The craft of investing

Investing wisely involves the effective management of solvency risk through a selection of solid, quality companies, bought at suitable prices, and avoiding permanent capital losses.

Few sectors are as strategic and have undergone as many changes in recent years as energy.

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

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

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

The economy, a slowing but persistent recovery

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

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

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

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

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

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