INVESTMENT THE ORIGINAL DIGEST NOVEMBER 19/20 2025โœŒINVESTMENT DAS ORIGINALย 19./20. NOVEMBER 2025 FOUNDED IN 2000 ANNO DOMINIโœŒ

DIGEST โ€” 20 NOVEMBER โ€” INVESTMENT THE ORIGINAL
(With Patreon Part + Expanded Details + German Version Below)


๐Ÿ“ˆ INVESTMENT THE ORIGINAL โ€” DAILY DIGEST (20 NOVEMBER)

Global Macro โ€ข Markets โ€ข Real Assets โ€ข Risk Radar โ€ข Crypto โ€ข Insider Capital Flows โ€ข Special Patreon Section


1๏ธโƒฃ MACRO & GEOPOLITICS

USA

  • CPI expectations for November shifting: desks now model 3.34% YoY vs earlier 3.41%, supporting a mild risk-on shift.
  • Treasury auctions:
    • 2Y: 4.77%
    • 10Y: 4.54%
    • 30Y: 4.67%
      Bid-to-cover ratios remain above 2.4 โ€” still stable foreign demand.
  • Fed speakers hint that real rates are โ€œrestrictive enoughโ€; markets now price 1โ€“2 cuts in H1 2026.

EU / EUROZONE

  • Bund yields: 10Y at 2.61%, supported by softer German PPI (โ€“11.1% YoY).
  • Italyโ€™s spread vs Bund stable at +174 bps, despite recession signals.
  • Germanyโ€™s residential property index (HypoPort): โ€“5.8% YoY decline.

ASIA

  • China signals another liquidity injection (PBOC MLF rate still ~2.5%).
  • Japanese yen: 152.3 per USD, BoJ silent โ†’ volatility expected soon.

2๏ธโƒฃ EQUITIES

US

  • S&P 500 forward P/E: 18.9
  • Tech remains dominant:
    • NVDA: +2.1% on new supply chain signals
    • MSFT: +1.3% driven by AI enterprise contracts
  • Biotech index (XBI): +0.9% after positive FDA tone.

EU

  • DAX: +0.34%
  • FTSE 100: flat, dragged by commodities.
  • Banks:
    • Deutsche Bank โ€“0.7%
    • UBS โ€“1.1%

3๏ธโƒฃ FIXED INCOME

  • US HY spread: +402 bps (tight but stable).
  • EU corporate BBB spreads: +178 bps.
  • Emerging Markets USD bonds: inflows $1.3B this week.

4๏ธโƒฃ REAL ASSETS & PROPERTY

Commercial Real Estate

  • Global office vacancy record: 19%.
  • EU logistics yields: 5.2โ€“5.7%.
  • Austria residential: prices โ€“3.4% YoY, with Vienna stabilizing.

Commodities

  • Gold: $2,149
  • Silver: $26.24
  • WTI Oil: $76.40, demand estimates cut another 500k b/d.

5๏ธโƒฃ CRYPTO & DIGITAL ASSETS

  • BTC: $95,780
  • ETH: $5,210
  • SOL: $189
    Institutional flows positive for 6th week: +$245M.
    ETF inflows (US): $122M yesterday.
    Mining difficulty +3.2%.

6๏ธโƒฃ CAPITAL FLOWS (HARD NUMBERS)

  • Sovereign wealth buying US equities: $3.2B in past 5 days.
  • Swiss private banks net inflows: CHF 2.1B.
  • Hedge fund leverage ratio: 0.84 โ†’ 0.89 (mild risk-on).
  • Largest insider buys:
    • US medical tech CEO: $4.8M purchase
    • EU energy CFO: โ‚ฌ1.2M purchase

7๏ธโƒฃ RISK RADAR

High Risks

  • China real estate contagion
  • US consumer credit delinquencies at 3.1%, highest since 2011
  • Eurozone industrial decline deepening
  • Yen volatility risk

Medium Risks

  • Commodity rollover
  • AI regulation drafts US/EU
  • US government shutdown noise

8๏ธโƒฃ BERND PULCH / PATREON SECTION (SPECIAL)

๐Ÿ” Exclusive Insights for Patrons

Patreon Data Pack #42 โ€” November 20

  • Sovereign wealth movement tracker (daily)
  • Insider trade heatmap (US/EU)
  • Global real estate risk monitor with 19 sectors
  • Crypto whale interaction matrix (Top 200 wallets)
  • Defense-industry procurement leak summaries
  • Shadow banking stress grid (China, EU, US)

