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class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Verteilung der jährlichen Performance des S&amp;P seit 1927. *2024 per 28. November (Quelle: Bloomberg, Grafik: themarket.ch, MD)" src="https://img.themarket.ch/2024/11/29/f26ca21c-acbe-4c4c-b484-7229ad57e840.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=4459,3344,x279,y0" loading="eager" srcset="https://img.themarket.ch/2024/11/29/f26ca21c-acbe-4c4c-b484-7229ad57e840.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=4459,3344,x279,y0 240w, https://img.themarket.ch/2024/11/29/f26ca21c-acbe-4c4c-b484-7229ad57e840.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=4459,3344,x279,y0 480w" width="4459" height="3344" class="image-placeholder__image poster__image">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/the-big-picture/donald-trump-wird-das-weltwirtschaftssystem-fundamental-umgebaut-ld.12608" data-nzz-referrer="teaserLink" ordinal-number="1" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Big Picture </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--0">  <span class="teaser__title-name teaser__title-name--waiting">Das Weltwirtschaftssystem steht vor einem fundamentalen Richtungsentscheid</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Präsident Trump wird Importzölle intensiv als Instrument nutzen. Es ist jedoch noch offen, welchem Zweck sie ultimativ dienen sollen. Zudem: Der Aktienmarkt im historischen Spiegel von hundert Jahren.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2024-11-29T15:25:31.636Z" class="metainfo__item metainfo__item--date">29.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12599" data-nzz-tid="teaser" data-nzz-cid="doc-1e4ofq7rj0" data-nzz-cp="1" data-nzz-ct="Strategie" data-nzz-pic="2" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/etf/wie-man-mit-etf-ein-robustes-portfolio-zusammenstellt-ld.12599" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Passiv investierter Anteil an globalen Aktieninvestments (Aktienfonds und ETF) (Quelle: Bloomberg, Apollo)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/11/28/e1c50dcc-049a-4229-9231-a6c9e5dded58.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=4949,3712,x0,y0 240w, https://img.themarket.ch/2024/11/28/e1c50dcc-049a-4229-9231-a6c9e5dded58.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=4949,3712,x0,y0 480w" width="4949" height="3712" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/etf/wie-man-mit-etf-ein-robustes-portfolio-zusammenstellt-ld.12599" data-nzz-referrer="teaserLink" ordinal-number="2" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> Analyse </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--1">  <span class="teaser__title-name teaser__title-name--waiting">Wie man mit ETF ein robustes Portfolio zusammenstellt</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Investieren ist für viele ein Buch mit sieben Siegeln. Doch mit wenigen ETF lässt sich ein robustes Portfolio zusammenstellen – The Market präsentiert drei Varianten.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Sandro Rosa ✉</span> <time datetime="2024-11-28T16:21:53.056Z" class="metainfo__item metainfo__item--date">28.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12567" data-nzz-tid="teaser" data-nzz-cid="doc-1e4ofq7rj0" data-nzz-cp="1" data-nzz-ct="Strategie" data-nzz-pic="3" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/the-big-picture/die-aktienmaerkte-verarbeiten-den-laerm-von-trump-ld.12567" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Wahrscheinlichkeit für das Amt des Schatzsekretärs in der Trump-Regierung (Quelle: Polymarket)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/11/22/cdcb3a54-f240-40b8-bb0e-49957287d664.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3555,2666,x223,y0 240w, https://img.themarket.ch/2024/11/22/cdcb3a54-f240-40b8-bb0e-49957287d664.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=3555,2666,x223,y0 480w" width="3555" height="2666" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/the-big-picture/die-aktienmaerkte-verarbeiten-den-laerm-von-trump-ld.12567" data-nzz-referrer="teaserLink" ordinal-number="3" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Big Picture </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--2">  <span class="teaser__title-name teaser__title-name--waiting">Die Finanzmärkte verarbeiten den Lärm von Trump</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Die Personalentscheide und Vorschläge des künftigen Präsidenten halten die Märkte in Atem. Doch fundamentale Aspekte der Finanzmärkte ändern sich nicht – es lohnt sich für Investoren, sich diese vor Augen zu führen.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2024-11-23T08:54:40.029Z" class="metainfo__item metainfo__item--date">23.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12557" data-nzz-tid="teaser" data-nzz-cid="doc-1e4ofq7rj0" data-nzz-cp="1" data-nzz-ct="Strategie" data-nzz-pic="4" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/interview/peter-kraus-nebenwerte-bieten-eine-vielversprechende-gelegenheit-ld.12557" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Peter Kraus: «Wenn die USA in eine Rezession fallen, haben wir in Europa ein viel grösseres Problem.» (Berenberg)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/11/21/7bfd7832-3e85-43cc-91c7-b310f176a7d9.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=5333,4000,x529,y0 240w, https://img.themarket.ch/2024/11/21/7bfd7832-3e85-43cc-91c7-b310f176a7d9.