If the biblical King Solomon, who is considered wise, had opened a house of analysis, its name might have been SALytic.

But the former Landert Family Office decided on this name after Gerhard Landert left the company.

The name SALytic is program insofar as one has the claim to make intelligent investment decisions on an analytical basis, explains board member Wolfgang Sawazki to the FAZ From the family office SALytic has become a bank-independent asset manager of liquid securities for institutional investors.

Martin Hock

Editor in business.

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Investment decisions are based on in-house company research and our own macro database.

With their help one wants to "recognize the forest" when looking at the trees, says Sawazki.

He is currently also preoccupied with the topic of inflation, especially the possibility of a wage-price spiral, which he does not rate as that high.

Even in the USA, where this has already started in part, the return of workers in the low-wage segment should ease the situation in the future.

“However, part of the earlier deflationary scenario is no longer applicable,” says Sawazki.

“There is a tendency towards local production.

That reduces wage pressure and import price competition. ”In addition, the global energy transition will probably make energy production more expensive.

For the next ten years, Sawazki expects higher nominal but still negative real interest rates. A higher real interest level is not feasible because of the high debt, not only of the states. “Getting into debt has become generally positive. The only way to get out of this is by long-term negative real interest rates. The current generation is taking out a loan from their children, ”he warns.

In the best-case scenario, higher productivity as a result of increasing digitalization will allow higher wages and more growth in the future.

But even then, the retirement age would have to rise, says Sawazki and advises more flexibility.

“In a digital service society, the retirement age cannot be based on employees who have to retire early because of their work, such as roofers or tilers.

It is necessary, but politically not exactly easy. "

In the worst case, the economy would go into stagflation in which prices rise without the economy growing.

“In any case, investors should prefer real assets that bring cash inflows, that is, stocks.

However, they have to be aware that real portfolio returns will decrease overall, ”says Sawazki.

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