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Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014
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Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management: Elite Summit 2014

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For more information contact: emailus@marcusevans.com …

For more information contact: emailus@marcusevans.com

Elite Summit 2014: Uncovering the Investment Strategy for Bonds, Equities and Gold in 2014 and Beyond by Georg Thilenius, Dr. Thilenius Management

The 13th Elite Summit delivered more than 25 hours of world class briefings from some of the leading minds in the private wealth industry.

Join the November 2014 Summit along with leading European family offices and global asset managers in an intimate environment for a focused discussion of key new drivers shaping wealth management strategies today.

For more information contact: emailus@marcusevans.com

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  • 1. Dr. Thilenius Management GmbH Dr. Thilenius Management GmbH Das Werk ist in allen seinen Teilen urheberrechtlich geschützt. Jede Verwertung oder Weitergabe an Dritte ist ohne Zustimmung des Autors unzulässig. Das gilt insbesondere für Vervielfältigungen, Übersetzungen, Mikroverfilmungen und die Einspeicherung in und Verarbeitung durch elektronische Systeme.
  • 2. Where we come from Dr. Thilenius Management GmbH Bankhaus Doertenbach, Königstraße 43 b, 1721 bis 1931, seither Family Office
  • 3. Risiken bei Anlagen in Wertpapieren • Die Mindestanlagedauer beträgt zum Ausgleich von Kursschwankungen 3 – 5 Jahre. Aktien können steigen und fallen. Eine in der Vergangenheit erzielte Wertentwicklung ist kein Indikator für zukünftige Entwicklungen. Trotz sorgfältiger Auswahl besteht keine Gewähr für eine bestimmte Entwicklung von Konjunkturen, Volkswirtschaften, Währungen, Märkten, Branchen, Unternehmensgewinnen, Dividenden und Kursen. • Unvorhersehbare Ereignisse in den Volkswirtschaften wie z.B. die Ölkrisen 1973/74 bzw. 1979/80 oder die Terroranschläge vom 11. September 2001 können jederzeit eintreten und trotz bisher guter Entwicklung der Unternehmen Kurseinbrüche Dr. Thilenius Management GmbH eintreten und trotz bisher guter Entwicklung der Unternehmen Kurseinbrüche verursachen. Ebenso können solche Ereignisse bei einzelnen Unternehmen wie z.B. die Bilanzskandale bei Enron oder Ahold 2002 oder die Abschreibungen bei der IKB 2007 Gewinneinbrüche, Kurseinbrüche oder Dividendenausfälle verursachen. • Bei festverzinslichen Papieren können Inflation und starke Zinssteigerungen wie z.B. 1981 oder 1990 Kursverluste verursachen. Überraschende Bonitätsverschlechterungen eines Emittenten können zum Ausfall von Coupons oder Rückzahlungen führen. • Kursentwicklungen verstehen sich vor Gebühren der Bank und Vermögensverwaltung. • Siehe dazu „Basisinformationen für Wertpapiervermögensanlagen“, Seite 75 ff.
  • 4. Economics Dr. Thilenius Management GmbH
  • 5. 10-Year Bunds vs Japanese Goverment Bonds Dr. Thilenius Management GmbH
  • 6. 5-Year Bunds Yield since 1980 Dr. Thilenius Management GmbH
  • 7. Median PMI´s Eurozone, USA, China Dr. Thilenius Management GmbH
  • 8. GDP Growth and IFO Index Dr. Thilenius Management GmbH
  • 9. Economic Growth 2014E 2014e 2015e Eurozone 1% 1,20% Dr. Thilenius Management GmbH Eurozone 1% 1,20% Germany 2% 1,30% USA 3% 3,20%
  • 10. 10 Year Treasuries USA Dr. Thilenius Management GmbH
  • 11. RISKS Dr. Thilenius Management GmbH
  • 12. Soviet Union 2.0 ? Dr. Thilenius Management GmbH
  • 13. 1914 Dr. Thilenius Management GmbH
  • 14. Dr. Thilenius Management GmbH
