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Foro de Fondos de Inversión, ETFs y Planes de Pensiones > Cobas AM: Nueva Gestora de Francisco García Paramés

Muy de acuerdo. Algo que se aprende de forma dolorosa: un tema de timing. De

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Re: Cobas AM: Nueva Gestora de Francisco García Paramés

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Muy de acuerdo. Algo que se aprende de forma dolorosa: un tema de timing. De hecho así cierra Marks la carta:

To close, I’ll return to a concept I consider indispensable for anyone hoping to succeed at investing – the three stages of a bull market:

  •   the first, when only a few forward-looking people begin to believe things will get better,

  •   the second, when most investors realize improvement is actually underway, and

  •   the third, when everyone concludes that things can only get better forever.

    Clearly the few who buy in the first stage – when optimism is scarce and thus asset prices are low – can access great bargains. But those who buy in the last stage – out of a belief that the news will always be good – can be making a big mistake. The nine propositions reviewed above all represent variations on “things can only get better forever.” If they’re the ideas guiding investors today, that should be considered worrisome.

    The best investments often are made in times of fear and desperation. That’s rarely possible when investors are willing to blithely dismiss the limitations of the past with the words “this time it’s different.” I would remind those investors of a quote usually attributed to Mark Twain: “History doesn’t repeat itself, but it does rhyme.” Of course it’s important that investors keep up with current developments and those that will shape the future. But it’s also essential that they not completely unlearn the lessons of the past.

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