7/28/2019 Value Investing y Escuela Austriaca de Economa

1/7

Xbnuo Dfvostdfm y Os uonb Bustrdb b go O`kfkeb

\kr nvbrk Muzef go Nzbrk EbtoksMostkr go Hkfgks go Softb Xbrdbcno go Costdfvor

Nb dfvorsdf of b dkfos adstrd beofto ab sdgk es roftbcno quo nbs dfvorsdkfos of krk.gougb gon Ostbgk. k ckfks& !hdmurb 2$&

Hdmurb 2: Nbs b dkfos skf nk es roftbcno b nbrmk pnbzk

7/28/2019 Value Investing y Escuela Austriaca de Economa

2/7

Nk bftordkr so ab oxpnd bgk yb vbrdbs vo os pkr nks pbgros go nb os uonb gon XbnuoDfvostdfm !Cofjbef Mrbabe. ]brrof Cuhhot. \otor Nyf a$ ubfgk. promuftbgks pkrek nkmrbcbf sdstoetd beofto roftbcdndgbgos gon 3

7/28/2019 Value Investing y Escuela Austriaca de Economa

3/7

Pdf oecbrmk. of nbs ufdvorsdgbgos es prostdmdksbs gon eufgk so dfsdsto of ofsobr onekgonk gon @B\E !@bpdtbn Bssot \rd dfm Ekgon$. quo aky os b optbgk of on eufgkoftork kek pdogrb bfmunbr gk trdfbn pbrb nb vbnkrb df go b tdvks hdfbf dorks& Bkftdfub df kpdk go ]didpogdb of qu kfsdsto:

On@bpdtbn Bssot \rd dfm Ekgon. k @B\E !trbg& ndt& Ekgonk goHdjb`df go pro`dks gob`tdvks go `bpdtbn$ os uf ekgonk hro`uoftoeofto utdndzbgk of nb o`kfkeb hdfbf`dorb&Pumdoro quo. `ubftk ebykr os on rdosmk go dfvortdr of uf b`tdvk. tbftk ebykr goco sor onrotkrfk go gd`ak b`tdvk pbrb `kepofsbr osto bueoftk of on rdosmk& On ekgonk huogosbrrknnbgk. oftro ktrks. pkr]dnndbe Pabrpo.\roedk Fkcon go O`kfkeb&

On ox`osk go roftbcdndgbg go uf b`tdvk df`dortk puogo oxprosbrso of huf`df go nbroftbcdndgbg go ufb `brtorb rohorofto nb `brtorb go eor`bgk. pkr ojoepnk. nks fgd`oscurstdnos es roprosoftbtdvks. bjustbgk pkr uf fgd`o go rdosmk cotb. quo dfgd`b

`uf ronb`dkfbgk ost on rdosmk gon b`tdvk dfgdvdgubn `kf on rdosmk go eor`bgk&

Nb ronb`df go oqudndcrdk quo gos`rdco on @B\E os:

gkfgo tofoeks quo

O!r $j os nb tbsb go rofgdedoftk osporbgb go `bpdtbn skcro on b`tdvk j& je os fuostrk cotb. k tbecdf

. y

O!r r $e h os on ox`osk go roftbcdndgbg go nb `brtorb go eor`bgk& !r $e Sofgdedoftk gon eor`bgk& !r $h Sofgdedoftk ndcro go rdosmk&

_f sdepno vdstbzk b ]didpogdb os suhd dofto pbrb kfhdrebr quo nks robgkros gon@B\E `kfsdgorbf @DOF@DB nk quo of robndgbg os B@@DKF A_EBFB& _f orrkr hbtbn

quo of ed kpdfdf oxpnd b nks hrb bsks go tkgks bquonnks prkhosdkfbnos quo nk sdmuof&On btrb tdvk quo of moforbn sdoepro gospdortb of nks soros auebfks nb pksdcdndgbg goprovor on huturk go nb roftb vbrdbcno go hkreb ebtoetd b. ostbgstd b k utdndzbfgkubnqudor ktrb aorrbedoftb es k eofks dofthd b. ab nnovbgk bn gosbrrknnk gon bfndsdsubftdtbtdvk. gon bfndsds W fd k ! abrtdsek$. bs kek go doftks go bnmkrdteks

emd ks. quo go fuovk kfhufgof @DOF@DB kf B@@DKF A_EBFB&

Nb ovknu df go nbs oeprosbs quo prksporbf+so aufgof fk puogo puos sor bptbgb pkrekgonks fd mrhd ks pkrquo nbs B` dkfos Auebfbs skf nbs quo nb gotoredfbf. y stbsskf pkr gohdfd df eu ak es rd bs. vbrdbgbs o deprogo dcnos go nk quo nb dof db osbpbz go bptbr&

http://es.wikipedia.org/wiki/Fijaci%C3%B3n_de_precioshttp://es.wikipedia.org/wiki/William_Sharpehttp://es.wikipedia.org/wiki/Premio_Nobel_de_Econom%C3%ADahttp://es.wikipedia.org/wiki/Premio_Nobel_de_Econom%C3%ADahttp://es.wikipedia.org/wiki/William_Sharpehttp://es.wikipedia.org/wiki/Fijaci%C3%B3n_de_precios

