Eternal Values
Taken by the author on his honeymoon in 2014

Eternal Values

What is the definition of the West, anyway? Without its values and institutions, there would be no Gutmann Viewpoint newsletter. No investing. No private property. Stephen Kotkin, the U.S. historian and author of a multi-volume biography of Josef Stalin has aptly described this ideological place (source: newyorker.com).

The West is a series of institutions and values. The West is not a geographical place. Russia is European, but not Western. Japan is Western, but not European. “Western” means rule of law, democracy, private property, open markets, respect for the individual, diversity, pluralism of opinion, and all the other freedoms that we enjoy, which we sometimes take for granted.

The people in Ukraine are currently fighting for exactly these freedoms. They are steadfastly defending Europe and Western ideas. It should be all the more imperative for us to preserve these values with our possibilities and convictions.

Education and training

In Austria, these two pillars mentioned above are underrepresented. However, these cornerstones are particularly important - in times of major geopolitical and economic challenges: on the one hand, the values and institutions of the West and, on the other, financial education. The two go hand in hand to a greater extent than is apparent at first glance.

We need to make our youth aware of them and educate them so that they know the importance of values and institutions, internalize them, protect them and develop them further. At the intersection with financial education, our children, nieces, nephews and young friends will realize where the prosperity in the Western world comes from. Not from a state authority, but from the many entrepreneurs who offer products, services and new ideas.

On the other hand, there is a demand that is constantly changing. In the interplay with free markets, entrepreneurs rise to the challenges and adapt their contributions, change and develop them further and thereby, become stronger.

Successful entrepreneurship

The investment industry would do well to return to the origin of returns. It does not come from complex financial mathematical factors, but from successful entrepreneurship and the environment, that makes this possible.

Gutmann Viewpoint is always looking at entrepreneurial investing. A reader and customer asked me last week whether we really live this long-term investing credo and focus on the business model ourselves.

The answer is a resounding yes, confirmed by the long holding periods of the stocks in our funds. You are also certain to take notice of the intensive examination of business models during the presentations of our fundamental equity strategies.

Dissatisfaction as a driver

We can always do better, and that is why we must never, ever be satisfied with what we do and how we do it. Amazon.com founder Jeff Bezos repeatedly emphasized this view in his shareholder letters, “One thing I love about customers is that they are divinely discontent.” Bezos has long recognized that customer expectations “are never static – they go up. It’s human nature.”

We have to evolve and get ahead of your demands, dear clients. We have to develop intrinsic dissatisfaction one-step ahead of you, or to put it positively: we get a little better every day. Hardly noticeable from day to day and week to week, but it causes significant improvements in the long term.

__________________________________

This is a marketing communication. Investments in financial instruments are exposed to market risks. Past performance or forecasts are not reliable indicators of future results. Tax treatment depends on each client's personal circumstances and may change in the future. Bank Gutmann AG hereby explicitly points out that this document is intended solely for personal use and for information only. Publishing, copying or transfer shall not be permitted without the consent of Bank Gutmann AG. The contents of this document have not been designed to meet the specific requirements of individual investors (desired return, tax situation, risk tolerance, etc.) but are of a general nature and reflect the current knowledge of the persons responsible for compiling the materials at the copy deadline. This document does not constitute an offer to buy or sell or a solicitation of an offer to buy or sell securities.

The required data for disclosure in accordance with Section 25 Media Act is available on the following website: https://www.gutmann.at/en/imprint

要查看或添加评论,请登录

Robert Karas, CFA的更多文章

  • Unerfüllte Erwartung

    Unerfüllte Erwartung

    Bei meiner Hochzeitsrede im Jahr 2014 sorgte ich für überraschte Gesichter. Auf die Frage: ?Was ist das Geheimnis einer…

    12 条评论
  • Unmet Expectations

    Unmet Expectations

    At my wedding speech in 2014, I caused a few surprised faces. When asked, “What’s the secret to a happy marriage?” I…

    9 条评论
  • Power, Position, and Collaboration

    Power, Position, and Collaboration

    I wasn’t born a Chief Investment Officer. Of course, you already knew that.

    11 条评论
  • Macht, Position und Miteinander

    Macht, Position und Miteinander

    Ich bin nicht als Chief Investment Officer auf die Welt gekommen. Klar, das war Ihnen sowieso bewusst.

    10 条评论
  • 200 Blickwinkel – danke, Herr Buffett!

    200 Blickwinkel – danke, Herr Buffett!

    Wer h?tte im Juni 2020 gedacht, dass dem ersten Gutmann Blickwinkel Newsletter weitere 100.000 W?rter folgen werden?…

    10 条评论
  • 200 Viewpoints – Thank You, Mr. Buffett!

    200 Viewpoints – Thank You, Mr. Buffett!

    Who would have thought in June 2020 that the first Gutmann Viewpoint newsletter would be followed by another 100,000…

    20 条评论
  • MAG 7 – Risiko oder Chance?

    MAG 7 – Risiko oder Chance?

    Vergangene Woche hielt ich den Vortrag ?Magnificent 7: Risiko oder Chance?“ und hatte anschlie?end spannende Gespr?che…

    10 条评论
  • MAG 7 – Risk or Opportunity?

    MAG 7 – Risk or Opportunity?

    Last week, I gave a talk titled “Magnificent 7: Risk or Opportunity?” and had some fascinating discussions afterward at…

    12 条评论
  • Context Matters

    Context Matters

    “You just have to hit harder!” Hearing this phrase out of the blue might be confusing. But if you’re in a boxing gym…

    8 条评论
  • Auf den Kontext kommt es an

    Auf den Kontext kommt es an

    ?Du musst nur h?rter zuschlagen!“ Wer diesen Satz h?rt, ist im ersten Moment irritiert. Wer allerdings dabei in einem…

    6 条评论

社区洞察

其他会员也浏览了