Hi, I want to use Sunday to ask you for your opinion on my portfolio. I'll give you my reasons for the positions briefly and concisely.

About myself. I'm 25 years old and am studying to become a mechanical engineer. That's why I'm currently holding a large cash position to bridge my time at school. The money will be invested once I have finished. I have only been more stable in my strategy for a year and made the typical beginner mistakes before that. I also hope to beat the market with my shares, but have been proven wrong in recent years. That's why I'm starting to build up a core.

For the rest, I am focusing on companies with a strong balance sheet and want to overweight the tech sector

$AMZN (+0.4%) I have due to the broad positioning. They have strong growth and, with AWS, an excellent market position in a future-oriented sector

$GOOGL (-4.03%) is for me one of the strongest companies in the world, they have an almost monopoly-like position in some areas

$ASML (-5.9%) an absolute monopolist in the chip sector, here I am betting on the blade manufacturer because I understand the system itself. I can't predict who will be ahead of the chip manufacturers in a few years' time. However, it won't work without the machines from Asml

$$UNH (+2.05%) has excellent growth opportunities in the USA as many people there do not yet have health insurance

$NOVO B (-0.86%) I bought with the view that diabetes cases will unfortunately increase worldwide and the weight loss injection sector will also continue to grow. It's just easier to take injections than to change your life fundamentally.

$CRWD (-0.15%) I see one of the strongest future sectors in the world. I picked them up when they crashed, because you can see in which areas they are involved everywhere. Without the crash I would have bought a sector ETF here.

$LIN (+0.62%) I expect the industrial gas sector to continue to grow steadily in the future. In addition, there is only one serious competitor in this market. I am not expecting a growth rocket here, but a stable anchor in the portfolio

$MC (+2.14%) Luxury always works and I think LVMH is well positioned here. Hermes would have been my other candidate, but it is too expensive for me.

$IWDA (-0.9%) I have been running a savings plan for a few months as I only really had a plan for how I wanted to invest about a year ago. It should become my core in the future, as you can clearly see that I have not been able to outperform the indices in recent years. Current savings rate is 500€

$BTC (+1.19%) I consider this to be future-proof after the Etfs and the announcements from various countries. This is also saved monthly with €75.

On the watch list would be stocks like:

$MSCI (+0.54%)

$MSFT (-1.92%)

$NET (+1.06%)

$UBER (+0.31%)

I look forward to constructive opinions and suggestions.

⚠️ Reading time approx. 20 minutes

For me, 2024 was the most successful year so far, not only because I significantly increased my savings rate, but also because my portfolio performance took off for the first time.

In the past year, I also became much more aware of economic and political issues, which is probably due to the daily consumption of various podcasts on my way to work. The older you get, the more active and involved you feel in many areas.

I feel closer to the market than ever before... as soon as I skip a day, I have the feeling of being left behind. I'll have to think about whether this can still be counted as a feeling of a lack of routine or whether it's already addictive behavior. The user-friendliness of Getquin certainly also plays a role here. 😅

Well, now to the topic.

After another year of exceptional market returns and an impressive rally, the question is what can we expect from 2025?

In this article, I therefore summarize some key findings from recent publications by Goldman Sachs and BlackRock, for example.

I have bundled the content thematically, enriched it with additional sources and added my own comments. In my opinion, the reports provide a good basis for thinking about market opportunities and classifying current trends without going into too much detail. Ultimately, they also give me the feeling that I am well positioned with my own portfolio approach. It goes without saying that the personal assessments I include are not intended as investment advice.

Overview of the topics:

1 . Introduction: Optimism and market rally

2 . Causes of returns: Valuation and earnings growth

3 . Valuations and future returns

4 . Market concentration and global differences

5 . Megatrends and their impact

6 . Political classification and protectionist trends

7 . Growing fragmentation

8 . Investment estimates for 2025

9 . Personal approach

tl;dr

Hopefully the tl;dr is not too tl;dr - the short version today is also a bit extended in bullet points.

Strong market returns since October 2023:

• MSCI World index: +40% since October 2023 (approx. +60% since 2022 low).
• S&P 500: One of the strongest rises since 1928, strongly influenced by optimistic expectations of falling inflation and interest rates

Driver of returns in 2024:

• Approx. 50% of returns in USA, due to valuation increases.
• USA: S&P 500 with high P/E ratio (28.5 vs. 10-year average 22.7).
• Japan: Returns driven almost exclusively by earnings.
• Emerging markets: Negative valuation trend, limited growth.