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=5333,4000,x529,y0 480w" width="5333" height="4000" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/interview/peter-kraus-nebenwerte-bieten-eine-vielversprechende-gelegenheit-ld.12557" data-nzz-referrer="teaserLink" ordinal-number="4" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> Interview </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--3">  <span class="teaser__title-name teaser__title-name--waiting">«Nebenwerte bieten eine vielversprechende Contrarian-Situation»</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">In Europa setzt sich die Baisse von Small Caps fort. Im Interview sagt Peter Kraus, Fondsmanager von Berenberg, warum man das Segment trotzdem auf dem Radar haben sollte und welche Nebenwerte besonders interessant sind.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Henning Hölder ✉</span> <time datetime="2024-11-22T01:21:46.354Z" class="metainfo__item metainfo__item--date">22.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12561" data-nzz-tid="teaser" data-nzz-cid="doc-1e4ofq7rj0" data-nzz-cp="1" data-nzz-ct="Strategie" data-nzz-pic="5" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/analyse/was-der-us-boerse-das-genick-brechen-koennte-und-was-fuer-europa-spricht-ld.12561" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Die Dominanz der US-Börse wird langsam unheimlich" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/11/20/4335cc80-b31e-4edf-8e0c-d01a43e9af57.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=2969,2227,x0,y478 240w, https://img.themarket.ch/2024/11/20/4335cc80-b31e-4edf-8e0c-d01a43e9af57.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=2969,2227,x0,y478 480w" width="2969" height="2227" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/analyse/was-der-us-boerse-das-genick-brechen-koennte-und-was-fuer-europa-spricht-ld.12561" data-nzz-referrer="teaserLink" ordinal-number="5" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> Analyse </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--4">  <span class="teaser__title-name teaser__title-name--waiting">Die Dominanz der US-Börse wird langsam unheimlich</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Nach dem Wahlsieg von Donald Trump sind sich die meisten Experten einig, dass die US-Indizes ihren Vorsprung weiter ausbauen werden. Die Ausgangslage scheint so klar zu sein, dass es fast anders herauskommen muss. Doch was könnte die Dominanz der USA brechen?</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Gregor Mast ✉</span> <time datetime="2024-11-21T03:07:35.851Z" class="metainfo__item metainfo__item--date">21.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12559" data-nzz-tid="teaser" data-nzz-cid="doc-1e4ofq7rj0" data-nzz-cp="1" data-nzz-ct="Strategie" data-nzz-pic="6" class="teaser teaser__layout--opinion teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-opinion"><figure class="poster__figure poster__figure--image"><a href="/meinung/die-welt-nach-den-wahlen-ld.12559" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:100%;"><img alt="Die Welt nach den Wahlen" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/11/20/c9a73faf-3473-4eb9-b0c3-05281f12a4d5.jpeg?width=120&height=120&fit=bounds&quality=75&auto=webp&crop=715,715,x103,y0 120w, https://img.themarket.ch/2024/11/20/c9a73faf-3473-4eb9-b0c3-05281f12a4d5.jpeg?width=240&height=240&fit=bounds&quality=75&auto=webp&crop=715,715,x103,y0 240w, https://img.themarket.ch/2024/11/20/c9a73faf-3473-4eb9-b0c3-05281f12a4d5.jpeg?width=80&height=80&fit=bounds&quality=75&auto=webp&crop=715,715,x103,y0 80w, https://img.themarket.ch/2024/11/20/c9a73faf-3473-4eb9-b0c3-05281f12a4d5.jpeg?width=160&height=160&fit=bounds&quality=75&auto=webp&crop=715,715,x103,y0 160w" width="715" height="715" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/meinung/die-welt-nach-den-wahlen-ld.12559" data-nzz-referrer="teaserLink" ordinal-number="6" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-opinion"><span class="teaser__flag--text"> Meinung </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--opinion teaser__title--5">  <span class="teaser__title-name teaser__title-name--waiting">Die Welt nach den Wahlen</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--opinion">Derzeit wird eifrig diskutiert, was die neuerliche Präsidentschaft von Donald Trump für Wirtschaft und Börsen bedeutet. Wirklich vorhersagen lässt sich das aber nicht. Die Entwicklung der relativen Stärke wird zeigen, welches Szenario sich durchsetzt.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--opinion"><div class="metainfo__main metainfo__main--opinion"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Alfons Cortés</span> <time datetime="2024-11-21T03:09:13.154Z" class="metainfo__item metainfo__item--date">21.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--opinion ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12555" data-nzz-tid="teaser" data-nzz-cid="doc-1e4ofq7rj0" data-nzz-cp="1" data-nzz-ct="Strategie" data-nzz-pic="7" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/analyse/wann-raechen-sich-die-hohen-aktienbewertungen-ld.12555" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Wann rächen sich die hohen Aktienbewertungen?" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/11/19/f7b12121-fbf5-4639-8c62-d44622b0201e.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=5184,3888,x0,y0 240w, https://img.themarket.ch/2024/11/19/f7b12121-fbf5-4639-8c62-d44622b0201e.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=5184,3888,x0,y0 480w" width="5184" height="3888" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/analyse/wann-raechen-sich-die-hohen-aktienbewertungen-ld.12555" data-nzz-referrer="teaserLink" ordinal-number="7" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> Analyse </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--6">  <span class="teaser__title-name teaser__title-name--waiting">Wann rächen sich die hohen Aktienbewertungen?