The craft of investing

While it has been a year of tremendous challenges for active management, it has also presented major investment opportunities.

Current uncertainties explain the high volatility of microeconomic forecasts, to which we must add widespread social and political tensions.  

The main stock markets closed October with material gains, reversing September’s losses.

The economy, a slowing but persistent recovery

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.