Philippe Legrain is the author of several books, such as «Open World: The truth about globalisation«He has also been and is a very influential person in EU economic policy. Not for nothing has he been a senior advisor and head of the analyst team of the Bureau of European Policy Advisers for the President of the European Commission José Manuel Durao Barroso. And as such, has led the team that has directly advised the EU's strategic economic policy.
Well, from his privileged perspective, Legrain has recently published an article in the Financial Times entitled «.«Investors are ignoring eurozone risks«This is in line with our opinion, which we have reiterated in several articles about the mirage of bonanza that the markets are quoting with respect to the European peripheral economies: «...the European Union's peripheral economies are in a state of crisis.«Mátrix and the green shoots«, «The double standards of bubbles«and many others.
Below is a free translation and commentary of Legrain's article:
Peripheral bond yields are reaching bubble proportions. Markets awash with liquidity both camouflage and exacerbate long-term economic problems and insolvency. Investors and policymakers should have learned that lesson in the pre-crisis bubble years. Yet they have gone from hysterical panic to short-sighted complacency in less than two years. (more…)
We all shudder (or should shudder) when we contemplate the possibility that our money is invested in assets whose prices are at what is known as a «bubble», i.e. at levels far higher than their real intrinsic value, the result of unfounded speculation. Investing in bubbles is the mistake we all want to avoid at all costs, because if they burst, the losses will be irrecoverable or, at best, it will take decades to recover the value lost. Because, if the capacity of those assets to generate Value does not increase considerably, those prices at which we buy wildly will not occur again without the help of a new bubble on that same asset, which may never happen or take more years than our own 
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Los maestros de la inversión como Warren Buffett lo tienen grabado a sangre y fuego en su ADN: Invertir es como jugar a cualquier deporte centrándonos en el desarrollo del juego, mientras que hacerlo centrándonos en el marcador es pura especulación. Los partidos, los campeonatos y las glorias merecidísimas se las llevan quienes se concentran en el terreno de juego, en el desarrollo de una constante mejora de estrategia y habilidad competitiva a la hora de seleccionar empresas en las que invertir, y no en la especulación absurda de administrar un dígito reflejado en un luminoso, que por otra parte es tan volátil como nuestra propia incompetencia.
La fiesta sigue. Después de los rallys de bolsas americanas y europeas -especialmente la española- parece que la mayoría de inversores va a volver a tropezar con la piedra de siempre. Cuándo? No se puede precisar, pero lo que es seguro es que la piedra está ahí y los inversores, ebrios de tanta subida, corren alocados como pollos sin cabeza. ¿Y cuál es la piedra en la que van a tropezar muchos? Pues lógicamente unas valoraciones de bolsas desarrolladas que para nada son ya baratas, por no decir que empiezan a estar ya caras. Sobre todo si tenemos en cuenta que los beneficios empresariales están en máximos y los tipos de interés en mínimos, lo cual inevitablemente nos acerca a su fin e inicio del ciclo inverso.
