{"id":3241,"date":"2023-02-03T13:43:43","date_gmt":"2023-02-03T12:43:43","guid":{"rendered":"https:\/\/www.independance-am.com\/nos-eclairages\/"},"modified":"2024-01-04T11:06:19","modified_gmt":"2024-01-04T10:06:19","slug":"nuestra-vision","status":"publish","type":"page","link":"https:\/\/www.independance-am.com\/es\/nuestra-vision\/","title":{"rendered":"\u00bfPor qu\u00e9 invertimos en pymes?"},"content":{"rendered":"

[et_pb_section fb_built=”1″ custom_padding_last_edited=”on|tablet” _builder_version=”4.19.0″ _module_preset=”default” background_color=”#953726″ custom_padding=”255px||0px||false|false” custom_padding_tablet=”180px||0px||false|false” custom_padding_phone=”120px||0px||false|false” custom_css_before=”content: ”;|| background-image: url(https:\/\/www.independance-am.com\/wp-content\/uploads\/2023\/01\/fond-arbre-blanc.svg);|| position: absolute;|| right: 0;|| bottom: 0;|| height: 100%;|| width: 100%;|| background-size: 1750px;|| background-position: center right;|| background-repeat: no-repeat;” custom_css_after=”content: ”;||position: absolute;||top: 0;||left: 0;||width: 100%;|| height: 200px;||background: transparent linear-gradient(180deg, #953726 0%, #953726 43%, #95372600 100%) 0% 0% no-repeat padding-box;” global_colors_info=”{}”][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#f7efef” custom_padding=”0px||0px||false|false” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ _builder_version=”4.19.0″ _module_preset=”default” max_width=”1400px” custom_padding=”75px|30px|72px|30px|false|false” custom_css_before=”content: ”;|| background-image: url(https:\/\/www.independance-am.com\/wp-content\/uploads\/2022\/11\/fond-fleuri-big.svg);|| position: absolute;|| left: 0;|| top: 0;|| height: 253px;|| width: 338px;|| background-size: contain;|| background-repeat: no-repeat;” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” custom_padding=”|||8%|false|false” custom_padding_tablet=”|||0%|false|false” custom_padding_phone=”|||0%|false|false” custom_padding_last_edited=”on|tablet” global_colors_info=”{}”][et_pb_post_title _builder_version=”4.19.0″ _module_preset=”default” title_text_color=”#953726″ width=”466px” max_width=”100%” custom_margin=”||10px||false|false” custom_margin_tablet=”||20px||false|false” custom_margin_phone=”||20px||false|false” custom_margin_last_edited=”on|tablet” title_font_size_tablet=”31px” title_font_size_phone=”26px” title_line_height_phone=”32px” global_colors_info=”{}”][\/et_pb_post_title][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Montserrat|600|||||||” width=”472px” max_width=”100%” custom_margin=”||||false|false” custom_padding_tablet=”||0px||false|false” custom_padding_phone=”||50px||false|false” custom_padding_last_edited=”on|tablet” global_colors_info=”{}”]<\/p>\n

Nuestro lema Small is Powerful<\/em> no naci\u00f3 por casualidad:<\/p>\n

Es el resultado de un minucioso estudio y de treinta a\u00f1os de constancia.<\/p>\n

Cuando William Higgons desarroll\u00f3 su estrategia de inversi\u00f3n a principios de la d\u00e9cada de 1990, opt\u00f3 por centrarse en las peque\u00f1as y medianas empresas (PYME) y las empresas de tama\u00f1o medio (MSE) cotizadas.<\/p>\n

