The present study deals with the development and empirical verification of investment strategies in capital markets. The underlying principle of all the presented investment strategies—when applied consistently—appears to be both straightforward and lucrative: "Invest disproportionately in the asset classes that currently offer high compensation for the risk taken." Consequently, the empirical observations that capital markets reward identical risks differently over time form the basis for the investment strategies to be developed: risks should be taken precisely when they are rewarded above average. This leads to a core question of any investment process: How can favorable investment opportunities be reliably identified? Although controversially discussed in the literature, a look at...