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[(EN IN)22.3 (V)37.1 (EST)25.2 (ERING P)55.2 (\305 100 KR)20 (ONER)]TJ
/T1_3 1 Tf
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[(Med en s)16 (tringen)20.1 (t in)20 (v)20 (es)16 (t)25 (eringspr)25.1 (oces baser)30.1 (e)20 (t )]TJ
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[(p\345 sund f)20 (ornuft bliv)20.1 (er t\345lmodighed bel\370n)]TJ
(-)Tj
0 -1.556 Td
[(ne)20 (t. I gr)30 (a)20 (f)30 (en til h\370jr)30.1 (e \(Figur \034\) ses de)20.1 (t his)16.1 (t)20 (o)]TJ
(-)Tj
0 -1.556 Td
[(risk)30 (e a\035as)16.1 (t f)20 (or V)50 (alueIn)20 (v)20 (es)16 (t Danmark Global. )]TJ
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[(En in)20 (v)20 (es)16 (t)25 (ering p\345 \034\031\031 kr)30.1 (. i \034\027\027\027 i V)50.1 (alueIn)]TJ
(-)Tj
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[(v)20 (es)16 (t Global vil v)20.1 (\346r)30 (e v)20 (okse)20.1 (t til \022\031\027 kr)30.1 (. pr)30 (. \021\034. )]TJ
0 -1.556 Td
[(december \033\031\033\031. Ha)15.2 (vde de \034\031\031 kr)30 (. i samme )]TJ
0 -1.556 Td
[(periode v)20.1 (\346r)30 (e)20 (t in)20 (v)20 (es)16 (t)25 (er)30 (e)20 (t i de)20.1 (t br)30 (ede globale )]TJ
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[(aktiemark)30.1 (ed \(MSCI V)50 (er)40.1 (den\), ville in)20 (v)20 (es)16 (t)20 (or s)16.1 (t\345 )]TJ
0 -1.556 Td
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[(s)16 (t)20 (\370rr)30 (e nega)20.1 (tiv)20 (e kursuds)20 (ving underv)20.1 (ejs end )]TJ
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[(f)20 (or V)50 (alueIn)20 (v)20 (es)16 (t Global \226 eksempelvis i \033\031\031\026.)]TJ
/T1_0 1 Tf
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[(I NEGA)75.2 (TIV)37.2 (E AK)9 (TIEMARK)44.3 (EDER)]TJ
/T1_3 1 Tf
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[(V)50 (\346r)40 (dien a)20 (f a)20 (t tabe mindr)30.1 (e er simpel ma)20.1 (t)25 (ema)]TJ
(-)Tj
0 -1.556 Td
[(tik, men k)30.1 (endsgerningerne bliv)20.1 (er o)20 (ft)25 (e o)20.1 (v)19.9 (erse)20.1 (t )]TJ
0 -1.556 Td
[(i vrimlen a)20.1 (f so)20 (\036s)16 (tik)30 (er)30 (ede s)16.1 (ta)20 (tis)16 (tisk)30 (e n\370gle)]TJ
(-)Tj
0 -1.556 Td
[(tal. T)100 (aber man eksempelvis \024\031% a)20.2 (f sin f)20.1 (or)]TJ
(-)Tj
0 -1.556 Td
[(mue, kr)30.1 (\346)20 (v)19.9 (es der e)20.1 (t a\035as)16.1 (t p\345 \034\031\031% f)20 (or blo)25.1 (t )]TJ
0 -1.556 Td
[(a)20 (t r)30 (ee)20 (tabler)30.1 (e f)20 (ormuen. Med e)20.1 (t tab p\345 \024\031% vil )]TJ
0 -1.556 Td
[(de)20 (t tage \034\031 \345r a)20.1 (t gene)20 (tabler)30.1 (e f)20 (ormuen v)20 (ed e)20.1 (t )]TJ
0 -1.556 Td
[(\345rligt a\035as)16.1 (t p\345 \020,\033%, som vur)40.1 (der)30 (es a)20 (t v)20 (\346r)30.1 (e )]TJ
0 -1.556 Td
[(h\370jt i f)20 (orhold til aktiemark)30.2 (ede)20 (ts nuv)20.1 (\346r)30 (ende )]TJ
0 -1.556 Td
[(pris)20 (fas)16 (ts\346)20.1 (tt)25 (else. )]TJ
0 -3.111 Td
[(V)50 (alueIn)20 (v)20 (es)16 (t Danmark har be)20.2 (tr)25 (oe)20 (t sig til den )]TJ
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[(samme in)20.1 (v)20 (es)16 (t)25 (erings)20 (\036loso)20 (\036 siden \034\027\027\026 og )]TJ
0 -1.556 Td
[(le)20 (v)20 (e)20 (t med den igennem mange mark)30.2 (edsmil)]TJ
(-)Tj
0 -1.556 Td
[(j\370er)30 (. V)50 (or)30.1 (es op)20 (fa)20 (tt)25 (else a)20.1 (f risik)30 (o er absolut. )]TJ
0 -1.556 Td
[(Dermed bliv)20.1 (er den aktiv)20.1 (e port)25 (e)20 (f)20 (\370lje)20 (f)20 (orv)20 (alt)]TJ
(-)Tj
0 -1.556 Td
[(ning og selsk)10.1 (abernes e)20.1 (vne til a)20 (t na)15 (viger)30.1 (e )]TJ
0 -1.556 Td
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0 -1.556 Td
[(C)20 (o)20 (vid-\034\027 pandemien. Finanskrisen i \033\031\031\026 )]TJ
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[(viser)30 (, a)20.1 (t en in)20 (v)20 (es)16 (t)25 (ering p\345 \034\031\031 kr)30.1 (. er hurtiger)30.1 (e )]TJ
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[(gene)20 (tabler)30.1 (e)20 (t v)20 (ed e)20 (\023)20 (ekt)25 (en a)20.1 (f bedr)30 (e k)10 (apital)]TJ
(-)Tj
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(-)Tj
0 -1.556 Td
[(ning, da V)50 (alueIn)20.1 (v)19.9 (es)16.1 (t Global s)16 (t)20 (ort se)20.1 (t f)20 (orm\345)]TJ
(-)Tj