[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” custom_padding=”|||30px|false|false” custom_padding_tablet=”|20px||20px|false|false” custom_padding_phone=”|0px||0px|false|false” custom_padding_last_edited=”on|tablet” custom_css_main_element=”position: relative;” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Merriweather|700|||||||” text_text_color=”#953726″ text_font_size=”20px” text_line_height=”24px” width=”317px” width_tablet=”317px” width_phone=”317px” width_last_edited=”on|tablet” max_width=”100%” module_alignment=”right” custom_margin=”||16px||false|false” custom_padding=”95px||||false|false” module_alignment_tablet=”left” module_alignment_phone=”left” module_alignment_last_edited=”on|tablet” custom_css_before=”content: ”;|| background-image: url(https:\/\/www.independance-am.com\/wp-content\/uploads\/2023\/02\/rectangle-fleuri-rouge.svg);|| position: absolute;|| left: -110px;|| top: 27px;|| height: 124px;|| width: 240px;|| background-size: contain;|| background-repeat: no-repeat;” global_colors_info=”{}”]<\/p>\n

“El padre de la teor\u00eda moderna de carteras (Eugene F. Fama) cuestion\u00f3 la utilidad de la beta y destac\u00f3 el rendimiento superior de los valores peque\u00f1os”.<\/p>\n

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W. Higgons<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.19.0″ _module_preset=”default” custom_padding=”117px||100px|||” custom_padding_tablet=”60px||0px||false|false” custom_padding_phone=”40px||0px||false|false” global_colors_info=”{}”][et_pb_row _builder_version=”4.19.0″ _module_preset=”default” custom_padding=”25px|30px|82px|30px|false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text module_class=”fond-fleuri bottom rouge” _builder_version=”4.19.0″ _module_preset=”9fd6a3a5-022f-4ec8-9e11-9dd1b3a9384c” header_2_font=”Merriweather|700|||||||” header_2_text_color=”#953726″ header_2_font_size=”40px” header_2_line_height=”50px” width=”644px” max_width=”100%” module_alignment=”center” custom_margin=”||9px||false|false” custom_margin_last_edited=”off|desktop” header_2_font_size_tablet=”32px” header_2_font_size_phone=”28px” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”40px” header_2_line_height_phone=”32px” global_colors_info=”{}” custom_margin__hover_enabled=”off|desktop”]<\/p>\n

Centrarse en una clase de activos de alto rendimiento<\/h2>\n

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Los estudios financieros de la \u00e9poca mostraban que esta clase de activos (Small Cap) obten\u00eda mejores resultados que las grandes empresas (Large Cap).<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ make_equal=”on” custom_padding_last_edited=”on|tablet” _builder_version=”4.19.0″ _module_preset=”default” max_width=”1220px” custom_padding=”25px|30px|0px|30px|false|false” custom_padding_tablet=”25px|0px|0px|0px|false|false” custom_padding_phone=”25px|0px|0px|0px|false|false” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#f7efef” custom_padding=”137px|106px|50px|106px|false|false” custom_padding_tablet=”60px|60px|60px|60px|false|false” custom_padding_phone=”40px|30px|40px|30px|false|false” custom_padding_last_edited=”on|phone” custom_css_before=”content: ”;|| background-image: url(https:\/\/www.independance-am.com\/wp-content\/uploads\/2023\/02\/rectangle-fleuri-blanc.svg);|| position: absolute;|| left: 0;|| top: 0;|| height: 124px;|| width: 240px;|| background-size: contain;|| background-repeat: no-repeat;” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Montserrat|700||on|||||” custom_margin=”||10px||false|false” custom_padding=”||8px||false|false” border_width_bottom=”2px” border_color_bottom=”#0F2B48″ global_colors_info=”{}”]<\/p>\n

Para leer<\/p>\n

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“La secci\u00f3n transversal de los rendimientos esperados de las acciones”<\/p>\n

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Journal of Finance, Fama y French (1992).<\/p>\n

