When the DAX last week, 100 percent gain since the crisis low of March 2009, could be read quite often: Now it is dangerous, now there is too much euphoria, now the DAX overrated, now should be very, very careful . act Is that true?
Good, careful to act is never anything wrong with that, especially not if incalculable political dangers lurk. But the index doubled within 23 months is in itself a valid argument, to continue to DAX avoid - at least not the medium and long term. Even if the 100 percent, especially for the yields of lean accustomed interest savers look huge - the DAX is thus the solitary light at the end Germany four most popular indices. The MDAX has since increased by 156 percent, 148 percent of the SDAX and TecDAX after all, even the 125 percent. Seen in the DAX is now 104 percent positive definitely has to catch up.
He has incidentally also from valuation perspective. Its average P / E ratio for 2012 is just under ten, while in the MDAX and SDAX TecDAX at just over 12 and is around 13. And the DAX-dividend yield falls even with nearly three percent from about twice as high as for the other three indices, the rund1 amicably each, 5 percent offer. Both the performance and the valuation speak so clearly for the future rather DAX shares to overweight - at least in the German context.
Something else speaks for the DAX: has occurred since then on the bond markets, the interest rate trend, and suffer the bond prices including strong bonds which has been so heavy layers of large investors increasing interest bonds to equities. Large investors but now even mid-and small-caps, but put the big money they have mainly for liquidity reasons in blue chips - in Germany, just in DAX. And that is likely to spur further.
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