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Heiko Thieme: Jetzt kommen die Midterms: Korrektur oder Mega-Chance für Anleger? — Transcript

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0:01So, whenever things get exciting, we
0:03have a very special guest. Heiko Time
0:04is with us once again. Dear Heiko, it's
0:06great that you have the time. As we
0:08know, the Midterms are in America next
0:11week. Have you already bought popcorn
0:13to sit in front of the TV?
0:15>> I'm not a popcorn enthusiast. There are
0:18other things I like to have, but there
0:20are various different things. Maybe I'd
0:22have a Cava to drink if the result
0:24turns out the way I hope, but Cava is
0:26the champagne or sparkling wine of
0:28Spain, very good. Now don't
0:29underestimate it, you don't have to
0:31spend $ 60 for the bottle. You can do
0:34it for 15 euros too. You can even do it
0:36for 5 euros. So I’m quite rational
0:38there, and the evening will of course
0:40be exciting. I also have my colleague
0:43here, Andreas Grossarbeit, we will
0:45follow it together and bring a special
0:47broadcast the next day to put things
0:50into perspective. It is the most
0:52important day of the year. I will link
0:55everything here for you if you want to
0:57join Heiko for the Midterms, and yes,
0:59Heiko is no longer in America, even
1:01though he was a huge fan of America for
1:03many decades. And we’ll get into that
1:06a bit later. But before we talk a bit
1:09about the Midterms and Donald Trump's
1:12prospects—he isn't on the ballot, but
1:14it's practically a vote on him—it
1:16will be decided next Tuesday and the
1:19result is quite open, it must be said.
1:22>> We'll talk about that in a moment,
1:24because there is quite a bit to
1:25consider. For example, his buddy Elon
1:27Musk, who has put a lot of money into
1:28it. But wait, wait, wait. First, we
1:31want to assess the market, as we are
1:32recording this on Wednesday the 28th,
1:34in the afternoon. And today, there are
1:37very important things that are also
1:39relevant for the stock market, and we
1:42have the American central bank meeting.
1:45And now the big question is: the new
1:47central bank chief is also a buddy of
1:49Trump's, and surely he will do him a
1:51favor today and leave interest rates
1:53untouched. You're right, although a
1:56rate hike would be rationally correct,
1:58just before such an election, to remain
2:01neutral, they won't do anything and
2:03will say we are remaining neutral. That
2:05is to be expected. An interest rate
2:08hike will come again before the year is
2:09out, that would be the second one. He's
2:12not doing a bad job, but what I notice,
2:14and I'm not entirely sure, is that he
2:16doesn't want to make any statements. I
2:18would set the trend. I wouldn't say
2:20Powell was more agreeable because we
2:22tell you what occupies us; we share our
2:24opinions with you. If I'm at the
2:25central bank and am asked where things
2:27are heading, and they just say they
2:29have no idea, we don't even want to say
2:30. That's just not right; it would be
2:32like if you asked me now, where is the
2:33stock market headed? I'd say, I have no
2:35idea. Okay, next question. What should
2:37we do? No idea. Yeah, well that was
2:38very nice. Heiko, let's talk again next
2:40time so that doesn't happen. What will
2:42happen next week in the elections? No
2:43idea. He says, well, we all have no
2:45idea, but you can't fill a program with
2:47that. You can't inspire people, nor
2:49encourage them to think. So, no
2:52decision today, and tomorrow the same
2:54from Ms. Lagarde for other reasons. She
2:56has already raised the rates. They can
2:58afford to take a break. Artificial
2:59intelligence remains the main topic.
