La inflacion de la Union Europea y la inflacion de china te parece que es la inflacion de bilbao ?
"Lo que todo el mundo sabe en la Bolsa a mí ya no me interesa" André Kostolany
Ah, but I can hear the siren song of the value investors who will take this data as confirmation that the resurgence of value investment which they have long predicted is about to commence. As an old saying goes ‘To a man with a hammer, everything looks like a nail’. 10 The longer the strategy underperforms the market and the more money it costs investors the louder the siren song becomes. And sooner or later they will be right. But a) they have no idea when that will be (note the reference above to Investment Adviser’s comment in 2012); b) if you had followed their advice to date it would require a gargantuan reversal of performance to make up the gains forgone; and c) that may continue to be the case for some time to come.
Another question which arises from the Woodford incident is the question mark over so-called ‘star’ fund managers, a label the press seems obsessed by. The trouble arises not because teams have star players but 12 if the star tries to play a different game to the one which delivered their stellar performance. Would Juventus do as well if Cristiano Ronaldo played as goalkeeper? How is Usain Bolt’s second career as a soccer player going?
My suggestion is that what went wrong is that Neil Woodford changed his investment strategy. In the technical jargon of the industry, he engaged in ‘style drift’. The problem wasn’t that he was regarded as a star but that he changed his game. This style drift actually started when he was still at Invesco Perpetual in that his Income Fund began to accumulate large stakes in small illiquid companies and unquoteds, but this was taken further once he had his own firm.
"Lo que todo el mundo sabe en la Bolsa a mí ya no me interesa" André Kostolany