Financial knowledge

After Britain's Brexit vote, investors need patience and discipline. Markets may be rattled and savers nervous in the short term, but there's no reason for hasty selling.

A possible exit of the United Kingdom from the EU is not expected to cause a noticeable slowdown in the global economy or the associated worsening of prospects for global stock markets. That is the assessment reached by the Berlin-based quirin bank AG, which specialises in fee-based advice.

Lawmakers want to help fee-based advice achieve a breakthrough in Germany. These efforts must not be allowed to slacken, even though some banks are now "voluntarily" forgoing commissions. This is the demand of the German Association of Fee-Based Advisors (BVDH).

Active equity-fund management rarely delivers what it promises: an excess return over its respective benchmark. A high to very high percentage of actively managed equity funds, by contrast, regularly underperform their benchmark.

State-subsidised private retirement provision has failed. This is shown, for example, by the Riester pension.

Abolishing cash — or even just restricting its use — means there is no escape from central banks' negative interest rates.