I do not have any $O (+1,04 %) and none $MBG (+0,67 %) in my portfolio, I have nevertheless accumulated a considerable amount of dividends. And yes, a few cents from $NVDA (-3,24 %) rolled in ;) - But the main drivers this time were $PAH3 (+1,55 %) , $BATS (+0,94 %) and various ETFs. However, I think I will just miss the €10,000 for the year as a whole. Are you tracking your income against your targets?

https://youtu.be/vqG5dfLs_Yw

The dividend from British American Tobacco arrived $BATS (+0,94 %) - a beautiful moment, like the view from the summit after a long tour.

But: my gaze continues - long on Japan Tobacco. 🇯🇵

$BATS (+0,94 %) remains the familiar classic at base camp - but Japan Tobacco is climbing the more exciting ridge.

In the long term, those who climb steadily will see more than those who just stay in the hut. ⛰️

$2914 (+0,1 %) Thanks to all the smokers from Winston and Camel - I love your commitment 😇

$BATS (+0,94 %) Thank you, stay tuned 🚬💨

October was the month of big decisions and consistent adherence to the plan! While the crypto market was still euphorically looking upwards, I think I recognized the signals: The bull market came to an end around October 21, For me it was time for an exit from this asset class. With the exception of a small holding of a few euros in $BTC (+0,15 %) as a souvenir, I am completely out of crypto. Everything was shifted to my crypto successor portfolio. Sure, there was a brief tingling sensation and I wondered whether I was getting out too early.

But there are plans precisely for scenarios like this. To conquer emotions that jeopardize profits and let discipline prevail. And how am I feeling now after the exit? Pure relief! Finally no longer sitting there hoping that things will rise to my desired level or stay there. I'll reveal in detail what happens next for me in the coming year.

At the same time, the half-year bonus was added to the portfolio, the dividend base was broadened and I was able to relax and let it all sink in while hiking in the autumn air. My portfolios continued to do their job. The cash flow is flowing. Time for a review of a month that shows that a strategy beats FOMO.

Overall performance

October brought another boost for me in some assets, while others consolidated somewhat. Perhaps this is already a sign that stocks are positioning themselves for the year-end rally? I am firmly convinced that the current shutdown in the US administration will not act as a brake here. My key performance indicators for my overall portfolio at a glance:

• TTWROR (month under review): +1,39% (previous month: +1.76%)
• TTWROR (since inception): +77,04%
• IZF (month under review): +17,65% (previous month: +9.64%)
• IZF (since inception): +10,94%
• Delta: +1,160.94€
• Absolute change: +€2,224.10

Performance & volume

$AVGO (-1,76 %) is still my largest single position, but is losing momentum this month. However, its distance to the other positions is large enough, no one in the portfolio can hold a candle to my +337% share. But $NFLX (+1,26 %) and $GOOGL (+0,16 %) and others are trying hard to get there. Alphabet is now in the top 5 by volume and performance. I like the company. With YouTube and Cloud Services, they have good cash cows that enhance traditional search. And this is now also being upgraded with Gemini integrated into search. And Nano Banana ... wow.

Google is not always the leader, but it is always catching up. The competition between the tech giants is a spectacle that I love to watch.

And yet I prefer to rely on the more stable industries. Even the $BAC (+0,13 %) and $WMT (+0,72 %) continue to cut a good figure. Boring, but still good businesses that generate income. That's what I want! These are really two sectors that I have become very fond of. Nevertheless, the red lantern once again goes to $TGT (+0,69 %) which continue to have a hard time. But I'm sticking with it and buying more. Because $TGT (+0,69 %) is systemically relevant and will not go to the dogs. They just have problems with theft and competition.