7/28/2019 Value Investing y Escuela Austriaca de Economa

4/7

3& Nb df`ortdguecro kek prdeor onoeoftk y sob go nb dfvorsdf of b` dkfos

\kr nk dfbcbr bcno go nb b df auebfb. os pro dsk bsuedr b nb akrb go pnbftobrso nbdfvorsdf of b dkfos quo on fd k hb tkr kfstbfto os on becdk. y pkr tbftk nb

df ortdguecro9 y quo osb df ortdguecro fk so puogo rogu dr b efdeks b cbso go ufbpkrthkndk ohhd doft hrkftdor . k brtorb go b dkfos dgobn pkr sus krronb dkfos gordosmk eogdgk kek gosvdb df tpd b go nb ktdzb df go ufb b df hrofto bn eor bgk.k Cotb& Go fuovk nb tokrb trbtb go kfvof orfks go quo bnmk quo fk os eogdcno!df ortdguecro$ s so puogo eogdr !rdosmk$&

Pd bn dfvortdr of cknsb tofoeks nbrk nk bftordkr. quo oxdsto y sdoepro oxdstdrdf ortdguecro. y quo bs os pkrquo nb B` df Auebfb fk pbrb fuf b. ufbkfsdgorb df. b ed jud dk dftudtdvb. so depkfo:

\uogk b` ogor b uf ebrmof go somurdgbg quo eo prktojb go nb df`ortdguecro

dftrfso`b b nb B` df Auebfb;

Nb df ortdguecro gon dfvorskr of b dkfos os gkcno& \kr uf nbgk. nb go quo su oeprosbsob go nbs quo prksporo k go nbs quo so aufgb& T pkr ktrk. nb quo kfsdsto of dfvortdr

justk bftos go uf nbrmk eor bgk cbjdstb k nb go fk dfvortdr justk bftos go uf nbrmkeor bgk bn dstb& Fk ab o hbntb sor \roedk Fkcon pbrb kf nudr quo on gdnoeb so puogorosknvor

% dfvdrtdofgk of eu abs b dkfos of numbr go ufbs pk bs% ospb dbfgk nb dfvorsdf of gdhoroftos ekeoftks toepkrbnos

T. kek bsd sdoepro of nk quo b nb roftb vbrdbcno so rohdoro. ]brrof Cuhhot yb nk aboxpnd bgk bftos:

Cuy b nkw%`kst dfgox hufg. bfg try tk put Ekfoy bt wkri df gdhhoroft tdeos tk provoftcuydfm bt b ebriot tkp !Oxtrb`tks go nb Juftb Corisadro Abtabwby. 3

7/28/2019 Value Investing y Escuela Austriaca de Economa

5/7

\uos cdof. nb tbcnb 3 euostrb quo aby uf zkk euy pbrtd unbr. quo sdstoetd beoftobrrkjb mostkros quo cbtof pkr eu ak b nks fgd os gurbfto nbrmusdeks porkgks gotdoepk& T Costdfvor ost of oso zkk& T oxdsto ufb oxpnd b df& @rok hdreoeofto quokfsdsto ofktrb ebforb go bhrkftbr nb df`ortdguecro

\brtbeks go quo. of on bsk kf rotk go ufb oeprosb. bn dfvortdr !quo fk bn ospo unbr$ostbeks bgqudrdofgk ufb pbrto bn uktb go uf fomk dk. rofuf dbfgk b ktrks pksdcnos usksbntorfbtdvks gon gdfork. kf nb porspo tdvb go ufb bftdgbg go gdfork ebykr of on huturk&!Cofjbef Mrbabe&. Wao Dftonndmoft Dfvostkr$&

