{"id":6568,"date":"2023-07-27T10:24:22","date_gmt":"2023-07-27T10:24:22","guid":{"rendered":"https:\/\/cartesio.com\/?post_type=noticia&p=6568"},"modified":"2025-05-15T08:18:38","modified_gmt":"2025-05-15T08:18:38","slug":"all-time-high-cantando-y-reflexionando","status":"publish","type":"noticia","link":"https:\/\/cartesio.com\/en\/noticia\/all-time-high-cantando-y-reflexionando\/","title":{"rendered":"All time high: cantando y reflexionando"},"content":{"rendered":"

Cuando los fondos, los dos y \u00fanicos que gestionamos desde hace ya casi veinte a\u00f1os, hacen nuevos m\u00e1ximos hist\u00f3ricos, alguno de nosotros tiene la buena costumbre (o mala para los que te acusan de gafe) de escuchar la canci\u00f3n All Time High, de Rita Coolidge<\/a><\/span> y tema de Octopussy, cl\u00e1sico de la saga de James Bond (1983).<\/p>\r\n

Los mercados son vol\u00e1tiles, suben y bajan y sabemos que los m\u00e1ximos hist\u00f3ricos son ef\u00edmeros. A lo largo de estos veinte a\u00f1os, hemos enfrentado diversas crisis y hemos tomado decisiones dif\u00edciles, como la gran crisis financiera, la crisis del euro, la pandemia de COVID-19, la mayor ca\u00edda de una cartera mixta desde los a\u00f1os treinta debido a la subida de tipos durante 2022 y la guerra de Ucrania, solo por mencionar algunas de las principales. Sin embrago, en medio de estas adversidades, creemos que es importante reflexionar sobre nuestro camino hasta aqu\u00ed.<\/p>\r\n

En primer lugar, celebramos que nuestros fondos han logrado cumplir con su objetivo de inversi\u00f3n, algo que parece ser una haza\u00f1a poco com\u00fan para los fondos de gesti\u00f3n activa. En nuestro caso, superar en rentabilidad\/riesgo a el \u00edndice de referencia de cada fondo y obtener una rentabilidad real atractiva. En segundo lugar, el hecho de que los fondos est\u00e9n en m\u00e1ximos y hayan cumplido con su objetivo de inversi\u00f3n sugiere que, aunque hayamos cometido errores en el camino, los aciertos han tenido un peso significativo. En tercer lugar, todos los part\u00edcipes ganan dinero. Algunos venden porque necesitan el dinero (para eso est\u00e1 el ahorro), mientras que otros pueden haber vendido en medio de alguna crisis. Es verdad que la renta variable europea est\u00e1 cerca de m\u00e1ximos hist\u00f3ricos y eso ayuda (sobre todo en el caso de Cartesio Y), pero la deuda p\u00fablica a largo plazo est\u00e1 un 20% por debajo de su m\u00e1ximo en diciembre de 2020.<\/p>\r\n

Fondos Cartesio desde inicio (31 Marzo 2004)<\/i><\/b><\/p>\r\n

<\/p>\r\n

Aparte de canturrear la maravillosa canci\u00f3n de Rita Coolidge y ver otra vez el cl\u00e1sico Octopussy, nos quedamos con tres cosas de las que est\u00e1bamos convencidos cuando empezamos Cartesio y que el tiempo no ha hecho sino confirmar nuestras convicciones:<\/p>\r\n

    \r\n
  1. El tiempo juega a tu favor en la renta variable. Es un activo real que eventualmente supera muchas crisis, tal como lo hace la humanidad misma. M\u00e1s que acertar con el momento exacto del mercado, es crucial permanecer tiempo suficiente en \u00e9l. \u201cTime in the market vs timing the market\u201d.<\/li>\r\n
  2. Es crucial no vender abajo, sobre todo si hay una valoraci\u00f3n atractiva. A todos nos gustar\u00eda saber vender arriba, pero eso suele ser m\u00e1s dif\u00edcil porque el tiempo juega en tu contra y porque las oportunidades de venta a veces son m\u00e1s f\u00e1ciles de ver ex post que ex ante. Dicho esto, en la historia de Cartesio supimos \u201cvender arriba\u201d en el 2007-8 (renta variable) y en el 2020-21 (renta fija). Nunca hemos vendido con el mercado abajo y valoraciones atractivas. Acertar con el momento de mercado siempre y con la suficiente convicci\u00f3n es imposible, pero evitar los peores momentos\/activos para comprar y vender es posible y de hecho es lo que mayormente hemos conseguido en los fondos Cartesio.<\/li>\r\n
  3. Superar consistentemente al \u00edndice es dif\u00edcil, sino imposible. Lo que importa es tener un proceso de inversi\u00f3n disciplinado y efectivo a largo plazo.<\/li>\r\n<\/ol>\r\n

    Nuestra experiencia a lo largo de estos a\u00f1os nos ha ense\u00f1ado valiosas lecciones y nos ha reafirmado en nuestra filosof\u00eda de inversi\u00f3n. Seguimos comprometidos a gestionar los fondos con responsabilidad y a mantenernos fieles a nuestros principios en el futuro. Mientras tanto, seguimos canturreando.<\/p>","protected":false},"excerpt":{"rendered":"

    Cuando los fondos, los dos y \u00fanicos que gestionamos desde hace ya casi veinte a\u00f1os, hacen nuevos m\u00e1ximos hist\u00f3ricos, alguno de nosotros tiene la buena costumbre (o mala para los que te acusan de gafe) de escuchar la canci\u00f3n All Time High, de Rita Coolidge y tema de Octopussy, cl\u00e1sico de la saga de James […]<\/p>","protected":false},"author":4,"parent":0,"template":"","meta":{"_acf_changed":false,"_et_pb_use_builder":"","_et_pb_old_content":"","_et_gb_content_width":"","_mo_disable_npp":"","inline_featured_image":false,"_uag_custom_page_level_css":""},"noticias-categoria":[33],"class_list":["post-6568","noticia","type-noticia","status-publish","hentry","noticias-categoria-noticias"],"acf":{"title_img":{"ID":6600,"id":6600,"title":"All time high_cantando y 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James…","_links":{"self":[{"href":"https:\/\/cartesio.com\/en\/wp-json\/wp\/v2\/noticia\/6568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/cartesio.com\/en\/wp-json\/wp\/v2\/noticia"}],"about":[{"href":"https:\/\/cartesio.com\/en\/wp-json\/wp\/v2\/types\/noticia"}],"author":[{"embeddable":true,"href":"https:\/\/cartesio.com\/en\/wp-json\/wp\/v2\/users\/4"}],"wp:attachment":[{"href":"https:\/\/cartesio.com\/en\/wp-json\/wp\/v2\/media?parent=6568"}],"wp:term":[{"taxonomy":"noticias-categoria","embeddable":true,"href":"https:\/\/cartesio.com\/en\/wp-json\/wp\/v2\/noticias-categoria?post=6568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}