The dominance of today’s largest companies, particularly tech giants like Apple and Microsoft, has led to an extreme market concentration. However, as this paper shows, this is not historically unique.

Heat pumps currently only represent approximately 13% of all heating systems in Europe and around 5% in the US, indicating significant growth potential.

We conclude that equity investors may suffer during times of high inflation but in recent history, equities have indeed worked as a hedge against inflation.

In 2022, the energy crisis, the war in Ukraine, inflation, and elevated food prices dominated the economic landscape and caused a significant decline in the bond and stock markets. However, the consumption of luxury goods was remarkably resilient.