Germania: domanda di azioni - gzibordi
By: GZ on Mercoledì 23 Gennaio 2002 12:34
(della serie letture consigliate)
la borsa dipende dalla domanda e offerta di azioni. L'offerta è fatta dalle nuove quotazioni, aumenti di capitale, convertibili e buyback.
La domanda dal pubblico che direttamente o indirettamente compra azioni sulla base delle sue attività finanziarie e della sua psicologia. Delle due conta di più la domanda.
Sull'america si sanno molte cose, ma sulla germania ?
Qui leggo che nel 2001 nonostante un -40% del DAX dai massimi del 2000
il numero di investitori in germania è salito dell'1.5% e comprende ora circa un 25% degli adulti con una tendenza verso i fondi comuni e sempre meno gente che fa da sè.
By Anke Bryson Jan. 22
© Frankfurter Allgemeine Zeitung 2001
Germans didn't take easily to the stock market. But once they did, they also didn't give up that easily. Lured to equity investments during the hype that lasted until March 2000, German investors remained faithful to the stock market well into "annus horribilis" 2001.
According to Frankfurt's German Equity Institute, DAI, the number of direct share owners and equity fund owners continued to increase in the first half of last year. But investors seem to have lost faith when the recovery failed to materialize by mid-year. The deadening shock of Sept. 11 did the rest. Although hindsight shows that the aftermath provided for the best buying opportunities in a long time, share ownership was in decline for the rest of the year. Overall, DAI calls 2001 the "year of maturation for shareholders and fund owners."
DAI's survey records an average of 12.9 million direct and indirect share owners in Germany. Compared to boom-to-bust year 2000, share ownership rose by 1.5 percentage points to comprise roughly one-fifth of the adult population. This share is somewhat higher in the western part of the country. Even after more than a decade of market economy, only 13 percent of eastern Germans dabble in the stock market.
Interestingly, Germany has fewer stock-pickers now than it did four years ago. Perhaps deterred by the immense volatility of individual shares, investors have increasingly opted for investments in mutual funds. The long-term increase in equity ownership in this country has thus been driven above all by the growing attraction of equity and partly equity-based mutual funds. The number of pure stock-pickers fell slightly below 3 million in the second half of 2001, compared to 3.3 million in 1997. The number of pure fund investors more than tripled to 6.8 million during same period.
The immense popularity of managed investment products lends an element of stability to a fledgling equity culture where most retail investors can't rival the sophistication of their professional counterparts. Fund investments make sense for all those who lack the insight required to counteract the greater risk associated with stock-picking, but still want to benefit from the average long-term gains available in the stock market.
Their growing popularity is also welcomed by a whole new branch of business. Doubtless, DAI's next set of figures will garner considerable attention. It should already provide a first indication of how the Germans are responding to the added requirement for private retirement provisions. State incentives for supplemental private savings have been in place since January as state pension pledges are being reduced. Since risk-averse politicians imposed considerable investment restraints on subsidized investment products, the first such offerings are unlikely to prove a crowd-puller. Nonetheless, the lure of equity investments as such should grow as the state scales back its pensions coverage.
DAI's latest data release serves as encouraging evidence that even a prolonged bear market has not reversed the growth of an equity culture amid the Germans' traditional penchant for ultra-safe investments like savings deposits. The next survey should provide some hint as to how quickly Germany's substantial catch-up potential in international comparison can be realized.