Siegfried Schmidt, who turned 90, has dedicated the last two decades to the stock market. Starting with 50,000 euros saved for retirement, he has managed to increase his investments to over 215,000 euros, as reported by BILD.
In the past, Schmidt taught and studied economics, spending most of his life in the German Democratic Republic. He acknowledges the influence of Karl Marx on his success in the stock market:
“I studied Marx in the GDR — I understood how capitalism functions. To succeed in the stock market, a combination of theoretical knowledge about capitalist processes and constant attention to political events and their details is necessary.” Although Schmidt is not eager to disclose the details of his investment strategy, he reports that his portfolio consists of shares in 37 companies. His most successful investment has been in Commerzbank. Schmidt prefers to avoid high risks and speculation, opting for securities with reliable income. This year, he expects his portfolio to yield a profit of 30,000 euros.
When it comes to how to manage his capital, Schmidt also relies on Marx's principles:
“I would feel uncomfortable keeping the profit all to myself.”
The economist has already donated over 200,000 euros to animal shelters, primarily caring for cats. He purchased washing machines, dryers, and a van for one of the shelters in Hoyerswerda (Saxony). Despite his achievements, the retiree continues to live modestly in a small apartment in a panel building.
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