This document discusses value investing and why it is an effective strategy. It provides examples of several famous value investors like Warren Buffett who have achieved high returns over long periods of time by focusing on finding undervalued companies rather than predictions or technical analysis. The key aspects of the value investing approach discussed are finding companies trading at a discount to their intrinsic value, having a long-term orientation, and not worrying about short-term market fluctuations.
The company reported strong growth in the third quarter of 2012, with gross revenue increasing 31.7% and net profit growing 10.2% compared to the prior year period. Expansion of the store network and gains across all brands contributed to the positive results. Management provided guidance for continued growth in 2013 with a planned 15% increase in total sales area through new store openings and expansions.
The French oncology market was worth €3.3 billion in 2009, with growth slowing to a single digit rate. The top three players, Roche, Sanofi-Aventis and Novartis, accounted for over 50% of the market. Hospital sales made up 70% of the total market at €2.28 billion, compared to €994 million for retail sales.
SPX (1990-2012) - Long Straddle, Strangle & Deep OTMStefan Bolta
The document provides annual return and risk data for a straddle normal trading strategy compared to the S&P 500 and risk-free Treasury bonds from 1990 to 1997. It shows the straddle normal strategy achieved higher average annual returns than the S&P 500 in most years, ranging from 2.14% to 44.34%, with higher risk as measured by standard deviation and maximum drawdowns.
The document analyzes economic indicators in Jamaica from 1989/90 to 2010/11. It shows that the exchange rate depreciated at annual rates of 14.67% from 1989 to 2007 and 5.2% from 2007 to 2011. Annual inflation averaged 19.68% from 1989 to 2007 and 11.68% from 2008 to 2011. Government domestic and total debt increased substantially over the periods analyzed, with domestic debt rising by 4,200% from 1990/91 to 2010/11. External debt also rose sharply.
2001 - Financial Results 3 Q Corporate LawEmbraer RI
The document summarizes Embraer's 3rd quarter 2001 results. Key points include delivery of 41 ERJ jets, including 13 after 9/11. Embraer received orders from the Brazilian Air Force, Midwest Airlines, and the Dominican Republic. As a result of 9/11, Embraer reduced staff by 1,800 to adapt to the new economic situation while maintaining capabilities. Backlog totaled $23.9 billion, including $11.2 billion in firm orders.
Pique, Josep Maria - Challenges to transform traditional healthcare servicies...ponencias_mihealth2012
This document discusses the challenges of transforming traditional healthcare systems to become more efficient, patient-centered, and results-oriented. It notes that aging populations and increasing chronic diseases are driving up healthcare costs. The major hindrances to achieving more preventative and predictive medicine are a lack of integration between departments, huge fragmentation among providers, and issues with sharing electronic health records. Future healthcare will see smaller hospitals focused on intensive care and day services, with more chronic disease management in the community by multidisciplinary teams. Performance challenges include developing a truly patient-centered approach, accountability, and using data and payments systems to incentivize better health outcomes.
The document provides two examples of equity derivative trades. The first is a long-term macro strategy that utilized options to capture implied volatility. It generated a 35% gain but was unwound due to concerns over higher future volatility. The second example discusses a short-term trade, selling put options on McDonald's following a pullback in the stock. The trade generated a profit when McDonald's sales beat expectations. Potential future trade ideas discussed include M&A plays, inflation hedges, and long volatility strategies.
The document summarizes Mexico's growing macroeconomic environment and its potential for business opportunities.
Mexico has experienced strong GDP growth in recent years and will surpass many developed nations. There is a large presence of medium and small sized companies that are favorable for new business concepts. Mexico also has compelling demographic dynamics with a young population and fast growing middle class that will increase the potential customer base. Internet usage in Mexico is among one of the fastest growing globally which opens opportunities for e-commerce.
The company reported strong growth in the third quarter of 2012, with gross revenue increasing 31.7% and net profit growing 10.2% compared to the prior year period. Expansion of the store network and gains across all brands contributed to the positive results. Management provided guidance for continued growth in 2013 with a planned 15% increase in total sales area through new store openings and expansions.
The French oncology market was worth €3.3 billion in 2009, with growth slowing to a single digit rate. The top three players, Roche, Sanofi-Aventis and Novartis, accounted for over 50% of the market. Hospital sales made up 70% of the total market at €2.28 billion, compared to €994 million for retail sales.
SPX (1990-2012) - Long Straddle, Strangle & Deep OTMStefan Bolta
The document provides annual return and risk data for a straddle normal trading strategy compared to the S&P 500 and risk-free Treasury bonds from 1990 to 1997. It shows the straddle normal strategy achieved higher average annual returns than the S&P 500 in most years, ranging from 2.14% to 44.34%, with higher risk as measured by standard deviation and maximum drawdowns.
The document analyzes economic indicators in Jamaica from 1989/90 to 2010/11. It shows that the exchange rate depreciated at annual rates of 14.67% from 1989 to 2007 and 5.2% from 2007 to 2011. Annual inflation averaged 19.68% from 1989 to 2007 and 11.68% from 2008 to 2011. Government domestic and total debt increased substantially over the periods analyzed, with domestic debt rising by 4,200% from 1990/91 to 2010/11. External debt also rose sharply.
2001 - Financial Results 3 Q Corporate LawEmbraer RI
The document summarizes Embraer's 3rd quarter 2001 results. Key points include delivery of 41 ERJ jets, including 13 after 9/11. Embraer received orders from the Brazilian Air Force, Midwest Airlines, and the Dominican Republic. As a result of 9/11, Embraer reduced staff by 1,800 to adapt to the new economic situation while maintaining capabilities. Backlog totaled $23.9 billion, including $11.2 billion in firm orders.
Pique, Josep Maria - Challenges to transform traditional healthcare servicies...ponencias_mihealth2012
This document discusses the challenges of transforming traditional healthcare systems to become more efficient, patient-centered, and results-oriented. It notes that aging populations and increasing chronic diseases are driving up healthcare costs. The major hindrances to achieving more preventative and predictive medicine are a lack of integration between departments, huge fragmentation among providers, and issues with sharing electronic health records. Future healthcare will see smaller hospitals focused on intensive care and day services, with more chronic disease management in the community by multidisciplinary teams. Performance challenges include developing a truly patient-centered approach, accountability, and using data and payments systems to incentivize better health outcomes.
