{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"Zeitenwende. ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Olaf Scholz","nodeType":"text"},{"data":{},"marks":[],"value":" prägte 2022 den Begriff im Zusammenhang mit dem russischen Angriff auf die Ukraine. Auch die Kapitalmärkte erlebten eine Zeitenwende – allerdings auf eine ganz andere Art. Auch vier Jahre später ist das noch nicht allen Anlegern bewusst.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"2022 endete ein 40 Jahre gültiger Trend. Seit den 1980er-Jahren schufen niedrige Inflationsraten und im Trend sinkende Zinsen ein hervorragendes Umfeld für Investoren. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Die Rückkehr der Inflation 2022 sah kaum jemand vorher. Sie kam dennoch. Die Zinsen stiegen infolgedessen. 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Das ist jetzt auch der Fall“, sagt ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Ulrich Stephan","nodeType":"text"},{"data":{},"marks":[],"value":", CIO der ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"Deutschen Bank","nodeType":"text"},{"data":{},"marks":[],"value":".","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Dieser Bruch muss für die Börse nicht negativ sein. „Wir sehen eine Rückkehr zur Normalität“, sagt ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Joachim Schallmayer","nodeType":"text"},{"data":{},"marks":[],"value":", Leiter des Bereichs Kapitalmärkte bei der ","nodeType":"text"},{"data":{},"marks":[{"type":"italic"}],"value":"Dekabank","nodeType":"text"},{"data":{},"marks":[],"value":". Die Zeit der Null- und Negativzinsen war die historische Ausnahme, nicht der Regelfall, so der Experte. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"italic"}],"value":"The Pioneer","nodeType":"text"},{"data":{},"marks":[],"value":" hat sich mit diesem Bruch näher befasst. Da wir erst am Beginn dieser neuen Zeit stehen, gehen die Einschätzungen dazu von Börsenveteranen auseinander. Wir finden gleichzeitig Warner und Beschwichtiger. ","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"Im Ergebnis zeigt sich jedoch: Geldanlage muss heute anders gedacht werden. Wer diese Brüche antizipiert, wird sein Vermögen auch weiterhin erfolgreich steuern. ","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}

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