{"id":6223,"date":"2022-12-05T17:12:47","date_gmt":"2022-12-05T16:12:47","guid":{"rendered":"https:\/\/pointcapital.ch\/he-who-believes-will-be-saved\/"},"modified":"2025-11-19T10:40:36","modified_gmt":"2025-11-19T09:40:36","slug":"he-who-believes-will-be-saved","status":"publish","type":"post","link":"https:\/\/pointcapital.ch\/en\/he-who-believes-will-be-saved\/","title":{"rendered":"He who believes will be saved"},"content":{"rendered":"[vc_row type='in_container' full_screen_row_position='middle' column_margin='default' column_direction='default' column_direction_tablet='default' column_direction_phone='default' scene_position='center' text_color='dark' text_align='left' row_border_radius='none' row_border_radius_applies='bg' overflow='visible' overlay_strength='0.3\u2033 gradient_direction='left_to_right' shape_divider_position='bottom' bg_image_animation='none'][vc_column column_padding='no-extra-padding' column_padding_tablet='inherit' column_padding_phone='inherit' column_padding_position='all' column_element_direction_desktop='default' column_element_spacing='default' desktop_text_alignment='default' tablet_text_alignment='default' phone_text_alignment='default' background_color_opacity='1\u2033 background_hover_color_opacity='1\u2033 column_backdrop_filter='none' column_shadow='none' column_border_radius='none' column_link_target='_self' column_position='default' gradient_direction='left_to_right' overlay_strength='0.3\u2033 width='1\/1\u2033 tablet_width_inherit='default' animation_type='default' bg_image_animation='none' border_type='simple' column_border_width='none' column_border_style='solid'][vc_column_text el_class='b-subheading']Dear reader<\/p>\n

What would the stock market be without all the fairy tales and fabulists, er bank strategists! The latter regularly give their assessments, embellished with apt sayings: 'High risk equals high return!', 'Sell in May and go away!' or 'There's always eating and drinking, that's why I buy Nestl\u00e9 shares'. The spectacle is often quite entertaining \u2013 but if you act on a lot of this wisdom, it can endanger your financial health.[\/vc_column_text][image_with_animation image_url='2431\u2033 image_size='full' animation_type='entrance' animation='Fade In' animation_easing='default' animation_movement_type='transform_y' hover_animation='none' alignment='' border_radius='none' box_shadow='none' image_loading='default' max_width='100%' max_width_mobile='default'][divider line_type='No Line'][\/vc_column][\/vc_row][vc_row type='in_container' full_screen_row_position='middle' column_margin='default' column_direction='default' column_direction_tablet='default' column_direction_phone='default' scene_position='center' text_color='dark' text_align='left' row_border_radius='none' row_border_radius_applies='bg' overflow='visible' overlay_strength='0.3\u2033 gradient_direction='left_to_right' shape_divider_position='bottom' bg_image_animation='none'][vc_column column_padding='no-extra-padding' column_padding_tablet='inherit' column_padding_phone='inherit' column_padding_position='all' column_element_direction_desktop='default' column_element_spacing='default' desktop_text_alignment='default' tablet_text_alignment='default' phone_text_alignment='default' background_color_opacity='1\u2033 background_hover_color_opacity='1\u2033 column_backdrop_filter='none' column_shadow='none' column_border_radius='none' column_link_target='_self' column_position='default' gradient_direction='left_to_right' overlay_strength='0.3\u2033 width='1\/1\u2033 tablet_width_inherit='default' animation_type='default' bg_image_animation='none' border_type='simple' column_border_width='none' column_border_style='solid'][vc_column_text]A classic example: High growth brings high returns! 'China will grow much faster than the US in the next few years, so you should overweight Chinese equities!' was a regular refrain until recently. The reasoning is clear: if the economy grows, profits rise and higher profits mean rising share prices. Elementary, my dear Watson! This is precisely why many investors invest<\/a> on the basis of economic forecasts. But is that really wise? There is no doubt that China has grown rapidly in recent years, and neither Europe nor the USA have been able to keep up. Congratulations if you predicted this development in 1997! My condolences if you aggressively bet on the MSCI China share index. Over the past 25 years, it has not given you any price gains apart from major fluctuations. In the same period, the Swiss SMI share index and the US S&P 500 have performed magnificently \u2013 despite less impressive economic growth.[\/vc_column_text][\/vc_column][\/vc_row][vc_row type='in_container' full_screen_row_position='middle' column_margin='default' column_direction='default' column_direction_tablet='default' column_direction_phone='default' scene_position='center' text_color='dark' text_align='left' row_border_radius='none' row_border_radius_applies='bg' overflow='visible' overlay_strength='0.3\u2033 gradient_direction='left_to_right' shape_divider_position='bottom' bg_image_animation='none'][vc_column column_padding='no-extra-padding' column_padding_tablet='inherit' column_padding_phone='inherit' column_padding_position='all' column_element_direction_desktop='default' column_element_spacing='default' desktop_text_alignment='default' tablet_text_alignment='default' phone_text_alignment='default' background_color_opacity='1\u2033 background_hover_color_opacity='1\u2033 column_backdrop_filter='none' column_shadow='none' column_border_radius='none' column_link_target='_self' column_position='default' gradient_direction='left_to_right' overlay_strength='0.3\u2033 width='1\/1\u2033 tablet_width_inherit='default' animation_type='default' bg_image_animation='none' border_type='simple' column_border_width='none' column_border_style='solid'][vc_column_text]Well, growth doesn't always help, but if you invest in quality companies, you can't go wrong, can you? 'Buy shares<\/a> in solid companies with competent management, and investment success is guaranteed.' That also sounds plausible \u2013 and is wrong. Hardly anyone would dispute that Amazon is a great company, is well managed and offers convincing services and products. And yet the share price has practically halved within a year! But we always eat, don't we? The candidate has 100 points! And people probably didn't fast from May 2002 to March 2003 either. But that didn't stop Nestl\u00e9 shares from losing almost 40% of their value during this period \u2013 perhaps an extra ration of Cailler chocolate eased the pain somewhat? <\/p>\n