The document provides two examples of equity derivative trades. The first is a long-term macro strategy that utilized options to capture implied volatility. It generated a 35% gain but was unwound due to concerns over higher future volatility. The second example discusses a short-term trade, selling put options on McDonald's following a pullback in the stock. The trade generated a profit when McDonald's sales beat expectations. Potential future trade ideas discussed include M&A plays, inflation hedges, and long volatility strategies.
The document summarizes Mexico's growing macroeconomic environment and its potential for business opportunities.
Mexico has experienced strong GDP growth in recent years and will surpass many developed nations. There is a large presence of medium and small sized companies that are favorable for new business concepts. Mexico also has compelling demographic dynamics with a young population and fast growing middle class that will increase the potential customer base. Internet usage in Mexico is among one of the fastest growing globally which opens opportunities for e-commerce.
This document appears to be an email marketing benchmark report focused on Asia. Some key findings from the report include:
1) Bounce rates have continued to improve in 2011 for both first mailings and ongoing campaigns compared to previous years. Bounce rates were lower for B2C compared to B2B campaigns.
2) Open rates have decreased slightly in 2011 but the decline was smaller than in previous years. B2B campaigns had higher open rates than B2C.
3) Click rates, which had been declining for several years, increased in 2011 for both unique and total clicks compared to 2010.
This is a presentation highlighting the key findings from the report "Understanding the Relationship Between Nonprofits and Social Media in Duval County, FL" completed in the Fall of 2011, presented at the Florida Political Science Association in Tampa, FL on March 14, 2012.
RWANDA PERFORMANCE BASED SYSTEM: PUBLIC REFOMSRikuE
This document outlines health sector reforms in Rwanda, including establishing performance-based financing for health facilities, autonomizing facilities, decentralizing management, and developing community health insurance. Key results of the reforms include dramatic reductions in infant and child mortality rates between 1990 and 2008, and increased coverage of preventative health measures like insecticide-treated bed nets and prenatal care. The reforms aim to improve accountability and quality of care through contracts linking funding to achievement of health targets.
2002* 2002 Farnborough Air Show Financial Results In Us GaapEmbraer RI
- Revenues for the first quarter of 2002 were $557 million, an increase from $743 million in the first quarter of 2001. Net income was $68 million, down from $91 million in the prior year period.
- Backlog remains strong at $10.1 billion in firm orders and $23.8 billion in total as of the second quarter of 2002.
- Investments of $1.3 billion are planned for research and development as well as property, plant and equipment from 2002 through 2006 to support new programs and growth.
TIM Participações S.A. reported strong third quarter 2006 results, with continued growth in key metrics. Service revenue grew 38% year-over-year through commercial strategies focusing on high-value customers. ARPU remained stable at R$30.2 despite regulatory changes, while acquisition costs declined. EBITDA margin expanded to 24.6% due to revenue growth and cost efficiencies. Net income increased substantially year-over-year, demonstrating profitable growth through leadership in innovation and customer-centric strategies.
The document provides a summary of the Crystal City Investors Forum portfolio as of March 30, 2012. It includes the stock symbol, name, price and other financial metrics like P/E ratio, yield, and year-to-date performance for over 40 stocks and exchange-traded funds in the portfolio. Many holdings showed double-digit year-to-date price increases and total returns between 5-20%, though some showed losses or smaller gains. Real estate investment trusts and international equities comprised a significant portion of the portfolio.
130321 0131 rapport baromètre politique 3 c etudes vague 15 - mars 2013 hb hgmosaiquefm
The document is a political barometer survey from 3C Etudes in Tunisia from March 2013. It contains the following key points:
- A total of 1609 telephone interviews were conducted for the survey.
- Support for Ennahdha has decreased to 43% compared to 52.1% in 2013, while Nida Tounes has increased to 47.9%.
- Evaluations of the economic situation have declined, with a majority now saying the country is heading in the wrong direction.
- Prime Minister Ali Larayedh receives low marks for his handling of the country's affairs.
- Localiza reported strong financial results in 3Q07, with rental revenue up 17.5% and net income increasing 38.8% compared to 3Q06.
- The company has maintained consistent revenue and profitability growth over the long term through geographical expansion, increased productivity, and lower fleet costs.
- Localiza's increased focus on off-airport agencies has helped drive revenue growth and protected it from declines in air travel.
This document provides real estate market data for 17 different areas in the Houston, Texas region for the year-to-date period of 2010, including statistics such as average and median home prices, price per square foot, sales to list price ratio, and housing inventory levels. It compares the 2010 YTD data to the same period in 2009 for each area, showing both numerical differences and percentage differences. The areas range from specific neighborhoods to broader geographic regions within the Houston metro.
The document contains 36 figures that show trends in income, wealth, poverty, health insurance coverage, and the labor market in the United States over the past several decades. Many of the figures show a rise in inequality, with stagnant wages for the middle class and bottom half while incomes rise sharply for the top 1% and 5%. Other trends include a decline in private sector pensions and union membership rates.
This document summarizes real estate market data for 14 different areas in the Houston, Texas region for the year-to-date 2009 and 2010. It provides statistics on home sales, prices, inventory levels, and other metrics. Across most areas, home sales prices were up slightly from 2009 to 2010, while inventory levels also increased slightly on average. The percentage differences in key metrics like sales, prices, and inventory between 2009 and 2010 are also shown to provide comparisons across the two years.
This document discusses various topics related to heart transplantation including:
1. Older donor hearts exhibit a higher risk of developing coronary allograft vasculopathy (CAV) and worse long-term outcomes.
2. Hearts from older donors also show increased risk of renal dysfunction in recipients.
3. The use of everolimus in heart transplant recipients may provide benefits such as reduced risk of acute rejection and CMV infection while also being less nephrotoxic than calcineurin inhibitors. However, everolimus use can also increase risks like hyperlipidemia and impaired wound healing.
3. Recipient age is an important factor, as older recipients have higher risks of developing
One year after the launch of the iPad in Belgium (and several other Tablets available) as a strong increase of the usage of Smartphones, Mobile Internet is a major trend in the digital world. We observe important consequences for media consumption and for advertising. Concretely, what is the situation in Belgium ? (presentation illustrated with exclusive datas and insights, and a link to a White Paper about Mobile marketing)
Eletropaulo's total market grew 3.3% in 2005. The company received additional revenue from tariff adjustments and bond/debenture issuances. However, the company reported a loss of R$184.4 million due to extraordinary provisions and allowances, including R$346.4 million for MGSP and R$43.7 million for increased PIS/COFINS taxes. The loss and debt costs were expected to improve in 2006 as the extraordinary impacts were non-recurring and debt was restructured at lower costs.
