Professional Documents
Culture Documents
Stock Market:
In financial terms, investors and advisors have been told for decades, all this
is scientific: Post-Modern-Portfolio-Theory, Markowitz (Nobel prize), Black-Sholes
(Nobel prize), Monte-Carlo, the blessings
of diversification and passive investing,
then the recent flood of nice abbreviations like TARP, ZIRP, MiFID, ESM, EFSM
etc., or rather spots on the camouflage
of the century old Big Money lab trial
of monopolist Central Banking, the
biggest fiat money experiment the
world has seen ever. Thered been historical warnings from the beginning,
of course, that something had been
wrong with the fundamentals like Wilsons regret, the Great Depression, the
Executive orders 6102 and 11110, then
Fort Knox, De Gaulles claim for gold,
the petrol dollar created, LTCM and
the recent New Economy of QE! Let us
stop here for a minute. QE Economy?
A missing link to investments? Yes,
once risk (the probability of losses) becomes
relative to certain market players, and
access to easy money is not equal
across the markets, and intervention
(of governments and central banks) becomes the
rule not the exception, then all the nice
Dr. Zoltan
Luttenberger
about the current stock market levels,
how currency wars destabilize markets,
whats the impact of the GREAT CREDIT
uNWINDING on the stock markets, the
outlook for the (euro)dollar, SDR and
__________________________________________
TRUSTING N8 July/December 2015
121
122
__________________________________________
TRUSTING N8 July/December 2015
_________
Zoltan Luttenberger PhD has been
working in the FS industry since
1989 as (independent) financial planner, management and IT consultant.
www.linkedin.com/in/luttenberger
Zoltan Luttenberger PhD is a
Founding Partner of the European
Transition Program in Financial
Advice
Zoltan Luttenberger PhD is Member
of the Board (in charge of International Relations) and the Founding
Chairman of the Hungarian Association of Qualified Financial Planners.
www.HAQFP.org
He is also a member of the CIFAs
Executive Committee.
Zoltan Luttenberger
__________________________________________
TRUSTING N8 July/December 2015
123