Fondos de inversión: el aguijón está en la cola

FILADELFIA – Imagínese que está comprando un auto de alto rendimiento, pero que todavía no puede mirar debajo del capó. Lo que hay adentro es un secreto. Es más, no puede averiguar cómo se desempeñaron otros vehículos similares, porque no hay ninguno. Finalmente, el auto no tiene garantía.

La misma lógica se aplica a los fondos de inversión: los inversores normalmente no pueden saber cómo funcionan y no se ofrecen garantías. Es más, los gestores de los fondos de inversión fácilmente pueden "falsear" un alto rendimiento sin que los descubran.

Para ver cómo se puede falsear un alto rendimiento, considere un acontecimiento bastante raro, como que el S&P 500 cayera más del 20% en el próximo año. Estos acontecimientos normalmente están cotizados en el mercado de derivados, que le pone un precio al episodio del S&P de diez centavos sobre cada dólar. Una opción cuesta diez centavos ahora y paga 1 dólar si el acontecimiento ocurre para fin de año, pero nada si nunca tiene lugar.

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