The document discusses statistics related to employment rates in different age groups and years. The highest employment rate of 48.0% was among people aged 25-34, while the lowest rate of 2.0% was among people aged 65 and over. The employment rate was 33.5% in 1886 and increased over time to 60% in 1908 and 80.5% in 1970.
1) 1999, 2001, and 2008 CIRP Frequency Distribution Trend Results of CMU Resp...Digithead
This document presents frequency distributions from the CIRP First-Time, Full-Time Freshman Survey for the years 1999, 2001, and 2008. It shows responses to 12 questions regarding demographics, academic performance, and post-secondary plans of freshmen students. Some key findings based on the data include: the majority of respondents were female, between the ages of 18-19, English was their native language, they graduated high school within the current or previous year, enrolled full-time, lived 101-500 miles from their permanent home, earned mostly A-B grades in high school, and planned to live in a college residence hall.
El documento presenta una introducción a los mercados de futuros de materias primas y advierte sobre los riesgos inherentes a operar en estos mercados. Explica que el trading conlleva la posibilidad de pérdidas y ganancias y que el éxito depende de la gestión del riesgo y las emociones por parte del trader.
El documento resume la visión positiva de M&G Investments sobre la renta fija. M&G es una gestora de fondos líder en el Reino Unido con 406 profesionales y más de 272 mil millones de euros en activos bajo gestión en una amplia gama de clases de activos y clientes. El equipo de renta fija de M&G, compuesto por 7 gestores y analistas, cree que sigue habiendo oportunidades de valor en bonos corporativos debido a las valoraciones atractivas, especialmente en bonos BBB donde los mercados están descont
El documento habla sobre cómo reducir los costes de transacción no financieros en el análisis técnico. Explica que los costes de transacción no financieros incluyen el tiempo dedicado a aprender y analizar inversiones. Sugieren utilizar herramientas como los screeners o buscadores de acciones para escanear el mercado rápidamente y reducir el tiempo de análisis, lo que disminuye los costes de transacción no financieros.
Este documento discute las alternativas de inversión disponibles en un entorno de bajos tipos de interés y bajo crecimiento. Señala que vivimos en un mundo sobreendeudado donde los tipos reales negativos serán la norma, y que los inversores necesitarán buscar alternativas para proteger su patrimonio y obtener rentas. También sugiere que se aplicarán más estímulos monetarios para impulsar el crecimiento.
This document appears to be an email marketing benchmark report focused on Asia. Some key findings from the report include:
1) Bounce rates have continued to improve in 2011 for both first mailings and ongoing campaigns compared to previous years. Bounce rates were lower for B2C compared to B2B campaigns.
2) Open rates have decreased slightly in 2011 but the decline was smaller than in previous years. B2B campaigns had higher open rates than B2C.
3) Click rates, which had been declining for several years, increased in 2011 for both unique and total clicks compared to 2010.
This is a presentation highlighting the key findings from the report "Understanding the Relationship Between Nonprofits and Social Media in Duval County, FL" completed in the Fall of 2011, presented at the Florida Political Science Association in Tampa, FL on March 14, 2012.
RWANDA PERFORMANCE BASED SYSTEM: PUBLIC REFOMSRikuE
This document outlines health sector reforms in Rwanda, including establishing performance-based financing for health facilities, autonomizing facilities, decentralizing management, and developing community health insurance. Key results of the reforms include dramatic reductions in infant and child mortality rates between 1990 and 2008, and increased coverage of preventative health measures like insecticide-treated bed nets and prenatal care. The reforms aim to improve accountability and quality of care through contracts linking funding to achievement of health targets.
2002* 2002 Farnborough Air Show Financial Results In Us GaapEmbraer RI
- Revenues for the first quarter of 2002 were $557 million, an increase from $743 million in the first quarter of 2001. Net income was $68 million, down from $91 million in the prior year period.
- Backlog remains strong at $10.1 billion in firm orders and $23.8 billion in total as of the second quarter of 2002.
- Investments of $1.3 billion are planned for research and development as well as property, plant and equipment from 2002 through 2006 to support new programs and growth.
TIM Participações S.A. reported strong third quarter 2006 results, with continued growth in key metrics. Service revenue grew 38% year-over-year through commercial strategies focusing on high-value customers. ARPU remained stable at R$30.2 despite regulatory changes, while acquisition costs declined. EBITDA margin expanded to 24.6% due to revenue growth and cost efficiencies. Net income increased substantially year-over-year, demonstrating profitable growth through leadership in innovation and customer-centric strategies.
The document provides a summary of the Crystal City Investors Forum portfolio as of March 30, 2012. It includes the stock symbol, name, price and other financial metrics like P/E ratio, yield, and year-to-date performance for over 40 stocks and exchange-traded funds in the portfolio. Many holdings showed double-digit year-to-date price increases and total returns between 5-20%, though some showed losses or smaller gains. Real estate investment trusts and international equities comprised a significant portion of the portfolio.
130321 0131 rapport baromètre politique 3 c etudes vague 15 - mars 2013 hb hgmosaiquefm
The document is a political barometer survey from 3C Etudes in Tunisia from March 2013. It contains the following key points:
- A total of 1609 telephone interviews were conducted for the survey.
- Support for Ennahdha has decreased to 43% compared to 52.1% in 2013, while Nida Tounes has increased to 47.9%.
- Evaluations of the economic situation have declined, with a majority now saying the country is heading in the wrong direction.
- Prime Minister Ali Larayedh receives low marks for his handling of the country's affairs.
- Localiza reported strong financial results in 3Q07, with rental revenue up 17.5% and net income increasing 38.8% compared to 3Q06.
- The company has maintained consistent revenue and profitability growth over the long term through geographical expansion, increased productivity, and lower fleet costs.
- Localiza's increased focus on off-airport agencies has helped drive revenue growth and protected it from declines in air travel.
This document provides real estate market data for 17 different areas in the Houston, Texas region for the year-to-date period of 2010, including statistics such as average and median home prices, price per square foot, sales to list price ratio, and housing inventory levels. It compares the 2010 YTD data to the same period in 2009 for each area, showing both numerical differences and percentage differences. The areas range from specific neighborhoods to broader geographic regions within the Houston metro.
The document contains 36 figures that show trends in income, wealth, poverty, health insurance coverage, and the labor market in the United States over the past several decades. Many of the figures show a rise in inequality, with stagnant wages for the middle class and bottom half while incomes rise sharply for the top 1% and 5%. Other trends include a decline in private sector pensions and union membership rates.