3:01Then the planned IPO, right, which is
3:04imminent for Trump Media. We are
3:07dealing with a gigantonomy here. The
3:09market, you have to know that. Today,
3:12anyone who has a billion is actually
3:14more of a small beggar on the scene
3:16these days. So if you don't show up
3:19with 100 billion, you can't make an
3:20impression. And meanwhile, we also have
3:23a trillionaire, someone who has a
3:24trillion so far, it's Elon Musk. He
3:26will, in the next 12 months I would say
3:29, there is a high probability that he
3:31will have double that amount, so 2
3:33trillion, and will remain the richest
3:36man in the world by far, and thus far
3:38exceed the greatest wealth in history
3:40going back to Babylonian times. That is
3:43the fact we have. And considering that
3:46he as a person, now in his mid-50s, 30
3:49or 40 years ago, he didn't even have 10
3:52million, I would say. So, they came out
3:55of nothing, which again shows that
3:57wealth doesn't have to be earned by
3:59families, it can be created out of
4:01nothing. The time where people, who 6
4:05weeks ago had nothing, suddenly—that
4:07was the case with Trump Media—become
4:09multi-billionaires, that's a totally
4:10new era, but that's not negative, it's
4:12just a fact you should simply take into
4:14account.
4:16>> But have you taken a look at Anthropic,
4:17while we're on the subject? They've
4:19just released their prospectus and
4:21actually intend to go public later this
4:23year. I believe this will be a litmus
4:26test for the entire AI industry and
4:28this whole sector. We are already
4:31seeing that not everything is going
4:32perfectly anymore. For instance, we
4:34have already seen in various markets
4:37that AI stocks have taken a hit. So,
4:39there is a lot of skepticism in the
4:42market. Could Anthropic be the drop
4:45that makes the bucket overflow, or how
4:47do you say it?
4:50>> Yes, or the balloon that’s losing
4:51some air; it’s clear, it’s like
4:53climbing the Eiger North Face or
4:54whatever metaphor I want to use.
4:57Eventually you reach the peak, and no
4:58matter how beautiful it is up there,
5:00you know the next step leads down, no
5:02matter what you want. And that is what
5:05we are experiencing right now—an
5:06breathtaking development with AI,
5:08artificial intelligence, so far, and I
5:10don't know which of the viewers have
5:12been engaging with it. Those listening
5:15to this show have never used AI, never
5:19used ChatGPT, or Gemini, or Claude.
5:23Well, they are living in the past. They
5:26are living in the Middle Ages, to put
5:27it bluntly. Four months ago, I had no
5:29idea about ChatGPT. I had heard of it,
5:31but never used it. Now there isn't a
5:34day where I don't engage with this
5:36artificial intelligence at least a
5:37dozen times to gather information
5:39because it’s faster than anything
5:41we’ve had before. It makes work
5:44easier, it also shows you a certain
5:46knowledge gap you might have with
5:48historical data you once thought were
5:50facts, only for it to be revised when
5:53you realize you were using the wrong
5:55facts. So it really is a living
5:58encyclopedia that is constantly up to
5:59date and presents new developments. For
6:02me, it’s a fascination that such a
6:04breakthrough can happen. Yes, of course
6:07. I compare it to Gutenberg and his
6:09printing press. That revolutionized the
6:11world; every monk complained, of course
6:13, that they couldn't copy manuscripts
6:15anymore, or rather that the future of
6:17copying was being limited. "A printing
6:19press will do that soon, for God's sake
6:21, what is happening there?" No, this is
6:23something we have to accept if we want
6:25to keep up with the trend. But there is
6:29also fraud, and that can affect all of
6:31us as well. It's just like with ATMs
6:34over there, too. ATMs are fantastic.
6:36You have to be careful, as there can be
6:38fraud there as well. You have to
6:39implement the corresponding measures or
6:42safeguards. We have to look at the
6:44entire structure; whoever rejects it
6:46and wants to keep living in the woods
6:49can do so, but that’s not where the
6:51future lies.
6:53>> But the question now, of course, is
6:54what this means for our money? And I
6:57believe that with the company data we
6:59are now receiving from the major
7:01hyperscalers, the market really wants
7:03to see that these huge investments
7:05being made—setting aside the great
7:07vision, which is there—that these
7:10huge investments are actually bearing
7:12fruit. So that really is the big topic
7:15for all these stocks at the moment. So
7:17AI is being put to the test.