</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Angeführt von US-Valoren verzeichneten die meisten Börsenindizes seit Jahresbeginn stattliche Kursavancen. Doch haben die Fundamentaldaten mitgehalten? Zeit für einen frischen Blick auf die Bewertungen.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Sandro Rosa ✉</span> <time datetime="2024-11-20T03:20:59.203Z" class="metainfo__item metainfo__item--date">20.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12498" data-nzz-tid="teaser" data-nzz-cid="doc-1e4ofq7rj0" data-nzz-cp="1" data-nzz-ct="Strategie" data-nzz-pic="8" class="teaser teaser__layout--opinion teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-opinion"><figure class="poster__figure poster__figure--image"><a href="/meinung/aktien-die-bewertung-spielt-keine-rolle-bis-sie-es-doch-tut-ld.12498" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:100%;"><img alt="Die Bewertung spielt keine Rolle – bis sie es doch tut" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2023/12/05/2e193ac8-dc61-4f10-a278-251e070db382.png?width=120&height=120&fit=bounds&quality=75&auto=webp&crop=3698,3698,x241,y0 120w, https://img.themarket.ch/2023/12/05/2e193ac8-dc61-4f10-a278-251e070db382.png?width=240&height=240&fit=bounds&quality=75&auto=webp&crop=3698,3698,x241,y0 240w, https://img.themarket.ch/2023/12/05/2e193ac8-dc61-4f10-a278-251e070db382.png?width=80&height=80&fit=bounds&quality=75&auto=webp&crop=3698,3698,x241,y0 80w, https://img.themarket.ch/2023/12/05/2e193ac8-dc61-4f10-a278-251e070db382.png?width=160&height=160&fit=bounds&quality=75&auto=webp&crop=3698,3698,x241,y0 160w" width="3698" height="3698" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/meinung/aktien-die-bewertung-spielt-keine-rolle-bis-sie-es-doch-tut-ld.12498" data-nzz-referrer="teaserLink" ordinal-number="8" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-opinion"><span class="teaser__flag--text"> Meinung </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--opinion teaser__title--7">  <span class="teaser__title-name teaser__title-name--waiting">Die Bewertung spielt keine Rolle – bis sie es doch tut</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--opinion">Unternehmen können auf Hochtouren laufen, und dennoch kann an der Börse ein verlorenes Jahrzehnt drohen, wenn die Bewertungen unangemessen hoch sind. Die Lektion? Die Geschichte zeigt, dass die Bewertung keine Rolle spielt – bis sie es plötzlich doch tut.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--opinion"><div class="metainfo__main metainfo__main--opinion"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Thierry Borgeat</span> <time datetime="2024-11-19T03:03:49.806Z" class="metainfo__item metainfo__item--date">19.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--opinion ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12531" data-nzz-tid="teaser" data-nzz-cid="doc-1e4ofq7rj0" data-nzz-cp="1" data-nzz-ct="Strategie" data-nzz-pic="9" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/interview/marko-papic-der-bondmarkt-wird-donald-trump-disziplinieren-ld.12531" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="«Die Wähler haben Trump nicht gewählt, damit er einen massiven Handelskrieg beginnt – vor allem, weil Zölle bloss das Preisniveau erhöhen würden»: Marko Papic. (Bild: Bloomberg)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2023/07/14/0147436a-271f-4cf1-9024-b2578e8cad28.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=3036,2277,x401,y51 240w, https://img.themarket.ch/2023/07/14/0147436a-271f-4cf1-9024-b2578e8cad28.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=3036,2277,x401,y51 480w" width="3036" height="2277" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/interview/marko-papic-der-bondmarkt-wird-donald-trump-disziplinieren-ld.12531" data-nzz-referrer="teaserLink" ordinal-number="9" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> Interview </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--8">  <span class="teaser__title-name teaser__title-name--waiting">«Der Bondmarkt wird Donald Trump disziplinieren»</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Marko Papic, Chefstratege von BCA Research, warnt, dass steigende Zinsen die Rally an den Börsen abwürgen könnten. Präsident Trump werde sich auf seine Mandate besinnen, und ein Handelskrieg sei kein zwingendes Szenario.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2024-11-15T13:17:07.830Z" class="metainfo__item metainfo__item--date">15.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12511" data-nzz-tid="teaser" data-nzz-cid="doc-1e4ofq7rj0" data-nzz-cp="1" data-nzz-ct="Strategie" data-nzz-pic="10" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/the-pulse/the-pulse-die-animal-spirits-erwachen-ld.12511" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Positionen von Börsenmaklern in Futures-Kontrakten auf den S&amp;P 500. Je klarer die Kurve im negativen Bereich, desto grösser die Zuversicht von Investoren. (Quelle: X-Twitter)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/11/13/7abc4e71-f491-450b-92e0-d83fdcc5e7ef.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=4592,3444,x0,y0 240w, https://img.themarket.ch/2024/11/13/7abc4e71-f491-450b-92e0-d83fdcc5e7ef.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=4592,3444,x0,y0 480w" width="4592" height="3444" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/the-pulse/the-pulse-die-animal-spirits-erwachen-ld.12511" data-nzz-referrer="teaserLink" ordinal-number="10" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Pulse </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--9">  <span class="teaser__title-name teaser__title-name--waiting">Die «Animal Spirits» erwachen</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">An den US-Börsen steigt das Spekulationsfieber. Im Nachgang der Präsidentschaftswahlen nimmt besonders im Technologiesektor die Risikofreude zu. Sollten Investoren jetzt noch aufspringen? Oder ist erhöhte Vorsicht angebracht?