The CEO of Allianz, Oliver Bäte, spoke up this week with dramatic warnings.

"All the warning lights in risk management shine red," said the head of the largest German insurer on Thursday at a conference of the rating agency Standard & Poor's.

Among other things, he criticized the ratings in the technology sector and the auto industry as "irrational exaggeration," as reported by the Reuters news agency.

Tim Kanning

Editor in business.

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In addition, the regulators would have loosened the reins on the banks in the Corona crisis. They are less well equipped with capital and much more vulnerable in crises than the insurance industry. In short: "The financial system is not becoming safer, it is becoming more dangerous again."

Well roared, Kassandra.

But so far hardly anyone in the financial markets wants to know about such warning calls.

The stock markets rise and rise.

The price of Apple, for example, has already risen 8 percent this week, Facebook 5 percent.

For Tesla, with a few setbacks, it went up by almost 30 percent within a month, just to look once at some of the seemingly endlessly rising price rockets.

Whether they are now completely overpriced or, in view of their diverse digital offerings on a global market, will continue to guarantee growth, opinions in the markets have been diverging for a long time.

Volkswagen's P / E ratio of 6.6

With the exception of Tesla, one rarely hears such discussions about car values. If you look at the large German auto companies, they do not seem overpriced, at least according to classic valuation models. Volkswagen's current price / earnings ratio is a moderate 6.6. The average for all Dax values ​​is usually around 11. Most analysts would even trust VW to have a much higher rate than the current 180 euros. Deutsche Bank sets its price target at 270 euros, UBS even at 300 euros. At Daimler, the picture looks similar. Here, too, the price-earnings ratio is just 6. Despite the already very good run, the analysts at Berenberg Bank consider a further price premium of almost 30 percent to be appropriate.

But none of this should diminish the warnings from the Allianz boss.

His group has to invest 2.5 trillion euros in the capital markets.

Few people know as well as he does what the international financial markets are like.