Regional differences and outlook:

• USA dominates the MSCI ACWI (65% weight) with strong concentration on a few tech giants ("Magnificent 7").
• Europe and China: Moderate earnings, less valuation growth.
• 2025: Earnings growth should be the main driver worldwide, e.g. S&P 500 (+11% forecast return) and Japan's TOPIX (+17% growth).

Megatrends and AI investments:

• AI-driven developments remain central (data centers, chips, infrastructure).
• Investments in AI could account for around 2% of US GDP by 2030 -> USD 700 bn.
• Productivity increases through AI promote cross-sector growth.

Geopolitical and macroeconomic influences:

• Increasing trade restrictions (protectionism), relocation of trade routes (e.g. Suez Canal).
• Political uncertainties in the USA (e.g. possible deregulation, tax cuts under Trump).

Investment assessments:

• Overweight: US and Japanese equities, especially technology and healthcare sectors.
• Opportunities in emerging markets such as India and Saudi Arabia with moderate weighting.

Long-term changes:

• Megatrends such as digitalization, AI and ageing societies are permanently shaping the economy.
• Geopolitical tensions (USA vs. China) and fragmentation make forecasts difficult, but also offer opportunities.

____________________

• 1 . Introduction: Optimism and market recovery

Driven by optimism about inflation peaking and the prospect of a Fed pivot, the recovery began in October 2023. Since then, the MSCI World Index (see ex. $IWDA (-0.9%) ) alone has gained around 40% (and around 60% since the low point triggered by rising interest rates in 2022) [1].

The S&P 500 (cf. ex. $CSDX ) also had one of the strongest rises since 1928 in 2024 (see Fig. 1).

Fig. 1: Rise in the S&P 500 in 2024 is one of the strongest since 1928

Source: Bloomberg, Datastream, Goldman Sachs Global Investment Research

• 2 . Causes of the returns: Valuation and earnings growth

The return is partly due to strong earnings growth, but almost half is also due to an increase in P/E ratios triggered by growing optimism about lower inflation and lower interest rates (see Fig. 2).

Fig. 2: Half of the global equity return in 2024 is due to an increase in valuations reflecting growing optimism about lower interest rates.

Source: Datastream, Goldman Sachs Global Investment Research

The dark blue area shows the proportion of the return generated by increases in valuation. The light blue area shows the share of returns from earnings growth and the gray area ultimately shows the share from dividend payouts.

The increase in P/E ratios in the current bull market has pushed valuations to historic levels, particularly in the USA. Economies outside the US, such as Europe and China, which are facing greater structural headwinds, have also seen their equity markets re-rate since the low point in Q4, 2023 [1].

Fig. 2 also shows that the MSCI ACWI (see ex. $ISAC (-0.92%) ) was also able to achieve double-digit returns driven by higher valuations due to the high US exposure, whereas the valuation level in the rest of the world has remained "relatively" stable.

The STOXX 600 (cf. ex. $MEUD (+0.48%) ) was only able to achieve a low single-digit gain in this area, with the remaining return coming equally from earnings growth and dividends.

The Tokyo Stock Price Index: Topix (cf. ex. $TPXE (-0.38%) ), which covers the majority of the Japanese stock market, is certainly also worth a look, as the return here is almost exclusively due to earnings growth. Things get interesting for Japan later in the outlook for 2025.

Only in the emerging markets was there even a negative effect on returns in 2024 due to falling valuations.

What remains striking is that the US, with the S&P 500, stands out considerably from the rest in terms of valuation levels in 2024. Many hopes are being pinned on the US, as it is likely to see higher earnings growth and grant companies ever higher multiples.

If we take a look at the historical P/E ratios of the S&P 500, we can see that the current P/E ratio of around 28.5 is well above the 10-year average of 22.7 [3]. In comparison, the current P/E ratio of the S&P 500 Equal Weight, which weights all companies in the index equally, is around 22 and therefore only slightly above the 10-year average of 19.1 [4, 5].

This suggests that the increase is largely due to a changing sector concentration in the S&P 500 and not because the "broad market" has become much more expensive.