Size of individual share positions by volume in the overall portfolio:

Share (%) of the total portfolio and associated securities account:

$AVGO (-1,76 %) 3.14% (main share portfolio)

$NFLX (+1,26 %) 1.72% (main share portfolio)

$WMT (+0,72 %) 1.65% (main share portfolio)

$BAC (+0,13 %) 1.48% (main share portfolio)

$GOOGL (+0,16 %) 1.41% (main share portfolio)

Smallest individual share positions by volume in the overall portfolio:

Share (%) of the total portfolio and associated securities account:

$NOVO B (+6,8 %) 0.45% (main share portfolio)

$BATS (+0,94 %) : 0.50% (crypto follow-on portfolio)

$GIS (+0,45 %) 0.55% (main share portfolio)

$TGT (+0,69 %) 0.58% (main share portfolio)

$MDLZ (+1,09 %) 0.60% (main share portfolio)

Top-performing individual stocks

Shares with performance since initial purchase (%) and the respective portfolio:

$AVGO (-1,76 %) : +337% (main share portfolio)

$NFLX (+1,26 %) +151% (main share portfolio)

$GOOGL (+0,16 %) +99% (main share portfolio)

$WMT (+0,72 %) +77% (main share portfolio)

$BAC (+0,13 %) + 74% (main share portfolio)

Flop performer individual stocks

Shares with performance since initial purchase (%) and the respective portfolio:

$TGT (+0,69 %) : -35% (main share portfolio)

$GIS (+0,45 %) -34% (main share portfolio)

$NKE (+3,41 %) : -32% (main share portfolio)

$NOVO B (+6,8 %) -28% (main share portfolio)

$CPB (+2,18 %) : -27% (main share portfolio)

Asset allocation

Due to my crypto reallocation, the ETF share is increasing. My asset allocation is as follows:

ETFs: 41.5%

Equities: 58.4%

Crypto: less than 0.01%

P2P: less than 0.01%

Investments and subsequent purchases

I have invested the following amounts in savings plans:

Planned savings plan amount from the fixed net salary: €1,030

Planned savings plan amount from the fixed net salary, incl. reinvested dividends according to plan size: €1,140

Savings ratio of the savings plans to the fixed net salary: 49.75%

In addition, there were the following additional investments from returns, refunds, cashback, etc. as one-off savings plans/repurchases:

Subsequent purchases/one-off savings plans as cashback annuities from refunds: € 73.00

Subsequent purchases/one-off savings plans as a cashback annuity from bonuses: € 894.97

Subsequent purchases from other surpluses: €31.00

Automatically reinvested dividends by the broker: €2.76 (function is only activated for an old custody account, as I otherwise prefer to control the reinvestment myself)

Additional purchases from crypto sales: €1,604.86

Additional purchases were made in various custody accounts outside the regular savings plans:

Number of additional purchases: 9

124.97€ for $SPYD (+0,62 %)

770,00 $JEPQ (-0,32 %)

28.00€ for $JEGP (+0,24 %)

45,00€ for $GGRP (-0,02 %)

477,77€ for $DXSA (+0,6 %)

252,51€ for $EXX5 (+0,8 %)

270,99€ for $SHEL (+0,67 %)

102,97€ for $HSBA (-0,08 %)

445.58€ for $BATS (+0,94 %)

Passive income from dividends

My income from dividends amounted to € 148.90 (€ 81.32 in the same month last year). This corresponds to a change of +82.43% compared to the same month last year. The strong increase is due to the fact that my large Vanguard ETFs postponed the distribution to the reporting month. Further key data on the distributions follows:

Number of dividend payments: 26

Number of payment days: 10 days

Average dividend per payment: €5.73

average dividend per payment day: €14.89

The top three payers are:

$ISPA (+0,15 %)

$VHYL (+0,65 %)

$VWRL (+0,18 %)

My passive income from dividends (and some interest) mathematically covered 16.05% of my expenses in the month under review.

Crypto performance

My crypto portfolio is distorted by the sell-off and will not be calculated again until I get back in. That will now take quite a while. I got out later than I wanted to, but still made a good profit. Only the Oracle of Delphi knows whether I am right with my approach. My key figures:

Performance in the reporting period: -

Performance since inception: -

Proportion of holdings for which the tax holding period has expired: 100%.

Crypto share of the total portfolio: less than 0.001%

Now it's time for the same thing as last crypto winter. Learning and understanding. And the current crypto winter hasn't even started yet. However, I think that prices will fall less sharply than in previous cycles and that the decline will be more orderly due to institutional adaptation. That's a good thing right now, as it makes it easier to get back in.

