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Since 1979.

Beware of a dangerous scenario: Looking at recent figures on the European, and especially the American, economy, share prices currently appear to remain supported by a well-performing economy. In addition, enormous amounts are being invested in everything related to AI. Many investors expect this to bring great benefits in the future, both for the economy and for corporate profits. In any case, profits are currently rising sharply. Many equity analysts therefore see little risk in current share prices. To the extent there is any doubt, it tends to be limited to the view that prices will remain roughly stable for now, or rise only modestly further. This is mainly because price/earnings ratios are very high and interest rates are not expected to fall much. However, hardly anyone talks about a substantial decline in share prices. In their view, the economy is simply performing too well for that. We certainly do not want to claim...