Last year was the worst for bond markets in more than a century. Global bonds lost 31%. Between 1982 and 2021, the world bond index had 6.3% annual real return, while global equities returned 7.4%. Equities and bonds sold off sharply in 2022. Even if bonds regain their role as a cushion against stock market losses, equity-like returns will not come back.

In 2030, demand for electricity in Germany will be around a third higher than today. A fleet of new power stations running on imported natural gas should generate electricity when wind and sun aren’t available and they might be converted to run on hydrogen later on. The government is struggling to find investors willing to take on such costly projects.