7:19>> That is correct. And if you look at
7:22what we’ve seen with the tech stocks:
7:24Micron Technology has risen
7:25fantastically, hasn't it? So many
7:28stocks that one could see in the market
7:30, where you can say, the guy with his
7:32company—he was the richest man a year
7:34ago—is a year younger than I am. The
7:36man is an adopted child from Chicago.
7:39You really have to listen to his story.
7:40I think his adoptive father told him he
7:42would never amount to anything in life.
7:45Well, he was certainly wrong about that
7:46. The man was the richest person in the
7:48world a year ago. Then, out of those
7:50600 billion, he still has 250 billion
7:52now. So should I feel sorry for him? No
7:53, that would be wrong. He knows what he
7:55wants. He is fully involved in the
7:57business and needs money in the
7:59double-digit billions. He will not only
8:01survive but will also be successful.
8:03But in the entire sector, we have a,
8:05let’s say, huge demand for these data
8:07centers, and I want to make a very
8:09simple forecast. You don’t need much
8:11imagination for that. Not all of these
8:13data centers will be successful. It’s
8:16like suddenly saying we’ve discovered
8:18the supermarket. The supermarket is
8:19great, and everyone builds the same
8:21store in a town of maybe 50,000 people.
8:23Then two of them would go bankrupt. If
8:24you then have 25 supermarkets, you can
8:26say one of them won't survive the next
8:2710 years because there are simply too
8:29many. That’s exactly it; you separate
8:32the wheat from the chaff, and that’s
8:34what we’re facing in the coming years
8:36, including with chips. With chips, we
8:38said: That’s Trump-style thinking,
8:40yes, we won’t give the chips to the
8:41Chinese, we don't want to be the
8:43dominant people. And then the NVIDIA
8:45CEO, Huang, who comes from Taiwan, says
8:47: Guys, I can only recommend, let our
8:49chips go to China. Why? Because if the
8:53Chinese get them from us, they won't
8:54put as many people to work developing
8:56their own chips. If they are blocked,
8:58they say we have four times as many
9:00engineers as the Americans have. And
9:02even if half of the engineers in China
9:04weren't worth much—I’m speaking
9:06hypothetically now—they would still
9:08have 100%more engineers than the
9:09Americans. So, by definition, they will
9:12produce a successful chip by the end of
9:14the decade faster than they currently
9:17have. And you can perhaps already see
9:19that the chips in China are comparable
9:21and in some things even superior to
9:23ours. The market must be open. Trump
9:26never really grasped that with his
9:28tariffs, his punitive duties, and so on
9:30. An open market has moved the world
9:32forward. The goal is to build bridges
9:35and not create walls. We saw that in
9:37Germany. A wall can last a few decades,
9:39but in the end, it falls; the bridges
9:41are the decisive factor. We also saw
9:42that with the Kerch Bridge, what was
9:44destroyed there. So, you can just say:
9:47Folks, please just think rationally
9:48about what we have here.
9:51>> And interestingly, well, I’m going to
9:53China in December; we really hear very
9:55little from the Chinese AI industry. In
9:58fact, these open-weight models are
10:00being used much more extensively and by
10:01developers in the Western world than we
10:03would like to admit. And that is very
10:06exciting. I’m looking forward to it.
10:07I am really looking forward to the trip
10:09and seeing companies there. I will, of
10:11course, report on potential
10:12applications here on the channel. Write
10:14in the comments if you want us to dive
10:16deeper into the topic of AI and do
10:18individual shows on it, because I want
10:20to talk to Heiko about other topics now
10:22, of course. And there, for example, we
10:24have something I’m currently
10:26researching for a column that I will
10:28publish on Sunday in Bild am Sonntag:
10:30the auto industry. We got the figures
10:32from Mercedes, and they were actually
10:34quite good. The outlook isn't actually
10:36that bad, I believe, but nonetheless,
10:38you have to say that the sentiment
10:39toward German automakers in particular
10:41is at rock bottom. What is your
10:43explanation for that? I know you've
10:45been on my show repeatedly regarding
10:47Volkswagen, and you keep sticking with
10:49it, but do people actually still want
10:50cars? Especially Germans? I would say
10:54yes, because we have the best engineers
10:57. You can count on us; we don't deceive
11:00people with diesel scandals and so on.