[\/et_pb_text][et_pb_button button_url=”https:\/\/www.jstor.org\/stable\/2329112″ url_new_window=”on” button_text=”Ver el documento” _builder_version=”4.19.0″ _module_preset=”060b5147-791f-4cf7-8292-bd23f1baa784″ global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_enable_color=”off” background_image=”https:\/\/www.independance-am.com\/wp-content\/uploads\/2023\/02\/stock-returns.png” custom_padding=”470px||||false|false” custom_padding_tablet=”||||false|false” custom_padding_phone=”350px||||false|false” custom_padding_last_edited=”on|desktop” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ make_equal=”on” custom_padding_last_edited=”on|phone” _builder_version=”4.19.0″ _module_preset=”default” max_width=”1220px” custom_padding=”0px|30px|25px|30px|false|false” custom_padding_tablet=”0px|0px|0px|0px|false|false” custom_padding_phone=”0px|0px|0px|0px|false|false” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#953726″ background_enable_image=”off” custom_padding=”50px|94px|50px|94px|true|true” custom_padding_tablet=”|50px||50px|false|true” custom_padding_phone=”40px|30px|40px|30px|true|true” custom_padding_last_edited=”on|tablet” custom_css_main_element=”display: block !important;” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_text_color=”#FFFFFF” global_colors_info=”{}”]<\/p>\n

Varias caracter\u00edsticas de las PYMEs que cotizan en bolsa explican este rendimiento superior durante un largo periodo: <\/strong><\/p>\n

– Mayores niveles de crecimiento e inversi\u00f3n que las empresas m\u00e1s grandes, en proporci\u00f3n a su volumen de negocio.<\/p>\n

– Mayor agilidad y adaptabilidad, resultado de decisiones r\u00e1pidas en estructuras m\u00e1s cortas.<\/p>\n

– Una mejor alineaci\u00f3n de intereses entre los gestores de estas empresas, m\u00e1s a menudo de propiedad familiar, y los accionistas.<\/p>\n

– Una fuerte especializaci\u00f3n, a menudo en nichos de mercado no saturados.<\/p>\n

– Un segmento de mercado menos arbitrado, con m\u00e1s ineficiencias que explotar.<\/p>\n

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Desde 1992, los datos sobre el crecimiento del volumen de negocios y los resultados burs\u00e1tiles confirman este an\u00e1lisis:<\/p>\n

[\/et_pb_text][et_pb_image src=”https:\/\/www.independance-am.com\/wp-content\/uploads\/2023\/03\/rendimiento.png” title_text=”RENDIMIENTO” _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}”][\/et_pb_image][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.19.0″ _module_preset=”default” background_color=”#f4ebe9″ custom_padding=”110px||0px||false|false” custom_padding_tablet=”70px||0px||false|false” custom_padding_phone=”40px||||false|false” background_color_tablet=”#f7efef” background_last_edited=”on|tablet” background_enable_color_tablet=”on” global_colors_info=”{}”][et_pb_row _builder_version=”4.19.0″ _module_preset=”default” custom_padding=”25px|30px|94px|30px|false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text module_class=”fond-fleuri bottom rouge” _builder_version=”4.19.0″ _module_preset=”9fd6a3a5-022f-4ec8-9e11-9dd1b3a9384c” header_2_text_color=”#953726″ header_2_font_size=”40px” header_2_line_height=”50px” width=”684px” max_width=”100%” module_alignment=”center” custom_margin=”||9px||false|false” custom_margin_last_edited=”off|desktop” header_2_font_size_tablet=”32px” header_2_font_size_phone=”28px” header_2_font_size_last_edited=”on|phone” header_2_line_height_tablet=”40px” header_2_line_height_phone=”36px” global_colors_info=”{}” custom_margin__hover_enabled=”off|desktop”]<\/p>\n