</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Christoph Gisiger ✉</span> <time datetime="2024-11-13T07:51:40.271Z" class="metainfo__item metainfo__item--date">13.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12495" data-nzz-tid="teaser" data-nzz-cid="doc-1e4ofq7rj0" data-nzz-cp="1" data-nzz-ct="Strategie" data-nzz-pic="11" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/chart-pack/das-chart-pack-von-the-market-ld.12495" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Link zum Download" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2021/1/4/905b8c98-66a1-4258-b7fd-5d33723a6fd5.png?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=993,745,x45,y0 240w, https://img.themarket.ch/2021/1/4/905b8c98-66a1-4258-b7fd-5d33723a6fd5.png?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=993,745,x45,y0 480w" width="993" height="745" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/chart-pack/das-chart-pack-von-the-market-ld.12495" data-nzz-referrer="teaserLink" ordinal-number="11" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Market Chart Pack </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--10">  <span class="teaser__title-name teaser__title-name--waiting">Das Chart Pack von The Market</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">The Market präsentiert jede Woche eine Grafiksammlung im E-Paper-Format.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Sandro Rosa ✉</span> <time datetime="2024-11-11T08:06:09.367Z" class="metainfo__item metainfo__item--date">11.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12487" data-nzz-tid="teaser" data-nzz-cid="doc-1e4ofq7rj0" data-nzz-cp="1" data-nzz-ct="Strategie" data-nzz-pic="12" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/interview/es-ist-an-der-zeit-sich-fuer-steigende-zinsen-zu-positionieren-ld.12487" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="«Ich weiss nicht, ob Investoren bereit für die Erkenntnis sind, dass der Zinssenkungszyklus des Fed Ende Jahr bereits weitgehend abgeschlossen sein könnte, wenn nicht sogar vollständig.» (Bild: Bloomberg)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/11/07/27fcd49c-f043-44f2-b393-b004be94167d.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=5199,3899,x210,y0 240w, https://img.themarket.ch/2024/11/07/27fcd49c-f043-44f2-b393-b004be94167d.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=5199,3899,x210,y0 480w" width="5199" height="3899" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/interview/es-ist-an-der-zeit-sich-fuer-steigende-zinsen-zu-positionieren-ld.12487" data-nzz-referrer="teaserLink" ordinal-number="12" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> Interview </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--11">  <span class="teaser__title-name teaser__title-name--waiting">«Es ist an der Zeit, sich für steigende Zinsen zu positionieren»</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Der Sieg von Donald Trump und den Republikanern bringt die Finanzmärkte in Bewegung. Jim Bianco, Chefstratege von Bianco Research, denkt, dass der Machtwechsel in Washington der US-Wirtschaft einen kräftigen Schub geben wird. Damit nimmt aber auch das Risiko von Inflation erneut zu, was für Investoren zur Herausforderung wird.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Christoph Gisiger ✉</span> <time datetime="2024-11-11T01:54:23.965Z" class="metainfo__item metainfo__item--date">11.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12473" data-nzz-tid="teaser" data-nzz-cid="doc-1e4ofq7rj0" data-nzz-cp="1" data-nzz-ct="Strategie" data-nzz-pic="13" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/the-big-picture/donald-trump-elektrisiert-die-finanzmaerkte-ld.12473" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Performance des US-Aktienmarktes in den zwei Jahren nach der Wahl eines Präsidenten. Rote Balken: Ein Republikaner wurde Präsident. Blaue Balken: Ein Demokrat wurde Präsident. Linke Spalte: alle Wahljahre. Mittlere Spalte: Wahljahre mit einem «Sweep», d.h. die Partei des Präsidenten kontrolliert den Kongress. Rechte Spalte: Wahljahre mit «Gridlock», d.h. die Oppositionspartei kontrolliert mindestens eine Kongresskammer. (Quelle: Jurrien Timmer, Fidelity)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/11/08/2490e2a0-d6c8-4d95-8e3c-f9f37ea45517.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=6476,4857,x1009,y607 240w, https://img.themarket.ch/2024/11/08/2490e2a0-d6c8-4d95-8e3c-f9f37ea45517.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=6476,4857,x1009,y607 480w" width="6476" height="4857" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/the-big-picture/donald-trump-elektrisiert-die-finanzmaerkte-ld.12473" data-nzz-referrer="teaserLink" ordinal-number="13" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> The Big Picture </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--12">  <span class="teaser__title-name teaser__title-name--waiting">Donald Trump elektrisiert die Finanzmärkte</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Der klare Wahlsieg des früheren Präsidenten wurde an den Börsen in der ersten Reaktion bejubelt. Ein deutlicher Anstieg der Zinsen sowie Fragen zur künftigen Politik der US-Notenbank werfen aber erste Schatten. Zudem: Strebt Trump die grosse Reindustrialisierung Amerikas an?</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Mark Dittli ✉️</span> <time datetime="2024-11-08T12:34:08.614Z" class="metainfo__item metainfo__item--date">08.