What a volatile month it’s been for stocks, bonds, currencies, and commodities. Above all, there has been a severe crisis of confidence in the overall stability of the financial system. Sparked by the bankruptcy of Silicon Valley Bank, the subsequent bank run, and the state-backed rescue of Credit Suisse by UBS, memories of the 2008 financial crisis have come flooding back. As a result, gold has steadily climbed to USD 2000 per troy ounce, now reaching a near all-time high. Government bonds are in greater demand, since the start of the turnaround in interest rates, and quality stocks proved to be the winners. So, once again, it all comes down to making the right selection. Of course, we are monitoring this possible slowdown in economic growth and further rate hikes by the central banks with some concern. Despite this, the fact remains that many companies are doing very well and continue to generate high cash flows. In fact, dividend payments will reach a historic high in 2023. We expect corrections once more in the following quarters, though these should be viewed more as opportunities to enter than to leave the market in fear. After all, the economy is in better shape than many realize, and China’s reopening has positively surprised the world economy. Stock picking and intelligent industry weighting remains our motto and forms our daily work and challenge, especially since sector rotations have been more extreme in recent months than they have been for a long time.