K. gd ak of tredfks es bustrb ks. bn dfvortdr of ufb oeprosb ostbeks kfhdbfgk ofnb bpb dgbg gon oqudpk mostkr go nb oeprosb of uostdf pbrb robr vbnkr& Nk quooqudvbno b kfhdbr of su bpb dgbg pbrb bftd dpbrso b dfhdfdgbg go b dkfos auebfbs!nbs go sus kepotdgkros. ndoftos. prkvoogkros. oftkrfk romunbtkrdk. oepnobgks. ot $eogdbfto ktrbs b dkfos auebfbs !nbs suybs$ quo b bcof pkr df roeoftbr on vbnkr go su

oeprosb&

\bro o nmd k puos pofsbr quo nb prdeorb huofto go df`ortdguecro tdofo quo vor kfon oqudpk mostkr go nb oeprosb& Pd so pkfo ba on fhbsds. so ost gosgo nuomk es or bgo nb robndgbg quo ubfgk so pkfo of uf ekgonk ebtoetd k& \ro dsbeofto pkrquo nbB` df Auebfb bcbr b es go nk quo nb @dof db puogo eogdr. fk so puogo prkpkfor ufekgonk quo huf dkfo sdoepro& \ork yb os ufb mrbf voftbjb. uf b or brso b nb vorgbg.on ro kfk or quo nb df ortdguecro vdofo go nbs porskfbs&

Fksktrks of Costdfvor trbtbeks go kfk or bn exdek b nks oqudpks mostkros go nbsoeprosbs of quo dfvortdeks. bs kek b nks oqudpks mostkros go nb kepotof db y btkgks nks soros dfgdvdgubnos auebfks quo dftorb tbf kf nb oeprosb !oepnobgks.prkvoogkros. ndoftos. ot &&$& T fk so puogo kfk or y vbnkrbr nk bftordkr sd fk sooftdofgo on fomk dk of uostdf& Go ba quo gks go nbs tros pbtbs go fuostrks roqudsdtksbftos go dfvortdr sobf FOMK@DK !tdofo quo sor keprofsdcno$ y OR_D\K MOPWKS!tdofo quo sor akfostk. bpbz. cuof kporbgkr y cuof bsdmfbgkr go bpdtbn$

\ork ostbrbeks kftrbgd dfgkfks sd pofssoeks quo on ostugdk go nk bftordkr rocbjbfuostrk rdosmk b ork& \orebfo of tkgks nks rdosmks bftordkreofto eof dkfbgks. nksquo gordvbf go nb fbturbnozb deprogo dcno. gon kfstbfto becdk quo vdofo go nb ebfkgo nbs B@@DKFOP A_EBFBP&

T pro dsbeofto pkr onnk. quoroeks bhrkftbr ostb df ortdguecro kf uf EBSMOF goPOM_SDGBG BGD@DKFBN bn go `keprofgor on fomk dk y `or dkrbrfks go nbsubndgbgos go sus mostkros & T fksktrks cus beks oso ebrmof go POM_SDGBG pbmbfgk

pkr uf fomk dk eu ak eofks go nk quo rooeks quo vbno& Go fuovk. ostk nkbprofgdeks gon pbgro gon Xbnuo Dfvostdfm. Cofjbef Mrbabe. quo so btrovd b sobnbrnbs tros pbnbcrbs es depkrtbftos pbrb dfvortdr cdof: Ebrmdf kh Pbhoty&

Nb edseb fk df go quo oxdsto uf vbnkr dftrfso k go nbs ksbs !of osto bsk go uffomk dk$ euy gdhorofto go su vbnkr go eor bgk. bpbroftoeofto ak b kf nbsucjotdvdgbg fbturbn go nbs B` dkfos Auebfbs: cdof pkgrb brmueoftbrso quo fk oxdsto

tbn ksb kek uf vbnkr dftrfso`k. sdfk quo ednos go por op dkfos dfgdvdgubnos govbnkr kkrgdfbgbs pkr on eor bgk brrkjbf on \SO@DK b tubn&

7/28/2019 Value Investing y Escuela Austriaca de Economa

6/7

Pdf oecbrmk. nb \rbxoknkmb bustrb b !quo trbtb go oxpnd br nks b kfto dedoftks go nbadstkrdb ostugdbfgk nks df oftdvks of juomk quo rkgobcbf b nks b tkros prktbmkfdstbsubfgk ostks go dgdorkf oeprofgor nbs B` dkfos Auebfbs kcjotk go ostugdk$ pkgrb

bpnd brso bn huf dkfbedoftk go ]bnn Ptroot&

Eu aks kdf dgdrf kfedmk of quo Nb Cknsb os uf mrbf fomk dk skcro tkgk pbrb onsdfhf go dftoreogdbrdks quo vdvof go kedsdkfos !crkiors. mostkros. krpkrbto cbfiors$.y uyk df oftdvk prdf dpbn os XOFGOS. of numbr go robr rdquozb pbrb sus ndoftos&Osto kno tdvk hkeoftb nb ospo unb df. rob curcujbs. y of sueb oqudvk b bn ndofto.robfgk of moforbn nb dnusdf go quo so puogo mbfbr uf 3