Performance comparison: portfolio vs. benchmarks

A comparison of my portfolio with two important ETFs shows:

TTWROR (current month): +1,39%

$VWRL (+0,18 %) : +4,66%

$VUSA (+0,04 %) : +2,76%

I am lagging behind the ETFs. 🤷🏼‍♂️

Risk ratios

Here are my risk figures for the month under review:

Maximum drawdown: 1.94% (YTD: 17.17%)

Maximum drawdown duration: 13 days (YTD: 702 days)

Volatility: 2.51% (YTD: 28.02%)

Sharpe ratio: 7.03 (YTD: 0.39)

Semi-volatility: 1.69% (YTD: 20.82%)

A drawdown of only 1.94% in October? That's exactly how it should be. While the markets trended sideways to slightly upwards, my portfolio remained frighteningly boring. And in the best sense of the word. The volatility of 2.51 % and the semi-volatility of 1.69 % confirm that my crypto exit has increased the stability of my portfolio. No more wild swings, just solid growth. The Sharpe ratio of 7.03? Brutally good. Maybe Trump's China deal helped the markets, maybe it was just my perfect timing. No matter! The figures speak for themselves: strategy beats chaos.

Outlook

Thanks for reading, this time I want to keep the outlook deliberately short. I'm glad that you're honoring the several days of work in front of the computer in the evenings when others are chilling with Netflix with your lifetime. I don't have anything else for the miscellaneous category this time. If you want to know what else is on my mind, please refer to the August review. I'll have something to say about that next December, I think. Stay safe and sound!

👉 Would you like to see my review as an Instagram Carousel post?

Then follow me on Instagram:

📲 In addition to the portfolio and budget review, there are currently three posts a week: @frugalfreisein

Please pay close attention to the spelling, unfortunately there are too many fake and phishing accounts on social media. I have also been "copied" several times now.

👉 How was your month in the portfolio? Do you have any tops and flops to report?

Leave your thoughts in the comments!

I am currently in the process of restructuring my portfolio and would be pleased to hear your views.

Total approx. 400 k €currently divided as follows:

• $VWRL (+0,18 %) ≈ 55 %
• $JEGP (+0,24 %) ≈ 10 %
• $TDIV (+0,74 %) ≈ 9 %
• $ALV (+0,71 %) ≈ 6,5 %
• $BATS (+0,94 %) ≈ 4 %
• $PEP (+1,25 %) ≈ 4%
• $BTC (+0,15 %) ≈ 9 %

From the beginning of next year, I will start a sabbatical / longer travel phase (1-2 years) and during this time have no income during this time. I plan to start with about 2.000€/2.500€ per month per month.

My aim is to keep the portfolio running for the long term - i.e. clearly return-oriented - but at the same time not be completely tied down completely if investment opportunities arise in 1-2 years.

I am therefore looking for the the right balance between long-term wealth accumulation, liquidity and moderate risk.and I'm curious to know how you would approach this in my situation.

I looked (unprepared) at the $BATS (+0,94 %) live to see whether a subsequent purchase would be interesting. At the end, a viewer asked me to look at the share $3750 (-1,15 %) I did just that. It's interesting what you learn spontaneously. DO YOU GENERALLY LIKE LIVESTREAMS? Leave me your honest feedback. Thank you :) British American Tobacco im Check – und eine Live-Analyse zu einem chinesischen Giganten! - YouTube

The crypto bull market is over for me. ETHZilla & Sequan as crypto treasuries reduce holdings and prefer to buy back shares, as this is more worthwhile due to mNAV<1. Metaplanet is also starting to buy back shares. I am out with the last small $BTC (+0,15 %) -remainder out now too.

The last proceeds from the buy-in and price gain were immediately invested in a position in my crypto follow-on portfolio. $BATS (+0,94 %) I am looking forward to an increase.

All in all, I was perhaps a little too greedy and should have exited earlier. But what the heck. I went home with a really good profit. I couldn't have imagined that in 2022 when I started the strategy.

All in all, I was perhaps a little too greedy and should have exited earlier. But what the heck. I went home with a really good profit. I couldn't have imagined that in 2022 when I started the strategy.

