tag:blogger.com,1999:blog-51925675960279197232024-03-06T03:04:12.092+01:00Navar InversionesLa suerte es la intersección entre la preparación y la oportunidad. (Séneca)NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.comBlogger218125tag:blogger.com,1999:blog-5192567596027919723.post-65390621291516812082019-12-24T08:22:00.000+01:002019-12-24T08:22:19.807+01:00Semana 102 – 106 (Vencimiento de Diciembre de 2019).<!--[if gte mso 9]><xml>
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<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen de las
semanas entre el 18/11/19 y el 20/12/19.</span></span></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Este
último vencimiento del año, ha ido de menos a más. Tanto que prácticamente se
ha recuperado lo perdido.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Pero
no nos adelantemos, porque han ocurrido varias cosas que han ayudado, de forma
externa como el hecho de que el <u>Premier británico ganase sus elecciones</u>
y los mercados europeos lo tomasen como la <u>solución de un problema que
empezó hace 3 años con el primer referéndum.</u></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Ya
hay una <u>salida firme el próximo 30 de Enero de 2020</u> aunque quede
negociar los futuros acuerdos bilaterales que, como en todo divorcio, no deja
de ser “la madre del cordero”.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">También,
el otro frente importante de la economía, <u>la Guerra comercial entre EE.UU.,</u>
nos volvieron a vender que al pacto final solo le quedan un flecos sin
importancia. Claro, a falta de nada tan relevante que estos 2 problemas reales,
se tomó con euforia y se consiguió romper las resistencias de los índices
europeos y, en nuestro caso, el del Eurostoxx.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Hay
un <u>par de noticias</u> que una por su relevancia, afectando directamente a
la imagen política de Trump, y otra de las que dan para hacer una buena peli de
conspiraciones, que han ocurrido en los últimos 2 días.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="entradilla" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif"; mso-bidi-font-size: 10.0pt;">La
<u>primera</u> es que se ha firmado que </span><span style="font-family: "Verdana","sans-serif";">Trump
firmó varios proyectos presupuestarios por valor de 1,4 billones de dólares la
noche de este viernes 20/12/19, tan solo 90 minutos antes de que expiraran los
fondos disponibles e iniciara un nuevo cierre administrativo.</span></span></div>
<div class="entradilla">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="line-height: normal; text-align: justify;">
<span style="font-size: small;"><u><span style="font-family: "Verdana", "sans-serif";">Demócratas y republicanos pactaron los presupuestos
esta semana en el Congreso</span></u><span style="font-family: "Verdana", "sans-serif";">, cuyas dos cámaras aprobaron a
contrarreloj los proyectos en medio de los debates por el
"impeachment" y por el acuerdo de libre comercio T-MEC. Que esto es
lo que era realmente importante y no su particular moción de confianza. <u>Otro
escollo ganado para el presidente de EE.UU.</u></span></span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif";"><br /></span></span></div>
<span style="font-size: small;">
</span><div class="entradilla" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif";">La otra,
es el <u>hackeo sufrido por el Banco de Inglaterra</u>.</span> <span style="font-family: "Verdana","sans-serif";">Parece ser que algunos traders
accedieron antes que el resto del mercado a las declaraciones de su gobernador.</span></span></div>
<div class="entradilla" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="line-height: normal; text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif";">Los reguladores británicos han lanzado una
investigación para determinar si un grupo de fondos de inversión utilizó <u><span>información privilegiada</span></u> obtenida
sin permiso del Banco de Inglaterra para operar en el mercado y ganar dinero.</span></span></div>
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<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif";">Se cree que un proveedor tecnológico del organismo, <u>facilitó
el sonido de las ruedas</u> de prensa del gobernador Mark Carney a <u><span>algunas firmas de trading</span></u>, antes
de que el conjunto de los inversores pudiera escucharlas.</span></span></div>
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<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif";">Las ruedas de prensa, en las que Carney y su equipo
dan indicaciones sobre tipos de interés y <u><span>pueden mover la libra y los bonos</span></u>, se celebran en una sala del
Banco de Inglaterra y son transmitidas por video a través de la página web de
esta institución y a través de las pantallas de Bloomberg. Por si acaso en
algún momento falla esta señal de video, el organismo cuenta con un canal de
audio de las declaraciones, pero no lo mantiene abierto al público. Por esta
vía, las palabras de Carney llegan unos segundos antes, <u>lo que puede dar una
gran ventaja a los fondos de trading de alta velocidad,</u> que tienen sistemas
avanzados para comprar y vender activos en el mercado en milésimas de segundo.</span></span></div>
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<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif";">De acuerdo a lo admitido por el Banco de Inglaterra,
una empresa que gestiona ese canal de audio facilitó su transmisión a algunos
de esos fondos durante las ruedas de prensa, <u><span>sin autorización</span></u>.</span></span></div>
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<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif";">Total que el que no corre, vuela.</span></span></div>
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<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif";">Vamos a ver los pantallazos de este vencimiento:</span></span></div>
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<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif";">De esta manera increíble, este vencimiento de infarto,
en donde hemos llegado a estar en negativo en el disponible, lo que supone
deberle al bróker ese dinero, no solo nos hemos recuperado de las pérdidas
acumuladas del vencimiento de Noviembre sino que hemos ganado dinero.</span></span></div>
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<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="line-height: normal; text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif";">Una vez más se demuestra la aleatoriedad del mercado y
que, como mucho, podemos contrarrestar sus efectos si disponemos del capital,
conocimientos y paciencia suficientes.</span></span></div>
<div class="MsoNormal" style="line-height: normal; text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="line-height: normal; text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif";">También ha llegado el momento de un “hasta luego”.
Nuevos proyectos llaman mi atención.</span></span></div>
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<br /></div>
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</span><div class="MsoNormal" style="line-height: normal; text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif";">Espero haber dado información tan útil como rentable.</span></span></div>
<br />
<br />
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<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<br />
NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-43983494604165636612019-11-21T16:09:00.002+01:002019-11-21T16:09:57.767+01:00Semana 98 – 101 (Vencimiento de Noviembre de 2019).<!--[if gte mso 9]><xml>
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;"><span style="line-height: 115%;">Resumen de las
semanas entre el 18/10/19 y el 15/11/19.</span></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">La
economía Alemana frena su crecimiento. A pesar de este moderado debilitamiento
de la economía, los expertos no temen una «recesión más profunda».</span></span></div>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><h6 style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;"><strong><span style="color: windowtext; line-height: 115%;">Una década de bonanza </span></strong><span style="color: windowtext; line-height: 115%;"></span></span></span></h6>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">«Estamos
a punto de iniciar una nueva década. La bonanza que hemos experimentado en la
última década ha llegado a su fin, al menos de momento, de manera que tenemos
ante nosotros una serie de desafíos coyunturales y estructurales», declaró uno
de los cinco expertos al hacer entrega a la canciller<strong>, Angela Merkel, </strong>del
informe.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">Al
mismo tiempo aconsejó al gobierno a «centrarse más que nunca en el potencial de
crecimiento de la economía alemana».</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">La
canciller aseguró al recibir el informe que, con su título, «Afrontar el cambio
estructural», los cinco sabios apuntan asimismo a lo que preocupa al gobierno.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">Señaló
que muchos de los puntos señalados por los «cinco sabios» han sido retomados
también por la gran coalición de gobierno entre conservadores y
socialdemócratas, que estos días hace un balance de la primera mitad de
legislatura.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">Entre
estos temas, indicó, figuran la amplia cuestión de la protección climática, <strong>«uno de los elementos esenciales» en
el trabajo de la coalición,</strong> con los cambios estructurales y las
transformaciones que conlleva, la digitalización y la investigación y la
innovación.</span></span></div>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><h6 style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;"><strong><span style="color: windowtext; line-height: 115%;">Revisión a la baja de los
pronósticos </span></strong><span style="color: windowtext; line-height: 115%;"></span></span></span></h6>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">También
los principales institutos económicos de Alemania rebajaron en su informe de
otoño al 0,5% para 2019 su previsión de crecimiento, desde el 0,8% pronosticado
en primavera.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">Los
institutos revisaron asimismo a la baja los pronósticos de crecimiento del
producto interior bruto (PIB) para 2020 del 1,8% al 1,1%.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">El
gobierno, en su pronóstico de otoño, mantuvo en el 0,5 % el crecimiento del PIB
para este año y rebajó su previsión para el que viene en medio punto al 1,0%. </span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">Además,
La<b> Reserva Federal de EEUU </b>anunció este miércoles un nuevo recorte de
los tipos de interés de un cuarto de punto, el tercero consecutivo, hasta
dejarlos entre el 1,5% y el 1, 75%, en medio de sospechas de desaceleración
económica global y en el país.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;"><span>Según ha
comunicado la Fed tras su reunión de política monetaria de dos días, la
decisión se tomó con 8 votos a favor y 2 en contra. De este modo, el banco
central estadounidense <b><u>sigue el guión y recorta el precio del dinero</u></b>,
tal y como vaticinaban los analistas. </span></span></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;"><span>En el
comunicado remitido por la Fed, el banco recuerda que busca fomentar "el
máximo empleo y la estabilidad de los precios", lo que justifica la rebaja
de los tipos. Además, la <span>Fed<b> </b></span>considera
que "la expansión sostenida de la actividad económica, las fuertes
condiciones del mercado laboral y la inflación cerca del objetivo simétrico del
2%son los resultados más probables, pero persisten las incertidumbres sobre
esta perspectiva". </span></span></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;"><span>No obstante, y
a diferencia de otras ocasiones, el comunicado de la Fed omite expresamente la
siguiente frase: "<b>El Comité ... actuará según corresponda para sostener
la expansión". Además, </b>antes de adoptar otra decisión respecto a
los tipos de interés, la Fed asegura que se tomará un tiempo para analizar como
evoluciona la economía y decidir qué hacer en relación al precio del
dinero. </span></span></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;"><span>Y esta es la
razón por la que <b>algunos analistas están viendo que el banco central se
prepara para hacer una pausa en diciembre</b> en los recortes del precio del
dinero. </span></span></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;"><span>Según explica <b>Chris
Low</b>, economista de <b>FHN Financial</b> que cita
'Marketwatch', "es un cambio pequeño, pero sugiere una menor
disposición a continuar reduciendo las tasas en el futuro". En otras
palabras, añade, "mientras que el FOMC estaba anteriormente en medio de
una serie de recortes de tasas de mitad de ciclo y evaluando si terminarlo, el
nuevo lenguaje sugiere que están listos para terminarlo, pero alerta por la
evidencia de que debería continuar". Es una distinción sutil, pero
importante. </span></span></span></div>
<div class="MsoNormal" style="line-height: normal; mso-margin-bottom-alt: auto; mso-margin-top-alt: auto; text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span><span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">Este vencimiento ha sido
más difícil de controlar que los anteriores y las pérdidas latentes se han
convertido en reales. Veamos en cuanto y la evolución desde el principio:</span></span><br />
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<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Primero vamos a ver
estos resultados SIN los futuros porque no los vamos a cerrar al quedarles un
mes más de vigencia en los contratos… y son, francamente y muy a mi pesar,
decepcionantes: </span></span></div>
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<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Con esas pérdidas
realizadas de más de -11.600€, duelen más que una patada donde todo el mundo
sabe. No tengo excusa, aunque sea mi dinero, he fallado en mi análisis.</span></span></div>
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<br /></div>
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<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Además, los futuros
también soportan fuertes pérdidas, aunque en este caso las dejemos latentes,
usando la posición para el siguiente vencimiento de Diciembre:</span></span></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
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<![endif]-->NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-28853528970430504912019-10-27T18:37:00.000+01:002019-10-27T18:39:32.759+01:00Semana 93 - 97 (Vencimiento de Octubre 2019).<!--[if gte mso 9]><xml>
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;"><span style="line-height: 115%;">Resumen de las
semanas entre el 23/9/19 y el 18/10/19.</span></span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">
</span></span><br />
<div class="ue-c-article--first-letter-highlighted" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">Aparte de los
problemas internos en España a consecuencia de la sentencia por el proceso
independentista, intentado en Cataluña, y que aún no se ha cuantificado el daño
en la economía de aquella zona y, por ende, al resto del país, casi ha
eclipsado el Brexit.</span></span></div>
<div class="ue-c-article--first-letter-highlighted" style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">
</span></span><br />
<div class="ue-c-article--first-letter-highlighted" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">El Parlamento
británico forzó a <b><span style="font-weight: normal;">Boris Johnson</span></b> a
echar el freno en sus planes para el Brexit con la aprobación de una enmienda
que le ha obligado a pedir <b>una
extensión de la salida de la UE</b>, prevista inicialmente para el
31 de octubre. Horas más tarde, Johnson envió <b>la fotocopia de una carta (sin firmar)</b>
a Bruselas pidiendo la prórroga del Brexit,<b> acompañada de otra misiva original (esta vez firmada)</b>
alegando que personalmente cree que el retraso sería un "error".
Varios diputados condenaron el doble rasero del "premier" y
anunciaron su intención de llevarle a los tribunales por desacato al Parlamento
si se niega en última instancia a negociar la extensión.</span></span></div>
<div class="ue-c-article--first-letter-highlighted" style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">
</span></span><br />
<div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">En
la primera de las cartas remitidas a Bruselas, solicitando una extensión del
Brexit hasta el<b> 31 de
enero del 2020</b>, se especifica que el texto no ha sido en
realidad elaborado por el "premier" sino por el Parlamento. En la
siguiente carta, el propio Johnson asegura que un retraso del Brexit sería
"profundamente corrosivo" para su país y asegura que buscará la
aprobación de su acuerdo para lograr la salida de la UE en la fecha estipulada.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">
</span></span><br />
<div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">El
"Supersábado" de Johnson (19/10/19), que buscaba la aprobación en
Wesminster de su acuerdo recién sellado con Bruselas, <b>saltó de pronto por los aires por la
enmienda </b>presentada por el ex conservador Oliver Letwin. Por
322 votos a favor y 306 en contra, los partidos de la oposición cerraron filas
con una veintena de "tories" expulsados e incluso con los 10
diputados del Partido Democrático Unionistas (DUP) y forzaron a Johnson a
cancelar repentinamente la votación de su acuerdo y a pedir la extensión del
Brexit.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">
</span></span><br />
<div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">El
presidente del Consejo Europeo, <b>Donald
Tusk</b>, confirmó la llegada de la carta de Johnson, aunque no
detalló su contenido. Tusk convocó una reunión especial de los embajadores de
los 27 para analizar la situación el domingo, aunque advirtió que la respuesta
de la UE podría demorarse varios días.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">
</span></span><span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">Johnson tiene
ahora que encajar su octava derrota parlamentaria en tres meses. </span></span><br />
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">
</span></span><br />
<div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">La
enmienda aprobada en el “Supersábado” de Westminster (la primera vez en 37 años
que se celebra una sesión especial en ese día)<b> condiciona sin embargo la ratificación del acuerdo del
Brexit </b>a la tramitación de toda la legislación pendiente antes
del 31 de octubre. La enmienda remite a la ley para bloquear el Brexit sin
acuerdo, que obligaba a Boris Johnson a enviar una carta a Bruselas solicitando
una prórroga de tres meses en la salida de la UE.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">
</span></span><br />
<div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;"><b>"Créanme que en la UE existe muy poco apetito para
una nueva extensión"</b>, advirtió el premier en el arranque del
debate, remitiéndose a las palabras del presidente francés, Emmanuel Macron, (y
pese a la disposición inicial de la canciller Angela Merkel para prorrogar el
Brexit).</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">
</span></span><br />
<div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">En
su país, no quieren que Johnson siga usando la amenaza de una salida de la UE
sin acuerdo, para chantajear a sus propios diputados, para que voten a favor de
su acuerdo. Buena suerte, porque es lo que lleva haciendo incluso antes de
sustituir a Theresa May.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">
</span></span><br />
<div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">La
UE no está dispuesta a extender el Brexit un solo día. Johnson defendió su
acuerdo agradeciendo la "flexibilidad" de la UE para suprimir la polémica
salvaguarda o backstop, que habría dejado a todo el país indefinidamente
atrapado en la unión aduanera.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">
</span></span><br />
<div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">El
líder conservador defendió su solución específica para Irlanda de Norte -que
seguirá de facto en la unión aduanera y alineada con el mercado único- por
considerar que mantiene la frontera abierta, sin infraestructura y sin cambios
visibles. </span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">
</span></span><br />
<div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">Letwin
(el que ha presentado la moción), fue expulsado del Partido Conservador por
Johnson al votar a favor de la ley que bloquea el “<i><span style="font-style: normal;">no deal”</span></i>,
<b><span style="font-weight: normal;">abucheado desde los escaños tories</span></b><b> </b>cuando dijo que su
intención era votar a favor del acuerdo negociado por el premier. La intención
de su enmienda, es contar con una póliza de seguros que evite la posibilidad de
una salida de la UE sin un acuerdo el 31 de octubre. Sin decirlo textualmente,
lo que Letwin pretendía evitar era que el ala dura conservadora (los llamados
espartanos) votaran a favor del acuerdo de Johnson en primera instancia y luego
sabotearan toda la legislación pendiente hasta el 31 de octubre, forzando un no
acuerdo por defecto.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">
</span></span><br />
<div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">Las
divisiones internas del Partido Conservador han vuelto a dinamitar los intentos
de dar carpetazo al Brexit al primer intento. Johnson volverá a intentarlo
previsiblemente el lunes, intentando ganar tiempo para lograr que al menos ocho
parlamentarios cambien de bando y lograr la mayoría necesaria de 320. El
premier confía conseguirla in extremis con el voto del ala dura de los
conservadores, con los diputados expulsados de su propio partido y con, al
menos, nueve diputados laboristas, aunque sin los 10 parlamentarios del Partido
Democrático Unionista (DUP) que anunciaron su voto en contra.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">
</span></span><br />
<div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">Todo
esto se ha traducido en nuestras posiciones sobre las opciones que vencían el
viernes 18, en una suerte de montaña rusa en la que esperábamos un leve caída,
hubo rotura de la resistencia del Eurostoxx en los 3600 pero la enorme
concentración de contratos abiertos (máximo open interest) en ese nivel, nos
devolvió cierta confianza en que el cierre de los contratos se mantuviese por
debajo de esa cotización.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">
</span></span><br />
<div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , sans-serif;">Vamos
a verlo, como siempre, en los pantallazos:</span></span></div>
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</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , "sans-serif"; line-height: 115%;">En
este vencimiento, hemos decidido no cerrar los contratos de futuros por 3
razones: nuestro posicionamiento inicial con esta estrategia es bajista, están
en pérdidas y vencen en Diciembre.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , "sans-serif"; line-height: 115%;">Sin
hacerlo, cerrarlos, El rendimiento neto de las opciones ha sido de más de
6000€, que se están utilizando en 2 “tareas”: compensar las pérdidas de los
futuros y compensar el margen necesario para aumentar en 1000 contratos la
posición en K&S. Así hemos conseguido que nuestro saldo siga por encima de
los 130.000€.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , "sans-serif"; line-height: 115%;">De
todas formas, si cerrásemos los futuros seguiríamos teniendo un neto en este
vencimiento de unos 1000€:</span></span></div>
<br />
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "verdana" , "sans-serif"; line-height: 115%;">Insisto
en que es necesario tener un capital suficiente y conocimientos sobre opciones
más allá de lo básico (Long Call, Short Call, Long Put, Short Put) e incluso,
mucho más que las estrategias “estándar” del tipo Iron Condor o Butterfly.