In view of the already high growth expectations, there may now be less room for further optimism and the high valuations also allow for less upside potential driven by valuation increases [1].

The following chart shows what partly contradicts this. It shows the MSCI EMU Index in relation to the S&P 500 excluding Nvidia and implies a past outperformance of the eurozone.

(The MSCI EMU Index shows the performance of the eurozone with 222 companies, as at 29.11.2024, approx. 85% of the eurozone).

Fig. 3: European equities outperform the S&P 500 excluding Nvidia

Source: Charles Schwab, Macrobond

It should certainly be noted here that there has been a lot of cherry-picking, along the lines of: "I'll take the period and delete the share, then we'll be better". For me, it does not so much illustrate the superiority over the US equity market, but rather reinforces the relativization of an overvalued level.

• 3 . Valuations and future returns

Will valuations determine future returns? - No, the fact that equity markets have already risen sharply does not affect the prospects for further records. In the current scenario, one could assume that much of the future potential is already priced into the current price level. This could reduce the attractiveness, as the ratio of risk to potential return appears less favorable.

Goldman Sachs believes that given the high starting point of valuations, the performance of the index is largely dependent on earnings growth. The next 12-month returns are generally only good if earnings are positive in line with expectations. Periods of high valuations and additional earnings declines are usually associated with relatively flat market returns [1].

However, Goldman Sachs' forecasts generally point to positive earnings growth, with returns of 11% forecast for the S&P 500 over the course of 2025.🔮

In the following Figure 3, the forecast for 2025 shows that the majority of the return in the S&P 500 is expected to be driven by earnings growth (see light blue area), with a small proportion coming from dividend payouts and even a decline in valuations, which will then have a negative impact on returns.

What is really exciting is Goldman Sachs' valuation for Japan's TOPIX $TPXE (-0.38%) which is expected to grow by a full 17% and significant valuation increases are to be expected.

Fig. 4: We expect earnings to become the most important driver of index returns in most regions over the course of 2025.

Source: Goldman Sachs Global Investment Research

• 4 . Market concentration and global differences

As we head into 2025, Goldman Sachs emphasizes both the vulnerability of a correction due to already strongly anticipated returns and the unusual degree of market concentration. The US equity market accounts for around 65% of the MSCI ACWI and the ten largest US stocks account for more than 20% of the total value of the global index (the weight of the five largest US companies already accounts for almost 15%) [1].

The good news is that the largest US companies have significantly outperformed the index and achieved much stronger earnings growth. Their outstanding position can therefore also be explained by their first-class fundamentals and not just by excessive valuation [1].

The following chart illustrates once again how total returns and earnings are tightening and developing compared to the rest of the world. Thanks to solid corporate earnings, US equities have outperformed the rest of the world. BlackRock sees the divergence between markets widening as megatrends reshape more and more economies and sectors, creating further opportunities but also risks [2].

Fig. 5: Performance of US equities compared to the rest of the world, 2010-2024

Source: BlackRock Investment Institute with data from LSEG Datastream

• 5 . Megatrends and their impact

This is precisely why BlackRock believes that the outperformance of US companies will continue, as the US is benefiting from the megatrends that are driving earnings. This is supported by favorable growth prospects, as well as possible tax cuts and deregulation [2].

While some valuation metrics such as P/E ratios may appear high, they may only tell part of the story. For example, the changing composition of sectors in the equity markets shows that change is taking root. Comparing today's index to that of the past would be like comparing apples to oranges, similar to what Goldman Sachs suggested above with changing sector concentration [2].

Even though in 2024 outperformance of US large cap technology stocks was only achieved by 15% of companies globally and the Magnificent 7 remain attractive, Goldman Sachs believes that the investment universe should be broadened more and returns should come from a broader front in the index as the trend towards lower interest rates increases.

Goldman Sachs also points to greater geographical diversification. While they are confident about the US economy, the extent of outperformance allows for selective opportunities for geographic diversification. As mentioned above, the highest return forecasts are for Japan, for example [1].

Taking into account projected growth, there are also some areas such as the UK, selected emerging markets and China, all of which have lower PEG ratios. Again, this should not be seen as a reason to overweight these markets at the expense of US exposure, but selectively undervalued companies can be found here and there are good opportunities [1].

