Mario Becker

DFO Yearbook — 2024 Investment Universe

Mario Becker

Dear Investor, After a rewarding 2023, global financial markets carried their momentum into 2024. Equity markets, in particular, surprised with another year of double-digit gains, as the Nasdaq 100 and S&P 500 each advanced more than 25%—despite concerns that valuations…

DFO Monthly Review – July 2025

Mario Becker

July – a very good month on the stock market! In most years, July is a good month on the stock markets, which is then often followed by a volatile period between August and November. This year, the month surprised…

DFO Quarterly Reflections – June Q2 2025

Mario Becker

Background – The ‘TACO Trade’ rules financial markets! After global markets were thrown into turmoil because of the so-called Liberation Day on 2 April, an astonishing calm has set in: Market volatility, which is measured by the ‘VIX Index’ (volatility…

DFO Monthly Review – May 2025

Mario Becker

Is the spook over yet? After global financial markets were sent on a rollercoaster ride in April, which almost brought them back to their starting point, there was further stabilisation in May: Almost all asset classes recorded positive results. Only…

DFO Monthly Review – April 2025

Mario Becker

Liberation Day and Its Consequences… The past month was clearly marked by the so-called Liberation Day on 2 April, when Donald Trump presented his extensive tariff table to the world in the Rose Garden of the White House. The list,…

DFO Quarterly Reflections – March Q1 2025

Mario Becker

The return of uncertainty and volatility! Donald Trump’s re-election was widely celebrated on U.S. financial markets right up to his inauguration on 20 January: there was strong demand for U.S. equities and investments that were seen as winners of a…

DFO Monthly Review – February 2025

Mario Becker

MEGA – Make Europe Great Again! After a very good January, equity investors suffered losses in many market segments in February. This mainly affected our investment building blocks that invest in expensive technology as well as high-quality growth companies. Shares…

DFO Monthly Review – January 2025

Mario Becker

After a very strong year on the stock market in 2024 and the relatively high valuations of US technology stocks (Magnificent 7), a strong start to the year was not necessarily expected. Nevertheless, we can report a positive January. Except…

DFO Reflections – Q4 2024

Mario Becker

While the third quarter was marked by the stock market crash in Japan and its global impact, the re-election of Donald Trump as U.S. president was the focus by year-end. In the run-up to the U.S. election, some of the…