{"id":22752,"date":"2007-05-23T09:03:00","date_gmt":"2007-05-23T09:03:00","guid":{"rendered":"https:\/\/clusterfamilyoffice.com\/blog\/?p=604"},"modified":"2007-05-23T09:03:00","modified_gmt":"2007-05-23T09:03:00","slug":"planes-de-bolsa-a-huevos-vistos-seguro-que-es-toro","status":"publish","type":"post","link":"https:\/\/clusterfamilyoffice.com\/en\/planes-de-bolsa-a-huevos-vistos-seguro-que-es-toro\/","title":{"rendered":"Stock Market Plans. \u00abWhen you see the eggs, it\u2019s bound to be a bull.\u00bb."},"content":{"rendered":"
\"\"<\/a>Every day, more and more pension schemes based on equities are being set up. It is very common to find financial advisers who recommend investing in the stock market to provide for our retirement (sic<\/span><\/span>). Some even state loud and clear that \u00abonly the parquet<\/span><\/span> \u00bbare capable of consistently outperforming inflation\u2019, a statement made by the managing partner of Abante<\/span><\/span> Advisers<\/a> or articles such as the one published last week in Five Days<\/a>. The inherent risk is of little consequence, as is the fact that the variable yields 18%, Keep it coming \u2013 it\u2019s war!<\/span><\/div>\n
It seems obvious that we should put our future survival at risk senile<\/span><\/span> in the stock market, so as to maintain our purchasing power and support the State throughout our lives. But Let\u2019s stop<\/span><\/span> Let\u2019s analyse this situation a little. We have been building up capital through saving over decades, to ensure we can enjoy a dignified old age and retirement, without relying on the unlikely prospect of state support in the form of a pension. So far, so reasonable. But it turns out that most \u00abexperts\u00bb advise us to invest it in the stock market because this is the only way to beat inflation in the long term after tax. In other words: risk and higher taxation on profits. What a curious way to beat the purchasing power and tax advantages offered by pension schemes! Ah<\/span><\/span>, I\u2019d forgotten that we\u2019ll also be paying substantial commissions to our advisers along the way. If we agree on a success<\/span><\/span> fee<\/span><\/span>, it\u2019s true that we\u2019ll only pay out if there\u2019s a happy ending, but if the story ends badly, we won\u2019t care much about having saved a few commission points. Is it to boost their commissions that most advisers suggest linking retirement savings to equities? In some cases, yes. But in others, it may simply be down to incompetence.
It is true that we will always have the option of selling the knotted<\/span><\/span> our home, as our friend so aptly explains Echevarri<\/span><\/span><\/a>, even if it is to the detriment of potential heirs. But it wouldn\u2019t be long before the \u00abexpert financial advisers\u00bb proposed another investment in RV<\/span><\/span> to make the best use of our resources in old age, putting<\/span> Let\u2019s make the most of this new and substantial influx of money into our (your) pockets.\"\"<\/a>In short, by gambling our future away on the markets, we may end up old, possibly ill and poor, albeit with an impeccable track record as loyal contributors to the state coffers and to those of our financial advisers. Of course, one day someone might say that they chose appropriately<\/span><\/span> by investing his future in the stock market, if the markets have treated him well right up until the end of his days. But, if I may say so: \u00abWhen you see the balls, it\u2019s definitely a bull\u00bb.
A pension scheme should, in essence, be a guaranteed accumulation of capital in fixed-income investments, but one that clearly offsets the loss of purchasing power. One option I consider less suitable is fixed-income funds High<\/span><\/span> Yield<\/span><\/span> or emerging market debt, because it carries a risk that is by no means negligible. Even so, with careful selection, it would be a viable long-term alternative to the risk<\/span> on the stock market. My preferred option for the past couple of years has been sophisticated fixed-income investments: that is to say, funds comprising bonds, debentures and preference shares, which pay out dividends and have leverage<\/span><\/span> up to 300% and ratings<\/span><\/span> Type A approximations. In other tickets<\/a> I\u2019ve already told you about them.
Please, Do not confuse the leverage<\/span><\/span> fixed-income investments with equity investments<\/span>. Fernando Calatayud<\/span><\/span> gives us, as always, a masterclass<\/a> regarding the risks associated with these leverage<\/span><\/span> in a variable.
I have attached the original script for the farewell letter<\/a> the one Fernando is referring to. Awe-inspiring<\/span><\/span>, but don\u2019t miss the rest of the comments. And here\u2019s also a light-hearted take on the world of variables from the interesting Company Blog<\/a>.
I find it even more disgraceful that renowned financial advisers recommend investing one\u2019s retirement savings in share schemes. Whether this is due to a thirst for commission or to incompetence and a lack of knowledge regarding more imaginative forms of low-risk, high-yield fixed-income investments. It doesn\u2019t matter; in any case, they are gambling with the future of many families who, unlike the cases mentioned in that anonymous letter, may find themselves ruined when their age no longer allows them to react. But they will prefer the commissions and praise from those who know it\u2019s a bull market only after the fact\u2026<\/div>","protected":false},"excerpt":{"rendered":"

Cada d\u00eda se crean m\u00e1s y m\u00e1s planes de pensiones basados en la renta variable. Es muy com\u00fan encontrar asesores financieros que aconsejan invertir en bolsa para asegurar nuestra vejez (sic). Incluso algunos afirman alto y claro que \u00abs\u00f3lo los parqu\u00e9s son capaces de superar sistem\u00e1ticamente la inflaci\u00f3n\u00bb, frase perpetrada por el mism\u00edsimo socio director […]<\/p>\n","protected":false},"author":6,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-22752","post","type-post","status-publish","format-standard","hentry","category-sin-categorizar"],"_links":{"self":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/22752","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/comments?post=22752"}],"version-history":[{"count":0,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/22752\/revisions"}],"wp:attachment":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/media?parent=22752"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/categories?post=22752"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/tags?post=22752"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}