7/28/2019 Value Investing y Escuela Austriaca de Economa

7/7

Of osto softdgk y pkr bfbnkmb rosuntb tdn kfsuntbr b Eurrby Sktacbrg !Wao Adstkrykh Ekfoy bfg Cbfidfm df tao _fdtog Ptbtos$ y su tokrb skcro nbs rbzkfos quosdstoetd beofto abf prkvk bgk nb prgdgb go vbnkr gon gnbr adstrd beofto& Fdfmfekgonk ebtoetd k pkgb bptbr ek dcbf b rob dkfbr nks soros dfgdvdgubnos ubfgk

so nos skeotb b nks df oftdvks !proedk+ bstdmk$ vdmoftos of bgb ekeoftk&

T bufquo nk bftordkr fk oxpnd b ek so bn unb uf vbnkr dftrfso k. s quo brrkjb nuzskcro pkr qu on pro dk go eor bgk b krtk pnbzk fk os nb vorgbg bcsknutb. fd sdqudorbkftdofo tkgb nb dfhkreb df kfk dgb of uf ekeoftk kf rotk9 of robndgbg os snk

on rosuntbgk go ufb sueb go por op dkfos dfgdvdgubnos kfgd dkfbgb of mrbf eogdgb pkrhb tkros psd knmd ks quo nb mrbf equdfb go vofgor quo os ]bnn Ptroot so ab of brmbgkgo bnoftbr

Os nk quo ab`oeks @dofthd k; Of Bcsknutk

Gogd br eu abs akrbs y oshuorzk b oftofgor uf fomk dk. gogd br ktrbs eu abs of vdbjospbrb roufdrso kf uf oqudpk mostkr y su kepotof db OF BCPKN_WK mbrbftdzb ufrosuntbgk go xdtk& Fd os ufb hreunb quo bpnd bgb pkr gks porskfbs gdstdftbs brrkjo nbsedsebs kf nusdkfos&

Of fuostrks bks go mostkros aoeks sdgk ospo tbgkros go b dkfos auebfbskepnotbeofto deprogo dcnos ! kek os ufb muorrb go pro dks of uf gukpkndk oftro 3

oeprosbs kf nks edseks ermofos$. y go ktrbs !nb ebykrb$ cbstbftoprogo dcnos:bueoftks go bpb dgbg go nb oeprosb es ohd dofto go su so tkr pbrb qudtbruktb b ktrbs. rofuf db b porsdstdr of fomk dks quo moforbf prgdgbs. ro keprbs go

b dkfos pkr ojo utdvks ubfgk stbs ostf dfhrbvbnkrbgbs. ot $&

T tbecdf aoeks dgoftdhd bgk quo nbs oeprosbs hbedndbros prktomof eojkr on vbnkr go nbhdreb quo nbs mostdkfbgbs pkr ojo utdvks sdf pbrtd dpb df of on bpdtbn& Go fuovk. yusbfgk nb \rbxoknkmb Bustrdb b. qudzs nks df oftdvks of b df pbrb qudof so juomb sugdfork sobf es sbfks quo nks go qudof so juomb on go ufb sueb go b dkfdstbs. nbebykrb bffdeks&

Wkgk nk bftordkr fk qudoro. fk puogoPOS ufb HKSE_NB& Fk os @dof db& \ork s quooftrb on oshuorzk of on numbr krro tk. of nb b df Auebfb& Wrbtb go ostugdbr b nks

akecros quo nnovbf nbs oeprosbs of numbr go keprdedrnks of ekgonks ebtoetd ks&

T os kfs dofto go quo pkr nb mrbf df ortdguecro dftrfso b b nb B` df Auebfb. oxdstouf ebrmof go orrkr quo fk so puogo edfdedzbr kf Cotbs. sdfk gktfgkso go uf ebrmofgo somurdgbg of hkreb go ufb dfhrbvbnkrb df sdmfdhd btdvb9 y pbrb ostk os fo osbrdkbpbrtbrso go nk quo ost go ekgb y brk pkrquo ]bnn Ptroot nk ab prkek dkfbgk&

Rudof tofmb protofsdkfos go quo nb Os uonb gon Xbnkr os supordkr bn rostk gocorb prkcbrquotkgkssus gds punks nkmrbf cbtdr bn eor bgk& T fk os dortk& Pnkufks pk ks nk abfnkmrbgk go hkreb skstofdgb. y nks quo nk abf ao ak tofbf ufb ro otb. qudzs sdf sbcornk.b krgo kf nb B` df Auebfb & \ork nb ro otb sknb fk brrkjb on xdtk& Os kfgd dffo osbrdb. y fk suhd dofto& Nk quo hbntb. eo vok kcndmbgk b pofsbr. ost es or b gonBrto