11:02But looking at where we are now, on
11:04that basis, with the stock at € 70,
11:07what could possibly go wrong? That VW
11:10will go down the drain and cease to
11:12exist, I consider to be very, very
11:14unlikely. The probability for that is
11:17under 5%, so I look at the 95%, and the
11:19question is what—I'm not saying this,
11:21I'm not the analyst, not the strategist
11:23—I look at what the analysts say.
11:26Analysts assume that the price could
11:27rise above the € 100 mark. I wouldn't
11:29consider that unusual. The stock is
11:31coming from 250, or 252 to be exact. So
11:34I see that as a possibility. I would
11:36keep VW on my list. Now here is the "
11:39but": I never invest in just one asset.
11:41No matter what it is, even if it were
11:44to go up 10,000%, I only invest a
11:46maximum of 3%in one asset. That is the
11:48diversification I preach, with a total
11:51of 30 positions in the portfolio—and
11:53by the way, if I may plug my book,
11:55which was created as a bestseller
11:57finance book this year, anyone can read
11:59it or get the audiobook to know what my
12:02idea is. I’m not saying I have the
12:04right idea; I just have an idea. I
12:05express this idea very clearly. I try
12:07to have a clear idea and suggestions
12:09for solutions for almost all problems,
12:12and as long as I can think and speak
12:14reasonably and present full sentences,
12:16I will continue to do so.
12:19>> Yes, but if we look at the car market a
12:21bit more closely, even the Chinese
12:22aren't doing that well at the moment. I
12:25mean, BYD was always described as the
12:27big new era of Chinese cars, but it
12:29seems there are problems with
12:31overcapacity there as well.
12:33>> That is correct. The car—if I may say
12:36so right away—the BYD is a top-tier
12:37car. So if I compare it with Mercedes,
12:40I would say the BYD is more attractive;
12:42that is my personal critique, that is a
12:44personal critique. I drive a Renault
12:46because of my family; my father-in-law
12:49was one of the three highest-ranking
12:51people, an executive at Renault. But
12:54it's a good car, the Renault, but I
12:56tell myself: If I take a Mercedes now
12:58in terms of luxury and looks, and a BYD
13:00, I would lean more toward BYD. When I
13:02sit inside, strictly speaking, I also
13:04look at—that's still my business—
13:06the price-performance ratio, which is
13:09crucial in the stock market; the
13:10price-earnings ratio and the value are
13:13optimal, and that’s a very valid
13:15point. The share price is anything but
13:17positive, and yet I recommend it
13:18precisely because of that—because
13:20it’s a good idea. Of course, I’m
13:22not allowed to call it a recommendation
13:24, which is nonsense, but that’s what
13:25the legislators say, so let’s be
13:27careful, but I’ll say: As an idea,
13:29BYD is interesting to me. I don’t
13:31think it just looks like that, but they
13:32are also a battery manufacturer, which
13:34gives them enormous advantages. That
13:36would be the alternative for me, so
13:38what do I do? I invest up to 3%in BYD
13:41and also 3%in VW. I could, of course,
13:45add Mercedes to that as well. I was
13:50>> could then also add Audi. Let’s leave
13:53everything else out, otherwise I’d be
13:55diversifying too much; overall, the
13:57global automotive sector can make up
13:59between 7 and a maximum of 10%of a
14:01portfolio.
