Our strategy
Read the markets.
Put opportunities in perspective.
The Spurenleser method combines objective market signals with an active, disciplined investment approach.
Our approach
The Spurenleser method
Capital leaves a trail.
We take a closer look.
Trading volume, relative strength and shifts in capital reveal where market structure is changing. These signals form our decision-making framework.
The method in detail
This is where the Spurenleser method comes in.
Its aim is to identify market movements early and base investment decisions on objective market signals, rather than relying exclusively on long-term averages or historical developments.
At its core, the Spurenleser method is based on the observation that markets rarely announce major moves, but almost always show structural changes beforehand. These “traces” emerge where capital is actually allocated: in changes in trading volume, the relative strength of individual sectors, capital shifts between risk and defensive assets, and institutional investor behaviour.
Rather than extrapolating past prices, the approach focuses on these early changes in market structure. The key question is not what has already happened, but where new imbalances are currently developing.
Where is liquidity being withdrawn?
Where is capital concentrating?
Which markets respond first to changing macroeconomic conditions?
In this context, active management does not mean short-term activity for its own sake. It means a structured process of observation, assessment and adjustment. Positions are not held out of conviction alone, but consistently reweighted, reduced or increased in response to new information.
The Spurenleser method therefore provides a disciplined decision-making framework that reduces emotional mistakes and enables systematic action.
This approach shows its strengths particularly clearly in volatile markets: while passive strategies depend on a recovery, this approach enables risks to be identified early, capital to be protected and opportunities to be pursued selectively.
The emphasis is on anticipation rather than speed of reaction.
- 01Where is liquidity being withdrawn?
- 02Where is capital concentrating?
- 03Which markets respond first?
Our analysis
Four perspectives.
One overall picture.
01 / Fundamental analysis
Understand businesses.
Financial metrics, the business model and competitive position provide the basis for valuation.
Analysis in detail
Fundamental analysis focuses on the economic and financial condition of a company or asset. It aims to determine an investment’s intrinsic or fair value and compare it with its current market price. The analysis draws on quantitative metrics such as revenue, profit, cash flow, debt levels, equity ratios and profitability, derived from the income statement, balance sheet and cash flow statement. It also considers qualitative factors, including the business model, competitive position, management quality and long-term growth strategies.
Fundamental analysis also incorporates macroeconomic conditions, including interest rates, inflation, economic cycles, monetary policy decisions and industry-specific developments. These provide a basis for assessing the sustainability and stability of future earnings. Fundamental analysis primarily supports medium- to long-term investment decisions and forms a key foundation for strategic portfolio allocation.
02 / Technical analysis
Recognise market structure.
Trends, trading volume and support zones help assess timing and risk.
Analysis in detail
Technical analysis evaluates financial markets using price, volume and time data exclusively. It assumes that prices already reflect all relevant information and that market participants’ behaviour produces recurring patterns. The focus is therefore not an asset’s intrinsic value, but how supply and demand are currently developing.
Key elements of technical analysis include identifying trends and support and resistance zones, which indicate the balance between buyers and sellers. Volume and technical indicators help assess the strength of moves and potential turning points. Chart patterns and multiple timeframes place market signals in a broader context.
In practice, technical analysis is used less for precise predictions than for structured decision-making. It supports active portfolio management through timing, risk management and position adjustments, while reducing emotional decisions.
03 / Macroeconomic analysis
See the bigger picture.
Interest rates, inflation, the economy and capital flows put individual investments in context.
Analysis in detail
Macroeconomic analysis focuses on overall economic conditions and examines how macroeconomic factors affect markets, asset classes and individual investments. It centres on indicators such as economic growth, inflation, employment and productivity, together with fiscal and monetary policy measures by governments and central banks. The aim is to understand the broader economic environment in which businesses and financial markets operate.
A key part of macroeconomic analysis is assessing monetary policy, particularly interest rate decisions, liquidity conditions and bond purchase programmes, as these directly influence capital flows, valuations and risk appetite. Fiscal factors such as public spending, debt and tax policy are also considered, alongside geopolitical developments and global trade relationships. Macroeconomic analysis helps interpret market cycles, identify periods of risk and growth, and guide strategic capital allocation across regions, sectors and asset classes.
04 / Sentiment analysis
Question market sentiment.
Positioning, fear and euphoria complement the analysis and help identify extremes.
Analysis in detail
The Sentiment analysis examines the psychological state of market participants. Rather than an asset’s economic value or chart structure, it focuses on how investors currently think, feel and act. Expectations, emotions and perceptions strongly shape financial markets, so fear, uncertainty, confidence and euphoria directly influence price movements.
Sentiment analysis evaluates a range of indicators to draw conclusions about market positioning and risk appetite. These include market surveys, volatility measures, options data, media coverage and, increasingly, digital sources such as news flows and social networks. This information is assessed in context rather than in isolation to determine whether the market is positioned defensively or is inclined to take risks.
A central principle of sentiment analysis is observing extremes. Very high euphoria often suggests that most participants are already invested, leaving limited additional buying potential. Conversely, pronounced fear may indicate excessive selling pressure that is no longer fully justified by fundamentals. Such conditions increase the likelihood of counter-moves, which is why sentiment analysis is often used in a contrarian way.
In practice, sentiment analysis is used less as a standalone forecasting tool than as a complement to decision-making. It helps interpret market phases, recognise excesses and identify risks early. Combined with technical and fundamental analysis, it supports rational investment decisions that also account for human behaviour in financial markets.
Active management
Observe. Assess. Adjust.
Positions are reweighted, reduced or increased in response to new information. The focus is on structured decision-making rather than short-term activity for its own sake.
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