18 Sep Losing Religion?
En esta ocasión les traemos un artículo de opinión de Richard Bernstein, Director Ejecutivo y de Inversiones de RBA, publicado en la web de la compañía este mismo mes. Les dejamos con un extracto y el enlace para su lectura completa.
One axiom of investing is that taking risk results in higher portfolio returns over the long-term, but hiding in safe haven investments during times of stress is prudent. Fortunately, the global economy expands more than it contracts, so it has paid through time to avoid safe havens and take risk. For example, our research in the early-1990s clearly showed that lower quality stocks outperformed higher quality stocks over the long-term, but investors had to be willing to accept the risk that goes along with such volatile investments’ higher returns. Low quality investments, like smaller capitalization stocks and “junk” bonds, show similar long-term return and volatility characteristics.
Pueden leer el artículo completo aquí.