14:03>> But the point is—and we’ll conclude
14:05the topic of cars with this—if you
14:06look at General Motors, the stock has
14:08done well. I mean, they have huge share
14:11buyback programs, which obviously
14:13improves the optics a bit, but what are
14:14they doing differently? Or are they
14:17simply in the promised land of
14:18combustion engines, where they can
14:20still sell all those big monster cars?
14:22That might also be coming to an end
14:24soon if the oil price continues to rise
14:25. So, I have been saying for some time
14:28that the combustion engine is here to
14:30stay. But looking at it today, I’ve
14:32changed my mind a bit. The combustion
14:34engine stays as long as refueling or
14:36charging—especially with EVs—is
14:38difficult, or because you have to look
14:40for a place to charge after just 100 or
14:43200 km, which is absurd. That is no
14:45longer the case today. When I drive a
14:47car—it’s a hybrid, by the way,
14:49because it’s both; Toyota actually
14:51made this happen, which makes Toyota a
14:53good company and shows their foresight
14:56—if I can drive: the maximum your
14:58listeners drive in their lives is about
15:001,000 km a day. I think there will be
15:02few who have driven more than that.
15:04I've done it, haven't I, driven a bit
15:05more, but it happens very rarely.
15:08Normally people want to drive at least
15:10500 km and then you have to think about
15:12where to charge, where to eat, and so
15:14on. Absolute utter nonsense. That won't
15:16even be an issue in the next 10 years.
15:19Batteries will be much better by then,
15:21and then we can switch completely to
15:23battery power. Yes, but hybrids have an
15:26advantage, of course, because
15:28electricity prices can sometimes be
15:29higher, can't they? Compared to
15:32gasoline, having a mix is something I
15:34don't mind. I think hybrid is a good
15:37compromise, knowing that ultimately,
15:40say in 30 or 40 years, gas cars will be
15:43something you just look at in a
15:45showroom or a museum. You know, like
15:49when you see an old car today, a '32 or
15:51'35 Bentley, but you don't drive it
15:53every day. And then we'll truly have
15:55EVs, but charging won't matter anymore,
15:58taking 10 minutes like at a gas station
16:00, and then it's fully charged and ready
16:02to drive. But different things will
16:05combine, and besides, driving will
16:07naturally be different. Why? Because
16:10with autonomous driving, many people
16:12won't own cars anymore. We know many
16:14young people, my children for instance,
16:16they don't have cars anymore. They say,
16:18"I don't need one." I can call an Uber,
16:20you know, and it doesn't cost that much
16:22. So, that will be a big change. This
16:24means the garage space that is the norm
16:27for a house today will be just that. In
16:3020 or 30 years, it will be the
16:31exception. Like a house without a
16:32garage, we don't even have a garage
16:33ourselves. You order the car, the car
16:36comes without a driver, available at
16:38any time. So, living conditions are
16:40changing dramatically. It's like asking
16:43what life was like before we had
16:44washing machines, right? What did we
16:46have before airplanes, the Wright
16:48brothers, you know, making the first
16:50flights? The world is constantly
16:52changing and actually improving. And
16:55the global warming question remains,
16:57but we will get a handle on it. Why?
16:59Because the world population is
17:00starting to shrink, although most
17:01people haven't even realized it yet.
17:03You have to look at the latest studies
17:04for that. China will go from its
17:06current 1.4 billion people to, by their
17:08own projections, I believe, between 700
17:10and 800 million by the end of the
17:12century. That means, if we take the
17:15lower figure—let's say 800 million—
17:18then you have 600 million fewer people
17:20than today. Basically, all of Europe
17:23vanishes between now and the end of the
17:26century, plus another 150 million on
17:28top of that; the whole development, and
17:30China isn't the only one with this
17:32trend. We in Europe have a negative
17:34growth rate. That’s why when we say "
17:37foreigners out," it's a bad proposal.
