![]() On the other hand, when you can go to countries like Switzerland real estate is very solid and unlikely to substantially deflate except maybe in the most high-end luxury segments. This has obviously happened with asset price inflation. Is this the debt bubble bursting now? In many countries, real estate depreciated. Because that's the safest way to destroy value in an inflationary era and it's also a way to miss out on any recovery that ultimately will come. I think the one thing you should not do is just throw everything and go into cash. We always tell our clients about the need to be invested. I think we're still at a point where the scenarios diverge widely. The most important thing is to be stable.
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