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[(ede a)20 (t gensk)10.1 (abe den oprindelige in)20.1 (v)20 (es)16 (t)25 (ering )]TJ
0 -1.556 Td
[(primo \033\031\031\026 aller)30.1 (ede v)20.1 (ed udgangen a)20 (f \033\031\031\027 i )]TJ
20.682 31.111 Td
[(mods\346)20 (tning til de)20.1 (t globale aktiemark)30.2 (ed, m\345lt )]TJ
0 -1.556 Td
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0 -1.556 Td
[(v)20 (and v)20 (ed udgangen a)20.1 (f \033\031\031\027 og f)20 (\370rs)16.1 (t gen)]TJ
(-)Tj
0 -1.556 Td
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/C2_0 1 Tf
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<0017>Tj
ET
q
0 0 623.622 850.394 re
W n
0.796 0.732 0.148 rg
/GS0 gs
q 1 0 0 1 416.9292 344.5513 cm
0 0 m
-1.566 0 -2.835 -1.269 -2.835 -2.834 c
-2.835 -45.323 l
-2.835 -46.889 -1.566 -48.158 0 -48.158 c
160.63 -48.158 l
162.195 -48.158 163.465 -46.889 163.465 -45.323 c
163.465 -2.834 l
163.465 -1.269 162.195 0 160.63 0 c
h
f
Q
Q
1 1 1 rg
/GS0 gs
228.661 370.646 352.441 155.118 re
f
0.212 0.252 0.471 rg
242.835 526 56.693 14 re
f
BT
1 1 1 rg
/T1_0 1 Tf
8 0 0 8 251.3386 529.7106 Tm
(Figur 2)Tj
0 0 0 rg
/GS1 gs
7 0 0 7 308.0316 530.1218 Tm
[(Gensk)18.1 (abelse a)20.1 (f v)22.2 (\346r)18.1 (di v)20 (ed aktiv porte)20.1 (f\370lje)20.1 (f)25.1 (orv)22.3 (altning )]TJ
ET
0.212 0.252 0.471 RG
2 w 4 M 0 j
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0 0 m
352.441 0 l
S
Q
0.5 w
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352.441 0 l
S
Q
q 1 0 0 1 228.6614 525.75 cm
0 0 m
352.441 0 l
S
Q
q
0 0 623.622 850.394 re
W n
q
0 g
0 G
1 w 10 M
/GS2 gs
0 TL/Fm0 Do
Q
Q
BT
/GS1 gs
/T1_4 1 Tf
22 0 0 22 429.7324 118.6577 Tm
(Forsigtighed)Tj
0 -0.909 Td
(er en dyd.)Tj
0 -0.909 Td
(S\345 m\345 vi leve)Tj
0 -0.909 Td
(med afkastet.)Tj
ET
/PlacedPDF /MC1 BDC
BT
/T1_5 1 Tf
6.0018 0 0 6.0018 451.2861 433.8246 Tm
[(V)51.9 (alueIn)22 (v)20.1 (es)13.1 (t Global A)]TJ
11.031 0 Td
[(MSCI V)49.9 (er)29 (den)]TJ
ET
0.408 0.476 0.185 rg
/GS0 gs
449.411 434.01 -4.04 4.041 re
f*
0.75 0.75 0.192 rg
515.183 434.01 -4.041 4.041 re
f*
0 0 0 RG
0.475 w 10 M 1 j 1 J [0 2.001]0 d
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S
Q
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0 0 m
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0 0 m
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0 0 m
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S
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0 0 m
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S
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0 0 m
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0 0 m
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0 0 m
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0 0 m
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0 0 m
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0 0 m
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S
Q
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0 0 m
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S
Q
0.75 0.75 0.192 RG
2.251 w
/GS0 gs
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S
Q
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0 0 m
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S
Q
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0 0 m
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S
Q
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S
Q
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0 0 m
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S
Q
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S
Q
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0 0 m
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S
Q
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0 0 m
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S
Q
q 1 0 0 1 496.0055 465.7542 cm
0 0 m
5.132 1.026 l
S
Q
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0 0 m
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S
Q
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0 0 m
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S
Q
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0 0 m
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S
Q
