Many German citizens would like to tick off the year 2020 very quickly: Lockdown, short-time work or even job loss were getting on their nerves. In contrast, the past twelve months have been fantastic for shareholders. The Dax reached a record high of over 13,800 points shortly before the end of the year. Driven by a synchronized upswing in the global economy, robust corporate earnings growth and still massive stimuli from governments and central banks, the Dax should reach further record levels. But not all experts believe in the positive narrative. Savers now need to know about these risks.