Trabajamos sobre una posición inicial y medimos las desviaciones,
compensándolas con más contratos.</span></span></div>
<br />
<br />
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<br /></div>
NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-67938876071646933072019-09-29T20:05:00.000+02:002019-09-29T20:05:13.896+02:00Semana 88 - 92.<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen de las
semanas entre el 19/8/19 y el 20/9/19.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Usar el <u>ratio
PER</u> puede ser una forma fantástica de encontrar acciones para comprar
barato y vender caro.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">En la bolsa, la
gente encontrará todo tipo de justificaciones para hacer compras con “PER´es”
altos, y a largo plazo, eso no conduce a grandes resultados, por muy “blue
chip” que sea la empresa.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">De hecho y por lo
general, son las acciones con un PER alto las que caen más. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Y, sin embargo, muchas
acciones con “PER´es” bajos generalmente ofrecen múltiplos más altos, lo que
significa un aumento en su cotización.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Pero hay algunas
debilidades evidentes con este ratio. Pensemos. En el sentido más básico, <u>¿por
qué los inversores compran acciones?</u></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;"><br /></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Bueno, algunos las
compran porque esperan que se negocien a un precio más alto en el futuro
haciendo que, en ese futuro, se puedan vender convirtiéndolas en una inversión
rentable.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Otros las compran
para proporcionar un ingreso estable, en forma de dividendos, ya sea para
apoyarlos en la jubilación o para impulsar ganancias futuras aceleradas a
medida que se reinvierten usando el interés compuesto.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">En cualquiera de
estos casos, los inversores realmente quieren lo mismo. <u>Quieren un negocio
que esté creciendo</u>, porque eso conducirá a un mayor precio de las acciones
y mayores dividendos a largo plazo.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Pero… para hacer
crecer un negocio, se necesita aumentar las ganancias.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Las bolsas da un
margen de maniobra para que las empresas no tengan ganancias mientras intentan
crecer pero, eventualmente esas mismas bolsas, perderán la paciencia (vea casi
todas las acciones de Internet de finales de los 90, como pets.com). Una vez
que se agota la paciencia, el negocio generalmente falla como para mantenerse a
flote.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Entonces, hay negocios
que no generan ganancias (…que se lo digan a Tesla).</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Y cuando la bolsa
detecta esto y no ve una buena historia de crecimiento, eso puede hacer que el
comercio de sus acciones baje, lo que lleva a un PER más bajo.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Voy a incluir un
enlace <a href="http://navarinversiones.blogspot.com/2018_01_28_archive.html" target="_blank">aquí</a></span><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">,
en este mismo blog, recordando que es este ratio y como se calcula.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Pero quien querría
comprar un negocio que se está reduciendo, aunque pueda hacerlo más barato.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Entonces, si no tenemos
en cuenta el crecimiento del negocio de la empresa al comprar acciones con un
PER bajo, se corre el riesgo de entrar en una <u>“trampa de valor”.</u> Porque,
si el negocio nunca aumenta sus ganancias en el futuro, ¿cómo se puede esperar
un aumento en el precio de las acciones o un aumento en el pago de dividendos?
No es probable.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">El segundo problema
con las acciones con un ratio bajo de PER es este.</span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Las ganancias
pueden subir y bajar de año en año. Piensa en los trabajos de la industria. Una
industria podría calentarse y obtener grandes ganancias, por lo que tenderán a
gastar más para expandir su negocio, lo que alimenta el crecimiento de las
empresas que venden a esas empresas, y así sucesivamente.</span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Espero que todos
podamos estar de acuerdo en que las industrias no están en sus propias islas,
la economía está muy conectada.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">A medida que la
economía sube y baja, también pueden aumentar las ganancias.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Entonces, a medida
que estas ganancias suban y bajen de año en año, habrá momentos en que el PER
puede ser bajo y puede ser alto, dependiendo de las ganancias del año, sobre
todo teniendo en cuenta que el numerador de la ecuación es la cotización del
valor elegido.</span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Y todo esto sin
mencionar que la bolsa podría reaccionar exageradamente a años malos o buenos,
lo que también mueve la relación del ratio.</span></div>
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<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<u><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">El problema </span></u><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">es
que comprar en base solo a este archiconocido ratio solo por su bajo nivel,
puede ser una trampa de valor debido a <u>puede oscilar mucho dependiendo de lo
volátil que sea la cotización.</u> O podríamos estar evitando entrar en una
gran empresa debido a que su ratio PER esté temporalmente alto.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<u><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">¿Y cómo
contrarrestar ese problema?</span></u></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Si bien las
ganancias pueden oscilar enormemente de año en año, los activos y los ingresos
no tienden a oscilar tanto y ahí es donde otros ratios pueden apoyar al PER,
como P/B (Price to book ó precio sobre valor en libros) y el P/S (Price to
sales ó precio sobre ventas).</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<u><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Cuando ve una
acción con un PER bajo, junto con unos ratios P/B y P/S bajos, las
posibilidades de que la acción sea buena son mayores.</span></u></div>
<div class="MsoNormal" style="text-align: justify;">
<u><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;"><br /></span></u></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Y así, si decidimos
comprar una acción con un PER bajo, SOLO deberíamos tenerlo en cuenta si otros
factores/ratios también se verifican.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Quizá no sea
necesario realmente dedicar el tiempo necesario para familiarizarse con los
estados financieros de las acciones que compra, pero si lo suficiente como para
centrarse en lo que es importante: evitar quedar “enganchados”. De hecho,
llevamos más de un año en el valor K&S así, teniendo que hacer otro tipo de
estrategia que compense la inversión por lo que vamos a ver como nos ha ido en
este vencimiento de derivados:</span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Algo
que no había actualizado han sido los márgenes usados para la posición desde
que se añadió tanto las Bear Put y el último contrato de futuros, con lo que el
capital usado para este vencimiento ha sido de algo más de 11.500€ y obtenido
un rendimiento neto del 49%.</span></div>
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<br />
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<br /></div>
NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-53178061458322384962019-08-18T09:08:00.002+02:002019-08-18T09:08:25.278+02:00Semana 83 - 87.<!--[if gte mso 9]><xml>
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<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen de las
semanas entre el 22/7/19 y el 16/8/19.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Vencimiento
especialmente convulso, caracterizado por “lo de siempre”: Guerra comercial
China/EE.UU., Brexit sin acuerdo, caída de las exportaciones en Alemania…</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Todo
el mundo en el mercado empieza a cansarse de la estrategia del ‘tira y afloja’
que mantiene el presidente estadounidense, en la guerra comercial con China. Y
esta semana ha quedado claro. Poco duró el rebote de las bolsas del martes 13/8/19
tras la confirmación de Trump de retrasar a diciembre parte de los aranceles
del 10% sobre 300.000 millones de dólares impuestos a China.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Al
día siguiente, el mazazo que llegaba con los malos datos macro de Alemania
tumbaba de nuevo a los mercados, ante unos inversores demasiado temerosos ante
una posible nueva recesión global.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">De
hecho, algunas voces apuntaban a que Trump había maniobrado por su cuenta al
asegurar que China y Estados Unidos avanzaban hacia buen puerto y que se
retomarían las negociaciones en dos semanas.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Poco
ha tardado China en volver a acusar al país norteamericano de juego sucio. En
un comunicado, el Ministerio de Fianzas del gigante asiático tachaba a EE.UU.
de no cumplir seriamente la tregua alcanzada entre Trump y Xi Jinping en la
cumbre del G20 y advertía de que tomaría represalias.</span></span></div>
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<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Los
“expertos” dicen que si China quiere sembrar el caos y poner a Trump contra las
cuerdas, bastaría con mandar al yuan a 7,30. Y, como parece que cuando movió su
divisa la última vez y fue acusada de “manipulación de divisas”, seguro que
sería más que suficiente. Todo el mundo ha visto el arma de guerra que es el
yuan. Bastante más fuerte que las que exhibe Trump.</span></span></div>
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<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">De
nada ha servido, por tanto, el nuevo comentario de Trump diciendo que la guerra
comercial con Pekín será bastante corta, que China quería llegar a un acuerdo,
que no creía que el gigante asiático vaya a tomar represalias por los aranceles
estadounidenses y que el acuerdo se producirá bajo los parámetros de EE.UU.</span></span></div>
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<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Sin
embargo, en nuestra cuenta y salvo un ajuste en los futuros el jueves pasado
ante la continuación de las caídas en los índices europeos, se añadieron 5
contratos más que aprovecharon el rebote en la jornada de vencimiento de ayer,
pero empezábamos el vencimiento de Agosto el 22/7/19 así:</span></span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTgKz_Po17AaTLNDqTFh5Z3FppChl-kNSIs2KI-Nu0pY27eVLb669T8lAGupJv37fiuCpCKd0GZrT7thEXlpXSbW0QX5Gd7wGPDk29V6-aRu6FLYdHvjSI63BgPvrq0hrJyZz2gjBPsh0e/s1600/Resumen22-7-19.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="333" data-original-width="1251" height="106" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgTgKz_Po17AaTLNDqTFh5Z3FppChl-kNSIs2KI-Nu0pY27eVLb669T8lAGupJv37fiuCpCKd0GZrT7thEXlpXSbW0QX5Gd7wGPDk29V6-aRu6FLYdHvjSI63BgPvrq0hrJyZz2gjBPsh0e/s400/Resumen22-7-19.png" width="400" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjP5PN9cFNR4tuKmo1Ijj5EEl6Xrd1DSlPzU67l2PR-oIBLl-GksdRSWZpoGL76A76t3TUSnSFvY-PH_ZRWKeMMTlZrbP7QSS7a1QmOsow-k3VoF0WdB9CjuZiIM0gkRo21SQnwrDC1ifnd/s1600/Resumen22-7-19%25282%2529.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1040" data-original-width="1321" height="313" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjP5PN9cFNR4tuKmo1Ijj5EEl6Xrd1DSlPzU67l2PR-oIBLl-GksdRSWZpoGL76A76t3TUSnSFvY-PH_ZRWKeMMTlZrbP7QSS7a1QmOsow-k3VoF0WdB9CjuZiIM0gkRo21SQnwrDC1ifnd/s400/Resumen22-7-19%25282%2529.png" width="400" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXFdCTkNfgiMCqqDJkECsH6IV9GPo-aMXsSWQV3sgXSeZycuGGXGQRPGi9w3vTDZ5o96okIKY9Dr_mGiv9zanJI4yfgIar62iIhyvdXbd8KNf7JL497SrxxqC9MTlPIWdUP07TD3Nl9fLu/s1600/Resumen24-7-19.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="1034" data-original-width="1315" height="313" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiXFdCTkNfgiMCqqDJkECsH6IV9GPo-aMXsSWQV3sgXSeZycuGGXGQRPGi9w3vTDZ5o96okIKY9Dr_mGiv9zanJI4yfgIar62iIhyvdXbd8KNf7JL497SrxxqC9MTlPIWdUP07TD3Nl9fLu/s400/Resumen24-7-19.png" width="400" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNrrPrHB6s4XRwzjx2yfWgqZdzeDq_Q_4uBpg2JTCRiIVc5Qzsg1P74d7RgA7mdQqcp4kNbPfijRol_9d9dHAp5rxJNkV21AkkIIk0t-XtIrDOxXvFtVyWyacTY-u5OjGApKApeHQ6wJ7y/s1600/Ejecutadas24-7-19CFDs.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="523" data-original-width="1249" height="166" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhNrrPrHB6s4XRwzjx2yfWgqZdzeDq_Q_4uBpg2JTCRiIVc5Qzsg1P74d7RgA7mdQqcp4kNbPfijRol_9d9dHAp5rxJNkV21AkkIIk0t-XtIrDOxXvFtVyWyacTY-u5OjGApKApeHQ6wJ7y/s400/Ejecutadas24-7-19CFDs.png" width="400" /></a></div>
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Este
rendimiento <b>NO</b> es normal ni habitual
en una posición con CFD´s en cobertura pero bienvenidos sean.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Recuerdo
a quien me lea, que <u>se ha estado aguantando posiciones con pérdidas latentes
de unos -10.000€ y garantías que tienen que estar en nuestra cuenta de más de
20.000€</u>; esto no son cuentecitas de $100 con Metatrader en un bróker
radicado en un paraíso fiscal ni operacioncitas con Bitcoin. Mucho cuidado, por
favor.</span></span></div>
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<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Fiesta
nacional en España que a los mercados les importa bien poco. De hecho, se
estrellan bajando con el control propio de los que manejan el “cotarro” que,
sin necesitarlo expresamente y estando la cotización del Eurostoxx a 50 puntos
del BE de toda nuestra estructura, dejamos esos 5 contratos de futuros 20
puntos por encima de ese BE, en ese mínimo relevante de hace un par de meses,
lo que supone dejar retenidos esos -11.504,70€ para que nos entre la orden y
que se quedarán como garantías overnight.</span></span></div>
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<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">En
menos de 2 horas desde que hemos dejado la orden, nos venden esos 5 contratos
que compramos sin dudar pero esperando que no baje la cotización tanto que nos
obligue a un ajuste “in extremis” de opciones que cubra dicha bajada.</span></span></div>
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<br /></div>
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</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">De
nuevo,<span> </span>el que se atreva a seguirme que
vea que hay casi 45.000€ retenidos en garantías por el bróker. Personas con
cardiopatías, abstenerse.</span></span></div>
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</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Día
siguiente. Vencimiento de los contratos. Ding, Ding… a ver si lo hemos hecho
bien:</span></span></div>
<br />
<br />
<br />
<div class="separator" style="clear: both; text-align: center;">
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<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Como
se puede ver, las garantías son eso, una forma de que el bróker se cubra al
tomar nosotros una posición y nos devuelve 34.000€ después de haberse liquidado
el riesgo.</span></span></div>
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</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Ya
tenemos el cierre de las opciones:</span></span></div>
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Con
este diferencial de beneficios que equivale a ese rendimiento, no se puede
pedir más.</span></span></div>
<span style="font-size: small;">
</span><br />
<br />
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Este vencimiento nos ha salido especialmete bien. Insisto en que este tipo de estrategia de cobertura/posicionamiento con derivados funciona muy bien y es muy difícil perder (bastante mejor que Iron Condor, por muy "asimétricas" que se quieran hacer, M3, M9, Rock, Rhino y similares). </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><span style="font-size: small;">A cambio requieren un buen capital para operarlas con la tranquilidad que requieren (al menos 50.000€), pero más rentable que dejar este tipo de patrimonios, y muy superiores, en una cestita de fondos de inversión para obtener, quizá, un 5% anual. </span></span></div>
NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-69886045488105812962019-07-21T08:59:00.001+02:002019-07-21T09:05:31.487+02:00Semana 78 - 82.<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: small; line-height: 115%;">Resumen de las
semanas entre el 24/6/19 y el 19/7/19.<o:p></o:p></span></div>
<span style="font-size: small;"><br /></span>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: small; line-height: 115%;">Trump
dice que la FED tiene los tipos de interés muy elevados.<o:p></o:p></span></div>
<span style="font-size: small;"><br /></span>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: small; line-height: 115%;">El
mandatario ha aprovechado un discurso pronunciado el jueves 18/7/19 por el
presidente del Banco de la Reserva Federal de Nueva York, John Williams, en el
que aseguró que es “mejor tomar medidas preventivas que esperar a que se
produzca un desastre” cuando los tipos de interés están cercanos a cero. Más
tarde, la entidad matizó estas palabras para indicar que Williams estaba
hablando de los últimos 20 años de política monetaria, no de la coyuntura
actual… qué casualidad!<o:p></o:p></span></div>
<span style="font-size: small;"><br /></span>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: small; line-height: 115%;">“Me
gustó mucho más lo primero que dijo el presidente de la Fed de Nueva York, John
Williams, que lo segundo. Sus primeras palabras son 100% correctas en el hecho
de que la FED ha elevado los tipos muy rápido y muy pronto”, ha asegurado el
presidente en un mensaje publicado en su cuenta de Twitter.<o:p></o:p></span></div>
<span style="font-size: small;"><br /></span>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: small; line-height: 115%;">Asimismo,
Trump ha instado a la autoridad monetaria a parar la “contracción cuantitativa”.
