Siegfried Schmidt, who turned 90, has been trading on the stock market for the past two decades. Starting with 50,000 euros saved for retirement, he has significantly increased his investments, and now his portfolio exceeds 215,000 euros, as reported by BILD.
In his youth, Schmidt taught and studied economics, spending most of his life in the German Democratic Republic. According to him, it was his knowledge of Marx's works that helped him in investing:
“I studied Karl Marx in the GDR and understood how capitalism works. […] Successful long-term trading on the stock exchange requires both theoretical knowledge of capitalist processes and careful attention to political events and their consequences.”
Although Schmidt does not share details of his investment strategy, it is known that his portfolio contains 37 stocks, among which the most profitable has been his investment in Commerzbank. He tries to avoid high risks and the rush for quick profits, preferring reliable securities. This year, the expected profit from his portfolio may amount to 30,000 euros.
When it comes to managing his capital, the economist also relies on Marx's ideas:
“I would feel uncomfortable keeping the profit all to myself.”
Schmidt has already donated over 200,000 euros to animal shelters, primarily for cats. For example, he purchased washing machines, dryers, and a van for one of the shelters in Hoyerswerda (Saxony). Despite his achievements, the retiree still lives in a modest apartment in a panel building.