And what if there's another new ATH? It doesn't matter, that doesn't make any difference to me. Greed is a bitch. Those who get in now will pay those who get out. That's the problem with crypto: it's a zero-sum game. I'd rather stick with my shares, where there are real value-creating companies behind them.🤗

Now it's time to wait and see. My formula for calculating where the ATH might be missed it by $1000. I think that's pretty good, don't you? Even if it goes up to 130K again.... No longer relevant for me.

That's my rational approach to estimating the low in the bear market. If we get close, I will start buying via DCA, financed by dividends from the crypto successor portfolio, because parking in stable coins is not an option for me for this period, it means a loss of purchasing power. 1 year before the end of 2029, if the tax situation remains as it is, I will stop buying and then get out again tax-free.

Only the person with the crystal ball in Delphi knows whether the strategy will continue to work out in the future or whether I will change my mind. 🔮

British American Tobacco $BATS (+0,94 %) announced that it has suspended a pilot plan to introduce an unlicensed disposable vaporizer in the U.S. as the Food and Drug Administration (FDA) cracks down on unregulated products and expedites licensing.

BAT's previously unreported about-face highlights the complex battle by big tobacco companies against a wave of unregulated products, largely from China, that is cutting into profits in the $22 billion U.S. market for smoking alternatives.

The company also manufactures Lucky Strike and Dunhill cigarettes.

Marlboro maker Philip Morris International said in September it was ready to take a similar step with versions of its Zyn nicotine pouch.

BAT's Reynolds American will pause the pilot launch of Vuse One, which it acquired in April, for now, a spokesman told Reuters, after the US subsidiary unveiled plans earlier this year to launch without FDA approval.

Although it is only a pilot project, the plan marked a significant shift in the way big tobacco companies deal with FDA regulations, which they believe are hampering their competitiveness. It sparked widespread interest from investors, competitors and regulators.

"The planned pilot launch of Vuse One in select states has been postponed," the Reynolds spokesperson said, adding that it would focus on its existing portfolio, including a nicotine pouch that is already sold without FDA approval.

》PMI Plan A: Playing by the rules《

Tobacco companies have been lobbying the U.S. government and the FDA for years to destroy the booming market for unlicensed e-cigarettes, often with fruity or sweet flavors and imported from China.

They are also pushing for reform of the FDA system for issuing the necessary licenses to sell new nicotine products. In some cases, companies wait years for approval, more often resulting in rejection.

The FDA has recently stepped up its crackdowns on unapproved e-cigarettes, targeting companies in the supply chain. It also launched a pilot project to test a simplified application process.

PMI CEO Jacek Olczak $PM (+1,85 %) told Reuters last week that the "Plan A" is to comply with the regulations, as the FDA has signaled an acceleration of the application process. He expressed hope that PMI would not have to resort to launching a product without approval.

"My preferred scenario is clearly to stay within the FDA guidelines," he said after the PMI results.

Altria $MO (+1,3 %)manufacturer and distributor of the Marlboro brand in the US, is still planning to test launch an updated version of its nicotine pouch brand On! The product is due to be launched in the fall. The product is already available online, a spokesperson said, although it does not have an FDA license.

》SALE OF PRODUCTS WITHOUT A LICENSE ILLEGAL《

The FDA told Reuters it was aware of reports that a small number of manufacturers had plans to launch new tobacco products in the US without a license.

"The agency takes such matters seriously," it said, adding that it had made public contact with certain manufacturers and retailers and would continue to monitor their actions.

In a previously undisclosed letter, the FDA told Reynolds on Sept. 17 that selling new nicotine products without approval was illegal and asked the FDA to provide information about Vuse One sales that have already occurred.

Reynolds told Reuters that the decision to postpone the pilot project had nothing to do with the warning and had already been made before the letter.

"We will launch Vuse One at the appropriate time," the spokesperson said.

While the FDA's plans to simplify the applications were welcomed by the industry, they raised concerns. Six advocacy groups, including the Campaign for Tobacco-Free Kids and the American Lung Association, wrote to the FDA in October that the details of the pilot program reported by Reuters were concerning.

The pilot program "appears to be a significant departure from the agency's previous rigorous evaluation process," they said.

