The masked vigilante
German animal spirits
Today, on March 9th 2021 the longest stock market expansion in history turns twelve. If the bull run, which has seen stock market indices across the world, even the sluggish German DAX, more than double, will become a teenager before the tide turns, is anyone's guess.
Germans have historically shunned the public markets. The Wall Street Crash of 1929, which devastated the feeble Weimar Republic and changed the trajectory of German history, left scars on the German psyche which are still visible today.
Ten years ago, when the post-financial crash bull market was a mere toddler, only 5.6 percent of Germans were invested in the public markets, while every third Dutchman had an investment portfolio, according to Statista.
Most Germans act like finance minister Olaf Scholz. As aggressive as the bazooka man is with the public finances, when it comes to his private savings, he is known to prefer the good old Sparbuch.
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