Como siempre las interesantes recomendaciones de BillGross en su
último investment outlook.
An astute mantis-like investor must defer immediate gratification,
make a 180? turn from that sexy looking female with those long green
legs (long term bonds) and mend his ways fast!
It is still possible to earn an attractive return from bond
strategies (such as PIMCO’s Total Return strategy in 2010), and
the way to do it is to focus on “safe spread” that emphasizes
credit, as opposed to durational risk. EVITAR
DURACIONES LARGAS EN LAS CARTERAS (QUIERO INTERPRETAR QUE SE REFIERE
A CURVAS DE PAÍSES ENDEUDADOS)
These “safe spreads” include: emerging market corporates and
sovereigns with higher initial real interest rates and wider credit
spreads; floating as opposed to fixed interest obligations;
and importantly currency exposure other than the
dollar. ASUMIR RIESGO DIVISA, TOTALMENTE DE ACUERDO, NI EL USD
NI EL EUR SON ACTIVOS PARA CONSERVAR VALOR.
For those inclined to lunch on stocks, remember to go where the
growth is – developing as opposed to developed markets. If the U.S.
must pay an eventual price for mindless deficit spending,
then find countries and currencies that appear to have
their act under control: Canada, Brazil, and yes even Mexico with
its drug related violence. Mexico has a net national
savings rate that exceeds our own by 20% of GDP.
EN RV MEJOR EMERGENTES QUE DESARROLLADOS, A MISMOS NIVELES DE
PER (SITUACIÓN ACTUAL) MEJOR PAÍSES CON POTENCIAL DE CRECIMIENTO.
Above all, remember that all investors should fear the
consequences of mindless U.S. deficit spending as far as the
mantis eye can see. Higher inflation, a weaker dollar and
the eventual loss of America’s AAA sovereign credit rating are the
primary consequences. Fear your head – fear your head.
AQUÍ NO LO TENGO TAN CLARO, PERO TAMPOCO MERECE LA PENA
JUGARSE LA CABEZA O EL DINERO POR ELLO.
EN RESUMEN NO COMPRAR DEUDA AMERICANA, DIVERSIFICAR EN
DIVISAS, FUERA DE DURACIONES LARGAS, MEJOR EMERGENTES QUE
DESARROLLADOS.......MAS CLARO QUE EL AGUA, NO ESTAR EN EEUU===QUE EN
CIERTA MEDIDA LO PODRÍAMOS EXTRAPOLAR A EUR.