Bret Koplow, acting director of the FDA's Center for Tobacco Products, said the FDA's evaluations would remain rigorous and consistent with U.S. law under the pilot.

In a statement responding to the activists' letter, he said the program is an exciting opportunity to explore more efficient processes.

Hi, I currently have a savings plan with J&J

Novo Nordisk and United Health

I would like to swap J&J and not save so much in healthcare

My selection would be:

$BATS (+0,94 %)

$SIE (+0,4 %)

Deutsche Post

(https://www.sueddeutsche.de)

The so-called lipstick effect describes the phenomenon that consumers do not completely forego luxury during recessions, but buy smaller luxury items when large purchases are no longer available.

(The chart below compares the performance of ULTA Beauty and the S&P 500 since March 13, 2020, when the nationwide COVID-19 lockdowns began).

(https://de.tradingview.com/chart/Wl3dkBka)

The term was coined by Juliet Schor back in 1998.

"They are looking for affordable luxury, the thrill of buying in an expensive department store, indulging in a fantasy of beauty and sexiness, buying 'hope in a bottle. Cosmetics are an escape from an otherwise drab everyday existence".

He gained notoriety when Estée Lauder boss Leonard Lauder realized after the 2001 attacks that his company was selling an unusually high number of lipsticks.

Without further ado, Lauder considered lipstick to be a counter-indicator to the economic situation.

Today, the effect is widely extended to consumer goods beyond cosmetics:

Small goods instead of expensive prestige items gain in popularity during crises.

1.

What is the lipstick effect?

In essence, the lipstick effect means

When budgets shrink, consumers cut back on expensive purchases - but indulge in a little sin.

"Consumers will still tend to buy small luxury items even during an economic downturn".

Or:

If you can't afford a car, you might buy the new luxury lipstick instead of nothing at all.

(https://fastercapital.com/startup-topic/People-Will-Actually-Buy.html)

After 9/11, the demand for lipstick shot up by around 11%.

Later, during the 2008 financial crisis $EL (+0,38 %) again reported rising cosmetics revenues, while other sectors suffered.

The lipstick effect is not constant; extreme situations such as deep snow or store closures due to the pandemic can weaken it.

However, in normal downturns, studies show that it works quite reliably as a consumption indicator.

https://carlsonschool.umn.edu/sites/carlsonschool.umn.edu/files/2018-10/Lipstick_JPSP_2012.pdf?utm_source

2.

Psychological drivers

(https://www.falstaff.com/de/news/im-rausch-der-hormone)

Why do people reach for chocolate rather than expensive theater tickets in uncertain times?

Psychology is behind the lipstick effect.

Even when money is tight, people want to treat themselves to something good - a sweet consolation or a new make-up.

Consuming lipstick or ice cream can lift your mood and give you the feeling that you are doing something positive.

(https://carlsonschool.umn.edu/sites/carlsonschool.umn.edu/files/2018-10/Lipstick_JPSP_2012.pdf?utm_source)

In a recession, women show an increased interest in beauty and attractiveness products, especially when they feel a high motivation to increase their attractiveness or to attract a partner.

This supports the lipstick effect hypothesis:

Even in times of crisis, people do not forgo small luxury items - especially those that boost self-esteem or attractiveness.

The study explains this in terms of evolutionary psychology:

• In uncertain times, perceived financial security decreases.
• People (especially women in this study) therefore invest more in their appearance to send signals of attractiveness that potentially symbolize access to stable social and economic resources.

3.

Economic impact: Crisis-winning industries

In many downturns, certain sectors have benefited disproportionately. Traditionally, cosmetics providers have flourished - lipstick, mascara etc. are seen as an "affordable luxury".

For example $OR (+0,22 %) reported increases in sales and profits for the crisis year 2008 despite the global contraction.

This effect explains why cosmetics shares are often considered stable. Tobacco and alcohol companies are also often robust:

Habitual goods such as cigarettes or beer are considered "addictive" goods - even in bad times, demand remains relatively stable. (Historically, cigarettes were even used as a means of bartering for war).

Fast food chains such as McDonald's do well because people want cheap food when everything is more expensive.

Gambling providers can also boom when dreams become more important than sober calculation.

