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Biden fans in New York City
: A Democrat victory opens up opportunities for investors too
Photo: TIMOTHY A. CLARY / AFP
manager magazin: Mr. Gebhardt, Joe Biden is in all probability the next President of the United States. What opportunities does this bring for investors?
Henning Gebhardt
: Biden's election victory is good for international trade and for relations between the USA and Europe.
We have seen a certain sigh of relief from investors in the past few days.
To person
Photo: DWS
Henning Gebhardt
is one of the best-known German asset managers and founder of Gebhardt Advisory Portfolio Services.
Before that, he held a managerial position at the investment company DWS and at Berenberg.
The Republicans are expected to retain a majority in the Senate. Will Biden even be able to push through dream projects like higher corporate taxes?
Hardly likely.
The bond market is already showing that: investors there seem to be assuming that debt will continue to rise rather than higher taxes.
In the medium term, however, these debts have to be refinanced, for example through higher levies.
Given the very low interest rates, the US government can bear the high debt quite well, or do you see a change here?
For the foreseeable future, it seems certain that we will not get any rate hikes from the central banks.
The corona crisis is still weighing on the economy.
Low interest rates are good for stock prices. Where do you see investment opportunities?
Cyclical stocks and high-dividend stocks have performed surprisingly poorly in recent months.
High-growth companies have been in demand for a long time, especially from the tech industry.
The ratings have diverged widely.
A change of favorites is due in the first half of 2021.
The recovery potential for dividend stocks is significantly greater than for growth stocks when Biden is in office and the end of the corona pandemic is slowly becoming apparent.
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