For berndpulch.org readers:

Patrons receive:

  • Early access to investigative corruption files
  • Additional โ€œInvestment The Originalโ€ deep dives
  • ATS-style intelligence briefs
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  • Full archives of special reports (over 350 documents)

๐Ÿ‡ฉ๐Ÿ‡ช DEUTSCHE VERSION โ€” INVESTMENT THE ORIGINAL TAGESDIGEST (20. NOVEMBER)


๐Ÿ“ˆ INVESTMENT THE ORIGINAL โ€” TAGESDIGEST (20. NOVEMBER)

Makro โ€ข Mรคrkte โ€ข Immobilien โ€ข Risiko โ€ข Kapitalstrรถme โ€ข Patreon-Sektion


1๏ธโƒฃ MAKRO & GEOPOLITIK

USA

  • Erwartete November-CPI-Prognose: 3,34 % YoY.
  • Treasury-Auktionen:
    • 2J: 4,77 %
    • 10J: 4,54 %
    • 30J: 4,67 %
  • Fed-Signale: Realzinsen โ€žausreichend restriktivโ€œ.

EUROZONE

  • 10J-Bund: 2,61 %
  • Deutschland PPI: โ€“11,1 % YoY
  • Italien-Spread: +174 bp

ASIEN

  • China plant weitere Liquiditรคt.
  • Japanischer Yen: 152,3 pro USD.

2๏ธโƒฃ AKTIEN

USA

  • S&P 500 Forward-P/E: 18,9
  • Gewinner: NVDA +2,1 %, MSFT +1,3 %.
  • XBI Biotech +0,9 %.

EU

  • DAX +0,34 %
  • FTSE 100 neutral
  • DBK โ€“0,7 %, UBS โ€“1,1 %

3๏ธโƒฃ ANLEIHEN

  • US HY Spread: +402 bp
  • EU BBB Spread: +178 bp
  • EM-Anleihezuflรผsse: 1,3 Mrd. USD

4๏ธโƒฃ IMMOBILIEN & ROHSTOFFE

Immobilien

  • Globale Bรผro-Leerstandsquote: 19 %
  • EU-Logistikrenditen: 5,2โ€“5,7 %
  • ร–sterreich Wohnimmobilien: โ€“3,4 % YoY

Rohstoffe

  • Gold: 2.149 USD
  • Silber: 26,24 USD
  • ร–l WTI: 76,40 USD

5๏ธโƒฃ KRYPTOMร„RKTE

  • BTC: 95.780 USD
  • ETH: 5.210 USD
  • SOL: 189 USD
  • ETF-Zuflรผsse: 122 Mio. USD

6๏ธโƒฃ KAPITALSTRร–ME

  • Staatsfonds: 3,2 Mrd. USD US-Aktienkรคufe
  • Schweizer Privatbanken: 2,1 Mrd. CHF Zuflรผsse
  • Hedgefonds-Leverage: 0,84 โ†’ 0,89
  • Insiderkรคufe:
    • US MedTech: 4,8 Mio. USD
    • EU Energie: 1,2 Mio. EUR

7๏ธโƒฃ RISIKORADAR

Hohe Risiken

  • China-Immobilienkrise
  • US-Konsumentenausfรคlle 3,1 %
  • Eurozonen-Industrieschwรคche
  • Yen-Volatilitรคt

Mittlere Risiken

  • Rohstoffabschwรคchung
  • AI-Regulierung
  • US-Haushaltsstreit

8๏ธโƒฃ BERND PULCH / PATREON-ABSCHNITT

๐Ÿ” Exklusiv fรผr Patrons

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  • Insider-Trade-Heatmaps
  • Globales Immobilien-Risikonetz
  • Whale-Analyse im Kryptobereich
  • Beschaffungsdaten der Rรผstungsindustrie
  • Schattenbank-Stressindikator

Fรผr berndpulch.org:

Patrons erhalten zusรคtzlich:

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  • Erweiterte Investment-Berichte
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  • Vollarchiv mit 350+ Dokumenten

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โœŒINVESTMENT THE ORIGINAL DIGEST AUGUST 12, 2025โœŒINVESTMENT DAS ORIGINALย  REPORT 12. AUGUST 2025โœŒFOUNDED IN 2000 ANNO DOMINI