“Estamos en una competición global y vamos ganando, pero no es gracias a la
Reserva Federal. Si no hubieran actuando tan rápido, ahora estaríamos
haciéndolo todavía mejor de lo que estamos haciendo”, ha criticado Trump.<o:p></o:p></span></div>
<span style="font-size: small;"><br /></span>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: small; line-height: 115%;">Wall
Street evita los descensos, los tres principales índices ponen fin a dos días
de capa caída. El S&P 500 es el que más sube, tras repuntar un ligero
0,36%, hasta alcanzar los 2.995,11 puntos, y se queda a un 0,9% del nivel que
podría desencadenar el inicio de una corrección.<o:p></o:p></span></div>
<span style="font-size: small;"><br /></span>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: small; line-height: 115%;">Wall
Street evita los descensos. <o:p></o:p></span></div>
<span style="font-size: small;"><br /></span>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: small; line-height: 115%;">Al
final de la sesión del 18/7/19, se han dado la vuelta el Dow Jones y el Nasdaq
100, que se ponen en positivo. Por un lado, el Dow Jones sube hasta los
27.222,97 puntos, aunque termina prácticamente plano, sin cambios con respecto
al día anterior. Por otro lado, el indicador tecnológico repunta un 0,19% y
alcanza las 7.904,13 unidades… aunque lo bueno dura poco en la casa del pobre y
ayer, volvemos a cerrar en negativo, siguiendo con la actual retroceso desde
los máximos del 16/7/19.<o:p></o:p></span></div>
<span style="font-size: small;"><br /></span>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: small; line-height: 115%;">Mientras
la FED no se decida a tomar una decisión sobre los tipos de interés, las
resistencias como son los 27.400 del Dow Jones Industrial y los 3.030 puntos
del S&P 500, son las que se tienen que superar para que podamos hablar de
que Wall Street ha dejado atrás la fase de amplia consolidación del último año
y medio y se abra la puerta a que entre en subida libre absoluta, que es la
situación técnica más alcista que existe.<o:p></o:p></span></div>
<span style="font-size: small;"><br /></span>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: small; line-height: 115%;">Hasta
ahí, los índices presentan una distancia del 1,17%, en el caso del S&P 500,
y del 0,65%, en el caso del Dow Jones… a tiro de piedra.<o:p></o:p></span></div>
<span style="font-size: small;"><br /></span>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: small; line-height: 115%;">Por
el momento, el alcance de estas resistencias está provocando dudas y cierto mal
de altura en Wall Street, no sería sorprendente que estas resistencias sean
superadas. En cualquier caso, mucho nos tememos que en el caso de romperse
podría ser de forma temporal y vulnerable.<o:p></o:p></span></div>
<span style="font-size: small;"><br /></span>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: small; line-height: 115%;">Sólo
se apreciará un signo de debilidad, que ponga en jaque la posibilidad de ver
mayores alzas, si se pierden soportes como son los 2.963 puntos del S&P
500, los 26.665 del Dow Jones Industrial y los 7.826 puntos del Nasdaq 100.<o:p></o:p></span></div>
<span style="font-size: small;"><br /></span>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: small; line-height: 115%;">Aunque
los recortes de tipos se dan por descontados, la falta de novedades en la
guerra comercial hace que los inversores reduzcan posiciones en la renta
variable y se decanten por activos más seguros, como la renta fija. De hecho, la
rentabilidad del bono estadounidense a diez años repunta el 19/7/19 levemente,
en un 2,06%.<o:p></o:p></span></div>
<span style="font-size: small;"><br /></span>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: small; line-height: 115%;">En
este vencimiento de nuestra estrategia con derivados, mitad cobertura y mitad
ingresos recurrentes que nos paguen comisiones de mantenimiento del resto de
nuestras posiciones, ha sido más que tranquilo porque ha sido poner y esperar
al vencimiento de ayer.<o:p></o:p></span></div>
<span style="font-size: small;"><br /></span>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"><span style="font-size: small;">Veámoslo
en pantallazos:</span><o:p></o:p></span></div>
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<span style="font-family: "verdana" , "sans-serif"; font-size: small; line-height: 115%;">Pues
hemos conseguido 579€ de beneficio neto… hay quien firmaría por esto todos los
meses, verdad?<o:p></o:p></span></div>
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<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"><span style="font-size: small;">A
pesar de que ya todo el mundo solo piensa en las vacaciones, volveremos a
posicionarnos el lunes de nuevo y le echaremos un vistazo aunque sea desde el
chiringuito de la playa.</span><o:p></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-31963338877117543132019-06-30T17:54:00.000+02:002019-06-30T17:54:17.597+02:00Semana 73 - 77.<!--[if gte mso 9]><xml>
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<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen de las
semanas entre el 1/6/19 y el 21/6/19.</span></span></div>
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<br /></div>
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</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">El presidente del
Banco Central Europeo (BCE), Mario Draghi abrió la puerta a nuevos estímulos
que podrían decidirse en las próximas semanas si continúa en peligro la meta
del organismo de conseguir una inflación cercana al 2 %. </span></span></div>
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<br /></div>
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</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Teniendo en cuenta
que la inflación de la eurozona en Mayo fue del 1,2 %, hace que se prevea
complicado lograr dicha meta.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">En cuanto a las medidas
aplicadas en la última década que fueron efectivas, como los tipos de interés
negativos y las compra de deuda de los países, han sido las más utilizadas, apostillando
que volverán a actuar si se verifica que la meta de inflación continúa en
riesgo.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">La forma en que lo
hagan se estudiará en las próximas semanas en el Consejo del Gobierno del BCE,
que sopesará todos los instrumentos disponibles, aunque el italiano ya ha hecho
referencia a algunas de las opciones más probables.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Entre algunos de
los nuevos estímulos figura la política de más recortes en los tipos de
interés, así como medidas que permitan contener factores externos. También ha
sido explícita su referencia a la compra de más deuda pública y privada, con la
intención de hacer todo esto antes de que su mandato expire el próximo 31 de
octubre, si fuera necesario, dejando también un recado a los responsables de la
política fiscal, que debe jugar su papel para que progrese la economía.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Al mismo tiempo, el
presidente de la Reserva Federal de EE.UU. (FED), se mostró abierto a la
posibilidad de bajar los tipos de interés para apoyar la expansión económica
ante la inquietud generada por las disputas comerciales entre EE.UU. y algunos
de sus principales socios, como China y México, que también busca mantener el
mismo objetivo de inflación que su homólogo europeo en el 2%.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">La intervención de
Powell se produce en un momento de recrudecimiento de las tensiones comerciales
con la elevación de los aranceles de EE.UU. del 10 % al 25 % a importaciones
chinas por valor de 250.000 millones de dólares, y la amenaza del presidente
Donald Trump de imponer un 5 % a todas los productos procedentes de México que,
al final, se canceló para este último.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">El banco central
estadounidense ha insistido desde comienzos de año en que optará por la
paciencia a la hora de subir los tipos en EE.UU., que actualmente se encuentran
en el rango de entre el 2,25 % y el 2,50 %.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;">Los últimos
indicadores económicos han destacado la buena salud de la economía
estadounidense, con un crecimiento anual del 3,1 % en el primer trimestre y una
tasa de desempleo que cerró en abril en el 3,6 %, en niveles no vistos en casi medio
siglo, lo que da alas a Trump consiguiendo que su “america first” justifique su
política económica.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Wall
Street gana más del 7% en junio, cerrando la última sesión del mes con subidas
moderadas en sus tres principales índices y avances superiores al 7% sólo en el
mes de junio, a punto de terminar.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Lo
hace con la atención puesta en la cumbre del G20 que ya ha comenzado en Osaka
(Japón). Los inversores están pendientes sobre todo de lo que allí pueda hacer
el presidente de EE.UU., Donald Trump.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Las
bolsas americanas permanecen muy cerca de sus niveles más altos de todos los
tiempos, pero le está costando superarlos de nuevo. El Nasdaq 100 es el único
de los tres grandes índices que no batió nuevos máximos históricos la semana
pasada, como sí hicieron el S&P 500 y el Dow Jones.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">El
indicador tecnológico alcanzó el 3 de mayo los 7.845,7 puntos al cierre de la
sesión y, hasta ahí, todavía tiene un recorrido próximo al 2,5 %. En la última
sesión de junio, se quedó prácticamente plano, hasta caer a los 7.671,07 puntos.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Por
otro lado, el S&P 500 está a un 0,4% de sus máximos históricos de 2.954 puntos,
tras repuntar un 0,57% el último viernes del mes, hasta lograr los 2.941,52
puntos, y ganar un 6,5% en el mes que está a punto de acabar. Por su parte, el
Dow Jones concluye el mes en las 26.599,96 puntos, de esta forma Wall Street
gana más del 7% en junio.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">¿Y
como nos ha ido este mes con nuestra estrategia de derivados para compensar la
cartera de valores?</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Vamos
a verlo, porque dejamos la suma de contratos de opciones para compensar la
caída en los 8 contratos comprados de futuros así:</span></span></div>
<div class="separator" style="clear: both; text-align: center;">
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<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">El
total de comisiones son las de entrada al mercado, quedando por sumar las de
los contratos que no consuman por completo su prima, independientemente que sea
un contrato comprado o vendido.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Por
otro lado, el rendimiento neto no es algo a tener en cuenta en este momento, ya
que solo calcula la diferencia entre primas pagadas y recibidas de las
opciones, restado además, las comisiones. </span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Que
nadie interprete que sería el máximo beneficio posible porque, para que esta
combinación diese este resultado, además de que el precio el día del
vencimiento debería estar por debajo del contrato Call vendido con el strike
más bajo (3275), tendríamos que descontarle las pérdidas de los futuros desde
su precio medio que, como se verá en el siguiente pantallazo, parten del
3312,75, sobre una cotización en 3252, lo que significaría unas pérdidas de
unos -1400€… pero no adelantemos acontecimientos futuribles porque, como decía
cierto matador de toros “hasta el rabo, todo es toro” y estamos aquí para
evitar esa situación todo lo posible.</span></span></div>
<br />
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Bueno,
pues… este mes ha salido bastante rentable, obteniendo sobre unas garantías de
unos 18.000€, un rendimiento de más del 14%.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">Vuelta
a empezar.</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-size: small;">
</span><div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: "Verdana", "sans-serif"; line-height: 115%;">A
partir de ahora, haré la entrada después de cada vencimiento en lugar de al
finalizar el mes, para que se vea mejor dentro de cada entrada, la estrategia
de principio a fin.</span></span></div>
NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-2747999148142955772019-06-03T19:29:00.000+02:002019-06-03T19:29:24.765+02:00Semana 68 - 72.
<span style="font-family: "Verdana","sans-serif"; font-size: 14pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen
de las semanas entre el 1/5/19 y el 31/5/19.<o:p></o:p></span></span><br />
<br />
<br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">¡¡Vaya
mes de Mayo!!<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">…recrudecimiento
de la guerra comercial China/EE.UU.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">…imposición
de aranceles a México por parte de EE.UU. por no “controlar” la salida de su
país de emigrantes.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">…sube
el paro en Alemania por primera vez en 6 años.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">…el
Ibex 35 pierde un 6% en el mes por culpa de Trump.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">…La
Comisión Europea planea multar a Italia por no controlar su deuda.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Como
no puede ser de otro modo, ha tocado hacer varios ajustes a la baja sobre los
contratos de opciones y futuros, más un par de entradas en Henkel para
aprovechar los descuentos en las cotizaciones:<o:p></o:p></span></div>
<br />
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<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Una
vez liquidados los contratos de opciones en su vencimiento, podemos calcular el
rendimiento obtenido en el último mes:<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_rTizM3jz4jJbvO-JJexXVzRbahHxEhag-UBHmUndXOz8bNmK9B-YSfUYlLF6vmGYT7szP2jf3JsNb4esz1MOcEvfB8E5FnGjWqtvhNpwbYXd-5MutIQX4GdGQEcmPE89T7eal53t_XBW/s1600/Liquidaci%25C3%25B3nVtoMayo19.PNG" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="391" data-original-width="1117" height="140" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi_rTizM3jz4jJbvO-JJexXVzRbahHxEhag-UBHmUndXOz8bNmK9B-YSfUYlLF6vmGYT7szP2jf3JsNb4esz1MOcEvfB8E5FnGjWqtvhNpwbYXd-5MutIQX4GdGQEcmPE89T7eal53t_XBW/s400/Liquidaci%25C3%25B3nVtoMayo19.PNG" width="400" /></a></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">No
es ninguna maravilla, pero no nos olvidemos que es la cobertura de los futuros
y, en ese momento del pantallazo del último resumen, los 2 contratos de futuros
perdían -140€, luego han cumplido con su misión: <u>limitar las pérdidas al
mínimo posible.<o:p></o:p></u></span></div>
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<span style="color: black; font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt; mso-themecolor: text1;">Mes complicado que requiere de paciencia,
confianza en lo que hacemos y capital que lo soporte.<o:p></o:p></span></div>
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NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-83609845482330143412019-05-02T09:38:00.000+02:002019-05-02T09:38:22.638+02:00Semana 63 - 67.
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen
de las semanas entre el 1/4/19 y el 30/4/19.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Al
presidente de EEUU, Donald Trump, le gusta de sobrevalorar su influencia como
inquilino de la Casa Blanca, subrayando su poder sobre la OPEP para que baje
los precios del crudo, haciendo que el barril de Texas caiga más de un 3% hasta
el entorno de los 63 dólares el barril.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Es
cierto que los precios del crudo están bajando… pero sólo el día de hoy,
27/4/19. Los futuros del barril de Texas para su venta en junio llevan una
subida acumulada en lo que va de año superior al 33%, y de más de un 4% en el
último mes. El incremento de coste en las gasolineras es aún mayor, según datos
oficiales del gobierno de EEUU, que recogen una subida del 7% mensual.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">La
cotización del barril ya venía cayendo antes de las declaraciones de Trump
debido a las informaciones que aseguran que Arabia Saudí cubrirá la caída de la
producción de Irán aumentando su propio bombeo de crudo.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Wall
Street despide la semana con nuevos récords, cerrando con avances este viernes;
las ganancias de los sectores bienes de consumo, telecomunicaciones, y salud
impulsaron a los índices al alza.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Al
cierre de Nueva York, el Dow Jones Industrial Average subió un 0,31%, mientras
que el S&P 500 subía un 0,47%, y el NASDAQ Composite avanzaba un 0,34%.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
mejor valor de la sesión en el Dow Jones Industrial Average fue United Health
Group Incorporated, con un alza del 2,69%, 6,21 puntos, hasta situarse en $237,00
al cierre. Le siguen Procter & Gamble Company, que avanzó un 2,50%, 2,58
puntos, para cerrar en $105,86, y Caterpillar Inc, que subió un 2,13%, 2,90
puntos, hasta despedir la sesión en $139,03.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">A
la cola del índice acabó Intel Corporation, que cayó un 8,99%, es decir, 5,18
puntos, para cerrar en $52,43. Exxon Mobil Corp, por su parte, recortó un
2,10%, 1,73 puntos, y cerró en $80,49, mientras que Walmart Inc cedió un 1,92%,
1,99 puntos, hasta acabar en $101,53.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">A
la cabeza del S&P 500 vemos a Ford Motor Company, que subió un 10,74%,
hasta $10,41; Align Technology Inc, con un alza del 7,16%, cerrando así en $317,98,
y a Capital One Financial Corporation, que se anotó un 6,45%, para terminar en $93,73.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
farolillo rojo del índice fue Intel Corporation, que retrocedió un 8,99%, hasta
$52,43 al final de la sesión. Le acompañaron en la parte más baja de la tabla
Target Corporation, con un descenso del 5,65%, que se despidió en $77,12, así
como NVIDIA Corporation, que restó un 4,77% para despedirse en $178,00 al
término de la sesión.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">A
la cabeza del NASDAQ Composite vemos a Aratana Therapeutics Inc, que subió un
39,65%, hasta $4,79; Helen of Troy Ltd, con un alza del 21,61%, cerrando así en
$140,29, y a FTD Companies Inc, que se anotó un 21,77%, para terminar en $0,56.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
farolillo rojo del índice fue Precipio Inc, que retrocedió un 31,70%, hasta $0,32
al final de la sesión. Le acompañaron en la parte más baja de la tabla Alterity
Therapeutics Ltd, con un descenso del 24,42%, que se despidió en $1,30, así
como Golden Bull Ltd, que restó un 15,54% para despedirse en $5,98 al término
de la sesión.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Los
números verdes se impusieron a los rojos en la Bolsa de Nueva York por una
diferencia de 2029 frente a 940, y 114 cerraron planos. En el mercado Nasdaq,
1760 subieron y 879 dieron un paso atrás, mientras que 76 acabaron sin cambios.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">¿Y
que hay de nuestra cartera europea?<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Pues,
después de un año con Porsche, aguantando sus caídas y esa “formación
diamante”, se ha liquidado recuperando lo invertido y con el rendimiento
esperado que vamos a calcular.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">También
vencieron las coberturas en opciones para Abril.<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkDp7KF62qCy7OMukTIQv6HPZfpkFG0iQgbjiXG6AhD5zCu8dHd-xZI4PykZT-1ZLAOr7tyHAfVQvM3_UFRSBRbpOqNZhOHtD4nF1ICqyiZW8oTrNYPHlzt38SQjTsGNFYUUG9txS-eYqA/s1600/Resumen5-4-193.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="551" data-original-width="1277" height="172" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgkDp7KF62qCy7OMukTIQv6HPZfpkFG0iQgbjiXG6AhD5zCu8dHd-xZI4PykZT-1ZLAOr7tyHAfVQvM3_UFRSBRbpOqNZhOHtD4nF1ICqyiZW8oTrNYPHlzt38SQjTsGNFYUUG9txS-eYqA/s400/Resumen5-4-193.png" width="400" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYlmrn0g5TBsls4u3kdipZHm-rJU7SCfg9J9gEKLGotPaUBpXpZjOMPpNjUk3jfpNzR4nCdgkQdpBQFsak5p7iBSgiC4ANYrwpiq1Fi0sjInNTfuCIbuPz6GZeWhDc83-zqMjxs66U76fz/s1600/Resumen12-4-193.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="503" data-original-width="1260" height="158" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYlmrn0g5TBsls4u3kdipZHm-rJU7SCfg9J9gEKLGotPaUBpXpZjOMPpNjUk3jfpNzR4nCdgkQdpBQFsak5p7iBSgiC4ANYrwpiq1Fi0sjInNTfuCIbuPz6GZeWhDc83-zqMjxs66U76fz/s400/Resumen12-4-193.png" width="400" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3u9NlSVel-ckoY0mglRoQZYvao1t2aAli_L3OpefrD4csTKaKog937nf6NLrZUGAv_MEYhCkAlsu20jMbOy9GXRcZ3hoPrZhAMakOkjWrH1x-mJf8ydzDYF-881mAAlRPGBICjINeFBed/s1600/Resumen17-4-193.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="511" data-original-width="1250" height="162" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg3u9NlSVel-ckoY0mglRoQZYvao1t2aAli_L3OpefrD4csTKaKog937nf6NLrZUGAv_MEYhCkAlsu20jMbOy9GXRcZ3hoPrZhAMakOkjWrH1x-mJf8ydzDYF-881mAAlRPGBICjINeFBed/s400/Resumen17-4-193.png" width="400" /></a></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">“Albricias
y zapatetas”, que diría Mortadelo en uno de sus comics porque, por fin, se ha
cerrado el 1er objetivo en Porsche:<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQGFm16Fo_mQrymM1hhG4JTSEkEPg9Vr5SiiWNFpisgzohxQ9FKFl1M5QSMnVUGmmloOU8b_msuQnGHE02OpsUL-1qMHkcp5x-Cp2A9_vRBZ1vPuG5XgeXZu-2YetRSv2EbRnHnw8ugj6X/s1600/EjecutadasPAH16-4-19.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="569" data-original-width="1312" height="172" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjQGFm16Fo_mQrymM1hhG4JTSEkEPg9Vr5SiiWNFpisgzohxQ9FKFl1M5QSMnVUGmmloOU8b_msuQnGHE02OpsUL-1qMHkcp5x-Cp2A9_vRBZ1vPuG5XgeXZu-2YetRSv2EbRnHnw8ugj6X/s400/EjecutadasPAH16-4-19.png" width="400" /></a></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Teníamos
acumulados 3406 contratos, a un precio medio de 59,70€ que, si hubieran sido
acciones puras, habría supuesto un desembolso de más de 200.000€ más comisiones
y que con CFD´s solo tenemos que poner unas garantías y cuyo mayor hándicap es
el interés diario por tener la posición abierta (rollover) de 36€/día… una
pasta gansa. <o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Claro
que cada vez menos brokers cobran la llamada comisión de custodia, que va del
0,1% y el 2% de la inversión, o lo que es lo mismo, si hubieran sido acciones y
dependiendo de con quien las hubiésemos suscrito, nos cobrarían entre 200€ y 4000€
al año.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
caso es que si, desde el 16/5/18 que hicimos la 1ra entrada en el ticker PAH
con 90 contratos hasta el 16/4/19 en que acumulamos ese monto de 3506 contratos
en 11 meses justos en 35 entradas hasta “gastar” el límite de inversión de
nuestro bróker por diversificación de cartera, contabilizamos el <u>rollover a
razón de 0,01€/contrato/día (que sale de dividir 36€/3506 contratos que nos
estaban cobrando desde Agosto de 2018, aunque es menos, dependiendo del nº de
contratos abiertos porque, como se puede ver en el pantallazo anterior, por el
remanente de 581 contratos después de la 1ra salida, nos cobran al cierre de la
jornada -2,12€, lo que suponen 0,00365€ por contrato)</u> para hacer las
cuentas “fáciles”, tenemos:<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">1ra
entrada el 16/5/18 con 90 contratos<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">2da
entrada el 24/5/19 con 94 contratos. <o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 8 días * 0,01 * 90 = <span style="color: red;">-7,20€<o:p></o:p></span></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">3ra
y 4ta entrada el 29/5/19 con 97 y 98 contratos. <o:p></o:p></span></div>
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<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 8 días * 0,01 * 90 = <span style="color: red;">-7,20€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 5 días * 0,01 * 184 = <span style="color: red;">-9,20€<o:p></o:p></span></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">5ta
entrada el 31/5/19 con 99 contratos. <o:p></o:p></span></div>
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<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 8 días * 0,01 * 90 = <span style="color: red;">-7,20€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 5 días * 0,01 * 184 = <span style="color: red;">-9,20€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 2 días * 0,01 * 379 = <span style="color: red;">-7,58€<o:p></o:p></span></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">6ta
entrada el 1/6/19 con 100 contratos. <o:p></o:p></span></div>
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<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 8 días * 0,01 * 90 = <span style="color: red;">-7,20€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 5 días * 0,01 * 184 = <span style="color: red;">-9,20€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 2 días * 0,01 * 379 = <span style="color: red;">-7,58€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 día * 0,01 * 478 = <span style="color: red;">-4,78€<o:p></o:p></span></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">7ma
y 8va entrada el 8/6/19 con 101 contratos en cada una. <o:p></o:p></span></div>
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<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 8 días * 0,01 * 90 = <span style="color: red;">-7,20€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 5 días * 0,01 * 184 = <span style="color: red;">-9,20€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 2 días * 0,01 * 379 = <span style="color: red;">-7,58€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 día * 0,01 * 478 = <span style="color: red;">-4,78€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 7 días * 0,01 * 578 = <span style="color: red;">-40,46€<o:p></o:p></span></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">9na
entrada el 11/6/19 con 101 contratos. <o:p></o:p></span></div>
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<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 8 días * 0,01 * 90 = <span style="color: red;">-7,20€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 5 días * 0,01 * 184 = <span style="color: red;">-9,20€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 2 días * 0,01 * 379 = <span style="color: red;">-7,58€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 día * 0,01 * 478 = <span style="color: red;">-4,78€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 7 días * 0,01 * 578 = <span style="color: red;">-40,46€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 3 días * 0,01 * 780 = <span style="color: red;">-23,40€<o:p></o:p></span></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">10ma
y 11va entrada el 18/6/19 con 102 <span style="mso-spacerun: yes;"> </span>y 103 contratos.