Ultimately, the largest companies will continue to benefit the most from efficiency gains, as they are also investing heavily in megatrends, which is currently very evident in the Magnificent 7's investments in AI infrastructure, for example. [2]

BlackRock also sees great potential in the area of AI development in particular and emphasizes that we are still in the development phase - an important part of the general infrastructure boom. According to estimates, investments in data centers, chips and energy systems could exceed USD 700 billion by 2030, which would correspond to around 2% of US GDP [2].

The question of whether too much is being invested in AI is a valid one, but should be considered in the bigger picture given the potential to generate new revenue streams across the economy. Further winners may emerge in unexpected areas, with productivity gains in one sector driving value creation in others. Signals that investors should look out for include new revenue streams and cross-sector impacts [2].

BlackRock continues to present various near-term scenarios (see Fig. 6) for how 2025 may unfold based on the lessons learned. BlackRock sees the most likely scenario for the next six to twelve months as weaker US growth than before the pandemic, but with returns overall above the current level and not too high an AI valuation for the current fundamentals. As a result, US companies are showing strength, the AI-driven rally is broadening and US equities continue to outperform [2].

Fig. 6: Adjustment of our short-term scenarios

Source: BlackRock Investment Institute, December 2024

For decades, economies were characterized by stable long-term trends. It was possible to focus almost exclusively on managing temporary deviations from these trends. Sooner or later, growth would return to trend. This was one of the key principles of portfolio construction. According to BlackRock, the environment has now changed fundamentally. Megatrends can fundamentally reshape economies. Taking AI as an example, it emphasizes that the AI transformation could well eclipse the Industrial Revolution, for example [2].

Furthermore, the world is grappling with increasing geopolitical fragmentation that is redirecting traditional trade flows and disrupting supply chains. New trading blocs and protectionism can change structures and hinder trade. The digitalization of finance is changing the way people and businesses handle cash, credit, transactions and investments. With ageing populations, the labor shortage is growing, which could slow down production and growth if productivity is not increased through AI. Increasing immigration is counteracting this in some countries, but probably only temporarily... especially in the USA [2].

For these reasons, the current data says nothing about the economic cycle, but shows how the trend is changing. What might be surprising is how permanent these trend changes are.

BlackRock uses the following chart to show how the global economy could change as a result of new and short-term trends. It represents a break with the period before the pandemic, when there were only minor deviations from a "central" trend [2].

Fig. 7: If the trend is constantly changing - hypothetical development of our GDP

Source: BlackRock Investment Institute, December 2024

• 6 . Political classification and protectionist trends

Many governments in developed countries are facing major constraints such as high inflation, low voter support and, outside the US, a lack of growth. One can expect a strong focus on national issues, such as the economy and security, possibly at the expense of other issues. A stronger focus on short-term goals, forcing governments to implement their agenda quickly, is also possible given frequent changes of power. As a result, politics itself could promote instability in an already fragile world with increased strategic competition between the US and China.

Trump has promised voters big changes. Tax cuts, deregulation and support for fossil fuels are viewed positively by the markets in the short term [2]. This is less true for other plans. These include restrictions on immigration and the many announced tariffs, which could fuel geopolitical fragmentation and inflation [2].

The chart below reinforces the current picture and shows the number of unilateral trade-restrictive interventions in the form of trade restrictions by countries around the globe. More and more trade restrictions have been imposed worldwide in recent years. The globalization that defined the period after the Second World War is giving way to increasing protectionism.

Fig. 8: Growing protectionism - trade restrictions between 2014 and 2023

Source: BlackRock Investment Institute

If a government lets macroeconomic stabilization measures such as fiscal policy framework conditions and inflation targets slide, the financial markets could be left with the task of demanding more fiscal policy [2].

• 7 . Growing fragmentation

Competition between the US and China is likely to intensify in 2025 as more tariffs and measures to protect strategic sectors, especially cutting-edge technologies such as semiconductors, are expected. Competitive advantages in the race to expand AI will also depend on how quickly infrastructures such as power grids and data centers can be built [2].

Energy supply is also of central importance. China's low-cost, low-carbon technologies, particularly electric cars, solar panels and batteries, are putting pressure on companies in other major economies and triggering protectionist reactions. Europe's car manufacturers are feeling the pressure, while Brussels is looking for a coordinated response [2].

