Christian Jost

“During the month of October, we did not carry out changes to our portfolio. This is attributed to three economic developments. First, the FED’s second interest rate cut in two months drove the euro to a new all-time high of $1.46. Second, the prices for ­commodities such as oil continued to rise. Third, the upward trend of the commodity prices was also reflected by the gold price – more than $800 (U550). In our ­opinion, all these ­developments are exaggerated, so we prefer taking a ­passive and prudential stance with our investments in order to be able to react to potential counter movements.”