17:39Just take a look at Germany without
17:41foreigners. You wouldn't have hospitals
17:43left, you wouldn't have schools left
17:45that need teaching staff. You wouldn't
17:47have service staff, you wouldn't have
17:48specialists left for most of the jobs
17:50we have. We are a country—if you look
17:52at history, the "German" is not a type
17:54that existed in this form 30,000 years
17:56ago; it changes. No, we have constantly
17:59evolved, constantly changed, and then
18:01one was summarized at the end, but
18:03saying "we want to stay German"...Yes,
18:05that is nonsense, with all due respect.
18:08The pleasant part is the flexibility. I
18:12say that, of course, as someone who has
18:13been with a woman for 42 years, and my
18:15wife is French. So, in that respect, I
18:17can also prove it practically. It’s
18:19worth looking beyond the horizon. Heiko
18:22.
18:23>> Heiko, as always, your stories on the
18:25sidelines, even beyond investing, are
18:26always worth listening to, and I am
18:28glad you are here. We will take a look
18:31at how you would position yourself
18:33right now as we head toward the end of
18:34the year and into the next. But I
18:36wanted to give you all a little
18:38heads-up at this point. I was just
18:41talking to Heiko before the show about
18:43us setting up a live call here on
18:45YouTube before Christmas, where you can
18:47ask your questions. Write in the
18:50comments if you are interested in that.
18:51So, really a format where you can join
18:54in live. We’ll pick an evening when
18:56everyone is free and turn it into
18:57another "Long Night of Stocks." We have
18:59done that here on the channel before.
19:01Let us know if you like that idea, and
19:02then we will take care of it. Then I
19:04will pin Heiko down for a whole evening
19:07, and we might bring in a few other
19:09experts so we can shed light on
19:11different voices and perspectives, and
19:14you can be there and ask your questions
19:17. That works really well in formats
19:19like that. So, drop that down here in
19:21the comments and then we’ll see if
19:22there is interest. Heiko, why don't you
19:25share this with your 190,000 followers
19:26on Instagram, and we'll get the place
19:28packed. So, congratulations once again
19:31on your Business Book of the Year, and
19:33naturally for your huge Insta community
19:36, which, we have to admit, is
19:37significantly younger than our
19:39community here on the channel. But
19:42regardless, we'll shake things up
19:43shortly before Christmas. But Heiko, to
19:45make a long story short. What do you
19:47think, how should one position oneself
19:49now at the end of the year, with the
19:50midterms coming up? We wanted to talk
19:52about that briefly. You believe Trump
19:55will get a slap in the face there, but
19:57don't you think these huge donations
19:59from people like Elon Musk and the like
20:02could contribute to public opinion
20:03unexpectedly shifting in favor of Trump
20:06?
20:07>> You can't ignore that, you're right.
20:10And it will be a test. Can elections in
20:12a democracy be bought? And if Trump
20:16were to win the midterm elections next
20:18Tuesday and keep his majorities in both
20:21houses, then it's proof that democracy
20:23is dead. That means any billionaire can
20:29buy the elections. That would make the
20:32individual's vote worthless. The
20:35question is whether people can still be
20:37influenced to change their decision
20:38through a massive flood of advertising.
20:41The advantage is that many mail-in
20:43ballots have already been cast, so it
20:45will be a test. That's why I'm holding
20:48back a bit on saying Trump will
20:50definitely lose. I say I'm leaving it
20:53open. Committing myself to that makes
20:55no sense, because it's only a few days
20:57away, then we can decide after
20:58Wednesday, but regardless of how the
21:00election turns out, the stock market
21:02will be higher at the end of the year
21:03than it is today. We're firm on that
21:05for the DAX, to be precise. 27,500.
