The craft of investing

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

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

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

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

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

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

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

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

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

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

En algunos casos, los inversores ni siquiera tienen un conocimiento superficial de los activos en los que invierten, guiando sus decisiones por consejos de terceros o lo que leen en prensa.

EDM está comprometida con la inversión sostenible, entendida como aquella que no sólo ofrece rentabilidad económica para los inversores, sino que también promueve una gestión coherente con la creación de valor para toda la sociedad.