This document summarizes real estate market data for 14 different areas in the Houston, Texas region for the year-to-date 2009 and 2010. It provides statistics on home sales, prices, inventory levels, and other metrics. Across most areas, home sales prices were up slightly from 2009 to 2010, while inventory levels also increased slightly on average. The percentage differences in key metrics like sales, prices, and inventory between 2009 and 2010 are also shown to provide comparisons across the two years.
This document discusses various topics related to heart transplantation including:
1. Older donor hearts exhibit a higher risk of developing coronary allograft vasculopathy (CAV) and worse long-term outcomes.
2. Hearts from older donors also show increased risk of renal dysfunction in recipients.
3. The use of everolimus in heart transplant recipients may provide benefits such as reduced risk of acute rejection and CMV infection while also being less nephrotoxic than calcineurin inhibitors. However, everolimus use can also increase risks like hyperlipidemia and impaired wound healing.
3. Recipient age is an important factor, as older recipients have higher risks of developing
One year after the launch of the iPad in Belgium (and several other Tablets available) as a strong increase of the usage of Smartphones, Mobile Internet is a major trend in the digital world. We observe important consequences for media consumption and for advertising. Concretely, what is the situation in Belgium ? (presentation illustrated with exclusive datas and insights, and a link to a White Paper about Mobile marketing)
Eletropaulo's total market grew 3.3% in 2005. The company received additional revenue from tariff adjustments and bond/debenture issuances. However, the company reported a loss of R$184.4 million due to extraordinary provisions and allowances, including R$346.4 million for MGSP and R$43.7 million for increased PIS/COFINS taxes. The loss and debt costs were expected to improve in 2006 as the extraordinary impacts were non-recurring and debt was restructured at lower costs.
The document discusses statistics related to employment rates in different age groups and years. The highest employment rate of 48.0% was among people aged 25-34, while the lowest rate of 2.0% was among people aged 65 and over. The employment rate was 33.5% in 1886 and increased over time to 60% in 1908 and 80.5% in 1970.
1) 1999, 2001, and 2008 CIRP Frequency Distribution Trend Results of CMU Resp...Digithead
This document presents frequency distributions from the CIRP First-Time, Full-Time Freshman Survey for the years 1999, 2001, and 2008. It shows responses to 12 questions regarding demographics, academic performance, and post-secondary plans of freshmen students. Some key findings based on the data include: the majority of respondents were female, between the ages of 18-19, English was their native language, they graduated high school within the current or previous year, enrolled full-time, lived 101-500 miles from their permanent home, earned mostly A-B grades in high school, and planned to live in a college residence hall.
El documento presenta una introducción a los mercados de futuros de materias primas y advierte sobre los riesgos inherentes a operar en estos mercados. Explica que el trading conlleva la posibilidad de pérdidas y ganancias y que el éxito depende de la gestión del riesgo y las emociones por parte del trader.
El documento resume la visión positiva de M&G Investments sobre la renta fija. M&G es una gestora de fondos líder en el Reino Unido con 406 profesionales y más de 272 mil millones de euros en activos bajo gestión en una amplia gama de clases de activos y clientes. El equipo de renta fija de M&G, compuesto por 7 gestores y analistas, cree que sigue habiendo oportunidades de valor en bonos corporativos debido a las valoraciones atractivas, especialmente en bonos BBB donde los mercados están descont
El documento habla sobre cómo reducir los costes de transacción no financieros en el análisis técnico. Explica que los costes de transacción no financieros incluyen el tiempo dedicado a aprender y analizar inversiones. Sugieren utilizar herramientas como los screeners o buscadores de acciones para escanear el mercado rápidamente y reducir el tiempo de análisis, lo que disminuye los costes de transacción no financieros.
Este documento discute las alternativas de inversión disponibles en un entorno de bajos tipos de interés y bajo crecimiento. Señala que vivimos en un mundo sobreendeudado donde los tipos reales negativos serán la norma, y que los inversores necesitarán buscar alternativas para proteger su patrimonio y obtener rentas. También sugiere que se aplicarán más estímulos monetarios para impulsar el crecimiento.
Este documento analiza las perspectivas de inversión para 2013. Resume que 2012 fue un buen año para los inversores a nivel mundial, aunque el Ibex 35 se mantuvo rezagado. Explica que el sector bancario español sigue teniendo problemas de capitalización y morosidad. Para 2013, recomienda continuar comprando renta variable global aprovechando los descuentos de valoración, con énfasis en Europa y emergentes. Sin embargo, advierte que la solución para la banca española es insuficiente y que el crédito
El documento discute las condiciones macroeconómicas complejas actuales y sugiere posibles activos para invertir. Explica que (1) los bancos centrales están llevando a cabo la mayor expansión monetaria simultánea de la historia y (2) las políticas fiscales han sido enormemente expansivas desde 2008. También analiza (3) el impacto de China y (4) los riesgos de inflación. Finalmente, sugiere que en este entorno los activos relacionados con materias primas como la tierra cultivable, los fertilizantes y los product
Este documento resume las características de los mercados de renta fija, incluyendo que son mercados OTC donde los inversores negocian directamente con entidades financieras. También describe los diferentes tipos de instrumentos de renta fija según su prelación en caso de insolvencia, como cédulas, deuda senior y subordinada. Por último, señala que la construcción de carteras de renta fija requiere determinar el tamaño de la cartera y el riesgo asumible para lograr diversificación.
El documento proporciona información sobre operativas con CFDs en índices de renta variable y forex. Explica las ventajas de los CFDs sobre los futuros y la bolsa, como el apalancamiento, posiciones cortas y ausencia de vencimientos. Incluye ejemplos de sistemas de trading basados en el análisis técnico aplicados a CFDs sobre el índice DAX y la pareja EUR/USD.
Este documento describe las redes neuronales artificiales y sus aplicaciones en el ámbito financiero. Brevemente explica cómo funcionan las redes neuronales, incluyendo su estructura, aprendizaje y tipos de funciones de activación. También resume algunos ejemplos de cómo se han utilizado las redes neuronales para la predicción de mercados financieros, la valoración de opciones y la optimización de carteras de inversión.
Este documento resume la trayectoria de un trader independiente desde sus inicios operando de forma impulsiva hasta desarrollar un método basado en algoritmos, diversificación y control de riesgo. Explica conceptos clave como tipos de operaciones, filosofía de inversión basada en indicadores técnicos y backtesting. Finalmente, contempla el futuro del trader independiente.
