We are already seeing evidence of a new paradigm in the world of finance. The New Normal of which so much we have spoken at repeatedly It is here and it is here to stay. So we have a very uncertain outlook ahead of us. With an influence of central banks that has never been seen before and that distorts everything, but be careful: an intervention that tends to be reduced in the USA and increased in Europe.
Let's take it one step at a time. As far as equities are concerned, it should not escape anyone's notice that stock prices in the US and even in many Eurozone countries are expensive. It is true that the influence of exceptional measures by the respective central banks can keep company prices well above their fair value for a long time. And that this is a desire that every ruler usually embraces, as it improves, at least in appearance, the financial state of the population and its consequent consumption, optimism, voting, etc. But we should not forget that QE in the US is on its way to drying up and that rates are close to a rationalisation in the form of a rally. Therefore, the US stock market has anything but fundamental appeal. And the universal law of the market is implacable, so investments in expensive stocks relative to the fundamentals of these businesses will only lead to disappointment - permanent losses - in the medium to long term. (more…)
The concept is new and meets a logical and increasingly common need in a globalised world. It is common knowledge that Family Offices are companies or groups of professionals that are essentially dedicated to the management and control of the assets of one or several families, as well as to attending to all aspects that may affect these family groups, such as taxation, legal advice or assistance in family logistics and concierge services (concierging), among others. But the new figure that has appeared for the users of a Family Office (whether they are Clients of a Multi-Family Office, or owners of a Single-Family Office), is that of the Outpost FO, or global support network for a Family Office. 
La mayoría tendréis en la memoria la famosa película española titulada “
First of all, we must tell you that the subject we are going to deal with today is complex and may offend some professional sensibilities. But that is not our intention at all, but rather our interest is focused on clarifying a situation that is currently generating a lot of confusion and, more importantly, is damaging families with a certain amount of wealth. Both large fortunes and small savers. We will therefore discuss, for example, Santander's convertible bonds, the recent inflammatory statements by Greg Smith (ex-Goldman Sachs), the types of assets that a properly diversified wealth should contain, the Spanish and Luxembourg regulators, banking, EAFIs, Family Office, or how to distinguish between a perverse advice and a perverse advice. comme il faut. We apologise for the length of the post, but we have chosen to publish it in its entirety so as not to lose the thread in the middle of the reflections that follow. 
This week I came across an article published in FundsPeople titled «
«Some central banks in Europe are beginning to assess contingency plans for the possibility that some countries may leave the euro area or that the monetary union may collapse completely».» This is the headline of the