Los or\u00edgenes de la metodolog\u00eda<\/strong> Quality Value<\/em><\/h2>\n

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En 1992, William Higgons, entonces analista financiero, buscaba una estrategia de gesti\u00f3n eficaz. Un breve art\u00edculo de divulgaci\u00f3n confirm\u00f3 lo que su lectura de la literatura acad\u00e9mica financiera estadounidense ya hab\u00eda sugerido: las estrategias de inversi\u00f3n denominadas “value” superan al mercado.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.19.0″ _module_preset=”default” custom_padding=”0px||||false|false” custom_css_before=”content: ”;||position: absolute;||left: 0;||top: 0;||width: 100%;||height: 265px;||background : #f4ebe9;” custom_css_main_element=”position: relative;” custom_css_after=”content: ”;||position: absolute;||left: 0;||bottom: 0;||width: 100%;||height: 265px;||background : #f4ebe9;” global_colors_info=”{}”][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ make_equal=”on” custom_padding_last_edited=”on|phone” _builder_version=”4.19.0″ _module_preset=”default” max_width=”1220px” custom_padding=”0px|30px|0px|30px|false|false” custom_padding_tablet=”0px|0px|0px|0px|false|false” custom_padding_phone=”0px|0px|0px|0px|false|false” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#953726″ custom_padding=”136px|94px|136px|94px|true|true” custom_padding_tablet=”50px|50px|50px|50px|true|true” custom_padding_phone=”40px|30px|40px|30px|true|true” custom_padding_last_edited=”on|phone” custom_css_before=”content: ”;|| background-image: url(https:\/\/www.independance-am.com\/wp-content\/uploads\/2023\/02\/rectangle-fleuri-blanc.svg);|| position: absolute;|| left: 0;|| top: 0;|| height: 124px;|| width: 240px;|| background-size: contain;|| background-repeat: no-repeat;||opacity: 0.15;” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Merriweather|700|||||||” text_text_color=”#FFFFFF” text_font_size=”20px” text_line_height=”24px” width=”100%” max_width=”356px” custom_margin=”||24px||false|false” global_colors_info=”{}”]<\/p>\n

\u201cLas estrategias de inversi\u00f3n de “valor” superan al mercado.\u201d<\/p>\n

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“La inversi\u00f3n en valor (comprar acciones que parecen baratas en comparaci\u00f3n con sus fundamentales) es la estrategia de selecci\u00f3n de valores m\u00e1s antigua. Y sigue siendo una de las mejores”.<\/p>\n

[\/et_pb_text][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_text_color=”#FFFFFF” global_colors_info=”{}”]<\/p>\n

The Economist, “Baratas y alegres”<\/em><\/p>\n

[\/et_pb_text][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#FFFFFF” custom_padding=”119px|106px|50px|106px|false|false” custom_padding_tablet=”60px|60px|60px|60px|false|false” custom_padding_phone=”40px|30px|40px|30px|false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Montserrat|700||on|||||” custom_margin=”||10px||false|false” custom_padding=”||8px||false|false” border_width_bottom=”2px” border_color_bottom=”#0F2B48″ global_colors_info=”{}”]<\/p>\n

Para leer<\/p>\n

[\/et_pb_text][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Montserrat|700|||||||” text_text_color=”#953726″ text_font_size=”32px” text_line_height=”36px” custom_margin=”||10px||false|false” text_font_size_tablet=”26px” text_font_size_phone=”26px” text_font_size_last_edited=”on|tablet” text_line_height_tablet=”32px” text_line_height_phone=”32px” text_line_height_last_edited=”on|tablet” global_colors_info=”{}”]<\/p>\n

“Barato y alegre”<\/p>\n

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Este art\u00edculo se basa en un trabajo de Josef Lakonishok, Andrei Shleifer, Robert Vishny, “Contrarian Investment, extrapolation, and risk”, que cuestiona la teor\u00eda de los mercados eficientes.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9hdHRhY2htZW50Iiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjE3NjEifX0=@” url_new_window=”on” button_text=”V\u00e9ase el art\u00edculo” _builder_version=”4.19.0″ _dynamic_attributes=”button_url” _module_preset=”060b5147-791f-4cf7-8292-bd23f1baa784″ global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ make_equal=”on” custom_padding_last_edited=”on|phone” _builder_version=”4.19.0″ _module_preset=”default” max_width=”1220px” custom_padding=”0px|30px|0px|30px|false|false” custom_padding_tablet=”0px|0px|0px|0px|false|false” custom_padding_phone=”0px|0px|0px|0px|false|false” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#FFFFFF” custom_padding=”50px|87px|50px|87px|true|true” custom_padding_tablet=”60px|60px|60px|60px|false|false” custom_padding_phone=”40px|30px|40px|30px|false|false” custom_padding_last_edited=”on|phone” background_color_phone=”#f7efef” background_last_edited=”on|phone” background_enable_color_phone=”on” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Montserrat|700||on|||||” custom_margin=”||10px||false|false” custom_padding=”||8px||false|false” border_width_bottom=”2px” border_color_bottom=”#0F2B48″ global_colors_info=”{}”]<\/p>\n

