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Mr Koepke’s point is that these conditions may change and that their significance is underestimated.

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In early December, authorities announced that market circuit breakers would be introduced become effective from January 1 in an effort to limit the volatility seen during the savage, summer sell-off from June. The circuit breakers would see trading in shares, options and futures halted for 15 minutes if they fell by more than 5 per cent. On their first day of use, that first threshold was breached just after the return from the lunchbreak, prompting a 15-minute halt.

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Passion is key to keeping a business strategy moving. Half-heartedness in an entrepreneurial endeavor will chip away at your drive to succeed. Perseverance is the one thing that’s guaranteed to move anything over time, whether it’s a person, a job or an entire company. Abraham Lincoln failed at most of his efforts until late in his life, but he never gave up.
Additional reporting from Stefan Wagstyl in Berlin

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