‘Preserving in turbulent times’ is not the title of this summer’s soap opera, but rather the pressing need for all those who manage their own wealth. It is also one of the guiding principles for some wealth managers working on behalf of others, though unfortunately the latter tend to be more concerned with retaining their long-suffering clients commercially by reducing their volatility, rather than preserving their assets and ensuring their sound long-term growth. Unfortunately, many managers of other people’s money are more interested in today’s bread (their own) and, in their short-sightedness, ignore tomorrow’s hunger (that of their clients and also their own). This brings us back to the old debate as to whether one should only entrust one’s money to advisers who have built up their own wealth and who co-invest with their clients, or whether any independent broker with sufficient technical training would suffice. But that is a discussion worthy of another article. (more…)
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Today we’re bringing you a real gem in the form of an interview. It is none other than the one given by the best fund manager of the first decade of the 21st century, Bruce Berkowitz, to the prestigious financial journalist Consuelo Mack just seven days ago. It is fascinating to read Berkowitz’s arguments and convictions today, right in the midst of the financial storm, when his flagship fund, Fairholme, has lost almost a third of its value since the start of the year. A slump that many see as a sign of his decline as a fund manager, but which some view as a huge opportunity. His interviewer, Mack, is regarded by *Money Magazine* as «the best money TV host», and her programmes attract a huge audience. Enjoy Berkowitz’s reflections whilst the financial world crumbles around us (we’ll be posting the full Spanish translation shortly): 
Yes, but no. This seems to be the direction the EU is taking with its existential doubts. An uncertain course with the pretence of treading water, buying time, hoping that the Eurozone will still be able to breathe, when the sun wants to rise over a horizon that today is still black, very black. 
The announcement by the Swiss National Bank (SNB) (
Let's make a very simple and brief emergency analysis of what happened in the markets and within the ECB last Thursday and Friday. As you have all seen, in unison with rumours of a Greek default, the Euro plummeted almost 3% to 1.3650 in less than 48 hours and almost 6% in 10 days. All indicators of Greek default risk were stressed, breaking all-time records. Risk premiums spread, of course, to the rest of the European periphery. Germany leaked the readiness of its bank rescue plan in the face of the imminent Greek default. And markets plunged another 4% across the board, spreading to Wall Street. Meanwhile, politicians continue to juggle grenades, and it seems that the only one lucid enough to realise the impending danger is Mr. Market. 
Much is being written about the constitutional reform that is supposedly intended to limit Spain’s public deficit in the coming years. We are all seeing daily statements denouncing that we have been sold out to the markets, that the Constitution has been amended under cover of darkness and with malicious intent, that it is unacceptable for the welfare state to be subordinated to the dictates of the markets, and so on. I would like to draw particular attention to the article published on 1 September in 
On 7 August we published the first part of this article «The future of the European Union".«