Para leer<\/p>\n

[\/et_pb_text][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Montserrat|700|||||||” text_text_color=”#953726″ text_font_size=”32px” text_line_height=”36px” custom_margin=”||10px||false|false” text_font_size_tablet=”26px” text_font_size_phone=”26px” text_font_size_last_edited=”on|tablet” text_line_height_tablet=”32px” text_line_height_phone=”32px” text_line_height_last_edited=”on|tablet” global_colors_info=”{}”]<\/p>\n

“Inversi\u00f3n contraria, extrapolaci\u00f3n y riesgo”<\/p>\n

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Josef Lakonishok, Andrei Shleifer y Robert W. Vishny, 1994.<\/p>\n

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En este art\u00edculo de referencia, Josef Lakonishok ha vuelto a validar el rendimiento superior de las estrategias \u00ab value \u00bb. Sobre todo, demostr\u00f3 de forma tangible que este rendimiento superior puede explicarse por el aprovechamiento de la ineficiencia conductual del inversor medio y no por una mayor asunci\u00f3n de riesgos.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”https:\/\/scholar.harvard.edu\/files\/shleifer\/files\/contrarianinvestment.pdf” url_new_window=”on” button_text=”V\u00e9ase el art\u00edculo” _builder_version=”4.19.0″ _module_preset=”060b5147-791f-4cf7-8292-bd23f1baa784″ global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_2″ disabled_on=”on|on|off” _builder_version=”4.19.0″ _module_preset=”default” background_color=”#953726″ background_image=”https:\/\/www.independance-am.com\/wp-content\/uploads\/2023\/02\/jlakoniskok.png” custom_padding=”124px|94px|124px|94px|true|true” custom_padding_tablet=”50px|50px|50px|50px|true|true” custom_padding_phone=”40px|30px|40px|30px|true|true” custom_padding_last_edited=”on|phone” global_colors_info=”{}”][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ make_equal=”on” custom_padding_last_edited=”on|phone” _builder_version=”4.19.0″ _module_preset=”default” max_width=”1220px” custom_padding=”0px|30px|0px|30px|false|false” custom_padding_tablet=”0px|0px|0px|0px|false|false” custom_padding_phone=”0px|0px|0px|0px|false|false” global_colors_info=”{}”][et_pb_column type=”1_2″ disabled_on=”off|off|off” _builder_version=”4.19.0″ _module_preset=”default” background_color=”#953726″ background_image=”https:\/\/www.independance-am.com\/wp-content\/uploads\/2023\/02\/graham-dodd.png” custom_padding=”124px|94px|124px|94px|true|true” custom_padding_tablet=”470px|50px|0px|50px|false|true” custom_padding_phone=”350px|30px|0px|30px|false|true” custom_padding_last_edited=”on|phone” custom_css_main_element=”display: block !important;” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#f7efef” custom_padding=”114px|106px|114px|106px|true|false” custom_padding_tablet=”60px|60px|60px|60px|false|false” custom_padding_phone=”40px|30px|40px|30px|false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Montserrat|700||on|||||” custom_margin=”||10px||false|false” custom_padding=”||8px||false|false” border_width_bottom=”2px” border_color_bottom=”#0F2B48″ global_colors_info=”{}”]<\/p>\n

Para leer<\/p>\n

[\/et_pb_text][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Montserrat|700|||||||” text_text_color=”#953726″ text_font_size=”32px” text_line_height=”36px” custom_margin=”||10px||false|false” text_font_size_tablet=”26px” text_font_size_phone=”26px” text_font_size_last_edited=”on|tablet” text_line_height_tablet=”32px” text_line_height_phone=”32px” text_line_height_last_edited=”on|tablet” global_colors_info=”{}”]<\/p>\n

“An\u00e1lisis de valores”<\/p>\n

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Benjamin Graham y David Dodd, 1934<\/p>\n

