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.