The rerouting of shipping routes since 2023 also reflects the severity of the increasing conflict in the Middle East, which is leading to a shift in trade flows away from the Suez Canal (see Fig. 9)

Fig. 9: Relocation of shipping routes - daily transit traffic, 2023 - 2024

Source: BlackRock Investment Institute and IMF with data from UN Global Platform and PortWatch, December 2024

• 8 . Investment estimates for 2025

In view of the findings, BlackRock is increasing its overweight in US equities. BlackRock also remains overweight Japanese equities and sees opportunities from a tactical and strategic perspective [2], similar to those already indicated by Goldman Sachs [1]. Among the emerging markets, India and Saudi Arabia are mentioned, which are caught up in the megatrends. In individual sectors, the focus continues to be on technology and healthcare.

The following table provides a good summary of the possible positioning and orientation:

Table 1: Six to twelve month tactical views on selected assets and major asset classes and our positioning in December 2024

Source: BlackRock Global Outlook 2025

• 9 . Personal approach: Core satellite

What is my personal takeaway? I am sticking to my tried-and-tested "core-satellite" strategy. The FTSE All-World$VWRL (-0.96%) forms the core of my portfolio with its broad diversification. Despite the high proportion of US equities, I still feel well positioned here and benefit from the expected outperformance.

My Nasdaq 100 $CSNDX (-2.72%) complements the focus on the tech sector and takes the AI rally and future trends with it. For the time being, I am refraining from additional investments in individual stocks from areas such as cloud computing, semiconductors or renewable energies. Together, the two ETFs make up around 70% of my portfolio and form a solid core that lets me sleep soundly.

Further stability is provided by individual stocks such as McDonald's $MCD (+2.57%) Coca Cola $KO (+3.44%) and Munich Re $MUV2 (+2.15%) which shine with defensive characteristics and are less dependent on valuation increases.

LVMH $MC (+2.14%) , Waste Management $WM (+3.67%) and Siemens $SIE (-2.33%) out of conviction and personal interest. And yes, Bitcoin $BTC (+1.19%) should not be missing, the speculative volatility is simply fun 🙂. The Tonies SE $TNIE (+1.34%) is my speculative outlier: a deliberate risk, but one that I believe has a lot of potential. Maybe I'll write a longer article about this in the future.

What remains? I'm relatively sure about my core. However, in view of the investment horizon of several decades, I will have to think more carefully about whether the weighting and selection of satellites should ultimately be more closely aligned with potential "megatrends". I feel well positioned for the next stock market year, although FOMO still regularly kicks in for me too.

• How did you feel in 2024 and what lessons have you learned for this year? Be bolder and take more chances, or would you rather be more defensive?
• What are you most looking forward to this year?
• How do you rate the current valuations?
• What other risks do you see in the dynamic global environment?

Take your pick 😬

Thanks to everyone who has read this far!

#2024
#2025
#goldmansachs
#blackrock
#megatrends

Sources & Links:

[1] Goldman Sachs (2024) 2025 Outlook: The Year of the Alpha Bet
https://www.goldmansachs.com/pdfs/insights/goldman-sachs-research/2025-equity-outlook-the-year-of-the-alpha-bet/2025Outlook.pdf

[2] BlackRock (2025) Global Outlook 2025 https://www.blackrock.com/de/professionelle-anleger/literature/brochure/blackrock-bii-ausblick-2025-pc-de-at.pdf

[3] Stock finder: This is how expensive the S&P 500 is
https://aktienfinder.net/index-profil/SP%20500-Index

[4] ishares portfolio key data on the S&P 500 Equal Weight UCITS ETF https://www.ishares.com/de/privatanleger/de/produkte/328658/ishares-s-p-500-equal-weight-ucits-etf?switchLocale=y&siteEntryPassthrough=true

[5] Invensco S&P 500 Equal Weight ETF Key Statistics https://shorturl.at/jL05h

I am a 19 year old student and part time investor. I prefer growth stocks and see my investment horizon at 15-20 yrs. Besides my main part with the etfs & nestle & novartis I invest more risky in single stocks. I would also like to hold the main part in CHF because of the high currency security. I would also like to include an Asia etf. However, I'm stuck between japan, china, all asian, nikkei or india. Thanks for your feedback in advance. (+ any stocks & etfs as food for thought 😃)

$NOVO B (-0.86%)
$NVDA (-15.46%)
$AAPL (+3.43%)
$JNJ (+4.2%)
$MSFT (-1.92%)
$NFLX (-0.41%)
$PLTR (-4.37%)
$MC (+2.14%)
$O (+2.9%)
$MSTR (-2.3%)

During my first year of investing, I bought a lot of shares that I didn't really understand what they were doing. In the course of my restructuring, I would like to reduce my number of shares from almost 30 to 15 in the long term. However, I want to do this over a longer period of time, as these are not bad companies.