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Graham y Dodd, padres fundadores de la inversi\u00f3n en valor, demuestran que comprar acciones a precios bajos, en relaci\u00f3n con sus beneficios, dividendos o activos netos, produce mejores rendimientos que otros enfoques.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”https:\/\/www.valor-editions.fr\/produit\/70\/9782361170059\/security-analysis” url_new_window=”on” button_text=”Consulte el documento” _builder_version=”4.19.0″ _module_preset=”060b5147-791f-4cf7-8292-bd23f1baa784″ global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ make_equal=”on” custom_padding_last_edited=”on|tablet” _builder_version=”4.22.2″ _module_preset=”default” max_width=”1220px” custom_padding=”0px|30px|0px|30px|false|false” custom_padding_tablet=”25px|0px|0px|0px|false|false” custom_padding_phone=”25px|0px|0px|0px|false|false” hover_enabled=”0″ global_colors_info=”{}” sticky_enabled=”0″][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#FFFFFF” custom_padding=”104px|106px|104px|106px|true|false” custom_padding_tablet=”60px|60px|60px|60px|false|false” custom_padding_phone=”40px|30px|40px|30px|false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Montserrat|700||on|||||” custom_margin=”||10px||false|false” custom_padding=”||8px||false|false” border_width_bottom=”2px” border_color_bottom=”#0F2B48″ global_colors_info=”{}”]<\/p>\n

Para leer<\/p>\n

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“Lo que funciona
en Wall Street”<\/p>\n

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James O\u2019Shaughnessy, 1997<\/p>\n

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Un libro de estad\u00edstica de James O’Shaughnessy confirma la pertinencia de su enfoque. Permite a William afinar su m\u00e9todo de gesti\u00f3n eligiendo los criterios financieros que mejor funcionan seg\u00fan las estad\u00edsticas.<\/p>\n

[\/et_pb_text][et_pb_button button_url=”http:\/\/www.whatworksonwallstreet.com\/” url_new_window=”on” button_text=”Ver el documento” _builder_version=”4.19.0″ _module_preset=”060b5147-791f-4cf7-8292-bd23f1baa784″ global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_2″ disabled_on=”on|on|off” _builder_version=”4.22.2″ _module_preset=”default” background_color=”#FFFFFF” background_image=”https:\/\/www.independance-am.com\/wp-content\/uploads\/2024\/01\/beursgoeroe-james-o-shaughnessy-investor-lynx.jpg” custom_padding=”124px|94px|124px|94px|true|true” custom_padding_tablet=”250px|50px|250px|50px|true|true” custom_padding_phone=”180px|30px|180px|30px|true|true” custom_padding_last_edited=”on|phone” hover_enabled=”0″ custom_css_main_element=”display: block !important;” global_colors_info=”{}” alt=”Photo James O’Shaughnessy” title_text=”beursgoeroe-james-o-shaughnessy-investor-lynx” background_size=”contain” sticky_enabled=”0″][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ make_equal=”on” custom_padding_last_edited=”on|phone” _builder_version=”4.19.0″ _module_preset=”default” max_width=”1220px” min_height_tablet=”” min_height_phone=”” min_height_last_edited=”on|desktop” custom_padding=”0px|30px|0px|30px|false|false” custom_padding_tablet=”0px|0px|0px|0px|false|false” custom_padding_phone=”0px|0px|0px|0px|false|false” global_colors_info=”{}” custom_css_main_element_last_edited=”on|phone”][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#f7efef” background_image=”https:\/\/www.independance-am.com\/wp-content\/uploads\/2023\/02\/robert-novy-marx.jpg” custom_padding=”470px||||false|false” custom_padding_tablet=”470px||||false|false” custom_padding_phone=”350px||||false|false” custom_padding_last_edited=”on|phone” custom_css_main_element=”display: block !important;” global_colors_info=”{}”][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#f7efef” custom_padding=”160px|94px|160px|94px|true|true” custom_padding_tablet=”60px|50px|60px|50px|true|true” custom_padding_phone=”40px|30px|40px|30px|true|true” custom_padding_last_edited=”on|phone” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Merriweather|700|||||||” text_text_color=”#953726″ text_font_size=”20px” text_line_height=”25px” width=”339px” width_tablet=”100%” width_phone=”100%” width_last_edited=”on|tablet” max_width=”100%” module_alignment=”center” custom_margin=”||20px||false|false” text_font_size_tablet=”17px” text_font_size_phone=”17px” text_font_size_last_edited=”on|tablet” text_line_height_tablet=”21px” text_line_height_phone=”21px” text_line_height_last_edited=”on|tablet” global_colors_info=”{}”]<\/p>\n

