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27/03/12 16:10
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Cuidado porque es habitual confundir invertir en "un índice de estilo valor" con invertir con un enfoque "value investing"
Los índices de estilo valor no realizan ninguna investigación exhaustiva, ni calculan el valor intrínseco de las empresas, ni tan siquiera tienen que incluir empresas por debajo de su valor contable, como procesa entre otros el value investing, simplemente replican índices de "estilo valor" que son índices constituidos por la parte de mercado que peor se ha comportado.
GLOBAL VALUE INVESTING
There is a crucial distinction between an investment approach and an investment style. Whereas a approach is based on timeless stable principles, a style changes with the unstable fashion of the times. Thus, the term "value investing" has a radically different meaning when used to describe an approach than when used to describe a style.
Index Styles: Large Caps, Small Caps
Which Small Value Methodology is Best?
The Index tracks the value of a portfolio of companies drawn from the 3,000 largest U.S.companies by market capitalization that are selected according to the Benjamin Graham methodology (the “Methodology”). The Methodology seeks to identify businesses with strong, liquid balance sheets that trade at a discount to their implied intrinsic value, implementing the investment principles of Benjamin Graham through a quantitative, objective process utilizing modern portfolio theory and statistical analysis.