  • 15. Dr. Thilenius Management GmbH
  • 16. Disruptive Potential • Ukraine • Baltics: Strong Russian Minorities 100% Dependence on Russian Gas • Poland Dr. Thilenius Management GmbH • Poland Energy Diversification well underway • Western Europe 1/3 of gas from Russia but Oil und Gas Exports constitute 52% of Russian State Budget
  • 17. BASF from 1987 Dr. Thilenius Management GmbH
  • 18. Solution • Build European Pipeline Network • Diversification of purchases Norway, Algeria, Libya Dr. Thilenius Management GmbH Norway, Algeria, Libya • When Gazprom contracts come up for renewal reduce volume and maturities
  • 19. Investment Implication • PICKS Pipeline:Vallourec Software: SAP Dr. Thilenius Management GmbH Palo Alto Networks • PANS Tanks: Reinmetall General Dynamics
  • 20. Bond Market Dr. Thilenius Management GmbH
  • 21. Expectations for BBB and BB Corporates with Different Maturities Dr. Thilenius Management GmbH
  • 22. Bonds • Bund 10 Years 1,5 % • TAX 26 % • Inflation 2 % Dr. Thilenius Management GmbH • Inflation 2 % • Thyssen Krupp 4 % • Kion 5 % • Portugal Telecom 5 %
  • 23. Spanish Government Bond 2013 - 2023 Dr. Thilenius Management GmbH
  • 24. 5,375% Voith GmbH Dr. Thilenius Management GmbH
  • 25. 4,625% Otto GmbH Dr. Thilenius Management GmbH
  • 26. Equity Markets Dr. Thilenius Management GmbH
  • 27. Dow Jones History Dr. Thilenius Management GmbH
  • 28. Dow Jones since 1970 Dr. Thilenius Management GmbH
  • 29. Breakout Following 13 Years Sideways Movement Dr. Thilenius Management GmbH
  • 30. Dow Jones 5 Years Dr. Thilenius Management GmbH
  • 31. Gold 5 Years Dr. Thilenius Management GmbH
  • 32. Gold since 2001 Dr. Thilenius Management GmbH
  • 33. Gold since 1970 Dr. Thilenius Management GmbH
  • 34. Comparison since 2001 Dr. Thilenius Management GmbH
  • 35. 5 Year inverse relationship Dr. Thilenius Management GmbH
  • 36. Inverse relationship since 1970 Dr. Thilenius Management GmbH
  • 37. Markets in 2014 Dr. Thilenius Management GmbH
  • 38. • P/E Ratios undemanding • Forward P/E : Dr. Thilenius Management GmbH S & P 500: 15 DAX: 13 • Well within historic Mid-Cycle Patterns
  • 39. • Presidential Cycle • 2nd Year Dr. Thilenius Management GmbH • Mid Term Elections
  • 40. Dow Jones 1998 Dr. Thilenius Management GmbH
  • 41. Non Cyclical Growth Stocks • 15% - 20% earning per share growth • Price Earnings to Growth Ratio Dr. Thilenius Management GmbH
  • 42. USA and Canada Dr. Thilenius Management GmbH
  • 43. Actavis Dr. Thilenius Management GmbH
  • 44. Constellation Brands Inc. Dr. Thilenius Management GmbH
  • 45. Alimentation Couche-Tard Inc Dr. Thilenius Management GmbH
  • 46. Europe Dr. Thilenius Management GmbH
  • 47. Eurofins Scientific Dr. Thilenius Management GmbH
  • 48. Fuchs Petrolub Dr. Thilenius Management GmbH
  • 49. Coloplast Dr. Thilenius Management GmbH
  • 50. Dividends BASF Dr. Thilenius Management GmbH BASF Dividendenentw icklung 0,00 € 0,30 € 0,60 € 0,90 € 1,20 € 1,50 € 1,80 € 2,10 € 2,40 € 2,70 € 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013
  • 51. Emerging Markets Dr. Thilenius Management GmbH
  • 52. Ambev Dr. Thilenius Management GmbH
  • 53. BRF S.A. Dr. Thilenius Management GmbH
  • 54. Coca-Cola Femsa Dr. Thilenius Management GmbH
  • 55. Petra Foods Dr. Thilenius Management GmbH
  • 56. Avoid • Empire Building • Government Intervention Dr. Thilenius Management GmbH
  • 57. Empire Building Dr. Thilenius Management GmbH 57
  • 58. SolarWorld Dr. Thilenius Management GmbH
  • 59. Thanks for your Attention! Dr. Thilenius Management GmbH

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