Shares that I want to sell

Apple $AAPL (+3.43%)
Medpace $MEDP (+1.01%)
ResMed $RMD (+1.7%)
Shimano $7309 (+1.2%)
LVMH $MC (+2.14%)
Genmab $GMAB (-1.56%)
Pernod Ricard $RI (+1.78%)
Pilbara Minerals $PLS (+0.61%)
Sixt $SIX2 (-0.6%)
McDonald's $MCD (+2.57%)
Domino's Pizza $DPZ (-2.84%)
Crowdstrike $CRWD (-0.15%)
Salesforce $CRM (+4.15%)
Nvidia $NVDA (-15.46%)

Just to clarify, I am not selling these companies because they are bad companies, but because they no longer fit into my investment strategy. I will only invest in companies that are not included in the classic world ETFs, but which I nevertheless understand well.

My question would be what you generally think of this and in which order you would sell the companies listed (as they are listed, this is my preferred order)

Netflix is the first of the major technology companies to report its quarterly results on Tuesday.

Get ready for a crazy next 3 weeks, including these heavyweights:

Intuitive Surgical: $ISRG (-1.69%)

LVMH: $MC (+2.14%)

Meta: $META (+2.13%)

Tesla: $TSLA (-2.06%)

Microsoft: $MSFT (-1.92%)

Fair Isaac: $FICO (+1.63%)

Amazon: $AMZN (+0.4%)

Palantir: $PLTR (-4.37%)

Spotify: $SPOT (+0.68%)

AMD: $AMD (-5.95%)

Novo Nordisk: $NOVO B (-0.86%)

Who do you have your eye on in particular?

$ASML (-5.9%) increased ✌️nun 2nd largest share position,

but $MC (+2.14%) somewhat reduced and $8035 (-8.19%) sold.

As every Sunday, the most important news from the past week. As well as the most important dates for the coming week.

Also as a video:

https://youtube.com/shorts/6kS3uOc3Gyo?si=ylP3Ik3aaxt4tQ6Q

Monday:

The Dutch pension fund ABP sold all of its $TSLA (-2.06%) Tesla shares. However, the reason for the sale is not Elon Musk's political statements. It was his remuneration model and the working conditions at Tesla. According to Tesla, Musk is entitled to a 56 billion dollar share package that Musk has been fighting over with American courts.

https://www.handelsblatt.com/finanzen/anlagestrategie/fonds-etf/tesla-europas-groesster-pensionsfonds-verkauft-alle-tesla-aktien/100100218.html

Tuesday:

$ST5 (-3.35%) Steico exceeded expectations in terms of turnover 376.3 million euros instead of 375 million euros. However, profits were slightly lower than expected. Steico manufactures sustainable insulation materials.

https://www.ecoreporter.de/artikel/steico-mehr-umsatz-weniger-gewinn-aktie-legt-zu/

Producer prices in the USA are less hot than expected. Year-on-year, producer prices rose by 3.3%. However, analysts had expected an increase of 3.5%. Producer prices are regarded as a leading indicator for inflation.

https://www.ariva.de/news/usa-erzeugerpreise-steigen-weniger-als-erwartet-11501258

Wednesday:

The German economy remains in a permanent slump. According to initial estimates, GDP shrank by 0.2% in 2024. This means that GDP has shrunk for two consecutive years (2023: 0.3%). This was last seen in 2002 and 2003 and resulted in Agenda 2010. It is striking that comparable political players were in government in 2002 and 2003, as well as in 2023 and 2024.

https://www.handelsblatt.com/politik/konjunktur/bip-daten-deutsche-wirtschaft-schrumpft-erneut-minus-von-02-prozent/100100833.html

New DAX record at 20,609 points. The reason for the rise is a decline in core inflation in the USA. This reduces the risk of a restrictive monetary policy by the Fed. Core inflation was expected to be 3.3 %, but was actually 3.2 %.