Este documento analiza cómo rentabilizar la recuperación económica española. Presenta gráficos que muestran la evolución del PIB en España y otros países desde 2008, así como el crecimiento de la deuda total española en términos absolutos y como porcentaje del PIB desde 1995. El autor argumenta que España necesita impulsar el crecimiento económico para reducir su alta deuda y aprovechar la recuperación.
La identidad migrante_y_su_reflejo_literMariana88888
Este documento analiza la identidad migrante y su reflejo en novelas sobre inmigración en Estados Unidos. La migración es uno de los mayores problemas sociales actuales a nivel mundial, creando intercambios interculturales pero también problemas como pobreza y discriminación. Las novelas examinadas exploran la subjetividad del inmigrante y si existe una "identidad migrante". La frontera entre México y Estados Unidos representa las tensiones entre flujos globalizados de bienes y personas. La literatura y la experiencia migratoria comparten la recon
El documento describe las opciones de electivos disponibles para estudiantes al terminar segundo medio, incluyendo biología, humanidades, arte, música y matemáticas. Explica que elegir un electivo no siempre es fácil, y proporciona detalles sobre las tres unidades de estudio de un curso de biología diferenciada que cubre la evolución, ecología y el ambiente.
Instalación fotovoltaica:
El efecto fotovoltaico. Características, conceptos básicos, tipos, aplicaciones, vida útil y elementos que componen una instalación fotovoltaica.
Este documento describe el programa Compartim del Departamento de Justicia de Cataluña, el cual promueve el trabajo colaborativo a través de comunidades de práctica. El prólogo destaca la importancia de adaptarse a los nuevos modelos de gestión del conocimiento y aprendizaje en la era digital. El libro explica la metodología del programa para fomentar el intercambio de conocimiento entre los empleados a través de herramientas en línea y comunidades de práctica.
Programa curso de postgrado medicina nutricionalMedicina Córdoba
El Consejo de Médicos de la Provincia de Córdoba ofrece un curso de posgrado de 3 años en medicina nutricional. El curso tiene como objetivos favorecer el acceso de médicos a la especialidad, mantener el liderazgo en formación de posgrado e incorporar a nutricionistas y psicólogos. Incluye clases teóricas los fines de semana de marzo a noviembre y actividades prácticas. Aborda temas como nutrientes, alimentación en situaciones fisiológicas y patológicas
CarChá, cuyo nombre real es Carla Chávez, es una diseñadora gráfica y artista salvadoreña nacida en 1997. Desde temprana edad mostró interés por las artes plásticas y la literatura. En 2007 publicó su primer cuento a los 10 años y en 2012 realizó su primera exposición de pinturas. Actualmente estudia diseño estratégico en la universidad y dirige su propia firma de diseño gráfico que ofrece servicios a empresas en El Salvador y a nivel internacional.
Este documento describe los pasos para crear una empresa en Colombia. Explica que primero se debe consultar el nombre y marca, luego suscribir los estatutos según el tipo de sociedad, obtener el Registro Único Tributario, matricularse en la Cámara de Comercio, abrir una cuenta bancaria, tramitar el Número de Identificación Tributaria y facturación ante la DIAN, e inscribir libros contables. También define los tipos de empresas como sociedades limitadas, anónimas, colectivas y de comandita, seg
Este documento presenta a 8 pioneros ambientales que han contribuido a crear conciencia sobre el cambio climático y la protección del medio ambiente. Incluye a Al Gore, Angela Merkel, David Cameron, Nicolas Hulot, Vandana Shiva, David Suzuki, Tim Flannery y Leonardo DiCaprio, destacando sus esfuerzos para promover el desarrollo sostenible y combatir problemas como el calentamiento global.
Et fs estrategia y multi feb2014-1392137463271Rankia
1) El documento describe varios productos financieros cotizados como ETFs, warrants y multis que replican la evolución del índice IBEX 35 y permiten invertir al alza o a la baja.
2) Los ETFs ofrecen liquidez y transparencia al cotizar en bolsa de forma continua, mientras que los warrants y multis se usan para estrategias de corto plazo debido a su cálculo diario.
3) Los multis permiten multiplicar la evolución diaria del IBEX 35 por 3x o 5x, lo que los
1) Smaller companies have higher expected returns than larger companies due to lower market attention from investors.
2) Acquisitions can lead to higher valuations by increasing company size and reducing risk. However, the post-acquisition valuation must account for intangible asset amortization and impairment charges.
3) Valuation methods include market approach, income approach, and cost approach. The purchase price allocation between goodwill and identifiable intangible assets affects future financial statements through amortization and impairment testing.
Steven Schwartz at Consumer Centric Health, Models for Change '11HealthInnoventions
Tackling the Double Helix: On the Road to Sustainable Behavior Change.
Sustainable health behavior change is possible.
To be successful, you must equally commit to health at the individual level and the social level.
1-Consistent returns above benchmark (+6% annual outperformance) 2-Very small volatility for an equity fund (-4% annual bellow benchmark) 3-Excellent relative performance throughout the financial crisis (2007-2011) 4- Stable investment philosophy all over 23 years 5-Unique and tested investment process developed by an experienced management team 6-Very high quality (ROE) and liquid concentrated portfolio 7-Defensive strategy: focus on "ensured growth" without leveraged or cyclical sectors 8-Portfolio valuation at historial minimum levels 9-Poor overlapping and low correlation with other fund managers 10-Complementary with other equity styles
The document shows quarterly and annual advertising revenue figures from 2009 to 2003 for national retail classified and total print and online advertising in the United States. In 2009, national advertising revenue decreased 25.87% in the first quarter compared to the previous year. Total print advertising revenue declined 17.7% from 2008 levels. Overall, total print and online advertising revenue fell 16.6% from the previous year.
1) In 2012, most global stock markets and indexes performed strongly despite fears of economic crises that did not occur. The MSCI World Index rose 16.42% in local currency terms.
2) Forty-five of the forty-eight markets tracked by MSCI rose in 2012, with Turkey gaining the most at 55.8%. Several European markets outperformed the US S&P 500 index.
3) While risks like the fiscal cliff and a eurozone breakup did not materialize, success in global markets still required discipline and detachment from negative headlines according to the author.