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0 0 m
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S
Q
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0 0 m
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S
Q
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S
Q
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S
Q
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S
Q
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0 0 m
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S
Q
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S
Q
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0 0 m
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S
Q
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0 0 m
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S
Q
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0 0 m
5.132 2.395 l
S
Q
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0 0 m
5.132 3.079 l
S
Q
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0 0 m
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S
Q
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0 0 m
5.132 2.053 l
S
Q
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S
Q
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S
Q
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0 0 m
5.702 3.079 l
S
Q
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0 0 m
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S
Q
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0 0 m
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S
Q
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0 0 m
5.132 -1.368 l
S
Q
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0 0 m
5.132 9.921 l
S
Q
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0 0 m
5.132 3.079 l
S
Q
q 1 0 0 1 366.0062 437.7018 cm
0 0 m
5.132 -3.421 l
S
Q
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0 0 m
5.702 2.737 l
S
Q
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0 0 m
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S
Q
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S
Q
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0 0 m
5.132 0.684 l
S
Q
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0 0 m
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S
Q
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0 0 m
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S
Q
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0 0 m
5.132 3.253 l
S
Q
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0 0 m
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S
Q
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0 0 m
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S
Q
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0 0 m
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S
Q
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0 0 m
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S
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0 0 m
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S
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S
Q
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0 0 m
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S
Q
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0 0 m
5.702 -2.395 l
S
Q
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0 0 m
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S
Q
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0 0 m
5.132 3.421 l
S
Q
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0 0 m
5.132 10.947 l
S
Q
q 1 0 0 1 266.7968 467.1228 cm
0 0 m
5.132 -8.553 l
S
Q
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0 0 m
5.132 -4.789 l
S
Q
q 1 0 0 1 256.5334 490.7275 cm
0 0 m
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S
Q
0.408 0.476 0.185 RG
q 1 0 0 1 381.4009 489.7013 cm
0 0 m
5.132 2.395 l
S
Q
q 1 0 0 1 376.2694 478.0699 cm
0 0 m
5.132 11.631 l
S
Q
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0 0 m
5.132 6.158 l
S
Q
q 1 0 0 1 366.0062 471.9119 cm
0 0 m
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S
Q
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0 0 m
5.702 4.105 l
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