<o:p></o:p></span></div>
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<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 8 días * 0,01 * 90 = <span style="color: red;">-7,20€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 5 días * 0,01 * 184 = <span style="color: red;">-9,20€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 2 días * 0,01 * 379 = <span style="color: red;">-7,58€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 día * 0,01 * 478 = <span style="color: red;">-4,78€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 7 días * 0,01 * 578 = <span style="color: red;">-40,46€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 3 días * 0,01 * 780 = <span style="color: red;">-23,40€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 3 días * 0,01 * 881 = <span style="color: red;">-26,43€<o:p></o:p></span></span></div>
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</div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">12va
a 17ma entrada el 19/6/19 con 625 contratos. <o:p></o:p></span></div>
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<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 8 días * 0,01 * 90 = <span style="color: red;">-7,20€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 5 días * 0,01 * 184 = <span style="color: red;">-9,20€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 2 días * 0,01 * 379 = <span style="color: red;">-7,58€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 día * 0,01 * 478 = <span style="color: red;">-4,78€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 7 días * 0,01 * 578 = <span style="color: red;">-40,46€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 3 días * 0,01 * 780 = <span style="color: red;">-23,40€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 días * 0,01 * 881 = <span style="color: red;">-26,43€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 3 días * 0,01 * 1086 = <span style="color: red;">-32,58€<o:p></o:p></span></span></div>
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</div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">18va
entrada el 20/6/19 con 105 contratos. <o:p></o:p></span></div>
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<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 8 días * 0,01 * 90 = <span style="color: red;">-7,20€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 5 días * 0,01 * 184 = <span style="color: red;">-9,20€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 2 días * 0,01 * 379 = <span style="color: red;">-7,58€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 día * 0,01 * 478 = <span style="color: red;">-4,78€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 7 días * 0,01 * 578 = <span style="color: red;">-40,46€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 3 días * 0,01 * 780 = <span style="color: red;">-23,40€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 días * 0,01 * 881 = <span style="color: red;">-26,43€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 3 días * 0,01 * 1086 = <span style="color: red;">-32,58€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 días * 0,01 * 1711 = <span style="color: red;">-17,11€<o:p></o:p></span></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">19na
a 33va entrada el 21/6/19 con 1374 contratos. <o:p></o:p></span></div>
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<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 8 días * 0,01 * 90 = <span style="color: red;">-7,20€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 5 días * 0,01 * 184 = <span style="color: red;">-9,20€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 2 días * 0,01 * 379 = <span style="color: red;">-7,58€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 día * 0,01 * 478 = <span style="color: red;">-4,78€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 7 días * 0,01 * 578 = <span style="color: red;">-40,46€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 3 días * 0,01 * 780 = <span style="color: red;">-23,40€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 días * 0,01 * 881 = <span style="color: red;">-26,43€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 3 días * 0,01 * 1086 = <span style="color: red;">-32,58€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 días * 0,01 * 1711 = <span style="color: red;">-17,11€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 días * 0,01 * 1816 = <span style="color: red;">-18,16€<o:p></o:p></span></span></div>
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</div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">34va
entrada el 22/6/19 con 108 contratos. <o:p></o:p></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 8 días * 0,01 * 90 = <span style="color: red;">-7,20€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 5 días * 0,01 * 184 = <span style="color: red;">-9,20€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 2 días * 0,01 * 379 = <span style="color: red;">-7,58€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 día * 0,01 * 478 = <span style="color: red;">-4,78€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 7 días * 0,01 * 578 = <span style="color: red;">-40,46€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 3 días * 0,01 * 780 = <span style="color: red;">-23,40€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 días * 0,01 * 881 = <span style="color: red;">-26,43€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 3 días * 0,01 * 1086 = <span style="color: red;">-32,58€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 día * 0,01 * 1711 = <span style="color: red;">-17,11€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 día * 0,01 * 1816 = <span style="color: red;">-18,16€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 día * 0,01 * 3190 = <span style="color: red;">-31,90€<o:p></o:p></span></span></div>
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</div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">35va
entrada el 15/8/19 con 108 contratos. <o:p></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 8 días * 0,01 * 90 = <span style="color: red;">-7,20€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 5 días * 0,01 * 184 = <span style="color: red;">-9,20€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 2 días * 0,01 * 379 = <span style="color: red;">-7,58€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 día * 0,01 * 478 = <span style="color: red;">-4,78€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 7 días * 0,01 * 578 = <span style="color: red;">-40,46€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 3 días * 0,01 * 780 = <span style="color: red;">-23,40€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 día * 0,01 * 881 = <span style="color: red;">-26,43€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 3 días * 0,01 * 1086 = <span style="color: red;">-32,58€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 día * 0,01 * 1711 = <span style="color: red;">-17,11€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 día * 0,01 * 1816 = <span style="color: red;">-18,16€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 1 día * 0,01 * 3190 = <span style="color: red;">-31,90€<o:p></o:p></span></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Han pasado 54 días * 0,01 * 3298 = <span style="color: red;">-1780,92€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify; text-indent: 35.4pt;">
<span style="color: red; font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></div>
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</div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Y
desde el 15/8/19 al 16/4/19 han pasado 258 días * 0,01 * 3406 = <span style="color: red;">-8787,48€<o:p></o:p></span></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Todo
sumado da <span style="color: red;">-10775,77€ </span>en comisiones por rollover
por tener los contratos cada día en 11 meses… una locura!!!<o:p></o:p></span></div>
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</div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Este
es el principal motivo para operar directamente en acciones, las comisiones, en
vez de en CFD´s.<o:p></o:p></span></div>
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</div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Si
teníamos 3406 contratos a un precio medio de 59,70€ y se han liquidado 2825 a
62,30€, hemos obtenido 62,30 – 59,70 = 2,60€/contrato * 2825 vendidos = <span style="color: #00b050;">7345€</span>… lejos de amortizar las comisiones y aún más
de obtener beneficio.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Ha
llegado la Semana Santa y mientras los “mortales” tienen fiesta de Jueves
Santo, los mercados la pasan al lunes siguiente, adelantando un día el
vencimiento de los contratos de opciones y futuros:<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisJeqo2tNmu1Yd71iS54TQXnmAAKTGMKAGe1Hba1lU8f9Kq9yTioyEVkr9x9uwYjXL5Zfi9UO9Z1KUDawzqAb_pDy1EqtjqKv21gbhVyL8He0PpMmF4Xb8GJhDIvBjwUFbUxpQ08I1RSi7/s1600/Ejecutadas18-4-19.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="727" data-original-width="1351" height="215" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEisJeqo2tNmu1Yd71iS54TQXnmAAKTGMKAGe1Hba1lU8f9Kq9yTioyEVkr9x9uwYjXL5Zfi9UO9Z1KUDawzqAb_pDy1EqtjqKv21gbhVyL8He0PpMmF4Xb8GJhDIvBjwUFbUxpQ08I1RSi7/s400/Ejecutadas18-4-19.png" width="400" /></a></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Vamos
a ver lo que nos han rendido las coberturas en este vencimiento:<o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18pt;">
<!--[if !supportLists]--><span style="font-size: 12pt; line-height: 115%; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: Calibri; mso-hansi-font-family: Calibri;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">-</span><span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Por el lado Call:</span></u></b><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">
teníamos <b style="mso-bidi-font-weight: normal;">6 contratos</b> <b style="mso-bidi-font-weight: normal;">comprados</b> en el <b style="mso-bidi-font-weight: normal;">strike 3225</b> (que se ven ahora con el signo “-“ en el pantallazo
anterior para indicar su venta) por los que se pagó una prima de -72,733 puntos
por cada uno y se han liquidado por 277,69 puntos, obteniendo una diferencia de
204,957 puntos que, a razón de 10€/punto, nos han dado un rendimiento de
204,957 * 10 * 6 = <span style="color: #00b050;">12.297,42€</span>. <o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18pt;">
<!--[if !supportLists]--><span style="font-size: 12pt; line-height: 115%; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: Calibri; mso-hansi-font-family: Calibri;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">-</span><span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Se le añadieron
otros <b style="mso-bidi-font-weight: normal;">6 contratos vendidos</b> en el <b style="mso-bidi-font-weight: normal;">strike 3275, </b>por los que recibimos una
prima de 118,7 puntos, de los cuales 3, se liquidaron en 64,4 puntos con un
diferencial de 54,3 * 3 * 10 = <span style="color: #00b050;">1629€</span>. Los 3
restantes, se han mantenido hasta vencimiento, liquidándose por 227,69 puntos,
obteniendo una diferencia de -108,99 puntos * 3 * 10 = <span style="color: red;">-3269,70€</span>.
Al vencer ambas posiciones con prima, nos cobran <span style="color: red;">3€/contrato
= -27€ </span>y otro tanto en la apertura por <span style="color: red;">comisiones</span>.<o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 72pt; mso-add-space: auto; mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18pt;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Total
neto lado Call:</span></u></b><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"> (12.297,42 + 1629)–
(3269,70 + 54) = <span style="color: #00b050;">10.602,72€</span><o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpMiddle" style="margin: 0cm 0cm 0pt 72pt; mso-add-space: auto; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></div>
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<!--[if !supportLists]--><span style="font-size: 12pt; line-height: 115%; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: Calibri; mso-hansi-font-family: Calibri;"><span style="mso-list: Ignore;"><span style="font-family: Calibri;">-</span><span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Por el lado Put:</span></u></b><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">
habíamos empezado el vencimiento con <b style="mso-bidi-font-weight: normal;">7
contratos comprados</b> en el <b style="mso-bidi-font-weight: normal;">strike
3200</b> con un coste de prima de -50,329 puntos y se le añadieron otros <b style="mso-bidi-font-weight: normal;">7 vendidos en el strike 3325</b> con una
prima de 26,90 puntos. Ambas posiciones se han mantenido hasta su vencimiento, consumiéndose
la prima por completo, por lo tanto, se ha obtenido un diferencial negativo de
-23,429 puntos por spread que, al tener 7, nos da<span style="mso-spacerun: yes;"> </span>una pérdida de <span style="color: red;">-1640,03€
brutos</span>, a los que añadiremos 7+7 contratos * 3€ de comisión de entrada
(no nos cobran la salida al vencer sin prima) = <span style="color: red;">-42€</span><o:p></o:p></span></div>
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<div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 10pt 72pt; mso-add-space: auto; mso-list: l0 level2 lfo1; text-align: justify; text-indent: -18pt;">
<!--[if !supportLists]--><span style="font-family: "Courier New"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: "Courier New";"><span style="mso-list: Ignore;">o<span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";"> </span></span></span><!--[endif]--><b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Total
neto lado Put:</span></u></b><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"> <span style="color: red;">-1598,03€</span><o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resultado
de la cobertura para el vencimiento de Abril: <span style="color: #00b050;">9004,69€<o:p></o:p></span></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Hay
que preparar la de Mayo y quiero variar de nuevo la estrategia de cobertura,
aprovechando que tenemos abiertos 49 contratos vendidos de CFD´s sobre el Eurostoxx,
para añadir un combinación alcista entre un contrato de futuros comprado sobre
el mismo índice y un spread bajista que <span style="mso-spacerun: yes;"> </span>lo cubra (Bear Put), colocado ITM.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
23/4/19, se liquida el remanente de la posición:<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZhINgWX05q8LxMj1D0JFanD77ftIl-592oWcJN_v_920-IcJhyq9UJE1lgOaVeFrnZSpIamqN6WT1SVPZu4BvUqnpK1oQVFQX4HDM5ScaebNvas0a9DQ7oXtzKRQcWNnjeRFiJaVBflW6/s1600/EjecutadasPAH23-4-19-2daSalida.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="577" data-original-width="940" height="245" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZhINgWX05q8LxMj1D0JFanD77ftIl-592oWcJN_v_920-IcJhyq9UJE1lgOaVeFrnZSpIamqN6WT1SVPZu4BvUqnpK1oQVFQX4HDM5ScaebNvas0a9DQ7oXtzKRQcWNnjeRFiJaVBflW6/s400/EjecutadasPAH23-4-19-2daSalida.png" width="400" /></a></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Esos
581 contratos se habían quedado con un precio medio de 57,28 por lo que se les
ganan 7,22€ a cada uno (se venden en 64,50€), para un total de <span style="color: #00b050;">4194,82€.<o:p></o:p></span></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Así
que, sin tener en cuenta las coberturas de las que sacamos un beneficio mensual
en todo este tiempo (ay si no fuera por ellas!!), tenemos:<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">7345
+ 4194,82 -10775,77 = <b style="mso-bidi-font-weight: normal;"><span style="color: #00b050;">764€</span></b>… victoria pírica, después de tanto tiempo
y tanto capital expuesto.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">La
pregunta que nos tiene que quitar el sueño por las noches es, visto el resumen
anterior:<o:p></o:p></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">¿Para qué quiero operar con CFD´s?<o:p></o:p></span></b></div>
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NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-27308766446286452492019-04-07T09:55:00.000+02:002019-04-07T09:55:55.414+02:00Semana 59 - 62.
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen
de las semanas entre el 4/3/19 y el 31/3/19.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
Dax encaja una caída del 0,4% y se mueve entorno a los 10.500 tras el muy mal
dato del PMI de manufacturas de Alemania, que ha arrojado en marzo una lectura
de 44 puntos, la más baja en nueve años.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Las
manufacturas de la locomotora europea se frenan bruscamente y meten miedo a los
inversores, que esperaban para este indicador una lectura de 48 puntos. La
guerra comercial está pasando factura y la ralentización de la actividad va a
más, cuando el mercado esperaba justo lo contrario, que se estabilizara.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Así
las cosas, el Dax alemán ha entrado en territorio comanche. Tras completar el
pasado año una formación de techo de varios meses al perder los 11.700-11.900
puntos.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">La
economía alemana ha iniciado el último día de sesión bursátil de marzo con un
duro golpe para uno de sus referentes macroeconómicos, el PMI manufacturero. <o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Con
datos de este calibre parece que la economía alemana haya entrado en
contracción. Los expertos empiezan achacar este tipo de datos a las tensiones
producidas por la guerra comercial en un entorno económico cada vez menos
potente. Para los expertos, el Brexit tampoco ayuda.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Este
dato ha provocado una alta volatilidad en los mercados. En la renta variable,
los principales indicadores del Viejo Continente han girado de manera
considerable a la baja tras conocerse la noticia y retroceden más de medio
punto porcentual. Destacable es la cotización de la moneda comunitaria. El euro
ha comenzado la jornada en casi 1,14 unidades de billete verde y, tras
publicarse el PMI alemán, se ha dado un batacazo del 0,6% en ese mismo instante
hasta los 1,1309 billetes verdes.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Como
es lógico, esto se traduce a nuestra cartera, que sufre pérdidas latentes muy
abultadas.<o:p></o:p></span></div>
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NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-47323784274907540672019-03-16T08:52:00.001+01:002019-03-16T08:52:13.487+01:00Semana 55 - 58.<!--[if gte mso 9]><xml>
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<br />
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen
de las semanas entre el 1/2/19 y el 28/2/19.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">A
pesar de que usando derivados, no es posible cobrar dividendos, la mayoría de
los inversores compran las acciones en las que confían, pensando principalmente
en los beneficios que proporcionan por solo tener la propiedad de las mismas. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Los
dividendos no consiguen atención mientras que el resto de las Bolsas se enfoca
en los precios de las acciones. Pero la importancia de los dividendos es enorme
para los inversionistas.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Veamos
algunos datos rápidos:</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">1.
En los últimos 100 años, los dividendos han significado aproximadamente el 50%
del retorno del inversor. Dividendos del 1%, del 2% o del 5% pueden crear la
mitad de los rendimientos con el tiempo.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">2.
La relación de pago promedio en los últimos 100 años fue de aproximadamente el
60%.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Tiene
sentido, ¿no? Alrededor de la mitad de las ganancias fueron a los accionistas,
y los accionistas ganaron aproximadamente la mitad de sus rendimientos de ellas. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Desafortunadamente,
hoy se tienen menos ganancias que se pagan a los inversionistas a través de
dividendos, eso es justo lo que las empresas han hecho últimamente. Y las
Bolsas no lo han pasado por alto.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Aquí
está la buena noticia.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Como
inversor, se puede...</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">1)
Utilizar métricas simples como el rendimiento de dividendos y el ratio de pago
por beneficios de cada acción para ver si una empresa le está respaldando lo
suficiente con sus ganancias para impulsar esos rendimientos....</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">2)
Mirar cómo una empresa está reinvirtiendo sus beneficios y ver si lo están
haciendo bien, lo que podría excusar algunos ratios de pago que sean
inaceptablemente bajos.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">La
forma en que podemos hacer esto es con nuestra <a href="https://navarinversiones.blogspot.com/2018/02/formula-final.html" target="_blank">fórmula</a>:</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; mso-bidi-font-family: Arial; mso-bidi-font-style: italic;">((% Margen neto + % dividendos) / Precio sobre
Valor contable) – Deuda sobre patrimonio</span></b></div>
<div style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Lo
primero y ante todo, si una acción no está pagando un dividendo no la compraría,
así quedaría automáticamente eliminada de nuestra cartera. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">En
segundo lugar, esta fórmula fue pensada para examinar el crecimiento de las
ganancias para premiar a aquellas empresas que han hecho crecer sus beneficios
en los últimos 5 años. Examina las proporciones de los pagos que hacen de ese
BPA, y nos avisa si son tan altos que sean insostenibles (cuando una empresa
paga por esos dividendos solo por captar un capital sin endeudarse, siendo más
de lo que gana).</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Estas
son partes clave de la compra de acciones que nos dará rendimientos
satisfactorios, además de encontrar acciones que son “baratas”, con un amplio
margen de seguridad. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen
de cuenta:</span></div>
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NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-30936721271431542192019-02-03T09:02:00.000+01:002019-02-03T09:02:12.061+01:00Semana 50 - 54.
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen
de las semanas entre el 1/1/19 y el 31/1/19.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Durante
este mes de Enero, han ocurrido varios hechos relevantes que confirman la falta
de “músculo” necesaria para que los valores “tiren”.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">La
economía italiana ha entrado oficialmente en recesión, después de que el
Producto Interior Bruto se ha contraído por segundo trimestre consecutivo. En
concreto, el PIB de la economía italiana ha descendido un 0,2% en el cuarto
trimestre del año pasado, después de que hubiera descendido un 0,1% en el
tercer trimestre del mismo ejercicio. Es la primera vez que esto sucede desde
2013.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
efecto positivo de la FED en las bolsas ha quedado completamente barrido tras
conocerse que la economía italiana ha caído en recesión. La bolsa de Milán, con
el miedo a una posible recesión económica, perdía un 0,6%.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">En
la zona euro, la economía creció a un ritmo anual del 1,8% en 2018, según la
estimación preliminar del dato publicado por la oficina estadística europea,
Eurostat, que supone una desaceleración de seis décimas respecto de la
expansión observada el año anterior y el crecimiento más débil de los países
del euro desde 2014<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">La
actividad de la zona euro se desliza hacia la parálisis económica, según
sugiere la lectura preliminar del dato compuesto del Índice de Gerentes de
Compras, que se ha situado en enero en 50,7 puntos desde los 51,1 del pasado
mes de diciembre, lo que representa el menor ritmo de crecimiento en 66 meses. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">En
el caso del sector servicios, la lectura preliminar del PMI se ha situado en
enero en 50,8 puntos desde los 51,2 del mes anterior, su peor dato en 65 meses,
mientras el PMI del sector manufacturero marcó mínimos de 50 meses al bajar a
50,5 puntos, frente a los 51,4 de diciembre.<span style="mso-spacerun: yes;">
</span>El consenso de analistas esperaba una lectura de 51,5 puntos para el PMI
de Servicios y de 51,4 puntos en manufacturas, por lo que ambas referencias han
defraudado las expectativas.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Durante
el mes de enero, el volumen de pedidos recibidos registró el primer retroceso
desde noviembre de 2014, reflejando la mayor caída de la demanda de bienes y
servicios desde junio de 2013, mientras los pedidos pendientes disminuyeron por
segundo mes consecutivo, frenando así la creación de empleo. La persistente
debilidad del sector automotriz, la preocupación por el Brexit, las guerras
comerciales y las protestas en Francia de nuevo fueron ampliamente mencionadas
como los factores responsables de la moderación del crecimiento, pero las
respuestas a la encuesta revelan que se ha instaurado un malestar más profundo
al comienzo del año.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">China
creció a su ritmo más bajo en 28 años. La producción industrial de China creció
un 6,2 % interanual en 2018, lo que representa un descenso de 0,4 puntos
porcentuales con respecto al crecimiento del año anterior (6,6 %), según la
Oficina Nacional de Estadísticas (ONE) de allí.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Las
autoridades estadísticas chinas destacaron los sectores de producción en
industrias de alta tecnología, que avanzó un 11,7 %, seguido del de industrias
estratégicas emergentes (8,9 %) y el de manufactura de equipamiento (8,1 %).
