Nordisk or even Berkshire Hathaway, well-known and big names are represented (see (5)).

And how has it gone for the Norwegian sovereign wealth fund so far?

The associated performance of this sovereign wealth fund speaks volumes:

If we use (8) and set the S&amp;P500 as benchmark and the 12-month view, we get an outperformance of the Norwegian SWF against one of the most important US stock market barometers. Also the shorter-term outperformance in the form of the 6-month view is 1.01% compared to 0.43% of the S&amp;P 500. So, tending to be a relatively crisis-proof product that statistically assigns a value of 200,000€ to each Norwegian (cf. (6), (7), (8)). So we see that the Norwegian product is more stable than one of the strongest stock indices in the world and consistently generates money for citizens (cf. ibid.).

Nevertheless, we certainly hear criticism from politicians and trade union associations.

I am not a fan of trigger warnings, but what is coming now definitely deserves a trigger warning for absolute ignorance and hubris.

So if you want to have a nice day, you better watch my video already now and break here.

Ready?

All right. I present one of Ver.Di's leading arguments against the stock pension in its original form - uncommented and not edited by me (see (9)):

• "These [risks of loss] are particularly great if the capital is invested abroad" (1).

UFFFF. That's a tight thesis. But what does Ver.Di recommend instead? Is there an agreeable solution?

Let's read on and find out:

• "The pay-as-you-go pension, on the other hand, is crisis-proof (...)" (2).

and

• "The statutory pension can also cope with demographic change (...) with rising productivity, growing wages and somewhat higher contributions" (3).

Double UFFF. Already now in 2023, the statutory pension needs a subsidy of 112 billion euros from the federal government. Otherwise, it would no longer be solvent and the consequences would be severe (see (10), (11)).

In addition, there is this harsh ignoring of facts, insinuations that are far removed from reality and the tuning in to even higher contributions (which I would prefer to see in the share pension). This spoils the mood for anyone with some knowledge of stocks. But let's take a relatively neutral look at these statements as shareholders:

Let's start with sentence (2) and (3) first:

In Germany, old-age provision is based on the above-mentioned pay-as-you-go pension system - in simple terms, each generation pays the pension of the next generation. This is a simple system that has already shown signs of failure in the past.

One of the biggest disadvantages of the system is that the return is only earned after a certain time as a pensioner. In concrete terms, an average earner (1 pension point per year since 1977) who retired in 2020 would have to live for almost 12 years after retirement for a positive pay-in-pay-out ratio. Only then does this person effectively make a profit on the retained €215,725. Thus, he would receive €1,540 per month and would have "invested" his contributions similar to a 0% payout time deposit with monthly payment over several years (cf. (17)). I see this critically from several points of view:

• It is not said that the person reaches this age
• The received monthly return does not correspond to the level of the deposits
• Consequently, the annuity itself underperforms bond products.
• With 215.725€ Invest many other options are possible

If we took the invested money and directly invested it in boring products like German government bonds, we would have simplified per year:

215,725€ pension contributions over 45 years / 45 years = 4793.89€ per year in deposit.

If we were to invest this in German government bonds for stability reasons, we would generate a return at the end of the term of (cf. (12), (13), (14)) with an average interest rate of 6% per year (according to the 1990s value table):

786.444,50€ (!)

We can also set this lower and limit it to 3%:

At 3%, we have 372,317.91€ at our free disposal when we retire.

I am now explicitly doing what I would never do for myself: buying an e-car.....

No much worse: The purchase of a dividend ETF to show even the last still so worried people the problem of the pension:

Take the popular Vanguard FTSE All-World High Dividend Yield. I used to own that one a thousand years ago. At the time of this writing, it costs €52.80 (see (16)). So if we invest the money in it, we get optional:

786,444.50€ / 52.80€ = 14,894 shares

372,317.91€ / 52.80€ = 7,051 shares

Its distribution yield is currently 3.89%, which means approximately 2.07€ per unit. Resulting:

(A) 14,894 units * 2.07€ = 30,830.58€ annual distribution.

(B) 7,051€ * 2.07€ = 14,595.57€ annual distribution

With this very safety-conscious combination of bonds + dividend ETF, we already get a decent extra income on top of the assets in the ETF anyway. After 12 years, assuming no increase in the value of the ETF and a constant dividend amount:

(A) 12*30,830.58€ annual distribution = 369,966.96€.

(B) 12* 14,595.57€ annual distribution = 175,146.84€.

At this point, after deducting the capital gains tax plus soli of 25%*5.5%=26.375%, a residual amount of (see (15)) remained:

(A) 369.966,96€ * (1-0,26375) = 272 388,174 €

(B) 175.146,84€ * (1-0,26375) = 128 951,861 €

For simplicity, we have assumed here a final taxation at the time of the positive return from the annuity.

