Stefan’s weekly: Liechtenstein – Private Wealth Manager of the Year

Dear Ladies and Gentlemen,

We are very happy and proud of having been elected private wealth manager of the year for Liechtenstein for the second consecutive year by ACQ5 HEDGE / FUNDS AWARDS 2018.

In an interview regarding the award I was asked to speak about Incrementum, I hope not to bore you but today I would like to share a part of what I said to the interviewer with you:

“At Incrementum AG we genuinely believe in tangible assets and we are modest enough to accept the fact that we cannot foresee the future and thus where markets or asset prices are heading.

Participations in listed companies are very tangible to us and equities therefore belong to our core investments. We are building truly customised client portfolios according to our clients’ requirements, needs and willingness to accept risk. As long-term investors we invest solely in equities of listed companies with a proven track record of producing net free cashflows over years and willing to share those cashflows at least partially with investors in the form of dividends and/or capital reductions.

After many years of extraordinary money supply and ultra-low interest rates, we do not invest in government bonds as we do not feel comfortable with the current risk reward profile offered by those. Large scale monetary policies are difficult to judge and while we are not entirely certain that the increase in global debt will be sustainable, we are humble enough to recognise that so far the leading central banks seem to have mastered the 2007/2008 financial crisis rather well, however, we will only know in the future if the outcome of this action will lead to broad based high or higher inflation as we have seen it already in certain asset classes.
Either way at Incrementum we see money only as means for the purpose of facilitating global trade, consumption and thus as a lubricant for the global economy and do not see it as means for storing value long term.”

…and as always, if you want to share any of your thoughts with me, please feel encouraged to do so but please don’t forget (instead of hitting the reply button) to send your messages to:
smk@incrementum.li

Many thanks, indeed!

And now, Ladies and Gentlemen I wish you a great day and weekend!

Yours truly,

Stefan M. Kremeth