Localiza reported strong financial results for the first quarter of 2007, with net income increasing 53.4% compared to the first quarter of 2006. EBITDA from car rentals increased 14.9 million or 30% due to growth in revenue and margins. Overall market share increased to 20.5% as Localiza grew revenues at a rate 2.9 times faster than the overall car rental market between 2004-2006. Cash generation was robust at R$228.5 million after adjusting for a reduction in debt from automakers. Fleet size continued to grow significantly with a net investment of R$242 million and over 10,000 additional cars.
The Fail Trail: Analyzing the impact of a PR CrisisAlterian
What happens to a brand’s reputation when they face a PR nightmare that plays out on social media?
Alterian analyzed three case studies -Nestle, United Airlines and Dominos - to measure the effect a crisis has on a brand. How severe was the public’s reaction? How long did it take for the brand’s reputation to return to their pre-crisis average? How varied was the impact for each of these slightly different cases? Does the way a brand responds impact the severity of the crisis?
Check out our analysis of what happens when a PR nightmare strikes.
1) The document discusses Hindustan Lever Limited's use of economic value added (EVA) to measure shareholder value creation between 1993-2002.
2) EVA grew continuously over this period from Rs. 60 crore in 1993 to Rs. 1,236 crore in 2002, showing increasing shareholder value creation.
3) Hindustan Lever's EVA spread, the difference between return on capital employed and cost of capital, increased from 12.1% to a high of 38.4%, indicating strong economic performance.
This document summarizes monthly interest rate data for individuals in Brazil from June 2011 to June 2012. It shows the basic interest rate (SELIC) and inflation rates alongside interest rates for credit cards, personal loans, overdrafts and more. On average, interest rates for credit cards were over 10% per month while personal loans from banks averaged 3.76% monthly. Overall, average interest rates were 6.28% per month, 112.54% annually, significantly higher than the basic SELIC rate of around 0.76% on average.
This document contains a table showing the monthly evolution of interest rates for individuals in Brazil from June 2011 to June 2012. It lists the basic interest rate (SELIC) set by the central bank and inflation rates alongside interest rates for commerce loans, credit cards, overdrafts, time deposits, personal loans from banks and financial institutions, and the overall average rate. A section at the bottom analyzes the average rates for the year compared to the SELIC rate.
Naa Annual Newspaper Ad Expenditures 09Juan Varela
The document shows advertising spending data for national, retail, classified, and total newspaper print advertising from 2009 to 2004. It also includes data for newspaper online advertising and the combined total for newspaper print and online advertising. Some key findings are that total newspaper print advertising declined between 26.2% to 1.7% annually over this period. Newspaper online advertising increased between 11.8% to 31.5% each year, but did not make up for the declines in print advertising as the combined newspaper print and online total declined between 27.2% to 0.3% each year.
Successful investing requires different skills in bear markets than in bull markets. In bear markets, protecting assets from losses is crucial to long-term performance. Bear markets are typically characterized by high valuations at the start that decline, volatility with frequent rallies and falls, and negative returns that last for multiple years. In bull markets, gains can be achieved through buying and holding, as bull markets start at low valuations and end at high valuations, lasting for multiple positive years. Managing investments requires understanding the characteristics of secular bull and bear markets and employing different strategies depending on market conditions.
Portfolio Management & Trading Assistant: Administration & Operations
Graduated in Business Administration from the University of Deusto. Graduated in Business Administration from the University of
Holds a Master in Financial Markets from the University of Barcelona. Barcelona. Holds a Master in Financial Markets from the University
Worked at BBVA Asset Management and Gesconsult SGIIC in the areas of Barcelona. Worked at Gesconsult SGIIC in the areas of
of portfolio management and trading. Joined EDM in July 2005. administration and operations. Joined EDM in July 2005.
Javier García, 38 Javier Sánchez,
California higher ed where is comes from and where it goesSally Hamilton
This document contains graphs showing the funding sources and expenditures for the University of California (UC), California Community Colleges (CCC), and California State University (CSU) systems from 1970 to 2010. The graphs show that for all three systems, the largest funding source was the general fund, though its percentage has decreased over time. For expenditures, the largest category for all systems was instruction/teaching.
Igtm pre event golf survey by sports marketing survey - part IMS-Co
The survey found:
1) Spain was the most popular recent international golf destination at 17%, followed by Portugal at 13% and the United States at 7%.
2) 37% of respondents had not taken an international golf trip in the past 5 years.
3) When considering future destinations, recommendations from friends were most important to respondents, followed by golf magazines and online reviews/golf networks. Price, variety of courses, and golf being included in packages were also very important factors.
4) Economic factors like currency exchange rates and fuel costs have at least a little impact on most respondents' decisions to take an international golf trip.
The document contains tables showing voter turnout rates in the United States and several states for presidential and off-year elections from 1980 to 2010. It shows that turnout is typically higher in presidential election years than off-year elections. It also calculates the difference in turnout rates for each state compared to the nationwide average for both presidential and off-year elections over different time periods.
This document provides a map of departmental poverty in Peru for 2006, with indicators updated from the 2007 census. It includes data on population, percentage rural, poverty quintiles, percentages of the population without access to water, sanitation/latrines, or electricity, literacy rates, percentages of children under 12 and children experiencing malnutrition. Departments with the highest levels of poverty and lack of access to services include Amazonas, Apurimac, Ayacucho, Cajamarca, Huancavelica, Huanuco, and Pasco. The document also includes provincial and district level data for two regions: Cajamarca and San Martin.
Managed Futures: Potential to Profit During Market Declinesmkviscusi32
Managed futures have outperformed stocks and bonds over the past 29 years. Due to their ability to take positions on rising and falling markets, managed futures funds can profit when other assets decline. As shown in the chart, managed futures gained between 5.59% and 28.12% during the worst peak-to-valley declines for stocks, commodities, bonds, and real estate from 1980 to 2010, while those other assets lost between -23.74% to -68.30%. The document demonstrates how managed futures provide diversification during market downturns when other investments are declining.
1) The document describes a leveraged certificate (3x) linked to the Fairfield Sentry Ltd. fund, an established hedge fund with a 15-year track record.
2) Fairfield Sentry uses a split-strike conversion strategy, investing in S&P 100 stocks while hedging with put and call options.
3) The certificate aims to provide a significant yield improvement over Fairfield Sentry despite slightly higher volatility due to the 3x leverage.