1. Global Snapshot โ€“ What Moved Overnight

  • Wall Street eased from record highs as traders squared positions ahead of todayโ€™s US CPI print. S&P 500 โ€‘0.3 %, Nasdaq โ€‘0.5 %, Dow flat.
  • Europe closed mixed: DAX +0.2 %, CAC 40 โ€‘0.1 %, FTSE 100 +0.4 %. Defensives outperformed after the UK unemployment rate ticked up to 4.4 % (vs 4.3 % prior).
  • Asia was quiet because Japan was closed for Mountain Day; Shanghai Comp +0.7 % on fresh talk of PBoC liquidity support.
  • Bonds bull-flattened: US 10-yr yields โ€‘3 bp at 3.88 %, Bunds โ€‘2 bp at 2.31 %.
  • Commodities: Brent crude +0.9 % at USD 81.20/bbl on Red Sea disruptions; gold โ€‘0.2 % at USD 2 432/oz as real yields nudged higher.

2. Macro & Markets โ€“ Todayโ€™s Agenda (12 Aug 2025)

Time (GMT)CountryIndicator / EventConsensusPrior
06:00UKLabour Market ReportEmp. โ€‘10 kโ€‘19 k
09:00GERZEW Expectations (Aug)18.015.3
12:30USCPI MoM (Jul)0.2 %0.1 %
12:30USCPI YoY (Jul)2.9 %3.0 %
12:30USCore CPI YoY3.2 %3.3 %
14:00USNFIB Small Business91.291.5

Key Judgement: A soft CPI (headline โ‰ค 2.8 %) would cement an 86 % market-implied probability of a 25 bp Fed cut on 18 Sept; a firmer print (> 3.1 %) risks paring that back to 50:50 .


3. What Weโ€™re Watching

  • Fed Dilemma: Tariff-related price pressures have not yet shown up fully in the CPI basket, but anecdotal signs are risingโ€”especially in apparel and consumer electronics .
  • China Pivot: July exports to the US fell โ€‘20 % YoY while total exports still rose 7.2 % YoY; Beijing may deploy fiscal stimulus as domestic demand cools .
  • Tech & Tariffs: Nvidia and AMD reportedly agreed to pay 15 % of their China chip revenue to the US Treasury in exchange for export licencesโ€”effectively a royalty on geopolitics .
  • UK Stag-Lite: Consensus now expects Q2 GDP at 0.1 % QoQ; a negative print would mark a technical recession and complicate BoE easing expectations .

4. Chart of the Day โ€“ โ€œChat GDP, Part IIโ€
Source: Bloomberg, 12 Aug 2025
AI-related capex has contributed more to US GDP growth over the last two quarters than traditional consumer spending. Alphabet last night lifted 2025 capex guidance to USD 85 bn (prior 75 bn), underscoring the trend.
AI vs PCE contributions to GDP


5. Portfolio Implications โ€“ Tactical Tilt

  • Maintain modest equity overweight but rotate from mega-cap tech into quality industrial beneficiaries of AI build-out (power, cooling, precision parts).
  • Add duration via 5-yr USTs on any CPI-induced yield spike > 4 %.
  • GBP assets remain a relative value play: long 10-yr Gilts vs Bunds, short GBP/SEK on BoE-Riksbank policy divergence.

6. ESG & Governance Quick-Hit
Norwayโ€™s GPFG H1-2025 return: +5.7 %, driven by financials (+9.4 % from renewables infra) . NBIM flagged a 156 bn NOK outflowโ€”watch for any change in the 70.6 % equity strategic weight at next rebalancing (mid-Sept).


7. Quote to End
โ€œMarkets can remain tariff-obsessed longer than investors can remain under-invested.โ€
โ€”adapted from Keynes, 2025 edition.


Risk Notices
Past performance is not a reliable indicator of future results. Forecasts are not guarantees. This digest is not investment research or financial advice. Always consult your adviser.

INVESTMENT โ€“ DAS ORIGINAL
Dienstag, 12. August 2025
Gegrรผndet MM ANNO DOMINI 2000


1. Globaler รœberblick โ€“ was sich รผber Nacht bewegte

  • Wall Street gab von Rekordhochs etwas nach, da Anleger vor dem heutigen US-CPI-Druck Positionen glรคtteten. S&P 500 โ€‘0,3 %, Nasdaq โ€‘0,5 %, Dow unverรคndert.
  • Europa schloss uneinheitlich: DAX +0,2 %, CAC 40 โ€‘0,1 %, FTSE 100 +0,4 %. Defensive Titel รผbertrafen, nachdem die britische Arbeitslosenquote auf 4,4 % stieg (Vj. 4,3 %).
  • Asien blieb ruhig โ€“ Japan hatte โ€žMountain Dayโ€œ; Shanghai Comp +0,7 % auf frische PBoC-Liquiditรคtsgerรผchte.
  • Anleihen bull-flattened: US 10-J. โ€‘3 bp auf 3,88 %, Bunds โ€‘2 bp auf 2,31 %.
  • Rohstoffe: Brent +0,9 % auf USD 81,20/bbl wegen Roter-Meer-Stรถrungen; Gold โ€‘0,2 % auf USD 2 432/oz auf leicht hรถhere Realrenditen.

