El cierre de 2025 ha traído una oleada de optimismo a la industria de la inversión en España, y también a los partícipes de los fondos. Los titulares de la prensa económica, como los recientes artículos en Expansión o Forbes, celebran, con razón, las espectaculares rentabilidades de doble dígito, en muchos casos superiores al 40%, logradas por los gestores de fondos nacionales más conocidos y reconocidos. Muchos han firmado un año fantástico. Sin embargo, para realizar una reflexión más sosegada, es fundamental ir más allá de los titulares del momento y analizar el contexto actual y el histórico.
Inversiones
CROCS, IS THE UGLY SHOE THAT UGLY…?
Often, the market passes judgment based on recent and easy narratives ("it was a passing fad," "the HEYDUDE acquisition was a disastrous mistake"), partially ignoring the business fundamentals. Currently, Crocs stock has corrected sharply and trades at a valuation that suggests a bleak future, almost one of disappearance. However, if we look beyond the noise, the numbers tell a very different story...
«FORTUNE TELLERS vs. PSYCHOLOGISTS»
In investing, do we play as fortune tellers or psychologists?
El Teorema de Bayes, Munger y el comportamiento
El Teorema de Bayes suele enseñarse (casi siempre) como una fórmula, pero en realidad puede entenderse como una filosofía de pensamiento. Según Bayes, toda creencia debería ser revisable y revisitada, y cada vez que aparece y nos llega nueva información, lo racional es ajustar nuestra posición y perspectiva. En otras palabras, pensar de forma bayesiana significa aceptar que la certeza es ...
DIVIDENDS OR SHARE BUYBACKS, THAT´S THE QUESTION!
In the world of corporate finance, companies have two primary ways of returning value to their shareholders: traditional dividend payments or buying back their own shares. Both approaches influence a company’s stock price, signal something about management’s perspective on future prospects, and carry various implications for investors and the broader market. But how do you decide which method is more suitable, and under what circumstances?
LA NUEVA MENTE DEL MERCADO: CÓMO LA IA ESTÁ REVOLUCIONANDO LAS FINANZAS DEL COMPORTAMIENTO
Artificial intelligence is a double-edged sword in the world of finance. It offers an incredible toolkit to diagnose and correct our most ingrained behavioral flaws, potentially making investors more successful. Yet it also introduces novel risks by becoming an actor in the market itself, complete with its own systematic machine biases and the frightening prospect of algorithmic herding. The line between human and machine decision-making in finance is blurring, creating a new market ecosystem defined by their interaction. The new market mind is here, and whether it leads to a more rational market or new forms of systemic fragility will depend entirely on the behavioral wisdom we embed in its code.
CORPORATE CULTURE- «…THE RIGHT GUYS IN THE RIGHT SEATS…»
Nick Saban gives us so many lessons about Corporate Culture in just one minute!
Summer readings – authors worth to be read
Looking to read this summer and actually make it worthwhile? This isn't another "top 10 books to read" list. We're taking it a step further. This summer, don't just pick books. Pick minds. Choose authors whose thinking will challenge yours, reshape how you work, decide, invest, and make sense of the world.
CAPM, ¿SÍ O NO?
El Capital Asset Pricing Model (CAPM) es, probablemente, el modelo más influyente —y cuestionado— de la historia de las finanzas modernas. Su fórmula, tan simple como potente, ha servido durante décadas como punto de partida para valorar activos, estimar el coste del equity y evaluar carteras. Pero hoy, más de 60 años después de su nacimiento, las preguntas se acumulan: ¿sirve todavía? ¿Debe seguir enseñándose en escuelas de negocios? ¿Es útil o solo elegante?
When an AI Outperforms 93% of Fund Managers!
For decades, financial theory has rested on a central axiom: public information is free, symmetric, and quickly incorporated into prices. Under this premise, investors shouldn’t be able to generate sustained returns using data available to everyone. However, a recent study by Ed deHaan, Chanseok Lee, Miao Liu, and Suzie Noh (Stanford and Boston College, 2025) challenges this idea with a compelling experiment: an AI that, relying solely on public data, systematically improves the portfolios of thousands of real-world funds.
Irrational Investors 