https://www.handelsblatt.com/finanzen/maerkte/marktberichte/dax-aktuell-dax-steigt-nach-us-inflationsdaten-auf-neuen-rekord/100100826.html

Thursday:

As the Swiss luxury group $CFR (+1.1%) Richemont presents strong figures, the entire luxury goods sector takes off. Even $KER (+2.81%) Kering and $MC (+2.14%) LVMH were also able to make significant gains. The Christmas quarter went much better than expected.

https://www.deraktionaer.de/artikel/commerce-brands-unicorns/richemont-mit-knaller-zahlen-lvmh-kering-und-co-starten-durch-20373118.html

Also $ZAL (+4.5%) Zalando reported a strong final quarter and exceeded its profit targets in Q4. EBIT is likely to rise to 510 million euros, whereas a maximum of 480 million euros was originally forecast.

https://www.handelsblatt.com/unternehmen/handel-konsumgueter/online-modehaendler-zalando-uebertrifft-mit-schlussspurt-gewinnziel-fuer-2024/100101118.html

In his first days as President of the European manufacturers' association ACEA, Ola Källenius is campaigning against the CO2 sanctions imposed on car manufacturers. His argument is that we need a market-driven path to decarbonization and not one driven by EU sanctions.

https://www.handelsblatt.com/unternehmen/industrie/autoverband-acea-ola-kaellenius-wehrt-sich-zu-beginn-seiner-amtszeit-sich-gegen-co2-strafe/100101161.html

Friday:

Trump is likely planning to make cryptocurrencies a national priority and wants to give crypto insiders a voice in the government to do so.

https://www.instagram.com/p/DE6ZsF6R-5v/?igsh=bjgyMGVhemZjMWZx

Industrial production in the US rises by a surprising 0.6% in December. Experts had only expected an increase of 0.2%. Mining and the production of utilities also increased.

https://www.n-tv.de/ticker/Industrieproduktion-in-den-USA-steigt-im-Dezember-ueberraschend-um-0-9-Prozent-article25496778.html

These are the most important dates for the coming week:

Monday: 08:00 Producer prices (DE)

Tuesday: 14:30 Inflation data (Canada)

Thursday: 14:30 Unemployment figures (USA)

Can you think of any other dates? Write it in the comments 👇

#termine
#inflation
#kanada
#erzeugerpreise

Hello,

I am thinking about getting a purely European ETF into my portfolio, as I unfortunately made the mistake at the beginning and let myself be dazzled by the dividends of the $EL4X (+1.17%) I would like to shift the money into another ETF.

Now I'm thinking of either investing only in the DAX and covering the rest of Europe with individual stocks, e.g. France $MC (+2.14%) and Denmark $NOVO B (-0.86%)

or I invest in a European ETF like the $XMEU (+0.5%) or similar.

Hello everyone,

I thought it was time to share my portfolio again and face your criticism👀.

Income: ~900€ net

I save an average of ~€200 per month with special payments and started investing when I started my training: 01.08.23

Brief explanation:

Deka Fond: These are capital-forming benefits (13€ AG / 27€ AN per month)

Had to take an active fund here

Core (planned; distribution not quite right yet)

70% ACWI $ISAC (-0.92%)

10% AI & Big Data

10% India $FLXI (-1.33%)

10% Small Caps

Satellites:

Blackrock 👑 $BLK (+0.82%)

• best performance - simply an awesome company

Monster 🧃 $MNST (+2.54%)

• I am wavering here with the sale / sales are weakening

Realty Income 🏡 $O (+2.9%)

• Can't be missing as a real estate azubi of course

Novo Nordisk 💉 $NOVO B (-0.86%)

• My latest purchase and correspondingly poor performance.

ASML 🔬 $ASML (-5.9%)

• I see great future potential here, growth

LVMH 👜 $MC (+2.14%)

BAT 🚬 $BATS (+4.48%)

Looking back, I'm satisfied with the return so far, knowing that the ACWI alone would probably have performed better on its own. Especially in the first few months, I learned the hard way and tried things out a bit. A few individual stocks are part of the fun, which increases interest in investing in general.

Goals for 2025:

Expand the core, especially the ACWI

Bring individual stocks to €200