If you look at the stock market, I think we declined sufficiently in many markets a buying range. Maybe we will go somewhat lower, maybe there is a global depression and we buy too early. But given the alternatives of negative interest rates on so many government bonds, stocks are relatively attractive.
In the last 30 years, since 1980 we had globally a huge asset inflation - properties, stocks, bonds, commodities and so forth. And I don't believe this asset inflation will continue forever. So it could be the future gains from asset prices will be relatively low or in some cases non existent. That would be my view.
