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Alfa, beta y más

NUEVA YORK – Incluso en tiempos normales, a los inversores, individuales e institucionales por igual, les es difícil averiguar dónde y en qué invertir. ¿Debería uno invertir más en las economías avanzadas o en las emergentes? Y, ¿en cuáles? ¿Cómo uno puede decidir cuándo, y de qué manera,  debe reequilibrar su propia cartera de inversiones?

Obviamente, estas opciones se tornan aún más difíciles en tiempos anormales, cuando se producen grandes cambios globales, y los bancos centrales implementan políticas no convencionales. Sin embargo, un enfoque nuevo y de bajo costo promete aliviar el desafío que enfrentan los inversores, y es aplicable a tiempos normales y anormales por igual.

En la industria de la gestión de activos, tradicionalmente existen dos tipos de estrategias de inversión: las estrategias pasivas y las activas. El enfoque pasivo incluye la inversión en índices que rastrean puntos de referencia específicos, por ejemplo, el S&P 500 para inversiones en Estados Unidos o un índice de instrumentos de renta variable en las economías avanzadas o en los mercados emergentes. En los hechos, uno compra el índice del mercado.

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