The craft of investing

We do not know what inflation will do in the future, but we maintain that the fund’s current positioning is the most appropriate for an expected scenario of moderate inflation.

Becoming a green company is not as simple as it may seem. It takes a lot of time, investment, and dedication, which can be challenging for some companies.

The recovery is now a reality and concerns are emerging about whether inflation will last longer than expected and when the central banks will begin to withdraw monetary stimulus.

While markets were calm in July and August, September reaffirmed its tradition as a period of high volatility and uncertainty, registering a correction.

High indebtedness can be indicative of a poor quality business, one that is unable to organically generate the resources necessary to cover its costs.

Superar este rechazo que tan típicamente provoca la incertidumbre y la volatilidad de los mercados, exige saber distinguir entre corto y largo plazo.

Looking ahead to the coming quarters, there is a fair amount of consensus that we are likely to move into an environment of higher inflation, especially compared to the recent past.

Mass vaccination in developed countries has allowed a certain degree of normality, which has resulted in increased consumption and more normal behaviour.

Equity markets continue to show strength with several indices closing near record highs.

The tension is palpable and, as a result, investors aim to anticipate the short-term performance of equity and bond markets.

EDM’s stance is one of trust. The word sums up our position as we remember that, despite all questions and misgivings, the economy will be strong for reasonably foreseeable period of time.

We have always maintained that our management approach focuses on the long term. This in no way implies that we are insensitive to changes in valuation or circumstance.