Journal

Stefan Markus Kremeth Incrementum AG Hans G. Schiefen Mark Justin Valek Ronald Stöferle Jeannine Grassinger Dr. Christian Schärer

March 2025

March 17, 2025

Incrementum Year-End Competition 2025-Edition

Good Morning Ladies and Gentlemen ”It’s such a momentous change going on. If it continues like this, capital allocators will wonder: ‘Do I want to stay allocated to the U.S.?” Mansoor Mohi-uddin, chief economist at Bank of Singapore I believe that Europe is undergoing an awakening process, which is a positive development! However, […]
March 7, 2025

Where Will Growth Come From?

Good Morning Ladies and Gentlemen ”Don’t criticise what you can’t understand.” Bob Dylan In my previous weekly update, I discussed the possibility of stagflation in the U.S., and I received a few messages asking how considerable that risk was. Obviously, I do not know, and usually, stagflation is rare. However, household consumption and […]

February 2025

February 21, 2025

The Political Downside of Money Printing

Good Morning Ladies and Gentlemen ”That most delicious of all privileges – spending other people’s money.” John Randolph of Roanoke In my view, the political ramifications of money printing manifest in an escalating dependency on the state for various forms of support. Events such as the Great Financial Crisis, the pandemic, and the Ukraine […]

February 28, 2025

Let Us Speak About Stagflation

Good Morning Ladies and Gentlemen ”It’s never stupid to be afraid of shit that can kill you.” Anna Windsor, from Bound by Light (a book I have not read) Stagflation is a challenging economic phenomenon characterised by high inflation, low growth, and elevated unemployment rates. In this week’s edition of “Stefan’s Weekly,” I […]