Europe’s Lurking Asset Allocation Crisis

Published on
September 20th, 2019
58 minutes

Europe’s Lurking Asset Allocation Crisis

The Interview ·
Featuring Philipp Vorndran

Published on: September 20th, 2019 • Duration: 58 minutes

Philipp Vorndran, investment strategist at Flossbach Von Storch for a decade and former chief investment strategist at Credit Suisse Asset Management, speaks bluntly about Europe's money management business and the approach he is taking at his firm to maximize total return for investors. He shares his global perspective in the face of an uncertain outlook for investment in European-based companies. In addition to detailing his firm's asset allocation strategies, Vorndran also tackles the need for physical gold, and addresses the coming crisis in European pension companies who are universally under-leveraged to equities. Filmed on August 30, 2019 in Cologne, Germany. Learn more about Macro Insiders here:



  • AH
    Andrew H.
    8 February 2020 @ 22:26
    In my top 5 favourite interviews. Please have him on again!
  • JG
    John G.
    25 January 2020 @ 00:30
    That was good.
  • NA
    N A.
    19 December 2019 @ 04:28
    Wow, totally fantastic interview, thank you!
  • JT
    Jayne T.
    12 December 2019 @ 00:30
    European money managers have been in a difficult spot which has caused many to flock to the US just as our markets are about to turn within the next year, making, ironically—European markets more attractive. With that said, with so much money coming into our markets, we could see a melt up briefly, before a melt down (IMO).
  • MK
    Munira K.
    23 November 2019 @ 09:39
    One of the best interviews never! Phillipp is the real deal. Seasoned, but fluid. Thanks RV!
    • MK
      Munira K.
      23 November 2019 @ 09:40
      sorry it meant to say one of the best interviews on RV! not never!!
  • SG
    Sven G.
    14 November 2019 @ 17:05
    Phillipp has great energy.... clearly loves what he does... no wonder he can convince wealthy investors & corporates to hand over their money :D
  • SS
    Stephen S.
    3 November 2019 @ 17:34
    Very thought-provoking conversation. The European pension situation is troubling, maybe worse than in the US. Ed asked good questions. Nice job!
  • FF
    Farouk F.
    21 September 2019 @ 05:05
    I hate how this guys starts his interviews. It is sooo annoying. I watch Real Vision to obtain information. The introductions like the one done here are a waste of my time.
    • DS
      David S.
      24 September 2019 @ 08:45
      What are several of your favorite RVTV interviews? DLS
  • GG
    Gary G.
    24 September 2019 @ 06:13
    Just awesome!!
  • DS
    David S.
    23 September 2019 @ 06:57
    I would like to hear a discussion on the possiblity of currency reform. It seems to me that any currency reform opens the door to massive speculation along the lines of Mr. Soros and the bank of England. China and other countries try to control exchange rates, but if the currency is too far out of line they can loose a lot of money. I think we will have the current FX market operating for a long time. This means low interest rates for the a long time. DLS
  • DS
    David S.
    22 September 2019 @ 23:41
    Brilliant discussion. Mr. Vorndran's market analysis is consistent and straight forward. My only concern is that I believe that corporate profits and the current world markets are way overstated. I see A strong market corrections which will take much longer than five years to recover. Therefore, I believe a stronger position in cash with the same gold allocation will allow me more flexibility. Mr. Vorndran is in a much more difficult advisory position with billions to deploy for many clients; whereas I am only advising one. RVTV team is getting better and better all the time. Thanks. DLS
  • WM
    Will M.
    22 September 2019 @ 18:31
    His comment about interest rates remaining "low forever" or "until the next currency reform" was very telling. He also clearly sees the chaos coming in pensions that are forced to buy bonds by law. What had escaped me was that to meet obligations corporations will have to commit more and more funds to pension obligations and thus profits are going to fall. Indeed in a recession, some corporations will be unable to meet pension demands or will go bankrupt. His comment on physical gold (and silver) versus crypto was excellent. RVT viewers without physical gold or silver need to wake up and get insurance before its impossible to get the physical....... as it will be.
    • WM
      Will M.
      22 September 2019 @ 18:43
