The Black-Litterman model was tested against other portfolio strategies for a German stock portfolio. The model combines implied returns and subjective return forecasts based on historical data. Results show that the Black-Litterman portfolio outperformed the DAX, a reference portfolio, and an equally weighted portfolio, but was slightly behind the mean-variance optimized portfolio. However, it generally led to lower stock weight fluctuations and smaller fluctuations in weights compared to the mean-variance portfolio.