Streaming services/online entertainment are typical: while physical contact is declining, the need for internet entertainment is increasing (Netflix, for example, grew strongly during coronavirus). Investopedia specifically names "fast-casual restaurants and multiplex cinemas" as winners of the crisis.

• Cosmetics

($OR (+0,22 %)
, $EL (+0,38 %))

Sales continue to rise in 2008 despite the crisis. The global cosmetics market amounted to around USD 504 billion in 2022 (growth +15% compared to 2021) - a sign of the continued importance of beauty care.

• Tobacco/alcohol

($BATS (+0,94 %), $PM (+1,85 %), $MO (+1,3 %), $DGE (+0,48 %))

Habitual drinkers and smokers rarely cut back further, tend to consume the same thing or switch to cheaper brands. Tobacco, for example, was an expensive means of exchange during the war.

• Fast food & entertainment

($MCD (+2,47 %), $NFLX (+1,26 %), $AMC (-0,94 %)
)

Affordable indulgences and distractions are in demand. Reports from the corona crisis document, for example, that Amazon recorded a +70% jump in e-commerce sales in the beauty and care sector during the lockdown compared to pre-crisis levels - an indication that consumers were busy ordering small luxury items online.

4.

Historical examples of crises

Concrete history makes the effect tangible: Already after 9/11 in 2001 $EL (+0,38 %) reported unusually high lipstick sales - Leonard Lauder even spoke of a "counter-indicator" to the recession.

The picture continued in 2008/09:$OR (+0,22 %) and other cosmetics companies fared better than the market as a whole (they were able to expand their sales), while luxury goods shrank.

Corona pandemic (2020) again brought examples: Although the economy slumped in the first half of the year, online trade in beauty products boomed,

Amazon recorded a +70% increase in beauty/care products in e-commerce in spring 2020 compared to the pre-crisis period and Sephora ($MC (+2,4 %)) reported a +30 % increase in online sales compared to 2019.

The effect was even evident in 2022/23: according to market researchers, around a third of make-up customers in the UK bought products as a "reward", with spending on lipstick there increasing by around 12.3% in 2023 (despite the tight cost of living).

In China, the lipstick effect was conspicuously absent in 2022, as a study by the China Institute made clear. (https://cidw.de)

"Despite government efforts to promote moviegoing with subsidies and discounts, consumers remain cautious, especially in tier 1 cities. The "lipstick effect", according to which small expenditures increase in times of crisis, did not materialize in China. In December, the China Film Administration launched a subsidy program."

5.

Stock markets in times of crisis

How did investors react to the lipstick effect? Some consumer stocks are considered defensive securities. Thus $OR (+0,22 %) 2008 continued to show a profit - a prime example of stability. Estée Lauder experienced a small price jump in 2001 as investors bet on the strong demand for beauty products.

Tobacco stocks ($BATS (+0,94 %) , $MO (+1,3 %), $PM (+1,85 %)) and food companies ($NESN (+2,27 %) ) were also regarded as pullback stocks:

Their cash flows suffer comparatively little as underlying demand continues.

McDonald's ($MCD (+2,47 %)) was largely able to compensate for its 2008 share price slump by 2010, and the share price also recovered quickly after the coronavirus slump in 2020.

Netflix ($NFLX (+1,26 %)): Its price briefly doubled with the lockdown dividend, after which the situation normalized.

6.

Behavioral economic classification

The lipstick effect fits well into the picture of loss aversion and prospect theory: investors and consumers avoid large losses (e.g. cash tied up in a car) and value small gains relatively highly.

(https://hub.hslu.ch/business-psychology/prospect-theory)

In this sense, an inexpensive luxury item minimizes the feeling of "having done without".

Social influences also have an effect: If you see friends treating themselves to something despite the crisis, you are more likely to justify it for yourself.

Behavioral economics thus explains why people satisfy their unpaid desire for a little happiness during a crisis - often reflexively, emotionally and depending on the context.

(https://www.b2binternational.com/publications/what-is-behavioural-economics)

In both world wars, cigarettes were more a part of survival than chocolate - as a tranquillizer in the trenches and a tangible bartering commodity.

