#91961
Re: Cobas AM: Nueva Gestora de Francisco García Paramés
artículo tiene unos meses, pero muy interesante...Cobas y azValor están anclados en el pasado analizando compañías con gafas de hace 20 años:
https://www.latimes.com/business/story/2020-05-14/during-coronavirus-does-value-investing-make-sense
""The usual price discount enjoyed by value stocks was also unusually small at the end of the financial crisis, setting them up for a poorer performance, according to Inker. Some industries, especially technology, are also becoming oligopolies that ensure extraordinary profit margins and continued growth. Moreover, traditional value measures — such as price-to-book value — are becoming obsolete, he points out. The intellectual property, brands and often dominant market positioning of many of the new technology companies do not show up on a corporate balance sheet in the same way as hard, tangible assets.
https://www.latimes.com/business/story/2020-05-14/during-coronavirus-does-value-investing-make-sense
""The usual price discount enjoyed by value stocks was also unusually small at the end of the financial crisis, setting them up for a poorer performance, according to Inker. Some industries, especially technology, are also becoming oligopolies that ensure extraordinary profit margins and continued growth. Moreover, traditional value measures — such as price-to-book value — are becoming obsolete, he points out. The intellectual property, brands and often dominant market positioning of many of the new technology companies do not show up on a corporate balance sheet in the same way as hard, tangible assets.
“Accounting has not kept up with how companies actually use their cash,” he says. “If a company spends a lot of money building factories, it affects the book value. But if you spend that on intellectual property, it doesn’t show up the same way.”
As a result, GMO and many value-oriented investors have had to adapt their approach, focusing more on alternative metrics and more intangible aspects of its operations. “We want to buy stocks we think are undervalued,” Inker says, “but we no longer care whether it looks like a traditional value stock.”
McLennan points out that, although the core principles won’t change, value investing has always evolved with the times. “It’s not a cult-like commitment to buying the cheapest decile [of stocks]. We invest business-by-business,” he says. “I don’t know what the alternative is to buying businesses you like, at prices you like.”"