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Welcome, dear viewers, to the second part of our big Marc Faber interview. Marc Faber, also known as Dr. Dom, is the author and publisher of the Gloom Boom Doom Report. Yes, and in the first part of our interview, we already talked about stocks and promising sectors. Now let's look at investment products in general.
Your colleague, one of the richest men in the world, has recently been a strong advocate for ETFs, that is, exchange-traded index funds. They are more cost-effective in design and usually perform better than actively managed funds. What is your opinion on this? Yes, I need... then it falls... I just...
Rosberg steps and the fires... real sport over a longer period. I have a relatively satisfactory success. Is it better if I just... always... a team... finishes here... Yes, I assume it's significantly better, but is it better than if I... at the low point on March 6, 2009, in Essen at 66.4... active...
Yes, probably not. It also depends on when you start investing. So... Proper timing is and remains crucial on the stock market. We look at the interest rate policies of central banks, especially the Fed in the US, which has already raised interest rates four times in the current cycle. When do you think the European Central Bank will follow suit?
I don't know, because the threatened banks are next in line for me, and they do what they want. They manipulate the markets by manipulating and coordinating interest rates. Their monetary policy is no longer a free market, and I would say that's an element of uncertainty. You don't know for sure. The fund of the year was negative worldwide about the euro.
What has the euro brought? It has now risen by 12 percent against the dollar. So, as I explained at the beginning, you don't really know for sure. I would hold a diversified portfolio. You mentioned the dollar weakness, Mr. Fahrbahn. Despite higher interest rates in the US, the dollar has lost significant value against the euro in recent weeks or since the beginning of the year.
What is your target for that? Currency pair euro dollar, I don't know, I'd have to ask the central bank, which manipulates the currencies to some extent. It's more about the fact that in the long term, partly completely without Rönsch, the currency is a woman at her goal of having a strong dollar, and I believe the ladies are better in the world, but it's significantly better with the EUR.
Clearly, until next time, I'll take yes/no. Equilibrium price sweet American dollar and euro is between 120 and 130. Which currencies are better in terms of half, but Swiss francs too, yes, not necessarily, but what have I already done? For example, the best single and Evelyn, certain emerging market currencies that are fundamentally competitive, and I think if I look at precious metals and don't consider them as commodities, special evaluations, then I would assume that everyone should have a certain share in their presentation.
We talked about that more in detail, a part of our interview. Is Bitcoin, or in general, are cryptocurrencies, Bitcoin again, an alternative for you? Not for me, but for many people, yes. I have no I have no idea how much bitcoins will be worth one day. I know intelligent people who think bitcoins will one day be worth $500,000.
In my opinion, they will be worth less than they are today, but I do n't know, and I'm interested. It does n't really apply to honors, so they don't have any bitcoins in their portfolio. No, let's look at the real estate sector. Prices have risen sharply, especially in Germany, in recent months. Some experts already see a bubble.
What kind of development do you expect? What is your assessment of the German real estate market? German real estate, 90% of it, and partly also in Austria. And of course, one has to differentiate between properties in metropolitan areas like Frankfurt and Munich/ Hamburg in the best locations, and properties we saw 40 minutes, an hour, away from a business center in the countryside.
Rural real estate prices in Germany, in Europe in general, and especially in Portugal, Spain, and Italy, are active. One has to be so broad when comparing them, for example, with... Australian prices and Canadian prices, and also Hong Kong and Singapore, but they do that, a comparison would also be difficult to make because we would also have to examine the tax situation, but basically, I believe Germany doesn't yet have a real estate bubble, and that rural properties are relatively undervalued compared to financial assets and especially to government bonds, relatively speaking.
But you said in the first part of our interview, or rather, general investment advice is always difficult because you always have to consider the individual needs of the investor. Nevertheless, you now ask yourself again, in conclusion, quite generally, what advice do you give to investors who currently have little experience with stocks or funds and still rely on classic conservative investments such as savings or fixed-term deposits?
Besides savings accounts, the risk of both fixed-term and savings accounts is a risk of the bank. And secondly, if you look at how prices have developed when you consider the cost of living 30 years ago, 20 years ago, 10 years ago, and today, then I see that rents have risen all over the world. All over the world, that's Education has become more expensive, especially in the United States and other countries, less so in Europe where we now have good public schools.
Of course, asset prices have risen sharply everywhere in the world. But anyone who had a million dollars in cash 20 or 30 years ago, or emergency funds, naturally didn't participate in the increase in asset prices. And that remains a risk: that asset values, although I think they are high, will continue to rise because more money is being printed by our major central banks.
They don't help the average citizen, though. Due to rising living costs, people are thinking about it, and their real purchasing power decreases. Printing money naturally benefits those who already have assets, i.e., the rich. The market, with its color and applause, economists say that central bank policy will have devastating long-term effects, but it's touching.
Of course, they benefit people with assets and individual investors. Anyone without experience—and I will repeat this—is at risk. For a woman, diversification is particularly important, says Swiss stock market legend Marc Faber. Many thanks for your views. Yes, and that's it again, dear viewers, with our Biallo interview here with Swiss stock market legend Marc Faber.
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