Hitler had smoking banned in many places during the Second World War, but tobacco was still available at the front. Chocolate became scarce in 1939: US soldiers were served sweets in their rations, officially to boost morale. Other goods such as coffee, ice cream and video games have similar stories - in the USA, for example, the chocolate business boomed briefly after the world wars as a nostalgic feel-good store.

What was good as a small consolation in war is considered a luxury in peace.

Sources:

https://www.sueddeutsche.de/panorama/lippenstift-mode-geschichte-1.5360041

https://fastercapital.com/startup-topic/People-Will-Actually-Buy.html

https://fastercapital.com/content/The-Lipstick-Effect-and-its-impact-on-consumer-behavior.html

https://www.investopedia.com/terms/l/lipstick-effect.asp#:~:text=The%20lipstick%20effect%20is%20when,from%20the%20lipstick%20effect%20tend

https://pmc.ncbi.nlm.nih.gov/articles/PMC9636953/#:~:text=consumers%20to%20spend%20more%20on,1

https://www.the-independent.com/life-style/lipstick-effect-recession-luxury-treat-spending-b2501493.html#:~:text=recession%20,”

https://www.loreal-finance.com/eng/news-release/2008-annual-results-difficult-environment-loreal-proving-resilient-and-continues-grow#:~:text=Increase%20in%20Sales%20to%2017,based%20on%20reported%20figures

https://www.zeit.de/wohlfuehlen/rauchen/Rauchkultur/seite-2#:~:text=Auch%20im%20ersten%20und%20zweiten,unterdrücken%20und%20Hungergefühle%20zu%20überdecken

https://medihair.com/de/statistiken-schoenheits-und-kosmetikindustrie/#:~:text=,bis%202022%20um%2015%20Prozent

https://cidw.de/wp-content/uploads/2025/01/250107_CHINAPOLITAN_Chinas-Vorbereitungen-auf-die-zweite-Amtszeit-von-Donald-Trump.pdf#:~:text=zurückhaltend.%20Der%20,China%20Film%20Administration%20ein%20Subventionsprogramm

https://www.capital.de/wirtschaft-politik/ceo-wechsel-bei-douglas--warum-der-lippenstifteffekt-tina-mueller-nicht-hilft--32838150.html#:~:text=geschwärmt,ihr%20der%20Lippenstifteffekt%20nicht%20geholfen

https://en.wikipedia.org/wiki/Military_chocolate_(United_States)#:~:text=rations%20%20since%20the%20original,The

Following the rebalancing of the S&P Quality Aristocrats last Friday, the following stocks were removed from or added to my two ETF indices (50% weighting):

New additions:

$QDEV (+0,66 %): $NOVN (+2,43 %) , $REL (+1,05 %) , $ITX (+2,26 %) , $LSEG (+0 %) , $DB1 (+1,27 %) and more

$QUS5 (+0,3 %): $BKNG (+1,4 %) , $MRK (+4,41 %) , $CRM (+0,85 %) , $UNP (+0,68 %) , $COR (-0,69 %) , $CAH (-0,42 %) and more

Kicked out of both indices and therefore according to S&P no longer Quality Aristocrats are among others: $BATS (+0,94 %) , $7974 (+1,61 %) , $HD (+0,55 %) , $LOW (+0,73 %) , $HLT (-0,84 %)

In addition, the allocation of all individual stocks in the indices was reduced again to max. 5 % was limited.

Thanks to the recent rally of $$HY9H (-2,4 %) my current top 10 weighting (ETFs+shares) is as follows:

3.48% Alphabet

3.04% SK Hynix

3.04% Broadcom

2.93% Meta

2.75% Microsoft

2.71% Apple

2.71% NVIDIA

2.55% Taiwan Semiconductor

2.13% Mastercard

2.08% Visa

New portfolio key figures:

P/E: 27.1 (<30) 🟢

Forward P/E: 21.1 (<25) 🟢

P/Β: 11.5 (<5) 🔴

EV/FCF: 28.7 (<25) 🟡

ROE: 42% (>15%) 🟢

ROIC: 19% (>15%) 🟡

EPS growth for the next 5 years: 15% (>7%) 🟢

Sales growth for the next 5 years: 9% (>5%) 🟡

My internal rate of return is currently 20.19%