April 20, 2017


We feel like a BUYER on the markets.

“It’s waiting that helps you as an investor, and a lot of people just can’t stand to wait.” – Charlie Munger

MDAX (ISIN: DE0008467416)MDAX is a German stock indexMarket: Frankfurt

Gain over the quarter: +5.8 % 

Fair value: 23500 pts
Average yearly return: 17.5%
Outperforming index