Tikehau Capital Markets Strategies document provides disclosures and disclaimers regarding Tikehau Investment Management and its funds. It notes that investing in the funds carries risks of capital loss as capital is not guaranteed. It warns that some funds have exposure to high-yield or unrated bonds which are speculative in nature. It also lists credit risk, interest rate risk, currency risk, liquidity risk and risk from use of derivatives as risks investors must consider.
Este informe resume el rendimiento de una cartera de inversiones entre el 31 de diciembre de 2020 y el 30 de marzo de 2021. La cartera comenzó con un patrimonio de 100.000 euros y terminó con 104.642,67 euros, lo que representa una plusvalía del 4,64%. La cartera está compuesta principalmente por fondos de inversión (90,44%), con un pequeño porcentaje en depósitos (9,56%). La mayor parte de la cartera se centra en renta variable global (31,61%), Europa (16,44%) y sectores específ
Máquinas algorítmicas VS traders humanos por Giancarlo prisco | Rankia Market...Rankia
Giancarlo Prisco, Director Sala de Trading en vivo DAX en simplementetrading.com, compara los HFT y los humanos para detectar oportunidades de inversión.
El mundo de las inversiones por Ioannis Kantartzis | Rankia Markets Experienc...Rankia
Ioannis Kantartzis, Editor de la Revista TRADERS' by Rankia, nos explica todo lo relacionado con el mundo de las inversiones: las proyecciones económicas, la diversificación, los índices...
¿Qué es Tradimo Interactive? por Gabriel Montalto | Rankia Markets ExperienceRankia
El documento habla sobre la Sala Kostolany en la que Gabriel Montalto dio una charla. El documento no proporciona más detalles sobre el tema de la charla o sobre Gabriel Montalto.
Experiencias de un Trader Profesional por Alberto Chan | Rankia Markets Exper...Rankia
El documento resume las experiencias de Alberto Chan como trader profesional. Resalta que la formación es fundamental para ser un trader ganador y que la mayoría de los que pierden dinero son ludópatas sin disciplina ni estudio. Recomienda enfocarse en el swing trading en lugar del day trading debido a ventajas como mayores oportunidades y menos estrés. Además, aconseja diversificar operando múltiples activos, instrumentos y temporalidades para mejorar la efectividad.
¿Cómo convertirse en un inversor ganador? por David Galán | Rankia Markets Ex...Rankia
Este documento presenta análisis técnico de varias acciones y mercados de valores, incluyendo Ferrovial, Grifols, Viscofan, Facebook, Fresenius Medical Care, Orange, Unilever, AutoZone, Nordson, Salesforce, Deoleo, Publicis Groupe, Altria, el IBEX 35, el Eurostoxx 50, el SMI Suizo, el S&P 500, el euro/dólar y el oro. Proporciona niveles de soporte y resistencia clave, así como posibles objetivos de precios. También incluye una advertencia
Diversificación 360º de carteras por Ignacio Villalonga | Rankia Markets Expe...Rankia
Ignacio Villalonga es desarrollador de modelos de inversión cuantitativos de largo plazo, basados en factores. Autor del blog y del podcast Zona Quant. Profesor del Instituto Financiero Esfera Capital.
Como afrontar el fin de año a través del trading por Sara Carbonell | Rankia ...Rankia
Este documento ofrece consejos sobre cómo afrontar el fin de año a través del trading. Discuten la situación macroeconómica actual, incluyendo posibles acuerdos entre China y EE.UU., resultados empresariales y políticas monetarias. Luego recomiendan usar CFDs (contratos por diferencia) como una forma de aprovechar estas oportunidades de manera flexible y diversificada, dado que los CFDs son derivados que permiten ganar o perder basados en la diferencia de precios.
Técnico o Fundamental ¿Por qué no un método que combine ambos análisis? por J...Rankia
Jorge Ufano expone un método que combina el análisis técnico y el análisis fundamental que nos ayudará a invertir mejor. Evento Rankia Markets Experience 2019
Los ciclos y visión del mercado por Guillermo Higón | Rankia Markets Experien...Rankia
Charla Inaugural de la Sala Kostolany en la Rankia Markets Experience 2019 organizada por Rankia. Guillermo Higón analiza el ciclo económico en el que nos encontramos, incidiendo en USA.
El pasado 2 de Octubre Rankia organizó un nuevo evento en Castellón, en el Hotel Tryp Castellón Center donde hablamos sobre las diferentes Soluciones de Inversión para las carteras conservadoras de la mano de las gestoras de fondos Buy&Hold y Amiral Gestion, y bajo la moderación de Enrique Roca.
El pasado miércoles, 26 de Septiembre estuvimos en el Hotel NH Príncipe de Vergara de Madrid en la conferencia que llevaba por título Soluciones de inversión para las carteras conservadoras donde nos acompañaron las gestoras de fondos Allianz Global Investor, ODDO BHF Asset Management y Araceli de Frutos Casado EAFI y donde también contamos con Victoria Torre (Self Bank), como moderadora de de la mesa redonda.
El pasado martes, 25 de Septiembre estuvimos en el Hotel Conde Luna de León en la conferencia que llevaba por título Soluciones de inversión para las carteras conservadoras donde nos acompañaron las gestoras de fondos Allianz Global Investor, Amiral Gestion y Araceli de Frutos Casado EAFI y donde también contamos con Juan Pablo Garia Valadés (Asesor de inversiones de Renta4), como moderador de de la mesa redonda.
Tesis de inversión Signify - Quedada de foreros 2018Rankia
Este documento resume la información sobre Magallanes Value Investors y Signify. Magallanes es una gestora de fondos independiente especializada en value investing. Gestiona activos por 2.3 mil millones de euros. El documento también describe las divisiones de negocio, estrategia, posicionamiento e innovación de Signify, el líder mundial en iluminación. Signify está transformándose hacia soluciones LED e IoT y tiene objetivos de mejorar sus márgenes operativos a través de reducción de costes.
3. ¿Por qué no Renta Fija?
BONO DEL ESTADO ARGENTINO (2000-2007) ÍNDICE BURSÁTIL MERVAL (2000-2007)
-70%
+300%
Página 3
4. ¿Por qué análisis fundamental?
RENTABILIDAD ANUAL NÚMERO DE RENTABILIDAD ANUAL VS.