Asimismo, otras industrias específicas experimentaron grandes avances, como el
de producción de vagones de trenes para pasajeros (183 % interanual) o los
vehículos de nuevas energías (40,1 %). La producción industrial minera creció
un 2,3 %, mientras que la manufacturera lo hizo un 6,5 %.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
mayor crecimiento interanual se registró en la producción y suministro de
electricidad, energía térmica, gas y agua, con un 9,9 %. La producción
industrial, recordó la ONE, se usa para medir la actividad de grandes empresas
con una facturación anual de al menos 20 millones de yuanes (2,9 millones de
dólares, 2,5 millones de euros). También se hizo pública hoy la variación
interanual del mes de diciembre, que se situó en un 5,7 %. Sobre una base
mensual, la producción industrial en el último mes de 2018 aumentó un 0,54 %
con respecto a noviembre.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">En
fin que, tal y como tenemos el patio, a nuestra cartera no le puede ir bien y
toca ingeniárselas para sacarle algún rendimiento mientras permanecemos
invertidos.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Vamos
con el resumen en pantallazos:</span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Con
estos datos, sabremos de antemano el coste en garantías por contrato (31,27€ que
para el total de los 34 iniciales, supone que nos “bloquean” en la cuenta
1063,18€).<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Al
promediar la compra de de CFD´s vendidos, cuando se reduce la Delta Total sin
que la cotización baje por debajo del precio medio acumulado, no hay forma de
obtener el rendimiento esperado por el Gamma Scalping, además del “desgaste”
por el rollover diario.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">No
me gusta el resultado pero aguantaremos la estrategia hasta, al menos, el
vencimiento de las opciones compradas.<o:p></o:p></span></div>
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NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-61207244066677163032019-01-01T11:25:00.000+01:002019-01-01T11:25:40.579+01:00Semana 45 - 49.
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen
de las semanas entre el 1/12/18 y el 31/12/18.<o:p></o:p></span></div>
<br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 14pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></b></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%;">Acaba el año con el
tradicional rally de Navidad… transformado en “sell-off”. Todos los mercados
han tocado sus mínimos de hace 18 meses o más, en algunos casos como el SP500,
tocando los mínimos de Marzo de 2017.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%;">El euro subió por la
debilidad del dólar ante el bloqueo político en EEUU tras el cierre parcial de
la Administración estadounidense desde hace una semana. El Banco Central
Europeo (BCE) fijó el tipo de cambio de referencia del euro en 1,1454 dólares. <o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%;">La Administración
estadounidense ha cerrado por la falta de acuerdo presupuestario entre
demócratas, que se oponen a financiar el muro en la frontera con México, y
republicanos, acuerdo que no se logrará probablemente hasta comienzos de enero
del próximo año. El euro apenas reaccionó tras la publicación de las cifras de
inflación de Alemania, donde los precios de consumo subieron un 1,7 %
interanual en diciembre, seis décimas menos que en noviembre y menos de lo
esperado.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%;">El índice de precios de
consumo (IPC) de España cerró 2018 en el 1,2 %, tras moderarse cinco décimas
respecto a la tasa interanual de noviembre, como consecuencia de la bajada de
los precios de los carburantes, sobre todo del gasóleo y gasolina. Estas cifras
débiles de inflación podrían posponer la subida de los tipos de interés en la
zona del euro.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%;">Todo esto ha provocado
grandes caídas que, lógicamente, también han afectado a nuestra cartera:<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
año acaba con menos resultados positivos de los esperados y con nuestro
sistema, en esta coyuntura, solo queda tener paciencia ante estos precios de “derribo”
y aprovechar otros derivados para obtener algún rendimiento mientras dure.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Feliz
Año a todos.<o:p></o:p></span></div>
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NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-9501145741244694712018-12-23T10:45:00.001+01:002018-12-23T10:45:51.619+01:00Semana 40 - 44.
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen
de las semanas entre el 1/11/18 y el 30/11/18.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
Libro Beige de la Reserva Federal (Fed), que proporciona una evaluación de la
economía detallada por los 12 bancos centrales estadounidenses con información
recopilada antes del 26 de noviembre, señala que las empresas del país
norteamericano están comenzando a ver las subidas de los tipos de interés como
una amenaza. En concreto, aunque en anteriores meses los diferentes bancos
centrales ya habían asegurado que ciertas compañías observaban la política
monetaria de la Fed como un riesgo, en esta ocasión es la primera vez que la
autoridad monetaria lo destaca como algo general.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Asimismo,
aunque el gasto de los consumidores se mantuvo “estable” y los precios
aumentaron a un nivel “modesto” en la mayoría de los estados, las empresas han
alertado de que los costes de los insumos están creciendo a un mayor ritmo que
los precios finales, produciendo un aumento de costes, causados por los
aranceles desde los manufactureros hasta los vendedores al por menor y los
restaurantes.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">La
caída del bono germano eleva la prima de riesgo a 122 puntos, tres más que en
la víspera, debido a la caída en la rentabilidad del bono alemán a diez años,
que ha bajado del 0,306 % al 0,263 %, su menor nivel desde finales de mayo. El
interés del bono español al mismo plazo, cuya diferencia con el germano
determina la prima de riesgo, también se ha reducido pero en menor medida que
en el “Bund”, al pasar del 1,491 % al 1,485 %, mínimos desde mediados de
septiembre.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Al
mismo tiempo, el Tesoro Público español ha adjudicado 4.085,6 millones de euros
en letras a seis y doce meses, a un interés menos negativo que en la subasta
anterior. También se ha publicado que la Seguridad Social en España se situó en
los 18,94 millones de ocupados en noviembre, tras registrar un descenso de
47.499 personas, lo que representa la mayor caída del empleo en un penúltimo
mes del año desde 2013.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Por
otra parte, los ministros de Economía y Finanzas de la eurozona, el denominado
Eurogrupo, han logrado cerrar hoy un acuerdo para reforzar la Unión Económica y
Monetaria frente a futuras crisis en una jornada de negociaciones. Los
inversores, que se mantienen atentos a las novedades que llegan sobre Italia,
han conocido hoy que el Eurogrupo ha respaldado la opinión de la Comisión
Europea sobre el presupuesto del país para 2019, que considera que supone un
“incumplimiento particularmente grave” de las normas comunitarias.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Así,
la prima de riesgo italiana ha sumado cinco puntos básicos, hasta 289, al mismo
tiempo que el riesgo país en Portugal ha cerrado en 155 puntos básicos, desde
los 150. La prima de riesgo helena ha cerrado en 398 puntos básicos, desde los
390 de ayer, tras conocerse que su economía creció un 1 % en el tercer
trimestre del año en comparación con los tres meses previos, y un 2,2 % en
relación con un año antes.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen
de cuenta:<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">De
esta manera, del “lado Put” obtenemos:</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt; mso-fareast-language: ES; mso-no-proof: yes;"><v:shapetype coordsize="21600,21600" filled="f" id="_x0000_t75" o:preferrelative="t" o:spt="75" path="m@4@5l@4@11@9@11@9@5xe" stroked="f">
<v:stroke joinstyle="miter">
<v:formulas>
<v:f eqn="if lineDrawn pixelLineWidth 0">
<v:f eqn="sum @0 1 0">
<v:f eqn="sum 0 0 @1">
<v:f eqn="prod @2 1 2">
<v:f eqn="prod @3 21600 pixelWidth">
<v:f eqn="prod @3 21600 pixelHeight">
<v:f eqn="sum @0 0 1">
<v:f eqn="prod @6 1 2">
<v:f eqn="prod @7 21600 pixelWidth">
<v:f eqn="sum @8 21600 0">
<v:f eqn="prod @7 21600 pixelHeight">
<v:f eqn="sum @10 21600 0">
</v:f>
<v:path gradientshapeok="t" o:connecttype="rect" o:extrusionok="f">
<o:lock aspectratio="t" v:ext="edit">
</o:lock><v:shape id="Picture_x0020_341" o:spid="_x0000_i1026" style="height: 40.5pt; mso-wrap-style: square; visibility: visible; width: 522.75pt;" type="#_x0000_t75">
</v:shape></v:path></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:f></v:formulas></v:stroke></v:shapetype><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">650,83
– 63,68 = 587,15€ de beneficio bruto, restando las comisiones de 3 contratos de
apertura y cierre: 3 contratos * 2 (apertura y cierre) * 3€/ud. =-18€ en
comisiones. </span></span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Nos queda un neto de: 587,15 – 18 =
569,15€<o:p></o:p></span></b></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Y
por el “lado Call”:</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">80,83
+ 133,42 = 214,25€ brutos</span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">4
contratos * 2 (apertura y cierre) * 3€/ud. = -24€ en comisiones</span></div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Nos queda un neto de: 214,25 – 24 =
190,25€<o:p></o:p></span></b></div>
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<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Total hasta ahora: 569,15 + 190,25 = <span style="color: #00b050;">759,40€ </span></span></u></b></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIAudbFbVetqJ50Jnf036p0Fka3Vo1SX_zZr0oz40JEnMxg1GtPwwfkZ-NB6yKF1x1MBhO0XaMF_XZ_t0v9xsEia1IA82E1JCDyXmfL4cBIti8K0M2mXMs7LNSCYja2JtD19GdJk4QLKcw/s1600/Resumen16-11-18.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="575" data-original-width="1259" height="182" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhIAudbFbVetqJ50Jnf036p0Fka3Vo1SX_zZr0oz40JEnMxg1GtPwwfkZ-NB6yKF1x1MBhO0XaMF_XZ_t0v9xsEia1IA82E1JCDyXmfL4cBIti8K0M2mXMs7LNSCYja2JtD19GdJk4QLKcw/s400/Resumen16-11-18.png" width="400" /></a></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Como
esperábamos, los 10 contratos vendidos Call en 3275, vencen sin prima, por lo
que sacamos su total rendimiento de 1430€, con unas comisiones por apertura
(cuando los dejamos vencer no nos cobran por su cierre) de 10 * 3€/ud. = -30€, <b style="mso-bidi-font-weight: normal;">añadiendo otros <span style="color: #00b050;">1400€
netos</span> por el lado Call.<o:p></o:p></b></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">En total hemos conseguido en este
vencimiento: 759,40 + 1400 = <span style="color: #00b050;">2169,40€</span><o:p></o:p></span></b></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Claro
que quedan contratos comprados a ambos lados, de hecho suman sus primas un
total de: (6*46,7)+(4*20,8)+(10*1,7)+(2*75,2) = 530,80 puntos * 10€/punto =
5308€ que, restando esos 2169,40, aún tenemos que amortizar y no nos lo van a
poner fácil. </span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkr-8hyphenhyphenXGBO-Y40ml9jwpvyo8eLFQe04JaSpYk_j-hgctYgFh2O8jcxru2TONBP1VrXoLjyTQjmJPhr5AYWADugMLucCyac8LXIG2gE3SOdfgVH-ozynBHvYiVwbgeAcPJKb1djToDB7q1/s1600/Resumen29-11-18%25282%2529.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="565" data-original-width="1245" height="181" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjkr-8hyphenhyphenXGBO-Y40ml9jwpvyo8eLFQe04JaSpYk_j-hgctYgFh2O8jcxru2TONBP1VrXoLjyTQjmJPhr5AYWADugMLucCyac8LXIG2gE3SOdfgVH-ozynBHvYiVwbgeAcPJKb1djToDB7q1/s400/Resumen29-11-18%25282%2529.png" width="400" /></a></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Hasta
aquí, lo que dio de si Noviembre.<o:p></o:p></span></div>
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NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-20956761249420668852018-11-18T09:57:00.000+01:002018-11-18T09:57:16.725+01:00Semana 35 - 39.<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Resumen
de las semanas entre el 1/10/18 y el 31/10/18.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Desde
hace un par de entradas, el que me lea, se habrá dado cuenta de que he
introducido contratos de opciones como complemento más que como cobertura de la
cartera.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">He
demostrado que para los que les parece demasiado complejo usar un CAPM, VAR o
cualquier otro modelo de valoración de acciones “de libro” utilizado por los
gestores de carteras profesionales, es “imprescindible” para decidir en qué
empresas invertir y se puede sustituir por el nuestro, publicado </span><a href="http://navarinversiones.blogspot.com/2018/02/formula-final.html"><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"><span style="color: blue;">aquí</span></span></a><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">,
creándonos una cartera rentable.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Otra
cosa que queda por añadir es mi idea de un “</span><a href="https://en.wikipedia.org/wiki/Benjamin_Graham_formula"><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"><span style="color: blue;">número de Graham</span></span></a><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">”,
padre de las fórmulas de valoración de acciones de bolsa ya que, puestos a
poner una fórmula “simple”, que no simplista, que no tiene en cuenta el
endeudamiento de cada empresa donde se aplique (cosa que si hace nuestra propia
fórmula), nos facilite el llamado <b style="mso-bidi-font-weight: normal;">valor
intrínseco de una acción</b>.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Ese
valor, se define como su “verdadero valor”, es decir, el valor al que “debería”
cotizar la compañía de acuerdo a sus ratios contables. Esto se calcula sobre la
base del beneficio monetario que se espera recibir de él en el futuro.
Pongámoslo de esta manera: <u>es el valor máximo en el que se puede comprar el
activo, sin perder en el futuro cuando lo vendamos</u>.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Una
explicación menos técnica sería pensar que las acciones que compremos de una
empresa, son un piso que vamos a alquilar, donde la renta a obtener se asimila
a los dividendos que ofrecen las acciones. Cuando la estrategia de comprar y
mantener (Buy & Hold) en el Value Investing es la habitual, puede que el
horizonte temporal sea de, pongamos un mínimo, 10 años. Esto, pasado a la renta
del alquiler del piso, supone multiplicarla por esos 10 años <u>más</u> el
posible valor de venta del piso también después de esos 10 años. Ese sería el
valor intrínseco de nuestro piso.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Claro,
que en ese intervalo está la inflación y riesgos más comunes que infravaloren
nuestra propiedad (impago de renta, reformas en el inmueble, subida de tasas,
derramas en la comunidad, etc.), que representaría un modelo de cálculo llamado
Descuento de Flujo de Caja (<a href="https://es.wikipedia.org/wiki/Flujo_de_fondos_descontados"><span style="color: blue;">Discounted
Cash Flow</span></a>).<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Estas
fórmulas de valoración “de libro”, son perfectas, si tienes el tiempo, los
datos y las ganas para su cálculo. El inversor medio, ni lo tiene ni quiere
tenerlo. Básicamente quiere poner su dinero y, después del tiempo al que se ha
comprometido dejarlo, recibir el rendimiento “pactado” con anterioridad a ese
compromiso.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Como
esto no es un depósito en un banco a tipo fijo, hay que “currárselo” un poco
más.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Bastante
más simple, fácil de encontrar y calcular ese “valor intrínseco” que se utiliza
en el análisis fundamental, será nuestro <b style="mso-bidi-font-weight: normal;">Valor
Intrínseco Relativo,</b> comparando el precio de cotización con alguno de los
ratios que ya tenemos o que podemos ver en alguna web financiera ya calculado<b style="mso-bidi-font-weight: normal;">.<o:p></o:p></b></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Usaremos
2 ratios usados habitualmente:<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpFirst" style="margin: 0cm 0cm 0pt 36pt; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18pt;">
<!--[if !supportLists]--><span style="font-size: 12pt; line-height: 115%; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: Calibri; mso-hansi-font-family: Calibri;"><span style="mso-list: Ignore;"><span style="font-family: "calibri";">-</span><span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Precio sobre
Beneficios (Price to Earnings, P/E - el archiconocido y usado PER)<o:p></o:p></span></div>
<br />
<div class="MsoListParagraphCxSpLast" style="margin: 0cm 0cm 10pt 36pt; mso-list: l0 level1 lfo1; text-align: justify; text-indent: -18pt;">
<!--[if !supportLists]--><span style="font-size: 12pt; line-height: 115%; mso-ascii-font-family: Calibri; mso-bidi-font-family: Calibri; mso-bidi-font-size: 10.0pt; mso-fareast-font-family: Calibri; mso-hansi-font-family: Calibri;"><span style="mso-list: Ignore;"><span style="font-family: "calibri";">-</span><span style="font-size-adjust: none; font-stretch: normal; font: 7pt/normal "Times New Roman";">
</span></span></span><!--[endif]--><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Beneficio por
acción (Earnings per share, EPS – BPA para la “piel de toro”)<o:p></o:p></span></div>
<br />
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<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">El
1º, del que ya hicimos una explicación más exhaustiva </span><a href="http://navarinversiones.blogspot.com/2018/02/maximo-valor-de-una-empresa.html"><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"><span style="color: blue;">aquí</span></span></a><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">,
compara el precio de cotización sobre los beneficios que obtiene la empresa por
acción, diciéndonos que por cada € de beneficio que obtiene la empresa,
pagaremos el valor del ratio y que podemos también comparar con otras empresas
del sector para encontrar un valor relativo.<o:p></o:p></span></div>
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<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">El
2º, que está en la misma entrada anterior más explicado, es lo que gana la
empresa por cada acción.<o:p></o:p></span></div>
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<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">He
de decir que la importancia del enfoque de valor relativo radica en el hecho de
que utiliza tanto los fundamentos propios de la empresa como las tendencias del
mercado para calcular ese valor intrínseco. Esto lo hace más realista, pero
propenso a fallos. Si los “fundamentales” cambian mucho en el futuro, se puede
probar que su valor intrínseco es falso, dejando todos nuestros sesudos
cálculos sin importancia.<o:p></o:p></span></div>
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<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Los
datos que necesitamos, se sacan ya listos para copiarlos de una página como
esta:<o:p></o:p></span></div>
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<a href="https://es.investing.com/equities/k-s-ag"><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"><span style="color: blue;">https://es.investing.com/equities/k-s-ag</span></span></a><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"><o:p></o:p></span></div>
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<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Estos
2 valores los multiplicaremos para obtener ese <b style="mso-bidi-font-weight: normal;">Valor Intrínseco Relativo:<o:p></o:p></b></span></div>
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">P/E </span></b><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">o<b style="mso-bidi-font-weight: normal;"> PER * BPA </b>o<b style="mso-bidi-font-weight: normal;"> EPS = Valor Intrínseco Relativo<o:p></o:p></b></span></div>
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<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Interpretación:<o:p></o:p></span></div>
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<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Si
la cotización <u>está por ENCIMA</u> del Valor Intrínseco Relativo:
SOBREVALORADA<o:p></o:p></span></div>
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<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Si
la cotización <u>está por DEBAJO</u> del Valor Intrínseco Relativo:
INFRAVALORADA<o:p></o:p></span></div>
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<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Pues
solo queda añadirlo a nuestra Excel:<o:p></o:p></span></div>
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<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">De
esta manera, vemos rápido y claro si estamos comprando “caro” o “barato”.<o:p></o:p></span></div>
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<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Vamos
con el resumen de la cuenta de todo el mes:<o:p></o:p></span></div>
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<span style="font-family: Verdana, sans-serif;">Se produce la liquidación del remanente de contratos sobre Merck.</span></div>
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<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Esto
es lo que hemos hecho durante el mes de Octubre.<o:p></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Hasta
la próxima entrada. Sl2.<o:p></o:p></span></div>
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NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-89354875563382259072018-09-30T09:19:00.000+02:002018-09-30T09:19:45.894+02:00Semana 33 y 34. <div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">Resumen de las semanas entre el 17/9/18 y el 28/9/18.</span></span></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
<br /></div>
<div style="text-align: justify;">
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<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;"><span style="line-height: 115%;">El
<b>petróleo</b> de Texas <b>sube</b> un 1,57% hasta 73,25 dólares el
barril, <b>en reacción a las expectativas
de que las sanciones de Washington a Teherán afecten a la oferta global del
“oro negro”.</b> Al final de las operaciones a viva voz en la Bolsa Mercantil
de Nueva York (Nymex), los contratos futuros del WTI para entrega en noviembre
sumaron 1,13 dólares respecto a la sesión anterior. El precio del petróleo de
Texas alcanzó hoy una máxima de 73,73 dólares este viernes, en niveles no
vistos desde principios de julio. <b>En la última
semana, los contratos han apreciado un 3,58 % su valor.</b></span></span></span></div>
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<br /></div>
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<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;"><span style="line-height: 115%;">Sigue
preocupando el futuro impacto de las sanciones de Washington a Teherán en las
exportaciones de crudo, lo que afectará a la oferta global, aunque <b>se espera que productores como Arabia Saudí
incrementen sus provisiones de petróleo para suplir la demanda. </b></span></span></span></div>
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<br /></div>
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<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;"><b><u><span style="line-height: 115%;">Alarma en las bolsas por el acuerdo
del gobierno italiano.</span></u></b><span style="line-height: 115%;"> <b>La coalición en el poder en Italia acordó
este jueves un déficit de 2,4% del PIB en 2019</b>, así como en 2020 y 2021, un
acuerdo que augura nuevas tensiones con la Comisión Europea y los mercados
financieros. </span></span></span></div>
<div style="text-align: justify;">
<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span></div>
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<br /></div>
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<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;">
</span></span></div>
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<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;"><b><span style="line-height: 115%;">La cifra está muy por encima del 0,8%
al que se comprometió el anterior gobierno de centroizquierda italiano.</span></b><span style="line-height: 115%;"> Es muy probable que este acuerdo provoque fuertes
reacciones en los mercados financieros y tensiones con la Comisión Europea. <b>Bruselas presionaba a Roma para mantener
bajo el déficit y reducir su enorme deuda pública, que representa el 131% del
PIB, la segunda más alta de la eurozona después de Grecia.</b></span></span></span></div>
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</span></span></div>
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<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;"><span style="line-height: 115%;">Pero
luego de un intenso pulso con el ministro de Finanzas, Giovanni Tria, que
abogaba por el 1,6% para evitar cualquier enfrentamiento con Bruselas y para
calmar a los mercados, el Movimiento Cinco Estrellas (M5E, antisistema) y la
Liga (extrema derecha) salieron victoriosos. </span></span></span></div>
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<br /></div>
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<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;"><b><span style="line-height: 115%;">Tesla se desploma por cargos de fraude
contra Musk</span></b><span style="line-height: 115%;">. Las acciones de la
fabricante de automóviles Tesla caían hoy <b>un
11,78 %</b> en la Bolsa de Nueva York, en reacción a la denuncia del organismo
regulador bursátil de EE.UU. a su consejero delegado, Elon Musk, por tuitear
que planeaba retirarla del mercado. La Comisión de Bolsa y Valores de EE.UU.
