#131033
Re: Cobas AM: Nueva Gestora de Francisco García Paramés
Es que a caso no cotiza brk o markel por encima de valor en libros?
Y contestando a su pregunta, si, el NAV incluye los impuestos que se tendrian que pagar en caso de vender la posición.
No soy un experto societario, pero a uno le puede llamar la atención que unicamente tenga reconocidas esos impuestos por ganancias no realizadas. Esto se debe a la naturaleza de PSH, por eso cotiza en UK y no en usa.
Y contestando a su pregunta, si, el NAV incluye los impuestos que se tendrian que pagar en caso de vender la posición.
No soy un experto societario, pero a uno le puede llamar la atención que unicamente tenga reconocidas esos impuestos por ganancias no realizadas. Esto se debe a la naturaleza de PSH, por eso cotiza en UK y no en usa.
Furthermore, unlike most conglomerates, including Berkshire Hathaway, which are structured as tax-paying C corporations, PSH is a Guernsey closed-ended fund which generally does not pay any corporate taxes.b As a result, PSH does not have the same “switching costs” as a tax-paying conglomerate, which must pay corporate taxes if it sells an investment at a price in excess of its tax basis. Unlike the typical conglomerate which: (1) has an extremely limited universe of opportunities to buy controlling interests in great businesses at sensible prices, (2) must pay corporate taxes when it sells an existing holding, and (3) is limited in the amount of its assets it can invest in non-controlling interests, PSH suff ers from none of these constraints. PSH has another important benefi t because of its closed-ended fund structure and the highly liquid nature of our portfolio, which is almost entirely comprised of publicly traded, large capitalization, investment-grade U.S. equities. We have been able to access low-cost, long-term, non-margin debt in the form of publicly traded bonds to fi nance our investments and reduce our cost of capital, which should enhance our ability to generate high, long-term rates of return. While in recent years, we have been able to issue bonds at attractive long-term rates, we still believe that PSH remains an underappreciated and underrated credit. Our credit remains misunderstood likely because we are a one-of-a-kind company, and it will therefore take time for fi xed income investors and analysts to fully appreciate our story.