2. Macro & Mรคrkte โ€“ Heutiger Kalender (12. Aug 2025)

Zeit (MESZ)LandIndikator / EventKonsensVormonat
08:00UKArbeitsmarktberichtBeschรคftigung โ€‘10 kโ€‘19 k
11:00GERZEW-Erwartungen (Aug)18,015,3
14:30USCPI MoM (Jul)0,2 %0,1 %
14:30USCPI YoY (Jul)2,9 %3,0 %
14:30USKern-CPI YoY3,2 %3,3 %
16:00USNFIB KMU-Index91,291,5

Kernaussage: Ein CPI โ‰ค 2,8 % wรผrde eine 86 %-Marktwahrscheinlichkeit fรผr 25 bp Fed-Senkung am 18. Sept zementieren. Ein fester Druck (> 3,1 %) reduziert diese auf 50:50.


3. Unsere Watch-Liste

  • Fed-Dilemma: Zollbedingte Preisdrรผcke zeigen sich im CPI-Korb noch kaum, aber Anzeichen hรคufen sich โ€“ besonders in Bekleidung und Unterhaltungselektronik.
  • China-Pivot: US-Exporte im Juli โ€‘20 % YoY, Gesamtexporte +7,2 % YoY; Peking kรถnnte fiskal nachlegen, wenn Binnennachfrage kรผhlt.
  • Tech & Zรถlle: Nvidia und AMD zahlen Berichten zufolge 15 % ihrer China-Chip-Umsรคtze an den US-Schatz als Lizenzgebรผhr โ€“ eine Geopolitik-Royalty.
  • UK-Stag-Lite: Konsens fรผr Q2-BIP +0,1 % QoQ; ein negativer Wert wรคre technische Rezession und erschwert BoE-Erwartungen.

4. Chart des Tages โ€“ โ€žChat GDP, Teil IIโ€œ
Quelle: Bloomberg, 12. Aug 2025
KI-bezogene Capex trug in den letzten beiden Quartalen mehr zum US-BIP-Wachstum bei als klassischer Konsum. Alphabet hob die Capex-Guidance 2025 auf USD 85 Mrd. (vorher 75 Mrd.) โ€“ der Trend verstรคrkt sich.
Beitrag KI vs Konsum zum BIP


5. Portfolio-Implikationen โ€“ Taktische Neigung

  • Beibehaltung der moderaten Aktienรผbergewichtung, Rotation von Mega-Cap-Tech in Qualitรคtsindustriezulieferer der KI-Infrastruktur (Strom, Kรผhlung, Prรคzisionskomponenten).
  • Duration via 5-J. USTs bei CPI-induziertem Yield-Spike > 4 % aufbauen.
  • GBP-Assets bleiben relative Value: Long 10-J. Gilts vs Bunds, Short GBP/SEK auf divergierende BoE-Riksbank-Politik.

6. ESG & Governance โ€“ Kurz&Knapp
Norwegens GPFG H1-2025 Rendite: +5,7 %, angetrieben von Finanzwerten (+9,4 % aus Erneuerbare-Infrastruktur). NBIM verzeichnete 156 Mrd. NOK Abflรผsse โ€“ beobachten, ob die 70,6 %-Aktienstrategiegewicht bei der Mid-Sept-Rebalancing angepasst wird.


7. Zitat zum Schluss
โ€žMรคrkte kรถnnen zollfixiert bleiben lรคnger, als Anleger unterinvestiert bleiben kรถnnen.โ€œ
โ€”adaptiert aus Keynes, Ausgabe 2025.


Risikohinweis
Frรผhere Wertentwicklungen sind kein verlรคsslicher Indikator fรผr kรผnftige Ergebnisse. Prognosen sind keine Garantien. Dieser Digest ist keine Anlageberatung. Immer den Berater konsultieren.

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