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12464" data-nzz-tid="teaser" data-nzz-cid="doc-1e4ofq7rj0" data-nzz-cp="1" data-nzz-ct="Strategie" data-nzz-pic="14" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/analyse/die-ruhe-an-den-boersen-ist-truegerisch-ld.12464" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Der Kurs der gegenwärtigen Inflationsentwicklung ähnelt dem Muster der Siebzigerjahre. (Quelle: Value Intelligence Advisors, Bureau of Labor Statistics, basierend auf einer Idee von Game of Trades)" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/11/06/bf59b5a8-7a77-4e3e-9737-83806014de39.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=5333,4000,x333,y0 240w, https://img.themarket.ch/2024/11/06/bf59b5a8-7a77-4e3e-9737-83806014de39.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=5333,4000,x333,y0 480w" width="5333" height="4000" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/analyse/die-ruhe-an-den-boersen-ist-truegerisch-ld.12464" data-nzz-referrer="teaserLink" ordinal-number="14" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> Analyse </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--13">  <span class="teaser__title-name teaser__title-name--waiting">Die beste aller Welten dürfte bald Kratzer bekommen</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Die Märkte kennen kein Halten. Aber die Pläne von US-Präsident Donald Trump für Steuersenkungen und höhere Zölle könnten zusammen mit den verfrühten Zinssenkungen der US-Notenbank für eine Rückkehr der besiegt geglaubten Inflation sorgen. The Market zeigt, wie sich Anleger vor einem solchen Szenario schützen können.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Gregor Mast ✉</span> <time datetime="2024-11-07T03:42:23.667Z" class="metainfo__item metainfo__item--date">07.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12474" data-nzz-tid="teaser" data-nzz-cid="doc-1e4ofq7rj0" data-nzz-cp="1" data-nzz-ct="Strategie" data-nzz-pic="15" class="teaser teaser__layout--regular teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-regular"><figure class="poster__figure poster__figure--image"><a href="/hinter-der-headline/wie-lange-haelt-der-trump-bump-an-ld.12474" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:75%;"><img alt="Wie lange hält der «Trump Bump» an?" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/11/07/cdfa9040-7e23-422c-9236-c53e521a900a.jpeg?width=240&height=180&fit=bounds&quality=75&auto=webp&crop=6476,4857,x320,y419 240w, https://img.themarket.ch/2024/11/07/cdfa9040-7e23-422c-9236-c53e521a900a.jpeg?width=480&height=360&fit=bounds&quality=75&auto=webp&crop=6476,4857,x320,y419 480w" width="6476" height="4857" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/hinter-der-headline/wie-lange-haelt-der-trump-bump-an-ld.12474" data-nzz-referrer="teaserLink" ordinal-number="15" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-regular"><span class="teaser__flag--text"> Hinter der Headline </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--regular teaser__title--14">  <span class="teaser__title-name teaser__title-name--waiting">Wie lange hält der «Trump Bump» an?</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--regular">Die US-Börsen reagieren auf den Sieg von Donald Trump mit einem Kurssprung. Der Leitindex S&P 500 hat am Mittwoch die beste Performance seit zwei Jahren verzeichnet und notiert auf Rekordhoch. Für den weiteren Kursverlauf gilt es auf diese Entwicklungen zu achten.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--regular"><div class="metainfo__main metainfo__main--regular"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Christoph Gisiger ✉</span> <time datetime="2024-11-07T03:41:59.585Z" class="metainfo__item metainfo__item--date">07.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--regular ">  </div></div> </div></div></article><article data-source-element-widget="" class="teaser--article teaser--paginated "><div id="id-ld_12461" data-nzz-tid="teaser" data-nzz-cid="doc-1e4ofq7rj0" data-nzz-cp="1" data-nzz-ct="Strategie" data-nzz-pic="16" class="teaser teaser__layout--opinion teaser--size-paginated">    <div flag-item="[object Object]" flag-size="paginated" class="poster poster--paginated poster--paginated-opinion"><figure class="poster__figure poster__figure--image"><a href="/meinung/das-ist-vielleicht-meine-wichtigste-kolumne-dieses-jahres-ld.12461" data-nzz-referrer="teaserLink" class="teaser__link teaser__link--poster teaser__link--poster-paginated"><div class="image-placeholder poster__placeholder" style="padding-bottom:100%;"><img alt="Das ist vielleicht meine wichtigste Kolumne dieses Jahres" src="data:image/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==" loading="lazy" srcset="https://img.themarket.ch/2024/11/06/9bf2c99c-ccc6-408b-9e38-4cb77eabb85b.jpeg?width=120&height=120&fit=bounds&quality=75&auto=webp&crop=636,636,x130,y0 120w, https://img.themarket.ch/2024/11/06/9bf2c99c-ccc6-408b-9e38-4cb77eabb85b.jpeg?width=240&height=240&fit=bounds&quality=75&auto=webp&crop=636,636,x130,y0 240w, https://img.themarket.ch/2024/11/06/9bf2c99c-ccc6-408b-9e38-4cb77eabb85b.jpeg?width=80&height=80&fit=bounds&quality=75&auto=webp&crop=636,636,x130,y0 80w, https://img.themarket.ch/2024/11/06/9bf2c99c-ccc6-408b-9e38-4cb77eabb85b.jpeg?width=160&height=160&fit=bounds&quality=75&auto=webp&crop=636,636,x130,y0 160w" width="636" height="636" class="image-placeholder__image poster__image cb-it-hide">    </div></a></figure></div>  <div class="teaser__content teaser__content--paginated"><a href="/meinung/das-ist-vielleicht-meine-wichtigste-kolumne-dieses-jahres-ld.12461" data-nzz-referrer="teaserLink" ordinal-number="16" class="teaser__link"><div class="teaser__wrapper">  <div class="teaser__flag teaser__flag--colored teaser__flag--paginated teaser__flag--paginated-opinion"><span class="teaser__flag--text"> Meinung </span> </div> <h2 class="teaser__title teaser__title--paginated teaser__title--opinion teaser__title--15">  <span class="teaser__title-name teaser__title-name--waiting">Das ist vielleicht meine wichtigste Kolumne dieses Jahres</span></h2>  <div class="teaser__lead teaser__lead--paginated teaser__lead--opinion">Die US-Präsidentschaftswahl wirft an den Börsen Wellen. Die Überreaktion auf Nachrichten zählt zu den grössten Fehlern, die Anleger begehen können.