GESTOR MEDIA AÑOS ÍNDICE
WARREN BUFFETT (Berkshire) 20,30% 44 11,00%
PACIFIC PARTNERS 23,60% 19 15,80%
STAN PERLMETER 19,00% 18 12,00%
SEQUOIA FUND 18,20% 14 9,00%
WALTER SCHLOSS 16,10% 28 8,70%
TWEEDY BROWNE 16,00% 15 8,20%
CHARLES MUNGER 13,70% 14 7,70%
31/12/2009
Un mismo origen Intelectual (Graham and Doddsville): Características comunes a todos ellos
– Invierten a LP en acciones de empresas que entienden («círculo de competencia»)
– Aplican sistemáticamente el “value investing” (inversión fundamental).
– Otorga poca relevancia al análisis macroeconómico
– Encuentra poco interesante el análisis técnico.
– No utilizar instrumentos de cobertura.
Conclusión: Intentar aplicar técnicas similares
Página 4
5. COMPARATIVE PERFORMANCE
BESTINVER SPANISH EQUITIES vs. BENCHMARK
YEAR BESTINVER IBERIAN EQUITY BENCHMARK Relative perf.
1993 43,91% 46,67% -2,76%
1994 5,28% -11,70% 16,98%
1995 10,33% 12,30% -1,97%
1996 41,01% 38,96% 2,05%
1997 41,01% 42,22% -1,21%
1998 29,03% 37,19% -8,16%
1999 -10,98% 16,22% -27,20%
2000 13,91% -12,68% 26,59%
2001 21,22% -6,39% 27,61%
2002 8,25% -23,10% 31,35%
2003 38,31% 27,44% 10,87%
2004 29,97% 18,70% 11,27%
2005 27,07% 20,56% 6,51%
2006 37,36% 34,49% 2,87%
2007 4,84% 5,60% -0,76%
2008 -35,16% -40,56% 5,40%
2009 34,56% 31,37% 7,33%
2010 3,68% -15,24% 18,93%
2011 -12,66% -16,23% 3,57%
2012 14,88% -0,12% 15,00%
04/03/2013 3,94% 1,72% 2,22%
Return since 1993 1671,39% 276,53% 1394,87%
Average annual return 15,34% 6,80% 8,54%
* Returns for BESTINFOND to 31/12/1997 and B. BOLSA from 01/01/1998
* BENCHMARK is a weighted average of IGBM of IGBM (70%) (Madrid Stock Exchange Index) and PSI (30%).
* All Bestinver returns are expressed as net, after expenses and commissions.
Página 5
6. ¿Cómo lo hacemos?
• Sólo dos cosas
– 1. Saber valorar un negocio
– 2. Mantener una determinada actitud frente a las fluctuaciones del mercado
Algunas consideraciones adicionales
• Invertir en empresas que cotizan con un descuento razonable respecto a su verdadero valor económico teniendo en
cuenta que:
• Es imprescindible distinguir entre la cotización de una empresa (influida por factores psicológicos e ineficiencias
de mercado) y su valor económico (valor asociado a los activos, beneficios, deuda, perspectivas, etc).
• En el corto plazo la evolución del precio de una empresa es totalmente imprevisible ya que está influida por
circunstancias que quedan fuera del control de los inversores (factores psicológicos, manipulaciones del mercado,
conflictos políticos, etc). Sin embargo, a largo plazo, las cotizaciones siempre tienden a reflejar el valor económico
de las empresas.
• Intentar predecir la evolución de los mercados es una tarea complicada que precisa mucha dedicación y, aún así,
las previsiones rara vez resultan acertadas. Preferimos dedicarnos a la búsqueda de buenas empresas infravaloradas
ya que seguramente tendrán una mejor evolución que el mercado, sea cual sea el comportamiento de éste.
Página 6
7. BUEN PRECIO
- Precio < 70% valor
- Descuento de Flujos
- Operaciones Corporativas similares
- Valor de liquidación
BUEN EQUIPO GESTOR
BUEN NEGOCIO
- Operando el negocio
- Comprensible
- Invirtiendo la caja generada
- Ventaja competitiva
- Apropiado sistema de incentivos
- Generador de caja
- El accionista es la primera
- Con crecimiento prioridad
7
8. Philosophy: four key cornerstones
COMPANIES WITH: GOOD PRICE DUE TO:
• Competitive advantage: • Shareholder structure (family owned)
• High ROCE • Type of shares (preferred, non-voting, etc.)
• Sustainable • Geographical reasons: business and
• Correct attitude with generated cash-flow shareholders in different zones
• Long term projects (impatient market)
• Small caps (unnoticed by the market)
• Asset organization (Holdings..)
. Economic Cycle
AUSTRIAN SCHOOL OF ECONOMICS
• Economic general structure
TIME
• Human behavior
• Patience
• Non-predictable consequences in stocks
• Psychological preparation
• Euphoria / Panic
• Client education
Página 8
9. C/ Juan de Mena, 8 - 28014 Madrid (Spain)
BESTINVER
902.94.62.94
bestinver@bestinver.es
www.bestinver.es
Página 9
10. • This document has been prepared by Bestinver Gestión, S.A. SGIIC for informational purposes only and can be in no way considered an offer
to participate in its investment funds. The information contained herein was compiled by Bestinver Gestión, S.A. SGIIC from sources it
believes are reliable. However, while appropriate measures have been taken to verify its accuracy, Bestinver Gestión, S.A. SGIIC in no way
guarantees that it is accurate, complete or up to date.
• All opinions and estimates included in this document reflect the best judgment of Bestinver Gestión, S.A. SGIIC as of the date they refer to
and may be changed without prior notification. All opinions issued herein are general in nature and do not take into consideration individual
specific investment objectives or financial circumstances.
• Under no circumstances can Bestinver Gestión, S.A. SGIIC, its managers, employees or authorized personnel be held responsible for any
damage resulting, directly or indirectly, from the use of the information contained within this document. Information regarding past returns
does not in any way constitute a promise or guarantee as to future performance.
• All Bestinver returns are expressed as net, after expenses and commissions. They are denominated in euros.
• Share redemptions and transfers of securities held for less than one year are penalised with a commission
• Source of Bestinver return and fees data: BESTINVER
• Source of sector return and fees data: INVERCO
• Source of national and international rankings: BESTINVER. Bestinver funds, third-party mutual funds and equity index returns (Madrid SE,
IBEX, S&P 500 and MSCI) are calculated based on the closing level on the date appearing at the bottom of this page.
• Source of fund P/Es: BESTINVER
• Source of market P/Es and Argentina Charts: Bloomberg
• Source of Value Investors: “The Superinvestors of Graham-and-Doddsville”
• Sources of Performance of diferent assets since 1800: Jeremy Siegel "Stocks for the long run" Irwin Professional
Página 10