Para medir la calidad de una empresa, William Higgons utilizar\u00e1 el concepto de retormno sobre el capital empleado (ROCE), seleccionando las empresas con los ROCE m\u00e1s elevados del mercado.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row column_structure=”1_2,1_2″ use_custom_gutter=”on” gutter_width=”1″ make_equal=”on” custom_padding_last_edited=”on|phone” _builder_version=”4.19.0″ _module_preset=”default” max_width=”1220px” custom_padding=”0px|30px|0px|30px|false|false” custom_padding_tablet=”0px|0px|0px|0px|false|false” custom_padding_phone=”0px|0px|0px|0px|false|false” global_colors_info=”{}”][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#FFFFFF” custom_padding=”70px|106px|70px|106px|false|false” custom_padding_tablet=”60px|60px|60px|60px|false|false” custom_padding_phone=”40px|30px|40px|30px|false|false” custom_padding_last_edited=”on|phone” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Montserrat|700||on|||||” custom_margin=”||10px||false|false” custom_padding=”||8px||false|false” border_width_bottom=”2px” border_color_bottom=”#0F2B48″ global_colors_info=”{}”]<\/p>\n

Para leer<\/p>\n

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“La dimensi\u00f3n de calidad de la inversi\u00f3n en valor<\/p>\n

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Robert Novy-Marx<\/p>\n

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“Este estudio de Novy-Marx ha demostrado la importancia del rendimiento de la inversi\u00f3n en la gesti\u00f3n \u00ab value \u00bb. El ROCE ya formaba parte de los criterios de inversi\u00f3n de Ind\u00e9pendance AM . Este art\u00edculo ha confirmado su pertinencia”. – W. Higgons<\/p>\n

[\/et_pb_text][et_pb_button button_url=”https:\/\/www.ivey.uwo.ca\/media\/3775548\/novy-marx.pdf” url_new_window=”on” button_text=”Ver el art\u00edculo” _builder_version=”4.19.0″ _module_preset=”060b5147-791f-4cf7-8292-bd23f1baa784″ global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][et_pb_column type=”1_2″ _builder_version=”4.19.0″ _module_preset=”default” background_color=”#953726″ custom_padding=”160px|94px|160px|94px|true|true” custom_padding_tablet=”50px|50px|50px|50px|true|true” custom_padding_phone=”40px|30px|40px|30px|true|true” custom_padding_last_edited=”on|phone” custom_css_before=”content: ”;|| background-image: url(https:\/\/www.independance-am.com\/wp-content\/uploads\/2023\/02\/rectangle-fleuri-blanc.svg);|| position: absolute;|| left: 0;|| top: 0;|| height: 124px;|| width: 240px;|| background-size: contain;|| background-repeat: no-repeat;||opacity: 0.15;” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” text_font=”Merriweather|700|||||||” text_text_color=”#FFFFFF” text_font_size=”20px” text_line_height=”25px” width=”100%” max_width=”356px” max_width_tablet=”100%” max_width_phone=”100%” max_width_last_edited=”on|tablet” module_alignment=”center” custom_margin=”||0px||false|false” text_font_size_tablet=”20px” text_font_size_phone=”18px” text_font_size_last_edited=”on|phone” global_colors_info=”{}”]<\/p>\n