(SEC, sus siglas en inglés) presentó este jueves cargos de fraude contra Musk
en un tribunal neoyorquino y argumentó que el también fundador de la firma se
comportó de forma “temeraria”, que su tuit era falso y engañoso, y que con esta
acción dañó a los inversores de Tesla.</span></span></span></div>
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<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;"><span style="line-height: 115%;">El
7 de agosto, Musk publicó en Twitter que estaba “considerando privatizar Tesla
a 420 dólares (la acción)”, y añadió “financiación asegurada”. Al cierre de la
sesión, Tesla se había revalorizado un 11, cuando el índice en el que cotiza
Tesla, requiere a sus miembros avisar antes de publicar información que podría
provocar movimientos en el mercado, sin haberlo hecho.</span></span></span></div>
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<span style="font-size: small;"><span style="font-family: Verdana, sans-serif;"><span style="line-height: 115%;">Después
de las noticias, actualizamos nuestra cartera.</span></span></span></div>
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<style>
/* Style Definitions */
table.MsoNormalTable
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mso-tstyle-rowband-size:0;
mso-tstyle-colband-size:0;
mso-style-noshow:yes;
mso-style-priority:99;
mso-style-parent:"";
mso-padding-alt:0cm 5.4pt 0cm 5.4pt;
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mso-hansi-theme-font:minor-latin;
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</style>
<![endif]-->
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Contrastando
los 2 últimos pantallazos, cotejamos así:</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<u><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Lado
Call:</span></u></div>
<div class="MsoNormal" style="text-align: justify;">
<u><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><br /></span></u></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">20 Call 3425 compradas a 3,965 puntos,
se liquidan en 0,49 = -3,475 puntos por contrato (3,475 * 20 = 69,50 puntos *
10€/punto = <span style="color: red;">-695€</span>)</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><span style="mso-spacerun: yes;"> </span>(…y -120€ de apertura y cierre de los
contratos porque “tienen prima”, sólo cuando la prima es “0”, los brokers no
cobran comisión de cierre en los contratos de opciones)</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">10 Call 3400 compradas a 22,2 puntos,
se liquidan en 25,49 = 3,29 puntos por contrato (3,29 * 10 = 32,9 puntos *
10€/punto = <span style="color: #00b050;">329€</span>)</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><span style="mso-spacerun: yes;"> </span>(…y -60€ de apertura y cierre de los
contratos porque “tienen prima”)</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">2 Call 3300 compradas a 22,2 puntos,
se liquidan en 125,49 = 103,29 puntos por contrato (103,29 * 2 = 206,58 puntos
* 10€/punto = <span style="color: #00b050;">2065,80€</span>)</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><span style="mso-spacerun: yes;"> </span>(…y -12€ de apertura y cierre de los
contratos porque “tienen prima”)</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<u><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Lado
Put:</span></u></div>
<div class="MsoNormal" style="text-align: justify;">
<u><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><br /></span></u></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">2 Put 3300 compradas a 30,4 puntos, se
liquidan en 0 = -30,4 puntos por contrato (30,4 * 2 = 60,8 puntos * 10€/punto =
<span style="color: red;">-608€</span>)</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><span style="mso-spacerun: yes;"> </span>(…y -30€ de apertura de los contratos
porque “NO tienen prima” al cierre)</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">1 Put 3325 vendida a 20,3 puntos, se
liquidan en 0 = 20,3 puntos por contrato (20,3 * 1 = 20,3 puntos * 10€/punto = <span style="color: #00b050;">203€</span>)</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><span style="mso-spacerun: yes;"> </span>(…y -3€ de apertura de los contratos porque
“NO tienen prima” al cierre)</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">10 Put 3400 compradas a 1 puntos, se
liquidan en 0 = -1 puntos por contrato (1 * 10 = 10 puntos * 10€/punto = <span style="color: red;">-100€</span>)</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><span style="mso-spacerun: yes;"> </span>(…y -30€ de apertura de los contratos
porque “NO tienen prima” al cierre)</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Así que tenemos:</span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Call: -695-120+329-60+2065,80-12 = <span style="color: #00b050;">1507,80€</span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Put: -608-30+203-3-100-30 = <span style="color: red;">-568€</span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><u><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resultado neto:</span></u></b><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"> 1507,80 – 568 = <span style="color: #00b050;">939,80€</span></span></b></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">No
es la “lotería” que esperaba pero casi 1000€ de beneficio por la cobertura, me
parecen más que aceptables.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Como
escribí en la entrada anterior, colocamos orden pendiente en Meck en
sustitución de BMW para nuestra cartera en la zona del último soporte:</span></div>
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NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-59580874013842206712018-09-15T13:54:00.000+02:002018-09-15T13:54:15.274+02:00Semana 30 a 32.<!--[if gte mso 9]><xml>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen
de las semanas entre el 27/8/18 y el 14/9/18.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Se
suceden las caídas en Europa sin razones macroeconómicas que las sustenten, más
allá de los problemas en Brasil, Argentina y Turquía. Ahora se le está sumando
Sudáfrica, después de que Trump ha apoyado en un polémico tuit, las
reclamaciones de los granjeros blancos en Sudáfrica, que aseguran ser víctimas
de persecución e incluso violencia intencionada y que ven con miedo cómo avanza
la reforma agraria y una posible redistribución de tierras. Raza, tierra y
asesinatos en Sudáfrica en un solo tuit… explosivo.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Wall
Street cerró el viernes en rojo y el Dow Jones cedió un 0,30 % después de que
el presidente de EE.UU., Donald Trump, amenazara con imponer más aranceles a
China por valor de 267.000 millones de dólares, adicionales a los que ya
prepara su Gobierno.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Según
datos provisionales al cierre de las operaciones, el Dow Jones de Industriales,
el principal indicador, restó 77,16 puntos, hasta 25.918,71 enteros, mientras
que el S&P 500 recortó un 0,21 % y el Nasdaq perdió un 0,25 %.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
dólar se aprecia y los tipos de los bonos suben. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">La
incertidumbre sobre si finalmente se anunciará el arranque de los aranceles
americanos sobre 200.000 millones de dólares en productos chinos. Por el
momento, continúan las negociaciones entre Estados Unidos y el gigante
asiático. El asesor económico de la Casa Blanca Larry Kudlow apuntó que Xi y
Trump podrían reunirse en persona con ocasión de la cumbre del G-20 que tiene
lugar en Argentina el próximo noviembre. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Asimismo,
señaló que Trump tiene la determinación de empujar a China a que reforme sus
políticas comerciales. Pero el presidente estadounidense advirtió de la
posibilidad de aranceles adicionales a esos 200.000 millones de dólares sobre
mercancías por valor de 267.000 millones, mencionados antes y que fue eso
justamente lo que empujó a los índices a perder posiciones tras el cierre
europeo.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">También
hay que contar con que en Estados Unidos se publicaba a primera hora de la
tarde el informe oficial de empleo que reveló que durante el mes de agosto se
crearon 201.000 puestos de trabajo en la economía no agrícola, por encima de
los 190.000 previstos. Con todo, la tasa de paro se mantuvo en el 3,9%, cuando
se esperaba que cayera hasta el 3,8%. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Quizás
la mejor noticia vino de la mano de la evolución de los salarios, que crecieron
un 2,9% interanual, por encima del 2,7% previsto.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
dólar se aprecia y los tipos de los bonos suben. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Con
estos datos, el dólar se reforzó frente a la divisa comunitaria. El tipo de
cambio se iba desde niveles por encima de 1,1640 unidades hasta 1,1580. El US
Dollar Index avanzaba, por su parte, casi un 0,30%. Y el interés del bono
americano a diez años subía desde el 2,87% hasta el 2,93%. Este movimiento
arrastraba al resto de títulos del mundo. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Los
inversores pueden pensar que se refuerza la tesis de que la Reserva Federal
norteamericana suba los tipos de interés dos veces más este año: este mes de
septiembre y de nuevo en diciembre. Y, pese a todo, pese a que para los países
emergentes la apreciación del dólar y la subida de los tipos de interés no son
buenas noticias, veíamos a sus monedas recuperar posiciones: la lira turca
avanzaba un 2,7% y el rand sudafricano, el peso argentino y el peso colombiano,
más de un punto porcentual.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-ansi-language: ES; mso-bidi-font-family: "Times New Roman"; mso-bidi-font-size: 10.0pt; mso-bidi-language: AR-SA; mso-bidi-theme-font: minor-bidi; mso-fareast-font-family: Calibri; mso-fareast-language: EN-US; mso-fareast-theme-font: minor-latin;">Hoy
hace 10 años de la quiebra de Lehman Brothers.</span><br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRCm4d35cRoxU1n9SmYA7WMlspFSUF2OuT35QPunIaGSBMrYJGSckdxrukv61cesq5vZzCJylWncm14i-PsJV8AdQ6XC_OBrtfW6U_TIBtYX0uS-QZJxt9l6dCzZMIZT8DU2BH0awymMHl/s1600/lehman_brothers_bank_bankrupt_228085.jpg" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="315" data-original-width="500" height="251" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiRCm4d35cRoxU1n9SmYA7WMlspFSUF2OuT35QPunIaGSBMrYJGSckdxrukv61cesq5vZzCJylWncm14i-PsJV8AdQ6XC_OBrtfW6U_TIBtYX0uS-QZJxt9l6dCzZMIZT8DU2BH0awymMHl/s400/lehman_brothers_bank_bankrupt_228085.jpg" width="400" /> </a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<div class="separator" style="clear: both; text-align: center;">
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<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Fue
la mecha que encendió el polvorín de la mayor crisis financiera habida hasta el
momento. El banco de inversión fue la primera víctima de las hipotecas
‘subprime’ y de la burbuja inmobiliaria estadounidense. Meses más tarde,
explotó otra burbuja inmobiliaria, la española, con nefastas consecuencias para
la economía también.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Se
empezó a gestar en 2007. El banco de inversión acumuló enormes pérdidas por
títulos respaldados por las hipotecas conocidas como ‘subprime’ a lo largo de
2008. y<span style="mso-spacerun: yes;"> </span>que consistía en vender paquetes
de hipotecas con alto riesgo de impago de unas entidades a otras. En el segundo
trimestre fiscal, la empresa declaró pérdidas por 2800 millones de dólares y se
vio obligada a vender 6000 millones de dólares en activos. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">En
el primer semestre de 2008, Lehman había perdido el 73% de su valor en bolsa.
En agosto de 2008, Lehman informó que tenía la intención de despedir al 6% de
su plantilla, unas 1500 personas.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
13 de septiembre de 2008, Timothy F. Geithner, el presidente del Banco de la
Reserva Federal de Nueva York, convocó una reunión sobre el futuro de Lehman en
la que se incluía la posibilidad de liquidación de sus activos para sanear la
empresa.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Lehman
informó que estaba en conversaciones con el Banco de América y Barclays para
una posible venta de la empresa. Finalmente, el 15 de septiembre de 2008, dos
días después, Lehman Brothers anunció la presentación de su quiebra en el
Juzgado al haber renunciado a la operación sus posibles compradores.</span><span style="font-family: "Arial","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"></span><span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"> Supuso la mayor
quiebra de la historia con 613.000 millones de dólares.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Las
autoridades de Estados Unidos decidieron no acudir al rescate y su caída fue la
antesala de una sucesión de crisis de la que todavía no nos hemos recuperado.
Prueba de ello ha sido la difícil tarea de la Reserva Federal de subir tipos,
mientras que en Europa todavía hay unos meses más de expansión monetaria hasta
finales de año y lo lejos que está el Ibex 35 del nivel que marcó en septiembre
de ese mismo año.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Entre
medias se ha vivido el rescate de países periféricos como Grecia, Portugal o
Irlanda, la crisis de deuda que tuvo su punto más álgido en verano de 2012 y
que obligó a Draghi a salir al paso, o el rescate del sistema financiero en
España. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">La
regulación se ha endurecido y las entidades bancarias se han esforzado estos
años por reforzar su solvencia, pero no en todos los casos la reestructuración
ha tenido el mismo alcance ni los mismos resultados. </span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">La
economía sigue moviéndose en un contexto de tipos de interés bajo
(especialmente en Europa, donde no se ha iniciado el proceso de subida de
tipos), que ha cambiado las reglas del juego en algunos sectores de la economía.
El negocio tradicional de los bancos se ha visto resentido y las empresas se
han encontrado con unas condiciones de financiación muy favorables. Los
programas de compra de deuda han alterado también el precio de los activos,
influyendo en las decisiones de inversión.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">En
fin,<span style="mso-spacerun: yes;"> </span>así está el mundo.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Para
nuestra cartera y cada 6-8 meses, debemos volver a revisar los datos publicados
de las empresas que seguimos para ver su evolución y comprobar si nuestra <u>fórmula
de valoración </u>ha cambiado su ratio.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Tomando
de nuevo los datos de la web de <a href="http://www.morningstar.es/es/">http://www.morningstar.es/es/</a>,
obtenemos estos resultados a 9/9/18:</span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhinAdCimDyl5oX1sLN1hjmwDEVXlw8AaXRMbdKohszxN8Np_x7A7U_fnhq-5aotg4oEEBYAm-X8xn6ulA61GXzBwqk83uutGMoVNxIQHYRwlQjixlu89fNb0mDeYr3sAdBrP2T5CLM3qjp/s1600/Actualizaci%25C3%25B3nExcelKendall15-9-18.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="639" data-original-width="1203" height="211" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhinAdCimDyl5oX1sLN1hjmwDEVXlw8AaXRMbdKohszxN8Np_x7A7U_fnhq-5aotg4oEEBYAm-X8xn6ulA61GXzBwqk83uutGMoVNxIQHYRwlQjixlu89fNb0mDeYr3sAdBrP2T5CLM3qjp/s400/Actualizaci%25C3%25B3nExcelKendall15-9-18.png" width="400" /> </a></div>
<div class="separator" style="clear: both; text-align: center;">
<br /></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
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<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Y
este es el pantallazo de la misma hoja Excel el 27/1/18, que publiqué <a href="http://navarinversiones.blogspot.com/2018/02/formula-final.html" target="_blank">aquí</a>: </span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Las
empresas van presentando resultados y esta web (y otras) actualizan estos
datos, lo que nos permite analizar nuestros ratios fundamentales.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">A
pesar de como nos va a nosotros con Porsche, sigue en cabeza, lo que demuestra
que, por un lado esto hay que plantearlo a medio-largo plazo y por otro, que no
es infalible.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Bayer
ha superado a BMW, K&S ha descendido en la escala del 3er puesto al 6to,
superado por Daimler y Wolkswagen.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">A
pesar de las presiones para que se fusionen Commerzbank y Deutsche bank, a mi
me da el ratio “NO INVERTIR”… ya hay especuladores de sobra que se matarán por
las migajas.</span></div>
<div class="MsoNormal" style="text-align: justify;">
<br /></div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">La
farmacéutica Merck ha subido lo suficiente para ser una alternativa que nos
sirva para diversificar y, es curioso como Henkel, con lo que nos permite “picotear”,
descienda del 5to al 10mo puesto.</span></div>
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<br /></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Como
hace bastantes días que no hago una entrada, me he entretenido un poco más en
esta, ya que no hay movimientos relevantes que muevan nuestra cartera:</span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">La
semana que viene, prepararemos entrada en Merck.</span></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12.0pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><br /></span></div>
<br />
NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-13942354502212866122018-08-27T16:24:00.000+02:002018-08-27T16:24:20.064+02:00Semana 29.
