Confidence and Gullibility

In the Gutmann Viewpoint, I always emphasize the importance of looking to the future with optimism and staying invested. Is that naïve? No, because when it comes to managing our clients’ wealth, we do not allow ourselves any naivety. But we also refuse to let go of our confidence.

Strong nerves required

The state does not create value. It is entrepreneurship that does. You, esteemed readers of the Gutmann Viewpoint, already know this. (Whether this understanding extends beyond our readership is another question.) The good news: Even those who are not entrepreneurs themselves can invest in companies through stocks - and thereby participate in their success.

The bad news: Strong nerves are essential when investing. Just as business competition is not always smooth sailing, sudden market crashes and prolonged bear markets are a natural part of investing. These are not malfunctions but normal phases. However, it is precisely these hurdles that separate long-term successful investors from those who give up too soon.

Staying the course

So why is optimism so important? Only those who fundamentally believe in the future will actively seek opportunities and stay engaged. Those who think, “The world has gone mad,” and mentally check out have already lost. I suspect this is partly a matter of age—and I am not immune to it myself. My antidote? Lifelong training as an investor: seeing the world as it is, not as one might wish it to be.

For us, wealth management is built on non-negotiable pillars. These include a firm belief in capitalism and entrepreneurship, as well as the conviction that setbacks can be overcome and new highs can be reached. This requires patience - sometimes for years - but every market phase presents opportunities.

Equally crucial is a clear investment strategy that we implement with daily discipline. Those who entrust us with their wealth surely have many other priorities - family, career, personal goals. But for us, one thing matters above all: investing that wealth wisely. And that is where we focus all our energy.