But what would such an investment product look like in the style of the annuity? Our conditions are as follows:

• No distribution until retirement (45 years as above).
• Positive return only after 12 years
• Monthly payout based on 48% of salary

So we are at the point after 12 years at:

..

..

0€ Return.

Yes - we have all the time received a pension far below the percentage of deposits.

Yes - the horizon of the pension is theoretically infinite.

BUTEven the above-mentioned billostrategy of bonds and dividend ETF has already generated a 6-digit result AFTER taxes in both cases at the time in question. From now on one would be free to think about other products and possibilities. In the pension this is factually not provided - one pays in and receives something afterwards.

I find particularly successful the representation in form of a caricature Ver.Dis, that the pension is a safe block on which the pensioners can stand stable. More realistic would have been a rectangle falling downwards, so that the real zero or loss line (in my imagination represented as roaring water) is no longer far away. The pension level has already been falling for years and the subsidies are burdening the state budget to the tune of billions of euros. It is completely beyond me why people don't want to understand the share principle on the part of the unions. Even as a minor addition to our ailing pension, they don't want to have the share pension - significant here is the demand at the end of the text for even more subsidies for this ailing tax hulk (see 9)).

Especially this last point about the unprofitability of the German pension system is relevant against the background of (1). Alone the idea that the money should stay in one's own country, because otherwise it is apparently not safe, does not exactly indicate expertise in my opinion (cf. (9)).

If we compare the evil foreign countries with the social hammock Germany on the basis of DAX and S&amp;P 500, we see a massive outperformance of the S&amp;P 500 WHILE it does not include dividends as a price index, while the German stock barometer par excellence does as a performance index. In the end, we end up with (cf. (16)):

• S&amp;P 500: 3,994.3 points with return +2,516.30%.
• DAX: 15.234,86 points with return +1.209,38%

I leave the enormous difference plus the interpretation of DAX values to you.

If you feel like an entertaining stock analysis of a dividend aristocrat after this riotous topic, please have a look at my latest video on Johnson &amp; Johnson $JNJ by:

https://youtu.be/Qkkk38OIe84

And now it's your turn:

Do you rely on pensions? What do you think of the Norwegian sovereign wealth fund?

Feel free to let me know in the comments!

Only 18 subscribers left up to 1,000 subscribers on Getquin!

Only 9 subscribers left up to 400 subscribers on YouTube! Thanks for this!

Your Bass-T

#aktien
#aktienrente
#rente
#etfs
#etf
#dividende
#dividendenaktien

Sources

(1) https://de.statista.com/infografik/25320/verhaeltnis-von-altersrentnern-zu-beitragszahlern-in-der-gesetzlichen-rentenversicherung/

(2) https://de.statista.com/statistik/daten/studie/1101655/umfrage/aktionaersquote-in-deutschland/

(3) https://www.dealdoktor.de/magazin/tag-der-aktie/

(4) https://www.capital.de/geld-versicherungen/warum-norwegens-staatsfonds-besser-ist-als-die-neuesten-zahlen-zeigen-33157156.html

(5) https://de.extraetf.com/wissen/investieren-wie-der-norwegische-staatsfonds

(6) https://www.focus.de/finanzen/altersvorsorge/rente/rechnung-zeigt-so-lange-muessten-sie-leben-damit-sich-die-gesetzliche-rente-lohnt_id_46652821.html#/base-data

(7) https://www.vdk.de/ov-schopfheim/ID126800

(8) https://www.finanzen100.de/wikifolio/index-zertifikat-auf-lus-wikifolio-index-abbild-norwegischer-staatsfond-wkn-ls9nrd_H319854040_158079994/#chart-analyse

(9) https://tk-it-nrw.verdi.de/themen-und-kampagnen/ver-di-wirtschaftspolitik/++co++14339668-b402-11ed-9caf-001a4a160111

(10) https://rentenbescheid24.de/unfassbar-112-mrd-euro-bundeszuschuss-fuer-die-rente-2023/

(11) https://de.statista.com/statistik/daten/studie/200193/umfrage/entwicklung-der-rendite-zehnjaehriger-staatsanleihen-in-deutschland/

(12) https://rendite.rechner.handelsblatt.com/rechner/handelsblatt2/gleicherzins/default.aspx

(13) https://de.extraetf.com/etf-profile/IE00B8GKDB10

(14) https://www.bundesregierung.de/breg-de/aktuelles/rentenerhoehung-ost-west-angleichung-2172482

(15) https://www.weltsparen.de/steuer/kapitalertragsteuer/

(16) https://www.google.com/finance/quote/.INX:INDEXSP?hl=de&comparison=INDEXDB%3ADAX&window=MAX

(17) https://www.fr.de/wirtschaft/rente-geld-altersvorsorge-lohnt-ltt-sich-alter-jahre-rentner-91288715.html