After dizzying acrobatics with figures in lofty heights, solid, entrepreneurial action is now called for again. This means that successful portfolio management requires not only the right strategy and the optimal use of skills, but also the ability and willingness to get involved in day-to-day business close to the ground.

First the bankruptcy of the once renowned investment house Lehman Brothers, then the near-collapse of the insurance group AIG, and finally the crises at banks and financial institutions around the world: within a very short period of time, all this ensured that deals and agreements that were considered highly promising yesterday were no longer even worth the paper they were written on the very next day. Worse still, the confidence of market participants - especially among banks - was dangerously shaken, threatening to undermine one of the most important foundations of the entire economy.

Hardly before in history has the economic self-image of entrepreneurs, investors and capital providers been so deeply shaken and subjected to such drastic changes as by the financial and economic crisis that began in 2008. The high level of uncertainty as to whether even established, strong companies will still be able to finance themselves in the future, and the far from reassuring outlook for the global economy as a whole, led to immediate investment freezes being imposed, planned financing being halted and existing inventories being reduced as quickly as possible. In view of the increasingly gloomy order situation, sales at many companies slumped dramatically - in sectors such as the automotive supply industry or plant and mechanical engineering by up to 70 percent even on a quarterly basis 72. One year on, the situation has clearly lost some of its drama, and the light at the end of the tunnel is slowly becoming visible. Nevertheless, it is not clear whether everything will now be as it once was.