English to Spanish Bus/Financial Economics

MAXIMUM REGRET PORTFOLIO
In our Q4 2015 letter we advised participants to embrace what we called a “maximum regret portfolio, i.e. a portfolio that contains some exposure to an out-of-favor and underperforming asset class or style.
We noted that downside volatility allows our sub-advisers to commit capital to undervalued investments, even if the price is a near-term performance impact, and in so doing sets the stage for superior long-term gains.
We know that embracing a maximum regret portfolio is very much an act of faith: faith in the ability of markets to value securities rationally, faith in the stability of political and social institutions that allow businesses to grow, sell their goods and services and generate earnings, and faith that our investment managers can successfully identify undervalued companies that perform well over the long-term.

Es un boletín informativo económico

Gracias a todos.