{"id":2675,"date":"2019-07-26T20:00:05","date_gmt":"2019-07-26T17:00:05","guid":{"rendered":"https:\/\/selectednews.info\/es\/democratizar-la-inversion-i-escuela-y-despensa\/"},"modified":"2019-07-26T20:00:06","modified_gmt":"2019-07-26T17:00:06","slug":"democratizar-la-inversion-i-escuela-y-despensa","status":"publish","type":"post","link":"https:\/\/selectednews.info\/es\/democratizar-la-inversion-i-escuela-y-despensa\/","title":{"rendered":"Democratizar la inversi\u00f3n (I): Escuela y despensa"},"content":{"rendered":"

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Madrid<\/address>\n

Hoy los inversores nos hemos familiarizado con aplicaciones en las que a trav\u00e9s del m\u00f3vil o del ordenador somos capaces de acceder a una bater\u00eda de ratios financieros para que podamos comparar una compa\u00f1\u00eda con las de su mismo sector. Nadie tiene dificultades para saber si una el\u00e9ctrica se compra m\u00e1s cara o m\u00e1s barata que otra. El PER, las veces que el beneficio est\u00e1 recogido en el precio de la acci\u00f3n, o los a\u00f1os en los que vamos a recuperar nuestra inversi\u00f3n por la v\u00eda de los beneficios, o las expectativas de rentabilidad anual que nos genera una compa\u00f1\u00eda si la compramos hoy en una d\u00e9cada, es lo que tiene que entender todo becario el primer d\u00eda que llega a Mercados en elEconomista<\/i>.<\/p>\n

Cualquiera de los que hacemos la compra habitualmente sabemos si vamos a distintos supermercados en cu\u00e1les se compra lo mismo a menor precio, incluso podemos hacerlo sin desplazarnos. Hoy la facilidad con la que se pueden comparar las empresas cotizadas es id\u00e9ntica a la comparativa entre supermercados. Incluso dir\u00eda mayor, porque para entender los precios de las cadenas de distribuci\u00f3n hay que meter en la ecuaci\u00f3n su marca blanca, las promociones o la fidelizaci\u00f3n. Pero para asimilar la transformaci\u00f3n que se ha producido en la divulgaci\u00f3n de la informaci\u00f3n financiera tengo que contar una batallita casi de dinosaurio de este negocio. Cuando llegu\u00e9 a Expansi\u00f3n en 1999 se hablaba del PER de las compa\u00f1\u00edas ya presentado y, por supuesto, no hab\u00eda otras fuentes de informaci\u00f3n salvo la prensa econ\u00f3mica. A m\u00ed me parec\u00eda algo del pasado porque siempre he pensado que lo que ya se sabe, ya ha cotizado. Lo que el mercado pone en precio son las expectativas. En aquel momento consegu\u00ed hacerme todos los meses con un cuaderno que publicaba el equipo de an\u00e1lisis de BBVA, que por aquel entonces hac\u00eda cobertura de todo el mercado espa\u00f1ol y era el m\u00e1s prestigioso. BBVA se molestaba bastante de que publicara sus estimaciones y durante mucho tiempo se pregunt\u00f3 de d\u00f3nde lo sacaba. Los periodistas no revelamos nuestras fuentes. <\/p>\n

Aquellas estimaciones las iba metiendo en un excel junto a otras que eran m\u00e1s accesibles de AB Asesores (luego se la comprar\u00eda Morgan Stanley): Beta Capital (m\u00e1s tarde Fortis), Banif, Safei, Renta 4 (la \u00fanica que se mantiene independiente, con Juan Carlos Ureta en la propiedad de una compa\u00f1\u00eda que ha sacado a bolsa y Jes\u00fas S\u00e1nchez Qui\u00f1ones en la batuta -gracias Jes\u00fas por aquellas charlas cuando eras director de an\u00e1lisis y deb\u00edas pensar que te ca\u00eda un castigo con aquel periodista-). Al cierre de la semana, metiendo los precios de cierre a mano, constru\u00eda los primeros peres estimados y no pasados. El consenso del mercado llegar\u00e1 un poco m\u00e1s tarde, pero en aquellos a\u00f1os dosmil en los que afloraba mucho ahorro (la tasa sobre la renta disponible hasta 2004 estuvo por encima del 10%, el doble que ahora) se pod\u00eda pensar en lo que siempre ped\u00eda el regeneracionista Joaqu\u00edn Costa: \u00abEscuela y despensa\u00bb.<\/p>\n<\/div>\n

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[ad_1] Madrid 26\/07\/2019 – 18:42 Hoy los inversores nos hemos familiarizado con aplicaciones en las que a trav\u00e9s del m\u00f3vil o del ordenador somos capaces de acceder a una bater\u00eda de ratios financieros para que podamos comparar una compa\u00f1\u00eda con las de su mismo sector. Nadie tiene dificultades para saber si una el\u00e9ctrica se compra […]<\/p>\n","protected":false},"author":2,"featured_media":2676,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-2675","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-noticias-de-negocios"],"yoast_head":"\nDemocratizar la inversi\u00f3n (I): Escuela y despensa - Selected News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/selectednews.info\/es\/democratizar-la-inversion-i-escuela-y-despensa\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Democratizar la inversi\u00f3n (I): Escuela y despensa - Selected News\" \/>\n<meta property=\"og:description\" content=\"[ad_1] Madrid 26\/07\/2019 – 18:42 Hoy los inversores nos hemos familiarizado con aplicaciones en las que a trav\u00e9s del m\u00f3vil o del ordenador somos capaces de acceder a una bater\u00eda de ratios financieros para que podamos comparar una compa\u00f1\u00eda con las de su mismo sector. 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