The warning about the current 'great uncertainty' or 'low visibility', which urges caution, is always nice \u2013 it sounds better than 'I have no plan' but is still a bit clumsy. The following argument is typical: 'I'm definitely not buying shares now. Inflation is high, the Fed is raising interest rates and there will soon be a recession<\/g>. No wonder the stock markets<\/a> are falling!' However, it is precisely when the economic outlook is gloomy and fear is breathing down your neck that the best opportunities to enter the market arise. Neither at the height of the financial crisis in March 2009 nor during the coronavirus crash did investors feel like investing, there was no sign of visibility. Save yourself if you can, was the motto! But were shares really riskier in 2009, when the (financial) world was on the brink of meltdown, than at the end of 2021, when everyone and their dog was optimistic? Hardly. However, keeping calm when everyone else is losing their heads is easier said than done. Without a clear strategy and \u2013 crucially \u2013 the will to stick to it, it won't work. If you wait until the 'visibility' and the mood of the market participants is good again, the train has already left the station. <\/p>\n

With this in mind: Don't believe every fairy tale!<\/p>\n

Yours, Mark Stock\u00a9<\/strong><\/em>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type='in_container' full_screen_row_position='middle' column_margin='default' column_direction='default' column_direction_tablet='default' column_direction_phone='default' scene_position='center' text_color='dark' text_align='left' row_border_radius='none' row_border_radius_applies='bg' overflow='visible' overlay_strength='0.3\u2033 gradient_direction='left_to_right' shape_divider_position='bottom' bg_image_animation='none'][vc_column column_padding='no-extra-padding' column_padding_tablet='inherit' column_padding_phone='inherit' column_padding_position='all' column_element_direction_desktop='default' column_element_spacing='default' desktop_text_alignment='default' tablet_text_alignment='default' phone_text_alignment='default' background_color_opacity='1\u2033 background_hover_color_opacity='1\u2033 column_backdrop_filter='none' column_shadow='none' column_border_radius='none' column_link_target='_self' column_position='default' gradient_direction='left_to_right' overlay_strength='0.3\u2033 width='1\/1\u2033 tablet_width_inherit='default' animation_type='default' bg_image_animation='none' border_type='simple' column_border_width='none' column_border_style='solid'][vc_column_text]Mark Stock is a member of the Point Capital editorial team. 'I am a stock market enthusiast and am passionate about economic history. I have been following the ups and downs of the markets for years and, of course, invest myself \u2013 preferably in shares. So my name says it all. Every month, I take up what I consider to be an exciting topic. And since the focus is on the content and not on me personally, I write under a pseudonym.' <\/em>[\/vc_column_text][\/vc_column][\/vc_row][vc_row type='in_container' full_screen_row_position='middle' column_margin='default' column_direction='default' column_direction_tablet='default' column_direction_phone='default' bg_color='rgba(63,75,111,0.2)' scene_position='center' text_color='dark' text_align='left' row_border_radius='none' row_border_radius_applies='bg' overflow='visible' class='border-box' overlay_strength='0.3\u2033 gradient_direction='left_to_right' shape_divider_position='bottom' bg_image_animation='none' shape_type=''][vc_column column_padding='no-extra-padding' column_padding_tablet='inherit' column_padding_phone='inherit' column_padding_position='all' column_element_direction_desktop='default' column_element_spacing='default' desktop_text_alignment='default' tablet_text_alignment='default' phone_text_alignment='default' background_color_opacity='1\u2033 background_hover_color_opacity='1\u2033 column_backdrop_filter='none' column_shadow='none' column_border_radius='none' column_link_target='_self' column_position='default' gradient_direction='left_to_right' overlay_strength='0.3\u2033 width='1\/1\u2033 tablet_width_inherit='default' animation_type='default' bg_image_animation='none' border_type='simple' column_border_width='none' column_border_style='solid']

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What would the stock market be without all the fairy tales and fabulists, er bank strategists! The latter regularly give their best estimates\u2026 <\/p>\n","protected":false},"author":3,"featured_media":6228,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"wds_primary_category":0,"footnotes":"","_links_to":"","_links_to_target":""},"categories":[153],"tags":[155,157,300,206,299,205,154],"class_list":["post-6223","post","type-post","status-publish","format-standard","has-post-thumbnail","category-stock-market-outlook","tag-inflation","tag-interest","tag-invest","tag-invest-money","tag-saving","tag-shares","tag-stock-market"],"acf":[],"_links":{"self":[{"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/posts\/6223","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/comments?post=6223"}],"version-history":[{"count":3,"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/posts\/6223\/revisions"}],"predecessor-version":[{"id":6238,"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/posts\/6223\/revisions\/6238"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/media\/6228"}],"wp:attachment":[{"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/media?parent=6223"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/categories?post=6223"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pointcapital.ch\/en\/wp-json\/wp\/v2\/tags?post=6223"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}