Algunos ya estamos acostumbrados a que de vez en cuando se nos habla de "Nueva Economía" y se quieren cambiar paradigmas fundamentales de las Finanzas, sobre todo el del Cash Flow Descontado con su inclusión de la importante variable tiempo en la actualización de expectativas racionales futuras simplificadas en renta, rendimiento neto o cash-flow.
La Historia se repite y nuevamente nos encontramos más de lo mismo con la Digitalización, la Transformación Digital y la "Nueva Economía Digital". Parece que no aprendemos y el afán que tienen algunos de traer la "buena nueva", a la que no restamos ninguna importancia, ni mucho menos, sino simplemente a los paradigmas de valoración financiera que colateralmente en ocasiones pretenden acompañarla.
Todo ello está muy relacionado con la idea de precio y valor, así como su descompensación para formación de "burbujas", algo que trataré en mi próximo libro, por supuesto también en Amazon, con mi amgio el Dr. Javier Rivas.
Mientras tanto, aquí dejo una reciente reflexión de mi amigo Stephen Brown, al que "provoqué" sobre este tema: " While no one would deny the importance af the digital economy, there is the dangerous myth that in this new economy clicks are more important than cash flow. I remember back in 2000 this myth was rampant. Where I taught, Finance and its emphasis on cash flow as the basis of valuation was considered “old economy” thought. There was even pressure not to teach these wrong ideas. Then the Internet bubble burst. Companies that have no cash flow nor can be reasonably expected to have any cash flow in the future are worth precisely zero, no matter how many clicks they generate. In an analogous bubble in the 1890’s it was believed that the value of a gold mine depended solely on how much gold it could bring to the surface. There was a young mining engineer who graduated from the first class taught at Stanford University who had a different concept, revolutionary at the time. His name was Herbert Hoover, later to become President of the United States. He was a consultant to a mine in Western Australia named Sons of Gwalia. His strange idea was that the value of the mine depended on whether you could bring the gold to the surface at a cost less than the price of gold. Nobody believed this strange doctrine. But this mine survived ..."
Luis Ferruz Agudo
Escritor y economista
La Historia se repite y nuevamente nos encontramos más de lo mismo con la Digitalización, la Transformación Digital y la "Nueva Economía Digital". Parece que no aprendemos y el afán que tienen algunos de traer la "buena nueva", a la que no restamos ninguna importancia, ni mucho menos, sino simplemente a los paradigmas de valoración financiera que colateralmente en ocasiones pretenden acompañarla.
Todo ello está muy relacionado con la idea de precio y valor, así como su descompensación para formación de "burbujas", algo que trataré en mi próximo libro, por supuesto también en Amazon, con mi amgio el Dr. Javier Rivas.
Mientras tanto, aquí dejo una reciente reflexión de mi amigo Stephen Brown, al que "provoqué" sobre este tema: " While no one would deny the importance af the digital economy, there is the dangerous myth that in this new economy clicks are more important than cash flow. I remember back in 2000 this myth was rampant. Where I taught, Finance and its emphasis on cash flow as the basis of valuation was considered “old economy” thought. There was even pressure not to teach these wrong ideas. Then the Internet bubble burst. Companies that have no cash flow nor can be reasonably expected to have any cash flow in the future are worth precisely zero, no matter how many clicks they generate. In an analogous bubble in the 1890’s it was believed that the value of a gold mine depended solely on how much gold it could bring to the surface. There was a young mining engineer who graduated from the first class taught at Stanford University who had a different concept, revolutionary at the time. His name was Herbert Hoover, later to become President of the United States. He was a consultant to a mine in Western Australia named Sons of Gwalia. His strange idea was that the value of the mine depended on whether you could bring the gold to the surface at a cost less than the price of gold. Nobody believed this strange doctrine. But this mine survived ..."
Luis Ferruz Agudo
Escritor y economista
