The stock markets have a problem.

They are subject to mood swings.

And quite violent.

It's often only a short way from being overjoyed to being saddened to death.

At the end of September they still thought the winter would be terribly cold.

The gas won't be enough.

Factories will close.

Ludwigshafen with dark BASF factory, Leverkusen without Bayer.

Since many suppliers also no longer have gas, the entire economy is practically idle because everyone is missing a particle somewhere to be able to complete a machine, car or solar system.

Daniel Mohr

Editor in Business.

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The mood today: we have enough gas, companies are making record profits, they can pass the high prices on to customers.

The central banks won't stall the economy, they'll probably be that smart and won't raise interest rates quite as much.

Especially since the inflation peak is behind us anyway.

Everything will be fine!

This took the Dax from 11,863 points at the end of September to more than 14,570 points this week.

Up 23 percent in eight weeks.

Not bad.

The dogs that had just been particularly beaten became favorites again.

Siemens Energy, for example.

Who needs gas turbines when the pipelines from Russia are empty?

Price low in October 10 euros.

Since then 60 percent price increase.

All Dax values ​​were able to break away from their lows for the year.

The ones in the M-Dax too.

Even real estate values, even if the lows have not yet been fully digested.

Some market participants seem to believe that business models, once celebrated as solid, will perish in the interest rate turnaround.

Weekly loser TAG Immobilien is currently trading at a price-earnings ratio of five, which is dirt cheap for real estate stocks.

Does Apple save Teamviewer?

Or team viewer.

The share of the Corona winner and software remote maintenance specialist was beaten down to 7.67 euros.

In the exuberance of euphoria, he once came up with the idea of ​​becoming the main sponsor of Manchester United.

That costs the Swabians 50 million euros a year.

The shareholders are putting pressure on the matter to end early.

When rumors circulated that Apple could take over English soccer record champions Manchester United, the markets immediately sensed an opportunity for Teamviewer to end the costly foray into the big soccer world.

For the first time since June, the share cost more than twelve euros.

Analysts have upgraded the stock.

What conclusions can investors draw from the past few weeks?

Stock markets exaggerate.

The abysmal pessimism at the end of September was neither appropriate nor is it the carelessness that is currently spreading.

These are wonderful times for investors.

In the pessimistic phases, shares can be bought more cheaply than ever before.

And in the carefree phases, you can let the profits run until you feel overconfident.

Unfortunately, no one knows exactly when that will be.

That's why the investors who don't go through the whole circus of moods, who instead drink cola in the long term and believe in the brand like Warren Buffett, fare best.

He and many others remain loyal to their favorite companies with success for decades.