Children of Their Time

“Why don’t you take the civil servant Matura and get a secure job with the government?” My grandmother asked me this question more than once during my youth. Back then, as a student at the commercial academy, I did’t even know what the “Beamten-Matura” was.

Her favorite saying was, “Save during times of plenty, so you’ll have something in times of need.” She didn’t mean it as a constant reminder; rather, it was a reflection of her own childhood. Her mother would repeat this saying to her and her nine siblings. The children’s chorus at the end? “We still have nothing!” (it rhymes better in German). 

The lesson? Even in times of need, they still had nothing - a bitter truth shaped by the experience of worthless savings in kronen and reichsmarks. Born in 1913, my grandparents’ worldview was profoundly shaped by their time. Yet saving remained one of their lifelong virtues.

The Birth Lottery

We are all children of our time. In the lottery of birth year and place, every reader of the Gutmann Viewpoint has hit the jackpot. Why? Because we’re interested in investing - and have the courage to put money into fluctuating stock markets. Not because someone taught us, but because we’ve lived through such situations ourselves.

We’ve seen setbacks overcome and new highs celebrated. This experience instills belief in a better financial future- despite the worrying events that confront us every year.

However, those born in Europe in 1900 or 1920 had a vastly different perspective after enduring two world wars. And anyone who began investing in the early 1970s faced a tough environment. Runaway inflation, falling bond prices, and prolonged bear markets eroded trust in financial markets.

Optimism and Entrepreneurship

None of us knows what the future holds. But one thing is certain: only with optimism and trust in entrepreneurial spirit can we weather market downturns and resist the pull of gloomy headlines and reports.

When I began working in finance, the term bank officer (“Bankbeamter”) still appeared in my contract. My grandmother was relieved. Today, I embrace entrepreneurial thinking and action as a proud partner at Gutmann. And I am happiest when, through our support, clients achieve their financial goals.