It is extremely exciting to look into 2023. There's no doubt financial markets will also enrich investors with both sorrows and joys next year. My assessment is that there will be significantly more joys than this year but I also assess that 2023 will be the start of a different investment world where investors must again orient themselves.

First of all, inflation will remain high for longer than expected. In the United States, however, there is some hope that it is under control and will continue to decline. Based on that assumption, I also expect the joy among investors in the US to return fairly quickly.