</div> </div>  </a> <div bookmark-type="article" bookmark-sub-type="teaser" class="metainfo metainfo--paginated metainfo--opinion"><div class="metainfo__main metainfo__main--opinion"> <div class="metainfo__wrapper"> <span class="metainfo__item metainfo__item--author">Alfons Cortés</span> <time datetime="2024-11-07T03:42:59.460Z" class="metainfo__item metainfo__item--date">07.11.2024</time>   </div> </div> <div class="metainfo__actions metainfo__actions--opinion ">  </div></div> </div></div></article> </div><div data-nzz-tid="widget-1of3" data-source-element-widget="Widget-1/3-Breite" id="id-doc-1gf11lasb0" content="" pagetype="Page" componenttype="widget--1of3-flex" class="widget--1of3"> <div class="first">  <div class="widget__area"><div class="widget widget--iframe"></div></div></div><div>  <div class="widget__area"><div class="widget widget--iframe"></div></div></div><div>  <div class="widget__area"><div class="widget widget--iframe"></div></div></div></div></div></div></section></div><div id="contdoc-1e7fba2iu0-1811" never="" class="elementwrap"><div id="" content="" pagetype="Page" componenttype="billboard" is-new-line-child="true" class="pageelement pageelement--advertisement"><div class="resor"><div id="adnz_billboard_2" data-hydrated="0" class="resor__item"></div></div></div></div> </section></div></div> <div id="footer" class="footer"> <div class="footer__section"><h2 class="footer__section--title"> </h2> <ul class="footer__section--list"><li class="footer__item"><a href="https://abo.themarket.ch/kontakt/" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Abo-Service </a></li><li class="footer__item"><a href="/agb" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> AGB/Datenschutz </a></li><li class="footer__item"><a href="/impressum" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Impressum </a></li><li class="footer__item"><a href="https://themarket.ch/feedback" data-nzz-referrer="footermenuLevel1" data-nzz-tid="menu-level-1" class="footer__link"> Feedback </a></li></ul></div> <div class="footer__print"> Copyright © The Market Media AG. 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November","ETF","\u002Fetf",3712,"Sandro Rosa (sr)","sr",2,2666,6000,"Alfons Cortés",715,"opinion","\u002Fthe-pulse","\u002Fchart-pack",5464,4857,"\u002Fhinter-der-headline","section","The Market","main","Empfehlungen","\u002Fempfehlungen","Unternehmen","\u002Funternehmen","Mr Market","\u002Fmister-market","English","\u002Fenglish","https:\u002F\u002Fabo.themarket.ch\u002Fkampagne\u002F?lp=19003844","\u002Fagb","Impressum","\u002Fimpressum","48","anonymous","font\u002Fwoff2","font","892363","2024-11-29T15:25:31.636Z","Sandro Rosa ✉","Wie man mit ETF ein robustes Portfolio zusammenstellt","2024-11-28T16:21:53.056Z",14,"2024-11-21T03:09:13.154Z","Wann rächen sich die hohen Aktienbewertungen?",5184,"2024-11-20T03:20:59.203Z",7,3698,2562,"Christoph Gisiger ✉",4592,"Christoph Gisiger (cg)","cg","2024-11-11T08:06:09.367Z",8192,"Donald Trump elektrisiert die Finanzmärkte","2024-11-08T12:34:08.614Z","Wie lange hält der «Trump Bump» an?","2024-11-07T03:42:59.460Z","judi.idms-widget","idms","idms-widget",1811,"category","The Market - Analyse, Inspiration und Meinung zum Geschehen an den Finanzmärkten. Unabhängig und ohne Lärm.","https:\u002F\u002Fthemarket.ch","Page","The Market abonnieren","Startseite","\u002F","\u003Cp\u003EEs ist ein Fehler aufgetreten. Bitte prüfen Sie Ihre Internetverbindung oder versuchen Sie es später erneut.\u003C\u002Fp\u003E","bellevue","Präsident Trump wird Importzölle intensiv als Instrument nutzen. Es ist jedoch noch offen, welchem Zweck sie ultimativ dienen sollen. Zudem: Der Aktienmarkt im historischen Spiegel von hundert Jahren.","Das Weltwirtschaftssystem steht vor einem fundamentalen Richtungsentscheid",5016,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F29\u002Ff26ca21c-acbe-4c4c-b484-7229ad57e840.jpeg?crop=5016,2821,x0,y261&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F29\u002Ff26ca21c-acbe-4c4c-b484-7229ad57e840.jpeg?crop=3344,3344,x836,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F29\u002Ff26ca21c-acbe-4c4c-b484-7229ad57e840.jpeg?crop=4459,3344,x279,y0&width=1024&quality=75&auto=webp",81,"Investieren ist für viele ein Buch mit sieben Siegeln. Doch mit wenigen ETF lässt sich ein robustes Portfolio zusammenstellen – The Market präsentiert drei Varianten.",5622,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F28\u002Fe1c50dcc-049a-4229-9231-a6c9e5dded58.jpeg?crop=5622,3162,x0,y275&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F28\u002Fe1c50dcc-049a-4229-9231-a6c9e5dded58.jpeg?crop=3712,3712,x0,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F28\u002Fe1c50dcc-049a-4229-9231-a6c9e5dded58.jpeg?crop=4949,3712,x0,y0&width=1024&quality=75&auto=webp","Die Personalentscheide und Vorschläge des künftigen Präsidenten halten die Märkte in Atem. Doch fundamentale Aspekte der Finanzmärkte ändern sich nicht – es lohnt sich für Investoren, sich diese vor Augen zu führen.","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F22\u002Fcdcb3a54-f240-40b8-bb0e-49957287d664.jpeg?crop=4000,2250,x0,y208&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F22\u002Fcdcb3a54-f240-40b8-bb0e-49957287d664.jpeg?crop=2666,2666,x282,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F22\u002Fcdcb3a54-f240-40b8-bb0e-49957287d664.jpeg?crop=3555,2666,x223,y0&width=1024&quality=75&auto=webp","Die