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen
de las semanas entre el 20/8/18 y el 24/8/18.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Wall
Street cerró el viernes con ganancias y renovó los récords en dos de sus
principales referencias, el selectivo S&P 500 y el índice compuesto del
mercado Nasdaq, después de que el presidente de la Reserva Federal, Jerome
Powell, defendiera el gradual ritmo de ajuste monetario en Estados Unidos.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Powell
habló de un continuado ascenso de los tipos de interés en el futuro, algo que <span style="mso-spacerun: yes;"> </span>la economía del país iba a poder soportar
gracias a su buen estado. <o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
petróleo de Texas (WTI) cierra la semana en 68,72 dólares, que registró hoy una
subida del 1,31%, en una jornada influenciada por el enfrentamiento comercial
entre Estados Unidos y China, además de una posible reducción de las
exportaciones de crudo de Irán.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Al
final de las operaciones a viva voz en la Bolsa Mercantil de Nueva York
(Nymex), los contratos futuros del WTI para entrega en octubre se incrementaron
89 centavos de dólar respecto a la sesión anterior. El precio del crudo se vio
afectado de nuevo por las tensas relaciones comerciales entre Washington y
Pekín, que han empeorado en los últimos días con la entrada en vigor de
aranceles sobre productos chinos de un 25 por ciento por parte de Estados
Unidos.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Semana
tranquila que nos ha permitido salir de Henkel por completo:<o:p></o:p></span></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQDz9yMhid8U3VlEPwilkiip_loDsQ0PKzT3AkzySEHFgYWm7pSSI8PmhEjbs0X1T9AfViN1TLdJus1d-D0-foIQsC5WZ2Plcdyz5i-TTnctFzURqSUUzd6kA5itWfZvXFUBXTVymhCt0Z/s1600/Resumen20-8-18.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="317" data-original-width="1245" height="101" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhQDz9yMhid8U3VlEPwilkiip_loDsQ0PKzT3AkzySEHFgYWm7pSSI8PmhEjbs0X1T9AfViN1TLdJus1d-D0-foIQsC5WZ2Plcdyz5i-TTnctFzURqSUUzd6kA5itWfZvXFUBXTVymhCt0Z/s400/Resumen20-8-18.png" width="400" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi744fHDXYUk2k6aqqnVngP3ikKboAil4K4VcWWhZrRybdVFybOdT2CmZ-23T7nHXZNxvkGpIX3SW5z5vOrMR7cwwBI6_g2qUq2ufxMJ2FFjLSLwZumUMSIWcvsAgG5wd6rtsaOdPAfi4bj/s1600/Resumen21-8-18.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="329" data-original-width="1249" height="105" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi744fHDXYUk2k6aqqnVngP3ikKboAil4K4VcWWhZrRybdVFybOdT2CmZ-23T7nHXZNxvkGpIX3SW5z5vOrMR7cwwBI6_g2qUq2ufxMJ2FFjLSLwZumUMSIWcvsAgG5wd6rtsaOdPAfi4bj/s400/Resumen21-8-18.png" width="400" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4_BSsL-oTHsLJ1ZZw3r_KpvZZ_DjE1rQYmF3ng4lgw-qtqrJusavgVNq2Q0VY34M8G8v_YXlNjpViy9fTJnxSUALTdjuT5rFEDE0SxHL6LR8SEu4ztE-yRPEAFSwzLR5DKBoeOnvL9oe2/s1600/EjecutadasHEN2daSalida20-8-18.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="481" data-original-width="1233" height="155" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh4_BSsL-oTHsLJ1ZZw3r_KpvZZ_DjE1rQYmF3ng4lgw-qtqrJusavgVNq2Q0VY34M8G8v_YXlNjpViy9fTJnxSUALTdjuT5rFEDE0SxHL6LR8SEu4ztE-yRPEAFSwzLR5DKBoeOnvL9oe2/s400/EjecutadasHEN2daSalida20-8-18.png" width="400" /></a></div>
<br />
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjoOqUdVgJQ-q7c2jJ9KPdK-JC51J5kRo-tYdwRlREWD5KL3ETA29L88Ov072C7rML_9WNYlwtPPaUQhGNj5LKWpahMB-9hGHfQJW1AL0dpbT57JTKpuXpr46KPMMc1B6gbcP1lNymWg87u/s1600/Resumen24-8-18.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="289" data-original-width="1245" height="92" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjoOqUdVgJQ-q7c2jJ9KPdK-JC51J5kRo-tYdwRlREWD5KL3ETA29L88Ov072C7rML_9WNYlwtPPaUQhGNj5LKWpahMB-9hGHfQJW1AL0dpbT57JTKpuXpr46KPMMc1B6gbcP1lNymWg87u/s400/Resumen24-8-18.png" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div style="background: white;">
<span style="font-family: "Verdana","sans-serif";">Nos
quedaban 31 contratos a un precio medio de 103,95€ y se han liquidado en 110,15€:<o:p></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div style="background: white;">
<span style="font-family: "Verdana","sans-serif";">(110,15
– 103,95) * 31 = 192,20€ de Bº bruto<o:p></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div style="background: white;">
<span style="font-family: "Verdana","sans-serif";">con
un coste de salida de <span style="color: red;">-8€</span>, más un rollover de 3
días de <span style="color: red;">-0,59€</span>:<o:p></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div style="background: white;">
<span style="font-family: "Verdana","sans-serif";">-8
–(0,59 * 3) = <span style="color: red;">-9,77€ </span>en comisiones para el
broker<o:p></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div style="background: white;">
<span style="font-family: "Verdana","sans-serif";">Así
que nos ha quedado un Bº neto de esta 2da salida:<o:p></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div style="background: white;">
<span style="font-family: "Verdana","sans-serif";">192,20
– 9,77 = 182,43€ en esta 2da salida que, sumados a los 347,78€ de la 1ra
salida, hemos obtenido un Bº total de 530,21€ netos<o:p></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div style="background: white;">
<span style="font-family: "Verdana","sans-serif";">Habiendo
usado unos 4000€ en garantías, el rendimiento ha sido del 13,25% en 5 días. <o:p></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div style="background: white;">
<span style="font-family: "Verdana","sans-serif";">Operación
perfecta.<o:p></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="separator" style="clear: both; text-align: center;">
</div>
NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-24700741694559489172018-08-19T10:56:00.002+02:002018-08-19T10:56:37.359+02:00Semana 28.
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen
de las semanas entre el 13/8/18 y el 17/8/18.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Semana
con fiesta nacional en medio, en el mes de vacaciones por excelencia y con muy
pocos “actores” en juego.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Pocos
problemas internacionales, con permiso de la lira turca, que marquen la agenda
de noticias. Esto nos permite reflexionar un poco.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Las
estrategias para<span style="mso-spacerun: yes;"> </span>"comprar barato,
vender caro" y la inversión de valor (Value Invest, usada por Warren Buffett
y otros como él) son esencialmente las mismas.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Un
inversor mira el negocio detrás de una acción y compara lo que él/ella cree que
debe valer contra lo que el mercado piensa que vale la pena.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Cuando
una acción vale más que lo que el mercado dice que hace (mirando las finanzas
del negocio), el inversionista compra esperando que el mercado eventualmente
alcance a su “error” en el precio, como lo hace a menudo.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Esto
se define por términos tales como:<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">--comprando
con un descuento al valor intrínseco<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">--comprando
con un margen de seguridad<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">--compra
de acciones subvaluadas, etc...<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><o:p> </o:p><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">A
veces los inversores se fijan en recoger las acciones adecuadas y sólo los
mejores negocios, sin tener en consideración el precio. Ignorar el precio puede
ser desastroso.<o:p></o:p></span></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Por
ejemplo:<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Digamos
fuiste capaz de <b style="mso-bidi-font-weight: normal;">comprar Disney a
principios de los 90</b>. Ha sido una gran compañía si la hubieses mantenido desde
entonces.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">La
acción se negoció en un rango de entre los $15 y cerca de $9,50 en 1992.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Si
hubiéramos comprado en el alto de $15 y sostenido hasta que la acción doblara
en 1998, nuestro retorno habría sido <b style="mso-bidi-font-weight: normal;">cerca
de 12% por año</b>.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Fantástico.<o:p></o:p></span></b></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Pero,
si en lugar de eso, hubiéramos comprado en el mínimo de $9,50, ese retorno
habría sido alrededor del <b style="mso-bidi-font-weight: normal;">22% por año</b>.<o:p></o:p></span></div>
<br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Compañía excelente, acción excelente.<o:p></o:p></span></b></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Gran
diferencia en los rendimientos dependiendo del precio de entrada.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Sin
embargo, hasta 1991, las acciones de Disney no eran muy deseables. Era plana en
el '89, disminuyendo entre 1990 y 1991. En 1991 subió $2 solamente para perderlos
otra vez. El tipo de movimientos de precios para que los inversores sean muy
impacientes.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Digamos
que eres un inversor de “Value Invest”, que no se preocupaba demasiado por el
precio reciente o las decepciones de los retornos.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">En
su lugar, vió una gran empresa de comercio con un descuento y digamos que
compró el <b style="mso-bidi-font-weight: normal;">25/11/91</b> cuando la
cotización estaba en <b style="mso-bidi-font-weight: normal;">$8,61</b>.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Compara
esto con el inversor que no quería comprar porque la situación no era la mejor.
Digamos también, que este inversor quería esperar a que el polvo se asentara,
esperar una tendencia alcista y evidencia de una inversión positiva antes de
comprar.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Este
inversor vio la acción que comenzaba a calentarse para arriba y compraba en la
tendencia alcista el <b style="mso-bidi-font-weight: normal;">30/03/92</b> en <b style="mso-bidi-font-weight: normal;">$13,20</b>.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Comparemos
sus resultados hoy. <o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
inversor de valor <b style="mso-bidi-font-weight: normal;">(Value Investor)</b> que
compró en $8,61 tendría un <b style="mso-bidi-font-weight: normal;">10,8% de
retorno anual</b> hoy en día durante los casi 27 años de duración.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
inversor en crecimiento <b style="mso-bidi-font-weight: normal;">(Growth
Investor)</b> en $13,20 tendría un <b style="mso-bidi-font-weight: normal;">retorno
anual del 9,44%</b>, en el mismo período.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">No
parece mucha diferencia, ¿verdad? <o:p></o:p></span></div>
<br />
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<u><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">En
realidad... Si cada inversor hubiera puesto $10.000 en su compra de Disney, a
principios de 2018, el inversor de valor tendría $149.000 y el inversor de
crecimiento tendría $104.000.<o:p></o:p></span></u></div>
<br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">¡Eso es una diferencia de $45.000 en
una inversión inicial de $10.000!<o:p></o:p></span></b></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
precio que paguemos en una acción puede afectar su retorno total por sus
avances y retrocesos de la cotización, especialmente a largo plazo.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Al
mirar cosas como los activos, las ventas y el dinero en efectivo además de las
ganancias de cada compañía elegida, a través de nuestro </span><span style="font-size: 12pt; line-height: 115%;"><a href="http://navarinversiones.blogspot.com/2018/02/formula-final.html" target="_blank"><b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; mso-bidi-font-family: Arial;"><span style="color: blue;">Indicador de Valoración</span></span></b></a></span><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">, aumentaremos enormemente nuestras posibilidades de
éxito en nuestra inversión.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Se
necesita un poco de fe para comprar acciones más baratas (bueno… y
conocimientos, para que negarlo), pero cuando que los números están diciendo que
tenemos una oportunidad, tendremos la convicción de comprar.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Y
cuando tienes un sistema que está basado en números como el nuestro (y los
números no mienten), puedes separar la paja del trigo.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Usamos
métricas para encontrar acciones al precio correcto.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Recuerda
que escoger las acciones correctas es sólo la mitad de la batalla. Escoger el
precio correcto también es extremadamente importante.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Vamos
con nuestra cartera, que ha tenido resultados dispares:</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjc4v8Rh74YbN4YDMYMg4lRjX3xd7JrOYH843qDW7C2uKo134n3bAO8tWZRY_0Ebf16MOdr15mCvezdupdBO8tj4q_k_Yi7TwYRmG3vFd5PLAOpNBFq8KsqYYQZbpIL8YAODRXHgvyWZhJn/s1600/Resumen13-8-18.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="323" data-original-width="1249" height="102" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjc4v8Rh74YbN4YDMYMg4lRjX3xd7JrOYH843qDW7C2uKo134n3bAO8tWZRY_0Ebf16MOdr15mCvezdupdBO8tj4q_k_Yi7TwYRmG3vFd5PLAOpNBFq8KsqYYQZbpIL8YAODRXHgvyWZhJn/s400/Resumen13-8-18.png" width="400" /></a></div>
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</div>
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
</div>
<o:p><div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: Times New Roman;">
</span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Fuerte
caída en Henkel el día de fiesta en España, con gap de apertura de casi -3%,
que nos permite entrar en un muy buen precio. <o:p></o:p></span></div>
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<span style="font-family: Times New Roman;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">En
la misma jornada, tenemos una 2da entrada:</span></span></div>
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<span style="font-family: Times New Roman;">
</span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Y
las nuevas acumulaciones en K&S y Porsche:<o:p></o:p></span></div>
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<span style="font-family: Times New Roman;">
</span></div>
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<span style="font-family: Times New Roman;">
</span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Lo
ideal que nos ocurra, a veces pasa y, 2 días después de las 2 entradas en
Henkel, tenemos la 1ra salida por objetivo, al cerrarse el gap por el que
entramos:<o:p></o:p></span></div>
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</div>
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<span style="font-family: "Verdana","sans-serif";">Teníamos
189 contratos a un precio medio de 105,695€ y se han liquidado en 2 tramos:<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif";">32
contratos en 108,05 (108,05 – 105,695) * 32 = 75,36€ de Bº bruto <o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif";">y <o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif";">126
contratos en 108,10 (108,10 – 105,695) * 126 = 303,03€ de Bº bruto<o:p></o:p></span></div>
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<div style="background: white; text-align: justify;">
<span style="font-family: "Verdana","sans-serif";">con
un coste de las 2 entradas <span style="color: red;">-16,33€</span> y esta salida
de <span style="color: red;">-13,67€</span>, más un rollover de 2 días de <span style="color: red;">-0,61€</span>:<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif";">-16,33
– 13,67 – 0,61 = <span style="color: red;">-30,61€ </span>en comisiones para el
broker<o:p></o:p></span></div>
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<div style="background: white; text-align: justify;">
<span style="font-family: "Verdana","sans-serif";">Así
que nos ha quedado un Bº neto de:<o:p></o:p></span></div>
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<div style="background: white; text-align: justify;">
<span style="font-family: "Verdana","sans-serif";">(75,36
+ 303,03) – 30,61 = 347,78€ en esta 1ra salida<o:p></o:p></span></div>
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<div style="background: white; text-align: justify;">
<span style="font-family: "Verdana","sans-serif";"><o:p><span style="font-family: Times New Roman;"> </span></o:p></span></div>
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<div style="background: white; text-align: justify;">
<span style="font-family: "Verdana","sans-serif";">A
cambio, seguimos esperando una “alegría” en Porsche.</span></div>
<div style="background: white; text-align: justify;">
<span style="font-family: "Verdana","sans-serif";"><o:p></o:p></span> </div>
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<div style="background: white; text-align: justify;">
<span style="font-family: "Verdana","sans-serif";">Buen
“finde”.<o:p></o:p></span></div>
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<span style="font-family: Times New Roman;"><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><o:p></o:p></span></span> </div>
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NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-34861993180408490162018-08-14T16:13:00.003+02:002018-08-14T16:13:37.905+02:00Semana 26 y 27.
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen
de las semanas entre el 23/7/18 y el 10/8/18.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Después
de unos días de asueto estival, resumimos desde la última semana de Julio.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Como
en todos los veranos, siempre hay un “ataque” que hace poner a las bolsas al
borde de un posible descalabro, desangrándose en el camino.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Unas
veces han sido subidas del petróleo por encima de los $100, otras la
devaluación del yuan chino.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Este
verano, le toca a la <b style="mso-bidi-font-weight: normal;">lira turca.</b><o:p></o:p></span></div>
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<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">En
una <b style="mso-bidi-font-weight: normal;">jornada negra </b>para la lira como
no se recordaba desde la crisis de 2001, los discursos del presidente Erdogan y
de su ministro de economía, no sólo no han calmado a los mercados, sino que han
contribuido a que la moneda local se haya desplomado hasta un 18%. <o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Las
consecuencias se han dejado notar en los mercados internacionales y, en España,
el <b style="mso-bidi-font-weight: normal;">Ibex ha cedido un 1,5%.</b> El <b style="mso-bidi-font-weight: normal;">principal afectado</b> ha sido el sector
bancario y, en concreto, <b style="mso-bidi-font-weight: normal;">BBVA</b>, que
se ha <b style="mso-bidi-font-weight: normal;">desplomado un 5%</b> como
consecuencia de su alta exposición al país. Entre el resto de entidades, las
pérdidas han superado los dos puntos porcentuales, mientras el conjunto de la
banca europea ha cerrado con sensibles retrocesos y el euro ha tocado mínimos
anuales frente al dólar.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Lo
que Turquía ha recibido es un castigo: la lira turca se despertó por debajo de
las seis unidades por dólar; a media tarde, tras un discurso desafiante de
Erdogan, la divisa subió hasta los 6,5 (7,5 por euro) y <strong>superó al peso
argentino como la moneda con el peor desempeño en 2018.<o:p></o:p></strong></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Esto
afecta negativamente a la población, que prefiere deshacerse de las liras
turcas al ver que es más seguro poseer moneda extranjera, <strong>contribuyendo a la
depreciación.<o:p></o:p></strong></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">En
cuanto a nuestra cartera, hemos tenido mitad y mitad.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Mientras
hemos cerrado las posiciones en Henkel y BMW, el viernes pasado Porche (como
no) y, sobre todo, <strong>K&S nos ha sorprendido con un gap bajista</strong> que ha
devuelto la cotización a mínimos de diciembre de 2017. Recuperó una mínima
parte en el día, cerrando en positivo pero no cerrando el gap. <o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">No
he encontrado <strong>ninguna noticia relevante que justifique lo que ha ocurrido</strong>, así
hay que conformarse con el gráfico y confiar en la gestión de sus directivos.
Al estar más barata, hicimos una nueva entrada.<o:p></o:p></span></div>
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NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-90555530805759822362018-07-22T09:08:00.000+02:002018-07-22T09:08:35.961+02:00Semana 25.
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen
de la semana entre el 16/7/18 y el 20/7/18.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Todo
parece que marcha bien en as bolsas. El informe de empleo del viernes pasado
arrojó unas cifras muy buenas y eso siempre ayuda a los mercados. Sin embargo,
si eres de los que siempre piensa en el peor de los escenarios, estos son los
10 nubarrones que arrecian tormenta sobre la economía global:<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">1.-
Los <b style="mso-bidi-font-weight: normal;">diferenciales corporativos en renta
fija</b> se están ampliando y esto se está convirtiendo en una tónica ya
asidua, lo que hace que las empresas tengan que financiarse cada vez más caro.
De momento, solo está afectando a empresas marginales, especialmente del
mercado de “high yield”, pero puede hacerse extensible al resto de empresas
rápidamente.<o:p></o:p></span></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">2.-
Si bien no es tan espectacular como en el año 2015, la <b style="mso-bidi-font-weight: normal;">bajada de la bolsa de China</b> es importante y refleja el stress de
liquidez que sufre su economía. Esto siempre ha sido una señal para el resto
del mundo.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">3.-
La <b style="mso-bidi-font-weight: normal;">divisa china</b> se devalúa mientras
su economía sufre un enfriamiento. De esta manera los productos de China son
más baratos pero las inversiones están en riesgo. Un declive de la moneda y una
guerra comercial con EE.UU. es una mala combinación y afecta a todos los
patrones comerciales asiáticos.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">4.-
<b style="mso-bidi-font-weight: normal;">Arabia Saudí quiere aumentar la
producción del petróleo</b> ya que los precios, que en estos momentos no están
sometidos a presiones políticas, se encuentran muy cerca de máximos y se están
trasladando al precio de la gasolina y otros productos refinados. No podemos
olvidar que las bajadas en los precios del petróleo generalmente preceden a las
recesiones económicas.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">5.-
Las <b style="mso-bidi-font-weight: normal;">expectativas de inflación siguen
aumentando</b> y parece afianzarse la idea de que el objetivo de la FED del 2%
será rebasado. Por lo tanto, en la medida que los sueldos no coincidan con los
niveles de inflación, entonces habrá pérdida de poder adquisitivo al igual que
comenzaremos a ver correlaciones positivas entre el mercado de valores y el
mercado de bonos.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">6.-
La <b style="mso-bidi-font-weight: normal;">inflación en Venezuela, problemas en
Argentina y cierto estrés en Turquía</b>. Son puntos calientes en países
específicos, pero todos altamente endeudados en donde el ajuste de la FED
seguirá imprimiendo efectos secundarios para ellos y el resto del mundo.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">7.-
Las <b style="mso-bidi-font-weight: normal;">complejidades en el mundo de las
exportaciones</b> hace que el impacto de los aranceles sea difícil de medir,
pero siempre se ha sabido que ante una guerra comercial nunca hay vencedores ni
vencidos.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">8.-
El <b style="mso-bidi-font-weight: normal;">balance de la FED está cambiando
lentamente a la baja</b>, pero sin freno. Además, se esperan nuevas subidas
adicionales de tipos de interés para este año 2018. No hay ninguna razón para
que eso no ocurra, y eso impactará en las empresas más endeudadas.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">9.-
El <b style="mso-bidi-font-weight: normal;">Deutsche Bank no ha pasado los test
de estrés la FED</b>. La noticia sale y queda obsoleta enseguida, pero el
problema es real y permanece. De hecho, hay más riesgo sistémico ahora que en
2008.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">10.-
<b style="mso-bidi-font-weight: normal;">Las FAANGs</b> (Facebook, Apple, Amazon,
Netflix y Google) <b style="mso-bidi-font-weight: normal;">están teniendo un
comportamiento desigual y con un aumento de volatilidades</b>, que es lo que
suele acontecer a los techos de mercado. No obstante, todavía vemos al Nasdaq
100 luchando por marcar nuevos máximos y el soporte de los 7.000 puntos está
intacto.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">A
rio revuelto, especuladores que ganarán a la baja…<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Como
la situación está así, el DAX alemán se mueve muy poco, consolidándose entre
los 12400 y los 12700, sin ser capaz realmente de alcanzar los 13000, sin un catalizador
que lo impulse. Esto hace que nuestra cuenta gane un día y lo pierda al día
siguiente, sin movimientos relevantes que nos hagan comprar o liquidar.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Pantallazos
de la semana:<o:p></o:p></span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_VW2ZOKLS9P2Jiiz9rkh-HedIxqZ869F1aHtorYUj2FAfi6EZXHUO10vvWWD_NR6INLVzIO3j9xOXsTWq2lq0wz-mBhHazlAFdAnfYp5N33DmQkiBRCaNtw7bvtZbrCXq3beG6cl7dC4w/s1600/Resumen16-7-18.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="347" data-original-width="1253" height="110" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_VW2ZOKLS9P2Jiiz9rkh-HedIxqZ869F1aHtorYUj2FAfi6EZXHUO10vvWWD_NR6INLVzIO3j9xOXsTWq2lq0wz-mBhHazlAFdAnfYp5N33DmQkiBRCaNtw7bvtZbrCXq3beG6cl7dC4w/s400/Resumen16-7-18.png" width="400" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqeRkG1G0sF_20g2VAQDU_ZSsNtXclI_luizo5tnmOF6vMHEoGdFW8VIBo0iIPDp_ex_6QvlO12LNDM7Z_YzEKE2hWbZKOo_vRBp2O7AtsxmjDvcRMCgs9c6d_T8Ne5YQ1Kl9S8s-74mTt/s1600/Resumen20-7-18.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="343" data-original-width="1245" height="110" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqeRkG1G0sF_20g2VAQDU_ZSsNtXclI_luizo5tnmOF6vMHEoGdFW8VIBo0iIPDp_ex_6QvlO12LNDM7Z_YzEKE2hWbZKOo_vRBp2O7AtsxmjDvcRMCgs9c6d_T8Ne5YQ1Kl9S8s-74mTt/s400/Resumen20-7-18.png" width="400" /></a></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Ni
“chicha ni limoná” que se dice en mi tierra.<o:p></o:p></span></div>
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</div>
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</div>
NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-50729579333628414992018-07-15T18:01:00.002+02:002018-07-15T18:01:46.426+02:00Semana 24.
