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...
Value
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.
EBITDA…¿SÍ O NO?
Durante décadas, el EBITDA ha sido el atajo favorito de muchos analistas para estimar la rentabilidad operativa de una empresa. Pero su uso generalizado ha generado también graves distorsiones: ignora la inversión necesaria para sostener el negocio, puede inflar la percepción de liquidez, y es fácilmente manipulable...
ROC, ROIC AND ROE by DAMODARAN
La clave para entender la creación de valor en una empresa no está solo en medir cuánto gana, sino en cuánto gana en relación con lo que invierte y con el coste de esa inversión. Las métricas tradicionales como ROIC, ROE y ROC, aunque populares, deben ajustarse cuidadosamente para eliminar sesgos contables y reflejar fielmente la realidad económica.
Contrarians by Choice, Herds by Design
"Be a contrarian." It is the whispered mantra in trading rooms, financial forums, and among many investors who take pride in it. It sounds sophisticated, daring, and hints at the secret to outperforming the market. It evokes images of lone wolves bravely defying conventional wisdom to uncover hidden gems and achieve extraordinary returns. But is this contrarian ideal a true reflection of market reality? Or is it, instead, a more complex and paradoxical dance between individual conviction and collective influence? Every investment decision is simultaneously a contrarian act and an adherence to the herd. Let’s explore this seemingly contradictory truth.
QUALITY GROWTH INVESTING: DOES IT WORK?
Drawing on the principles outlined in Peter Seilern's Only the Best Will Do, it seems evident that quality growth investing represents a refined and resilient approach to wealth creation. By focusing on companies with sustainable competitive advantages, robust financial health, and consistent growth trajectories, investors can achieve superior returns while mitigating risks inherent in volatile markets. Quality growth investing has shown (at least in the last 5 years) that true investing success lies in consistently backing the best.
QUALITATIVE VALUATION – WHY THE TOP MANAGEMENT MATTERS MORE THAN YOU THINK
Are you relying solely on financial statements for company valuation? You might be missing a critical piece of the puzzle. While balance sheets and income statements provide essential data, they often overlook the profound impact of top management on a company's true worth. This quote by Peter Seilern, "A company is always as good and only as good as its top management," from Only the Best Will Do, isn't just a catchy phrase, It challenges us to look beyond the numbers and recognize that the quality of leadership is a critical determinant of a company's success and valuation.
«Unlocking Hidden Value: When Market Myopia Meets Economic Reality»
This graph illustrates a potential opportunity for savvy investors. When a company's intrinsic growth lags behind the long-term average growth of its economic sector, we're looking at a classic setup for value creation. This gap between perception and potential sets the stage for a powerful reversion to the mean. As the company's true growth trajectory … Sigue leyendo «Unlocking Hidden Value: When Market Myopia Meets Economic Reality»
El Value no ha muerto, pero ….
Si value es algo más que ratios, el peor comportamiento relativo es difícil de probar. Por otro lado, la búsqueda de valor no debe atribuirse a un sólo estilo de inversión, y en cualquier caso, conceptos value anteriormente inamovibles, deberán ser repensados para adaptarse al contexto actual y futuro.
Irrational Investors 