"The Art of Investing": first-class event staged by Bank Austria and Pioneer Investments
- Using the topic of "Change of perspective - appropriate solutions for new times" as a basis, the geneticist and best-selling author Professor Markus Hengstschläger gave a talk on the permanent change of perspective produced by continuous shifts in the economy and society
Bank Austria and Pioneer Investments held an event entitled "The Art of Investing" in Palais Ferstel on Monday evening. They were able to engage the renowned geneticist and best-selling author Professor Markus Hengstschläger as the keynote speaker at this event. During his opening address Robert Zadrazil, CEO of Bank Austria, emphasised the following: "In the much changed market environment at present, it is also very important for many investors to change their perspective since traditional savings products are no longer suitable for wealth creation. We offer our customers a number of alternatives to make use of the opportunities on international financial markets. 100 additional investment specialists, who are available locally in a branch office or can be included in a consultation meeting via a video link, provide first-class advice in this respect."
During the subsequent expert panel Markus Hengstschläger, Stefan Bruckbauer (Chief Economist at Bank Austria), Christian Noisternig (Bank Austria Head of the department Private Customers, Corporate Customers and Independent Professions) and Hannes Roubik (CSO and member of the Board of Management of Pioneer Investments Austria) discussed the specific change of perspective which economists, banks and fund providers have made in the last few years. The panel also examined the question of what challenges are faced by investors in the current market environment and what solutions are appropriate for these new times.
Courage to be flexible
Hengstschläger opened his keynote speech with the bald statement: "The future cannot be predicted." He said that although this has always been true, developments and changes are now taking place much more quickly and more unpredictably than in the past. Former concepts will therefore not function in future merely because they did so in the past.
He said there was a need for a change of perspective. According to Hengstschläger, the widespread belief that it is "better to be mistaken with the majority than (perhaps) to be solely right" will not be viable in future. He said that the system must be extremely flexible so that it can cope with the widest possible range of potential future challenges. That's because nobody knows what lies in store for us. This applies equally to every individual. From his point of view as a geneticist, Hengstschläger emphasised that evolution also does not assume that it knows the future and can therefore create as many answers as possible. Answers to questions which will only be asked in future. Hengstschläger said that one thing above all is needed in regard to this flexibility and permanent change of perspective: "courage" During the subsequent podium discussion he added that "advice" was also required: "If qualified advice makes the difference as to whether you belong to the winners or losers on financial markets, it then becomes clear that bankers and investment experts are needed more than ever before."
Christian Noisternig, Bank Austria Head of the department Private Customers, Corporate Customers and Independent Professions, highlighted: "Digitalisation is providing our customers with entirely new perspectives for handling their bank transactions. As far as banks are concerned, this means that they must ideally satisfy individual customer needs in a challenging economic environment and use the possibilities of digitalisation in such a way that customers can decide when, where and how they want to carry out their banking transactions."
Hannes Roubik emphasised that a change of perspective is inevitable, especially in investment matters: "The times of almost risk-free investments are over since interest income can no longer create wealth due to the extremely low interest rates. Long-term yield opportunities for creating wealth can only be utilised to a greater extent by accepting corresponding risks."
According to Roubik, the professional expertise of an asset manager such as Pioneer Investments is required in this case. Worldwide, around 360 investment experts at Pioneer Investments deal with these challenges every day. The objective is to offer the best possible solutions based on the individual needs of investors.
Stefan Bruckbauer, Chief Economist at Bank Austria, introduced some cautious optimism into the discussion by making the following statement with an eye on the near future: "Not everything that can go wrong will actually go wrong." In his opinion, 2017 could deliver a positive rather a negative surprise.
Ingried Brugger, Director of the Bank Austria Art Forum in Vienna, focused on the artistic part of the evening. Martin Kippenberger was an artist who has undoubtedly realised many changes of perspective. The fact that a change of perspective can produce great art is shown in the exhibition “Martin Kippenberger” in the Bank Austria Art Forum in Vienna. Guests at the event were able to attend this exhibition exclusively after the talks.
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