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Whether it's economic trends, capital markets or social changes - Zsolt Janos is regularly invited as an expert to TV programs to classify developments and explain connections in an understandable way.
16.04.2026 | Zsolt & Martin's Talk
Why old escape reflexes fail today
We all know the principle of diversification: if one asset class loses value, another one compensates for the fall. But in the ...
The content discussed in this video is for general informational purposes ONLY and under no circumstances constitutes a recommendation to buy or sell specific investments. It is therefore not investment advice, as I cannot assess the risk profile and financial situation of individual viewers. Anyone who decides to buy or sell investment products or assets based on the information discussed in this video does so at their own discretion and risk. I cannot accept any liability if you make your own investment decisions based on the information in this video and consequently incur losses.
Summary: Key takeaways about intuitive eating
Zsolt & Martis Talk: Why old escape reflexes fail today
In a fascinating conversation, Zsolt Janos and Martin discuss the current challenges and changes in the financial market. They explore why traditional flight reflexes to perceived safety often fail today and what alternative strategies investors should consider.
A historic day and Europe's self-healing powers
The talk begins with a reflection on current political and economic events. Zsolt emphasizes the importance of considering facts and not blindly following the mainstream. He praises the self-healing powers within Europe's liberal structure, but simultaneously warns against ignoring the signals and developments of the last 16 years.
Fact-based decisions instead of fears about the future
Many people are anxious about the future due to multiple crises and dire news. Martin emphasizes the importance of looking at the bigger picture and not being overwhelmed by negative news. He points to positive developments such as the 40% decline in the global suicide rate since 1991. He recommends the book "Factfulness" by Hans Rosling, which encourages a fact-based approach to the world.
The pitfalls of trained reflexes
Zsolt and Martin discuss how ingrained reflexes can even be harmful in certain situations. They recount an anecdote from the book "Factfulness" in which a European student in Africa almost causes an accident due to a learned safety reflex. This illustrates that we must not blindly rely on supposed certainties, but rather critically examine them.
Do old security strategies still work?
Zsolt raises the question of whether earlier investment strategies, such as fleeing to bonds or gold, still work today. Martin explains that the market has matured and private investors now have similar opportunities to professional investors. Information efficiency has increased, and markets react more quickly to events. What worked well in the 90s is no longer necessarily the case today.
The importance of information efficiency and fake news
Martin emphasizes that prices today reflect virtually all available information, but there's also a lot of fake news. Even with insider information, it's difficult to accurately assess the market. It's important not to be influenced by media reports and sentiment, but to focus on facts and data.
Bonds as a safe haven?
Zsolt and Martin discuss the role of bonds as a safe haven. Zsolt argues that historically, the perceived safety of bonds has been enhanced by falling interest rates and rising bond prices. Martin points out that governments were previously considered safer because they didn't have large budget deficits. Today, the situation is different, and investors need to be aware of the risks.
Keeping an eye on the real return
Martin emphasizes that investors should consider the real return on bonds, meaning the nominal return minus expected inflation. He points out that the European Central Bank aims for a long-term inflation rate of 2%, which should be deducted from the return. Zsolt adds that perceived inflation is often higher than the rate communicated by the central bank.
A broadly diversified portfolio as a solution
Zsolt and Martin advocate for a broadly diversified portfolio prepared for all eventualities. They compare this to a Formula 1 car, which is tuned for the entire track, not every single corner. Event-driven action and constant adaptation to the current situation often lead to poorer results.
Gold as a crisis currency: store of value or liquidity?
Zsolt and Martin discuss the role of gold as a safe-haven asset. Zsolt emphasizes the importance of distinguishing between store of value and liquidity. Gold can be liquid in times of crisis, but it is not necessarily a store of value. Martin points to long periods of low gold prices and stresses that there are no automatic price increases.
Conclusion: Fact-based decisions and a broadly diversified portfolio
Zsolt and Martin's discussion demonstrates that traditional flight responses often fail in today's financial markets. Investors should not be guided by fears and media reports, but rather make fact-based decisions and build a diversified portfolio. It is crucial to understand the risks and opportunities of different asset classes and to separate one's own feelings from market mechanisms.
Every crisis also presents an opportunity. The key is to recognize these opportunities and adjust your portfolio accordingly to ensure long-term success. Markets have weathered many crises in the past, and challenges will undoubtedly continue to arise. However, those who act prudently and build on a solid foundation can thrive even in difficult times.
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