On the one hand, there are phases of euphoria on the markets, on the other hand, there are phases of panic. Neither of these should affect your long-term portfolio management
. Anyone who becomes greedy in euphoric market phases will realize, at the latest during the next market correction, that too high risks have been taken in the investment. This leads to panic selling of securities, so that you firstly realize losses and secondly miss the sooner or later coming recovery. Long-term successful portfolio management
must be done with a steady hand. This requires an investment strategy that depends on your risk capacity and risk tolerance. Once it has been defined, it should be implemented with discipline in all market phases.