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen
de la semana entre el 9/7/18 y el 13/7/18.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Vaya
semanita que nos ha dado Trump.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
Dax de Francfort baja por la guerra comercial, al igual que el resto de plazas
bursátiles del mundo, por un recrudecimiento de la guerra comercial entre EE.UU.
y China, que podría afectar al crecimiento económico. <o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Los
mercados de valores de todo el mundo, el precio del oro y otras materias
primas, como el cobre, bajan tras la apreciación del billete verde, en el que
se han refugiado los inversores. El presidente estadounidense criticó
especialmente a Alemania por no invertir el 2 % de su PIB (producto interior
bruto) en gasto militar.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">El
grupo industrial ThyssenKrupp perdió un 4,3 %, hasta 20,63 euros, afectado por
el conflicto comercial internacional. El grupo químico y farmacéutico Bayer
bajó un 2,3 %, hasta 92,40 euros, después de que un juez en San Francisco
(EEUU) aceptara una demanda colectiva de enfermos de cáncer contra el herbicida
glifosato de Monsanto, compañía que acaba de adquirir, lo que podría generar
elevados costes por litigios. El grupo químico BASF también cedió un 2,3 %,
hasta 80,99 euros. Beiersdorf, fabricante de Nivea, subió un 1,4 %, hasta 98,74
euros.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Sin
embargo, no ha afectado a nuestra cuenta más allá de aguantar unas pérdidas
latentes elevadas, en particular en Porsche, aunque recuperando terreno en BMW.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Pocos
pantallazos en esta semana:</span></div>
<div class="separator" style="clear: both; text-align: center;">
<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-5dmvqSLRd59siVnw-0oxr2uQDUmizTLYBIVw4Q1IPUVTymgJLlO7vWYQ1e-VbupUD_UvfFbofAhIgTNc4mJlH3rdGzLNyPSMqzcoJi9eGuAfqahqGK0uX6DExOXuJSVCx47rvHcfBxpd/s1600/Resumen9-7-18.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="347" data-original-width="1253" height="110" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj-5dmvqSLRd59siVnw-0oxr2uQDUmizTLYBIVw4Q1IPUVTymgJLlO7vWYQ1e-VbupUD_UvfFbofAhIgTNc4mJlH3rdGzLNyPSMqzcoJi9eGuAfqahqGK0uX6DExOXuJSVCx47rvHcfBxpd/s400/Resumen9-7-18.png" width="400" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEil83DxzAVZSUNB58_8KR3f8i31Q7gdHlWUIo9Eve9QmlLqfSW-JZAQkF1XYBUhtwyfgyOApIgFvyqucNClTUeijwy32yvirEvY5X_YEiQ7M-BNRi7CXcTLYbdfX89rDiQO54bNuPX_-vlR/s1600/Resumen11-7-18.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="347" data-original-width="1267" height="108" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEil83DxzAVZSUNB58_8KR3f8i31Q7gdHlWUIo9Eve9QmlLqfSW-JZAQkF1XYBUhtwyfgyOApIgFvyqucNClTUeijwy32yvirEvY5X_YEiQ7M-BNRi7CXcTLYbdfX89rDiQO54bNuPX_-vlR/s400/Resumen11-7-18.png" width="400" /></a></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7mStbrsakL6r5CJKrGDKEQQLYRAPvGoOZfZ6ojTNfoaD-5emRV1MqpSynfbMVzoZMoWc9KuaBK2S8Br8bqa3mjrsCONS99mG3_fkdlfpbJw-beQo-c38j3Voi2QyqJ808N0gR45B5gALa/s1600/Resumen13-7-18.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="351" data-original-width="1263" height="110" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7mStbrsakL6r5CJKrGDKEQQLYRAPvGoOZfZ6ojTNfoaD-5emRV1MqpSynfbMVzoZMoWc9KuaBK2S8Br8bqa3mjrsCONS99mG3_fkdlfpbJw-beQo-c38j3Voi2QyqJ808N0gR45B5gALa/s400/Resumen13-7-18.png" width="400" /></a></div>
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><o:p></o:p></span> </div>
NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-12097766767578304212018-07-08T09:28:00.000+02:002018-07-08T09:28:24.863+02:00Semana 23.
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resumen
de la semana entre el 2/7/18 y el 6/7/18.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><o:p> </o:p></span></div>
<br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Wall Street</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"> tiende a seguir el <b style="mso-bidi-font-weight: normal;">éxito</b>.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Lo
cual tiene sentido en “a priori”, ¿verdad? Las empresas que incrementan más sus
ingresos y ganancias deberían atraer a más inversores, lo que debería conducir
a un mejor rendimiento cuando compramos sus acciones, ¿verdad?<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Sí,
en teoría.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Sin
embargo, a menudo no sale bien en la vida real.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Debido
a que hay tanta atención y ojos en los negocios más grandes y mejores de <b style="mso-bidi-font-weight: normal;">Wall Street</b> (Apple, Amazon, Tesla,
Google, General Motors, etc., las reacciones en torno al éxito empresarial se
magnifican, lo que a menudo crea un peor rendimiento.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Te
mostraré un ejemplo simple.<o:p></o:p></span></div>
<br />
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<b style="mso-bidi-font-weight: normal;"><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Microsoft</span></b><span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"> a finales de <b style="mso-bidi-font-weight: normal;">1999</b>.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">En
aquel entonces, la burbuja “puntocom” estaba en pleno apogeo y la relación <b style="mso-bidi-font-weight: normal;">P/E</b> (<b style="mso-bidi-font-weight: normal;">Price to earnings – Ratio precio/beneficio por acción</b>) para la
acción estaba alrededor de 84.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Tenían
<b style="mso-bidi-font-weight: normal;">EPS</b> (<b style="mso-bidi-font-weight: normal;">Earnings per share – Beneficio por acción</b>) de $0,77 y una
cotización de $58,75 (diciembre de 1999).<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Consideremos
otra información sobre el mercado de acciones antes de seguir adelante: <b style="mso-bidi-font-weight: normal;">el crecimiento medio de las ganancias del
S&P 500 desde 1990 ha sido del 11,75%</b>. El rendimiento promedio a largo
plazo (más de 90 años) del mercado accionario ha sido de alrededor del 10%.
¿Crees que es una coincidencia que los 2 estén muy cerca?<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">(Nota
al margen: utiliza la mediana en lugar de la media para el promedio de
ganancias por el hecho de que requiere una acción con una tasa de crecimiento
del 100000% para sesgarla).<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">De
acuerdo, el porcentaje de crecimiento de las ganancias y los rendimientos del
mercado de valores (también en porcentaje) parecen estar muy cerca en el largo
plazo. <o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Tiene
sentido. La compañía crece, las acciones crecen.<o:p></o:p></span></div>
<br />
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<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Volvamos
a <b style="mso-bidi-font-weight: normal;">Microsoft</b>.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Desde
1999, la compañía ha aumentado las <b style="mso-bidi-font-weight: normal;">ganancias
en más del 200%</b>.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Pero...
la acción solo ha ofrecido un retorno del 67%, aproximadamente.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">La
gran desconexión es que las acciones eran tan caras en 1999 (P/E de 84 que se
explica en la entrada “<a href="http://navarinversiones.blogspot.com/2018/02/maximo-valor-de-una-empresa.html"><span style="color: blue;">Máximo
val</span></a><span style="color: blue;">or de una empresa</span>”), la capacidad de Microsoft en ese momento de generar
beneficios fue del 1,2% (1/84), por lo que los accionistas no obtuvieron la
mayor rentabilidad posible con el crecimiento del negocio.<o:p></o:p></span><br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Otras
acciones de alto P/E en aquel momento como Cisco, Qualcomm, Walmart, etc.
también han tenido rendimientos bajos desde sus máximos en 1999.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Las
<b style="mso-bidi-font-weight: normal;">valoraciones</b> importan y el <b style="mso-bidi-font-weight: normal;">crecimiento</b> importa, tanto en conjunto
como por separado, pero sobre todo, <b style="mso-bidi-font-weight: normal;">juntos</b>.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Si
pagamos una alta valoración, no se puede esperar obtener altos rendimientos
consistentes, incluso si elegimos grandes empresas.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">En
cambio, puede mirar una estrategia como la inversión de valor (<b style="mso-bidi-font-weight: normal;">Value Investing</b>).<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">En
un enfoque de este tipo, también intenta seleccionar grandes empresas, pero las
<u>compra con un descuento en lugar de una prima</u>. De esta forma, no tendrá
un rendimiento inferior cuando las valoraciones vuelvan a niveles más
razonables.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Veamos
como la <b style="mso-bidi-font-weight: normal;">guerra de los aranceles</b>
entre EE.UU. y China (que usa esta última a Europa como puente para saltárselos)
ha afectado esta semana a nuestra cartera:</span></div>
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<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimbEi7XPJqzFLNpF9Mbu8zrAzqGruJKm2RvYJLqm65mr5T1jr-ZpAsuegV_BI7QbQ7qCGOLAjgkwrw30J-Z2AZ8nmNV2SWs7jnm8IRzHGjBsCtfUEL4OG3Py6Y_L4IqdzMZFqJ77vMeKE1/s1600/EjecutadasPAH-Liquidaci%25C3%25B3nPorGarant%25C3%25ADas4-7-18.png" imageanchor="1" style="margin-left: 1em; margin-right: 1em;"><img border="0" data-original-height="599" data-original-width="1263" height="188" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEimbEi7XPJqzFLNpF9Mbu8zrAzqGruJKm2RvYJLqm65mr5T1jr-ZpAsuegV_BI7QbQ7qCGOLAjgkwrw30J-Z2AZ8nmNV2SWs7jnm8IRzHGjBsCtfUEL4OG3Py6Y_L4IqdzMZFqJ77vMeKE1/s400/EjecutadasPAH-Liquidaci%25C3%25B3nPorGarant%25C3%25ADas4-7-18.png" width="400" /></a></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Nunca
es bueno que nos liquiden posiciones, aunque sea menos del 6% del total, esos
204 contratos, liquidados a 54,56€ desde un precio medio de 60,35€, implica
perder 5,79€/contrato (1.181,16€ en total + 8,90€ de comisión de cierre).<o:p></o:p></span></div>
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</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Resulta
increíble (quizá no tanto cuando se usan derivados apalancados) que desde el
lunes, nuestra Valoración y Saldo halla pasado de 38.199€ a 55.620€. Es lo que
hace esta operativa tan desaconsejada a inversores noveles.<o:p></o:p></span></div>
<div class="separator" style="clear: both; text-align: center;">
</div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><o:p></o:p></span> </div>
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;"><o:p></o:p></span> </div>
</div>
NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-57933699283166829362018-07-04T19:42:00.000+02:002018-07-04T19:42:18.174+02:00Semana 22.<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Resumen
de la semana entre el 25/6/18 y el 29/6/18.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"><o:p> </o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Acabamos
el mes de Junio explicando un concepto matemático simple:<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Reversión a la media<o:p></o:p></span></b></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Tienes
un grupo de probabilidades En algún lugar del camino hay un grupo de eventos
que se agrupan. Esa es la media.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">El
fenómeno establece que si un evento cae muy lejos de donde está el grupo (lo
que comúnmente ocurre), es probable que el próximo evento esté más cerca de la
media.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">O
en términos simples, un evento extremo es seguido por un evento menos extremo.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Tomemos
un ejemplo de la vida real.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Digamos
que estás en un concurso de baloncesto en el que tienes que disparar un montón
de disparos. Digamos que su amigo Antonio salta a la cancha y es bueno tirando,
pero está lejos de ser un profesional. Luego, digamos que Antonio acierta 10
tiros seguidos.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">La
reversión a la media indica que los siguientes 10 tiros de Antonio son menos del
100% de precisión, porque generalmente “falla” aproximadamente el 40% de sus
tiros.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Dispara
suficientes tiros, y cualquier racha afortunada es menor. Cuantas más tiros a
canasta tengas que tomar para el concurso, mayor será el nivel de habilidad de
Antonio para determinarlo.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Es
lo mismo... redoble de tambores, por favor...<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">En
el <b style="mso-bidi-font-weight: normal;">mercado de valores</b>.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Los
precios de las acciones suben y bajan, a veces en los extremos. En esas
fluctuaciones extremas de precios, la <b style="mso-bidi-font-weight: normal;">reversión
a la media</b> probablemente comenzará.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Dicho
de nuevo en términos sencillos, el precio de las acciones se ajustará más hacia
el <b style="mso-bidi-font-weight: normal;">verdadero "nivel de
habilidad" de la compañía</b>: después de suficientes
"disparos".<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Convirtiendo
a términos del mercado de valores, los precios de las acciones eventualmente se
liquidan cerca del rango en el que realmente vale la compañía. Simplemente
lleva suficiente tiempo, por lo que debemos ser inversores a largo plazo para
verlo con sus acciones.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Y
eso es lo que el <b style="mso-bidi-font-weight: normal;">value investing</b>
intenta capturar. Está buscando acciones con eventos de precios extremos a la
baja, acciones que valen mucho más de lo que actualmente están vendiendo y
comprando, esperando la reversión a la media.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">La
pega: la paciencia que hay que tener porque puede significar mucha espera.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Esa
es una razón por la que muchas personas no lo hacen.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Todo
el mundo quiere riquezas durante la noche, cuando la clave de la riqueza
sostenible a largo plazo requiere mucha paciencia y un enfoque inteligente.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">La
segunda parte es comprender cómo convertirse en un <b style="mso-bidi-font-weight: normal;">inversor de valor</b> e identificar acciones que eventualmente volverán
a la media y lo harán una y otra vez.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Esta
semana, el DAX ha bajado del entorno de los 12500 a los 12100, lo que ha
significado nuevas acumulaciones en los valores de nuestra cartera salvo en
Henkel.</span><br />
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"></span><br />
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"><o:p>Vamos con los pantallazos:</o:p></span></div>
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<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"><o:p></o:p></span><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"><span style="font-family: Times New Roman;">
<span style="font-family: "Verdana","sans-serif"; font-size: 12pt; line-height: 115%; mso-bidi-font-size: 10.0pt;">Tenemos
bastante invertido. Con paciencia, veremos los resultados.<o:p></o:p></span></span></span><br />
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"><span style="font-family: Times New Roman;">
</span></span><br />
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"> </span><br />
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</div>
NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0tag:blogger.com,1999:blog-5192567596027919723.post-46197283755375776012018-06-24T10:42:00.000+02:002018-06-24T10:59:49.456+02:00Semana 21.<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Resumen
de la semana entre el 18/6/18 y el 22/6/18.<o:p></o:p></span><br />
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Semana
revuelta en que la publicación por parte de <b style="mso-bidi-font-weight: normal;">Daimler</b> de que su cartera de pedidos se ha reducido hasta el punto
de anunciar un <b style="mso-bidi-font-weight: normal;">“profit warning”,</b> ha
hecho caer no solo su cotización sino todos el sector automovilístico,
incluidas las empresas que fabrican componentes, como en España, <b style="mso-bidi-font-weight: normal;">Cie Automotive</b>.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">El
<b style="mso-bidi-font-weight: normal;">Dax sube</b> pese a las amenazas de EE.UU.
de imponer aranceles a los automóviles importados, que sí lastraron la
cotización de muchas empresas alemanas del sector de motor y cerró el viernes
con una subida de <b style="mso-bidi-font-weight: normal;">un 0,54 %,</b> hasta
12.579,72 puntos, en una jornada con un volumen de contratación de 3.685
millones de euros. El selectivo de Fráncfort acumula esta semana una pérdida de
un 3,3 %. El índice tecnológico TecDAX terminó hoy en tablas con una subida del
0,01 %, hasta 2.799,05 puntos.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<b style="mso-bidi-font-weight: normal;"><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">BMW perdió un 1,1 %</span></b><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">, hasta 80,31 euros, y el productor de neumáticos <b style="mso-bidi-font-weight: normal;">Continental cedió un 0,6 %,</b> hasta
209,50 euros. El fabricante de semiconductores <b style="mso-bidi-font-weight: normal;">Infineon bajó un 2,4 %,</b> hasta 23,11 euros, porque gran parte de su
facturación es por las ventas al sector automotriz. El grupo farmacéutico y
químico <b style="mso-bidi-font-weight: normal;">Bayer subió un 2,5 %</b>, hasta
98,84 euros. <b style="mso-bidi-font-weight: normal;">Deutsche Bank subió un 1,2
%,</b> hasta 9,49 euros, después de superar las pruebas de solvencia en EE.UU.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Nuestra
cartera ha tenido que emplearse a fondo para acumular en todos los niveles que
marca nuestro sistema, hasta el extremo de haber alcanzado el límite marcado
por el broker por concentración, que no puede superar 1/3 del riesgo en un solo
valor, en nuestro caso, sobre Porsche.<o:p></o:p></span></div>
<br />
<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Para
el futuro, el criterio de volatilidad tendrá que ser más restrictivo para dejar
más fluctuación en su cotización y evitar así, esta situación de “bloqueo”.<o:p></o:p></span></div>
<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">La
semana en imágenes:</span><br />
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<div class="MsoNormal" style="margin: 0cm 0cm 10pt; text-align: justify;">
<span style="font-family: "Verdana","sans-serif"; line-height: 115%; mso-bidi-font-size: 10.0pt;"><span style="font-family: "Verdana","sans-serif";"><span style="font-family: Verdana, sans-serif;">Teníamos
92 contratos a un precio medio de 106,85€ y se han liquidado 78 a 109,10€, con
un coste de 1ra entrada y esta salida de <span style="color: red;">-16€</span>, más
un rollover de un día de <span style="color: red;">-0,58€</span>:<o:p></o:p></span></span></span></div>
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<span style="font-family: Verdana, sans-serif;">
</span></div>
<div style="background: white;">
<span style="font-family: "Verdana","sans-serif";"><span style="font-family: Verdana, sans-serif;">((109,10
– 106,85) * 78) – (16 + 0,58) = 158,92€ de beneficio neto en esta 1ra salida</span></span></div>
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<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">En
la boleta se refleja la advertencia del broker de la limitación de haber
expuesto 1/3 de la cuenta en un solo valor y dejamos una orden pendiente por 78
contratos, equivalente al límite que nos ponen de 3507 menos el acumulado hasta
ahora de 3422.</span></div>
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<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;">Intensa acumulación en ese soporte
que tiene cada uno de los valores en su gráfico. Con algo de paciencia, veremos
su recuperación.</span><span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"><o:p></o:p></span></div>
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<span style="font-family: "verdana" , "sans-serif"; font-size: 12pt; line-height: 115%;"></span><br />NAVARhttp://www.blogger.com/profile/16596690868737577269noreply@blogger.com0