German stocks are currently undervalued.
The sales of the Dax companies reached record levels in the past quarter, and profits were the second highest in their history.
But the prices are on average around 20 percent below their highs.
The ratio of price and profit has fallen accordingly.
The enormous uncertainty is to blame.
Currently, in mid-August, many companies cannot say with certainty whether they will still be able to produce in a few months.
Is gas rationed?
Who gets the scarce good?
Who will procure a replacement in good time and at what price?
For an industrial nation, fundamental questions remain unanswered.
There are crisis winners.
The Hapag-Lloyd shipping company can demand record-high freight rates.
But how long?
Anyone who believes in the innovative power of large German companies, in their ability to find good solutions even in difficult situations, can currently collect shares cheaply.
BASF, banks and car titles have rarely been so cheap.
Fear is always on board on the stock market and is depressing prices.
Those who are brave can benefit.
But the situation is unclear how rare.
That's why nobody blows a hurray to get started.
The gas importer Uniper has made it too clear what fate threatens listed companies if the business model falters.
Luckily you can split your money: part to risk and part to waiting.