      oh and a good interview by Ed... Can't quite see what over 30 people couldn't like about this interview except that folks like Farouk below didn't even watch it because they didn't like the few minutes of introduction......Sept 21st at 5.05. A foolish statement.
  • AY
    Abhimanyu Y.
    22 September 2019 @ 16:51
    Has to rate amongst the best videos on RV. Really enjoyed it...
  • IC
    Ibrahim C.
    22 September 2019 @ 05:02
    It is overall good interview with few clues like how Nestle has been lately overrated! Actually this I have got from Philippe’s comments on consumer goods sector in Europe. There are other things that Europe is mostly conservative by not prioritising equity model investing rather putting money in fixed income and Philippe validated this view. Nevertheless I would prefer to have at least three pack of ideas to understand his portfolio model even though he substantially made his point on Gold and long term model. Thanks RV!
  • NR
    Nelson R.
    21 September 2019 @ 23:33
    Make Ed Harris RV Europe bureau chief !!!
    • NR
      Nelson R.
      21 September 2019 @ 23:44
      Harrison, you know what I meant. P.S: RV comments section needs an "edit comment" button.
  • JG
    Joshua G.
    21 September 2019 @ 09:49
    Fantastic insight from a guest whom openly shares actionable advice. Well done Ed and RV.
  • AW
    Aaron W.
    21 September 2019 @ 08:12
    Whitewashing window light made the interview hard to watch visually, but listened to it and was great!
    • AW
      Aaron W.
      21 September 2019 @ 08:16
      Also where are the Chapters? Milton get your RV tech guys are slacking!
  • PD
    Pat D.
    21 September 2019 @ 07:02
    Refreshing, straight-shooting, jargon-less, unassuming guest ........and Ed gets better with each interview. Thanks guys!
  • PB
    Pieter B.
    21 September 2019 @ 06:42
    Another really good conversation! Great work! Thanks!
    • PB
      Pieter B.
      21 September 2019 @ 06:48
      I love that the conversations with Europeans this week on RealVision are so much more direct, honest, blunt and in that sense a refreshing contrast to sometimes “read between the lines” conversations with Americans.
  • TS
    Taranvir S.
    20 September 2019 @ 12:26
    No jargons, no complications. Straight forward and easy-to-understand conversation based on true fundamentals of investing. We need more of these people rather those who feed us with tons of complicated terms.
    • AR
      Anthony R.
      21 September 2019 @ 04:13
      loved that he literally called 'bullshit'.
  • DV
    Dimitri V.
    21 September 2019 @ 03:57
    Ed you rock
  • NR
    Nelson R.
    21 September 2019 @ 02:09
    So the problem in Europe is not negative rates, is politicians forcing banks to pay 0% to retail depositors when rates are actually negative. In other words the problem with european banks is socialism.
  • PP
    Peter P.
    21 September 2019 @ 00:47
    Good interview. Lots of common sense here.
  • PW
    Phil W.
    21 September 2019 @ 00:21
    very nice Ed
  • GC
    George C.
    20 September 2019 @ 22:17
    Super interview.
  • Nv
    Nick v.
    20 September 2019 @ 11:16
    Great interview. Can't help wondering when European pension funds start selling European bonds and buying European equities.
    • NA
      N A.
      20 September 2019 @ 15:26
      Euro pensions can't just buy equities, They must hold something like 80% in "safe" bonds by law, that's the reason the European pensioners are going receive a wake up call, pensions will be cut and work well beyond pensionable age.
  • NA
    N A.
    20 September 2019 @ 15:18
    Cheers! nice interview straight to the point and no BS, Great job Ed. Thanks
  • DD
    Daniel D.
    20 September 2019 @ 15:13
    Bravo! Very clearly stated, no nonsense approach and an engaging interviewer and interviewee.
  • JK
    Jay K.
    20 September 2019 @ 14:45
    European banks are in some serious trouble.
  • WM
    William M.
    20 September 2019 @ 13:52
    Ed is really a fantastic interviewer!! .. Very good conversation.
  • nd
    nicolas d.
    20 September 2019 @ 13:03
    One of the best RV interview. That is pure quality. Please bring more people like him.
  • HC
    Howard C.
    20 September 2019 @ 11:51
    Excellent interview. Interesting that he sees low interest rates forever, or at least until there is a monetary system reset. He is not overtly doom and gloom but has 10% physical gold. Don't listen to what people say, watch what they do.
  • SK
    Sung K.
    20 September 2019 @ 10:29
    Ed with Phillip interview... that was awesome... thank you Realvision.... Vielen Dank ! Das war Ausgezeichnet...