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...
Fund Managers
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.
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...
Why Even the Smartest People Make Predictable Mistakes…
Why do even the smartest people make predictable mistakes? Because the trap isn’t in the data — it’s in how we interpret it. Representativeness, availability, anchoring, overconfidence, illusion of control... These aren't flukes. They're systemic biases. Kahneman and Tversky called them out decades ago. Yet we keep falling for them — in investing, in business, in healthcare, in public policy.
15 ideas about Risk (From against the gods)
"Against the Gods: The Remarkable Story of Risk" is a fascinating book about how humanity has learned to measure and manage risk, enabling advancements in knowledge, the economy, and society by transforming uncertainty into a calculated opportunity.
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.
Speculation versus Investment: An Increasingly Blurred Frontier
Is the distinction between speculation and investment truly valid, or is it merely a theoretical construct that has been consolidated throughout the history of financial markets? This article examines how, in today’s environment, marked by technological transformations, structural market changes, and a growing understanding of investor psychology, these categories have progressively blurred.
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.
Irrational Investors 