W. Higgons cruza este criterio con el criterio de valoraci\u00f3n que James O’Shaughnessy consider\u00f3 m\u00e1s eficaz, la relaci\u00f3n precio\/capital. Estos fundamentos te\u00f3ricos se aplican a los fondos Ind\u00e9pendance AM, a\u00f1adiendo una serie de criterios tangibles y medibles.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.19.0″ _module_preset=”default” background_color=”#f4ebe9″ custom_padding=”90px||69px|||” custom_padding_tablet=”40px||40px||false|false” custom_padding_phone=”20px||30px||false|false” global_colors_info=”{}”][et_pb_row _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text module_class=”fond-fleuri bottom rouge” _builder_version=”4.19.0″ _module_preset=”9fd6a3a5-022f-4ec8-9e11-9dd1b3a9384c” header_2_font=”Merriweather|700|||||||” header_2_text_color=”#953726″ header_2_font_size=”40px” header_2_line_height=”50px” width=”684px” max_width=”100%” module_alignment=”center” custom_margin=”||9px||false|false” custom_margin_last_edited=”off|desktop” global_colors_info=”{}” custom_margin__hover_enabled=”off|desktop”]<\/p>\n

Desde hace 30 a\u00f1os<\/h2>\n

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los gestores de Ind\u00e9pendance AM aplican y perfeccionan la estrategia Quality Value.
Sus resultados confirman a\u00f1o tras a\u00f1o la pertinencia de este enfoque.<\/p>\n

[\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ custom_padding_last_edited=”on|phone” _builder_version=”4.19.0″ _module_preset=”default” background_color=”#0F2B48″ custom_padding_tablet=”” custom_padding_phone=”||0px||false|false” saved_tabs=”all” global_colors_info=”{}”][et_pb_row _builder_version=”4.19.0″ _module_preset=”default” custom_padding=”0px|30px|0px|30px|false|false” global_colors_info=”{}”][et_pb_column type=”4_4″ _builder_version=”4.19.0″ _module_preset=”default” global_colors_info=”{}”][et_pb_text _builder_version=”4.19.0″ _module_preset=”default” header_2_text_align=”center” header_2_text_color=”#FFFFFF” header_2_font_size=”22px” header_2_line_height=”27px” custom_margin=”||14px||false|false” header_2_font_size_phone=”22px” header_2_line_height_phone=”28px” global_colors_info=”{}”]<\/p>\n

Quiere invertir, tiene una pregunta.
Nuestros equipos le responder\u00e1n<\/h2>\n

[\/et_pb_text][et_pb_button button_url=”@ET-DC@eyJkeW5hbWljIjp0cnVlLCJjb250ZW50IjoicG9zdF9saW5rX3VybF9wYWdlIiwic2V0dGluZ3MiOnsicG9zdF9pZCI6IjI2In19@” button_text=”Contacto Ind\u00e9pendance AM” button_alignment=”center” _builder_version=”4.19.0″ _dynamic_attributes=”button_url” _module_preset=”a3d5c598-2969-4242-8611-85cbfec65031″ global_colors_info=”{}”][\/et_pb_button][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"

Nuestro lema Small is Powerful no naci\u00f3 por casualidad: Es el resultado de un minucioso estudio y de treinta a\u00f1os de constancia. Cuando William Higgons desarroll\u00f3 su estrategia de inversi\u00f3n a principios de la d\u00e9cada de 1990, opt\u00f3 por centrarse en las peque\u00f1as y medianas empresas (PYME) y las empresas de tama\u00f1o medio (MSE) cotizadas.”El […]<\/p>\n","protected":false},"author":1,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"class_list":["post-3241","page","type-page","status-publish","hentry"],"acf":[],"yoast_head":"\n\u00bfPor qu\u00e9 invertimos en pymes? - Ind\u00e9pendance AM<\/title>\n<meta name=\"description\" content=\"Notre devise Small is Powerful n\u2019est pas n\u00e9e au hasard :Elle est le fruit d\u2019une \u00e9tude approfondie de la litt\u00e9rature et de trente ans de constance.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.independance-am.com\/es\/nuestra-vision\/\" \/>\n<meta property=\"og:locale\" content=\"es_ES\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u00bfPor qu\u00e9 invertimos en pymes? 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