21:08That was the target, and I mentioned
21:10that back in January of this year. I'm
21:12sticking to that. I mentioned over
21:147,700 for the Stoxx. I've already
21:16reached that. So I could finish the
21:17year regarding the American market and
21:19say, goal achieved. Thank you. I'm
21:20going on vacation now. We'll see each
21:22other again in January. I'm not doing
21:23that. This means the stock market is
21:25set to rise further. Why? Because AI
21:27and other elements mean the German
21:28industry is constantly reinventing
21:30itself. Just look at BASF. BASF was on
21:33the brink, to put it extremely, when
21:35the gas supply was turned off by Russia
21:38and so on. Now they are rebuilding, and
21:41BASF shows that German management is
21:44innovative enough to handle even the
21:47greatest challenges. That is the
21:50crucial thing you are seeing. So much
21:51is happening there. The world will see
21:53a change in the next four years before
21:55this year is out, won't it? I hope I
21:57can fully experience it too, because
21:59standing here now with the deaths of
22:00friends, it makes you thoughtful; the
22:02ranks are getting incredibly thin. But
22:05it is fascinating what is happening
22:07before us. The depressing part is that
22:10our democracy is being put to the test,
22:12and what happened in France is a unique
22:15catastrophe. I agree with the pundit.
22:18He just said in a broadcast, "Child,
22:20it's impossible what we're experiencing
22:22," that young people wanting better
22:23school conditions destroy buildings,
22:25like one of the most beautiful town
22:27halls in Limoges, France, being burned
22:29down. The fire brigades aren't allowed
22:31through; they are being prevented from
22:33intervening, right? And they just let a
22:36historical work crumble into itself.
22:38That is an absolute outrage we have
22:41here. That has nothing to do with
22:43democracy anymore. It has nothing to do
22:44with protesting. You have to say,
22:46France is suffering a lot, but we must
22:49and can overcome this too; it's just a
22:51shame that we have to fall so deep
22:53first, and regarding the USA, I have to
22:55say something else. A president who has
22:58stolen 2 billion in the open scene. He
23:01stole them quite legally through
23:04insider trading. We just let that pass
23:07us by. What kind of world are we
23:08actually living in? Are there no longer
23:09any concepts of morality or normal
23:11standards? And that is what bothers me
23:13when Elon Musk supports Trump; of
23:15course he does. He wants the
23:17regulations for his companies, for
23:20SpaceX and for Tesla, to be approved.
23:23Furthermore, through his cleaning work
23:25with the administration in the US, he
23:28was able to see all the files and
23:29everything that is there. It is a
23:33scandal what we are putting up with,
23:35and yet we will survive it. If a few
23:38billionaires want to buy their own
23:40islands, let them do it. But democracy,
23:43as far as I am concerned—and many
23:45other people too—please wake up.
23:47Democracy must be defended. We fought
23:49for it for a long time. Do we suddenly
23:51want to go back to the Stone Age, leave
23:53it to a few rich people to dictate what
23:55we can do? Do we want to leave it to a
23:57Russian to say what is right? No, it is
24:00high time we view the democratic
24:02process not as sacred, but as the most
24:05desirable thing, and as Ludwig Erhard
24:07said, a free, yet liberal social market
24:10economy. We have to face that, we have
24:13problems in Germany too, but I only see
24:15opportunities there and the stock
24:16market higher at the end of the year,
24:17and what the next year brings, we will
24:19discuss at the appropriate time.
24:21>> Dear Heiko, we'll do that in our live
24:23format. As I said, write it in the
24:24comments. We covered a few different
24:26topics today, but I'm always happy when
24:28you're here with me, because I know
24:30that you speak plainly and find clear
24:32words, and it's important that we don't
24:35just have generic fluff on this channel
24:37. So, thank you for the words, thank
24:39you all for your time, and leave a
24:40subscription if you are here on the
24:42channel for the first time. Let me know
24:44if you are interested in a long night
24:46of stocks before Christmas, where we
24:49can really answer your questions. And
24:51for today, thank you very much.
24:53Exciting times ahead, exciting days lie
24:55ahead of us. So stay tuned. Live
24:57broadcast with Heiko. I will link
24:59everything so you can tune in on that
25:02day and that evening. So until then,
25:05have a great time. It was nice with you
25:07, Carola. You look good and keep it up.

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