Finanzmärkte verarbeiten den Lärm von Trump","Quelle: Polymarket","Wahrscheinlichkeit für das Amt des Schatzsekretärs in der Trump-Regierung","2024-11-23T08:54:40.029Z","In Europa setzt sich die Baisse von Small Caps fort. Im Interview sagt Peter Kraus, Fondsmanager von Berenberg, warum man das Segment trotzdem auf dem Radar haben sollte und welche Nebenwerte besonders interessant sind.","«Nebenwerte bieten eine vielversprechende Contrarian-Situation»","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F21\u002F7bfd7832-3e85-43cc-91c7-b310f176a7d9.jpeg?width=1024&quality=75&auto=webp",3375,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F21\u002F7bfd7832-3e85-43cc-91c7-b310f176a7d9.jpeg?crop=6000,3375,x0,y355&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F21\u002F7bfd7832-3e85-43cc-91c7-b310f176a7d9.jpeg?crop=4000,4000,x1212,y0&width=1024&quality=75&auto=webp",5333,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F21\u002F7bfd7832-3e85-43cc-91c7-b310f176a7d9.jpeg?crop=5333,4000,x529,y0&width=1024&quality=75&auto=webp","Peter Kraus: «Nebenwerte bieten eine vielversprechende Gelegenheit»","Berenberg","Peter Kraus: «Wenn die USA in eine Rezession fallen, haben wir in Europa ein viel grösseres Problem.»","2024-11-22T01:21:46.354Z","Gregor Mast ✉","Nach dem Wahlsieg von Donald Trump sind sich die meisten Experten einig, dass die US-Indizes ihren Vorsprung weiter ausbauen werden. Die Ausgangslage scheint so klar zu sein, dass es fast anders herauskommen muss. Doch was könnte die Dominanz der USA brechen?","Die Dominanz der US-Börse wird langsam unheimlich","Gregor Mast (gm)","gm","892354","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F20\u002F4335cc80-b31e-4edf-8e0c-d01a43e9af57.jpeg?crop=2969,1670,x0,y712&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F20\u002F4335cc80-b31e-4edf-8e0c-d01a43e9af57.jpeg?crop=2969,2969,x0,y450&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F20\u002F4335cc80-b31e-4edf-8e0c-d01a43e9af57.jpeg?crop=2969,2227,x0,y478&width=1024&quality=75&auto=webp","2024-11-21T03:07:35.851Z",5,"Derzeit wird eifrig diskutiert, was die neuerliche Präsidentschaft von Donald Trump für Wirtschaft und Börsen bedeutet. Wirklich vorhersagen lässt sich das aber nicht. Die Entwicklung der relativen Stärke wird zeigen, welches Szenario sich durchsetzt.",98,"Die Welt nach den Wahlen",496,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F20\u002Fc9a73faf-3473-4eb9-b0c3-05281f12a4d5.jpeg?crop=882,496,x0,y14&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F20\u002Fc9a73faf-3473-4eb9-b0c3-05281f12a4d5.jpeg?crop=715,715,x103,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F20\u002Fc9a73faf-3473-4eb9-b0c3-05281f12a4d5.jpeg?crop=882,662,x0,y0&width=1024&quality=75&auto=webp","Angeführt von US-Valoren verzeichneten die meisten Börsenindizes seit Jahresbeginn stattliche Kursavancen. Doch haben die Fundamentaldaten mitgehalten? Zeit für einen frischen Blick auf die Bewertungen.",3888,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F19\u002Ff7b12121-fbf5-4639-8c62-d44622b0201e.jpeg?crop=5184,2916,x0,y486&width=1024&quality=75&auto=webp",642,3456,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F19\u002Ff7b12121-fbf5-4639-8c62-d44622b0201e.jpeg?crop=3456,3456,x642,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F19\u002Ff7b12121-fbf5-4639-8c62-d44622b0201e.jpeg?crop=5184,3888,x0,y0&width=1024&quality=75&auto=webp","Die Bewertung spielt keine Rolle – bis sie es doch tut","Unternehmen können auf Hochtouren laufen, und dennoch kann an der Börse ein verlorenes Jahrzehnt drohen, wenn die Bewertungen unangemessen hoch sind. Die Lektion? Die Geschichte zeigt, dass die Bewertung keine Rolle spielt – bis sie es plötzlich doch tut.",4160,"image\u002Fpng","https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F12\u002F05\u002F2e193ac8-dc61-4f10-a278-251e070db382.png?crop=3698,2080,x174,y476&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F12\u002F05\u002F2e193ac8-dc61-4f10-a278-251e070db382.png?crop=3698,3698,x241,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F12\u002F05\u002F2e193ac8-dc61-4f10-a278-251e070db382.png?crop=4160,3120,x0,y185&width=1024&quality=75&auto=webp",48,"2024-11-19T03:03:49.806Z",8,"«Der Bondmarkt wird Donald Trump disziplinieren»","Marko Papic, Chefstratege von BCA Research, warnt, dass steigende Zinsen die Rally an den Börsen abwürgen könnten. Präsident Trump werde sich auf seine Mandate besinnen, und ein Handelskrieg sei kein zwingendes Szenario.",3845,"https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F07\u002F14\u002F0147436a-271f-4cf1-9024-b2578e8cad28.jpeg?crop=3845,2163,x0,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F07\u002F14\u002F0147436a-271f-4cf1-9024-b2578e8cad28.jpeg?crop=2562,2562,x729,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2023\u002F07\u002F14\u002F0147436a-271f-4cf1-9024-b2578e8cad28.jpeg?crop=3036,2277,x401,y51&width=1024&quality=75&auto=webp","2024-11-15T13:17:07.830Z",9,"An den US-Börsen steigt das Spekulationsfieber. Im Nachgang der Präsidentschaftswahlen nimmt besonders im Technologiesektor die Risikofreude zu. Sollten Investoren jetzt noch aufspringen? Oder ist erhöhte Vorsicht angebracht?","Die «Animal Spirits» erwachen","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F13\u002F7abc4e71-f491-450b-92e0-d83fdcc5e7ef.jpeg?crop=4592,2583,x0,y353&width=1024&quality=75&auto=webp",3065,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F13\u002F7abc4e71-f491-450b-92e0-d83fdcc5e7ef.jpeg?crop=3065,3065,x1527,y57&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F13\u002F7abc4e71-f491-450b-92e0-d83fdcc5e7ef.jpeg?crop=4592,3444,x0,y0&width=1024&quality=75&auto=webp","Quelle: X-Twitter","Positionen von Börsenmaklern in Futures-Kontrakten auf den S&P 500. Je klarer die Kurve im negativen Bereich, desto grösser die Zuversicht von Investoren.","Quelle: Bank of America","2024-11-13T07:51:40.271Z",10,"Das Chart Pack von The Market","The Market präsentiert jede Woche eine Grafiksammlung im E-Paper-Format.","https:\u002F\u002Fimg.themarket.ch\u002F2021\u002F1\u002F4\u002F905b8c98-66a1-4258-b7fd-5d33723a6fd5.png?width=1024&quality=75&auto=webp",1141,"https:\u002F\u002Fimg.themarket.ch\u002F2021\u002F1\u002F4\u002F905b8c98-66a1-4258-b7fd-5d33723a6fd5.png?crop=1141,642,x0,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2021\u002F1\u002F4\u002F905b8c98-66a1-4258-b7fd-5d33723a6fd5.png?crop=745,745,x150,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2021\u002F1\u002F4\u002F905b8c98-66a1-4258-b7fd-5d33723a6fd5.png?crop=993,745,x45,y0&width=1024&quality=75&auto=webp",11,"Der Sieg von Donald Trump und den Republikanern bringt die Finanzmärkte in Bewegung. Jim Bianco, Chefstratege von Bianco Research, denkt, dass der Machtwechsel in Washington der US-Wirtschaft einen kräftigen Schub geben wird. Damit nimmt aber auch das Risiko von Inflation erneut zu, was für Investoren zur Herausforderung wird.","«Es ist an der Zeit, sich für steigende Zinsen zu positionieren»","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F07\u002F27fcd49c-f043-44f2-b393-b004be94167d.jpeg?width=1024&quality=75&auto=webp",5849,3899,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F07\u002F27fcd49c-f043-44f2-b393-b004be94167d.jpeg?crop=5849,3290,x0,y138&width=1024&quality=75&auto=webp",3466,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F07\u002F27fcd49c-f043-44f2-b393-b004be94167d.jpeg?crop=3466,3466,x1320,y115&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F07\u002F27fcd49c-f043-44f2-b393-b004be94167d.jpeg?crop=5199,3899,x210,y0&width=1024&quality=75&auto=webp","«Ich weiss nicht, ob Investoren bereit für die Erkenntnis sind, dass der Zinssenkungszyklus des Fed Ende Jahr bereits weitgehend abgeschlossen sein könnte, wenn nicht sogar vollständig.»","2024-11-11T01:54:23.965Z",12,"Der klare Wahlsieg des früheren Präsidenten wurde an den Börsen in der ersten Reaktion bejubelt. Ein deutlicher Anstieg der Zinsen sowie Fragen zur künftigen Politik der US-Notenbank werfen aber erste Schatten. Zudem: Strebt Trump die grosse Reindustrialisierung Amerikas an?","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F08\u002F2490e2a0-d6c8-4d95-8e3c-f9f37ea45517.jpeg?crop=7282,4096,x688,y745&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F08\u002F2490e2a0-d6c8-4d95-8e3c-f9f37ea45517.jpeg?crop=5464,5464,x964,y0&width=1024&quality=75&auto=webp",6476,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F08\u002F2490e2a0-d6c8-4d95-8e3c-f9f37ea45517.jpeg?crop=6476,4857,x1009,y607&width=1024&quality=75&auto=webp","Quelle: Jurrien Timmer, Fidelity",13,"Die Märkte kennen kein Halten. Aber die Pläne von US-Präsident Donald Trump für Steuersenkungen und höhere Zölle könnten zusammen mit den verfrühten Zinssenkungen der US-Notenbank für eine Rückkehr der besiegt geglaubten Inflation sorgen. The Market zeigt, wie sich Anleger vor einem solchen Szenario schützen können.","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F06\u002Fbf59b5a8-7a77-4e3e-9737-83806014de39.jpeg?crop=6000,3375,x0,y625&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F06\u002Fbf59b5a8-7a77-4e3e-9737-83806014de39.jpeg?crop=4000,4000,x987,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F06\u002Fbf59b5a8-7a77-4e3e-9737-83806014de39.jpeg?crop=5333,4000,x333,y0&width=1024&quality=75&auto=webp","Die beste aller Welten dürfte bald Kratzer bekommen","Quelle: Value Intelligence Advisors, Bureau of Labor Statistics, basierend auf einer Idee von Game of Trades","Der Kurs der gegenwärtigen Inflationsentwicklung ähnelt dem Muster der Siebzigerjahre.","Quelle: Edward Chancellor","Quelle: Kopernik Global Investors","2024-11-07T03:42:23.667Z","Die US-Börsen reagieren auf den Sieg von Donald Trump mit einem Kurssprung. Der Leitindex S&P 500 hat am Mittwoch die beste Performance seit zwei Jahren verzeichnet und notiert auf Rekordhoch. Für den weiteren Kursverlauf gilt es auf diese Entwicklungen zu achten.","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F07\u002Fcdfa9040-7e23-422c-9236-c53e521a900a.jpeg?crop=8192,4608,x0,y428&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F07\u002Fcdfa9040-7e23-422c-9236-c53e521a900a.jpeg?crop=4857,4857,x853,y437&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F07\u002Fcdfa9040-7e23-422c-9236-c53e521a900a.jpeg?crop=6476,4857,x320,y419&width=1024&quality=75&auto=webp","2024-11-07T03:41:59.585Z",15,"Die US-Präsidentschaftswahl wirft an den Börsen Wellen. Die Überreaktion auf Nachrichten zählt zu den grössten Fehlern, die Anleger begehen können.","Das ist vielleicht meine wichtigste Kolumne dieses Jahres","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F06\u002F9bf2c99c-ccc6-408b-9e38-4cb77eabb85b.jpeg?crop=882,496,x0,y17&width=1024&quality=75&auto=webp",636,"https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F06\u002F9bf2c99c-ccc6-408b-9e38-4cb77eabb85b.jpeg?crop=636,636,x130,y0&width=1024&quality=75&auto=webp","https:\u002F\u002Fimg.themarket.ch\u002F2024\u002F11\u002F06\u002F9bf2c99c-ccc6-408b-9e38-4cb77eabb85b.jpeg?crop=784,588,x49,y0&width=1024&quality=75&auto=webp",{},"2020-03-31T14:28:15.404Z","page","CH","MKT",100,"Strategie | The Market",{},"Market, Strategie","website","https:\u002F\u002Fthemarket.ch\u002Fstrategie.rss",{},"redaktion@themarket.ch","2024 The Market Media AG, Schweiz","index, follow, noarchive, noodp",{},"Sun, 01 Dec 2024 03:25:32 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