{"id":352,"date":"2009-06-10T00:01:00","date_gmt":"2009-06-10T00:01:00","guid":{"rendered":"https:\/\/clusterfamilyoffice.com\/blog\/?p=352"},"modified":"2009-06-10T00:01:00","modified_gmt":"2009-06-10T00:01:00","slug":"el-circo-de-la-banca","status":"publish","type":"post","link":"https:\/\/clusterfamilyoffice.com\/en\/el-circo-de-la-banca\/","title":{"rendered":"The Banking Circus."},"content":{"rendered":"
Welcome to the wonderful world of the Banking Circus!<\/span> Come and see for yourselves: here you\u2019ll find a world of thrills. With real wild beasts that will send shivers down your spine with their roars and swipes, magicians who will leave you speechless with their tricks, tightrope walkers, contortionists in impossible poses, and escape artists<\/span> who will free themselves from impossible traps and, of course, clowns who will make us laugh out loud.<\/span><\/p>\n

\"\"<\/a>That is how our article from a year and a half ago, entitled \u00abThe Stock Market Circus<\/a>\u00ab\u2026 And just as we had feared at the time, a few months later \u2026\u00abThe contortionists, tightrope walkers, magicians, wild animals and clowns ceased to be a spectacle and became a nightmare <\/span>surreal<\/span>.<\/span>\u00bbThe same thing has happened to the Banking Circus:<\/p>\n

In the summer of 2008, we published this article<\/a> in which we could clearly see how all the recommendations to invest 30,000 euros made by various organisations in Expansion<\/a>. It is interesting to read now, almost a year later, the recommendations made by other organisations for investing 20,000 euros. This time, the article is published by Five Days<\/a>, and it goes without saying that the same colossal, widespread mistake of \u00abcoffee for everyone\u2019 is still being made, but this time consciously and from a somewhat more critical journalistic perspective. A year ago, the condition set by the alleged investor\/journalist was something as surreal as a generic \u2018without taking on high levels of risk<\/span>\u00ab. This time, the reporter\u2019s headline doesn\u2019t even reach the level of the absurd; it reads, verbatim: \u00ab\u201dmake the most of 20,000\u2032 \u2013 \u20ac<\/span>\u00ab\u2026 It\u2019s a bit like sending an email to the pharmacist saying: \u00ab\u2019Give me something to make me better<\/span>\u00ab. Mad.<\/p>\n

\"\"<\/a>In reality, the people featured in these articles and their readers do not care in the slightest about their usefulness or about finding out which advice is appropriate for each investor. Among many other reasons, this is because the circumstances of these investors and those 20 or 30 thousand euros are ignored (and anyone who claims that the correct application of the useless MiFID solves the problem is lying for their own gain). Both articles merely carry out research \u2013 critical in the case of *Cinco D\u00edas* and shameful in the case of *Expansi\u00f3n* \u2013 to find out what the organisations they interview are most keen to sell. And anyone who hopes to gain anything more from reading them is sorely mistaken.<\/p>\n

\"\"<\/a>Or does anyone actually think that the same approach should be taken with the \u20ac20,000 or so held by various investors? Well, apparently \u2013 and sadly \u2013 the answer is yes, given that such nonsense is written, published and read, and almost never with a critical eye, as in this case with *Cinco D\u00edas*. And what\u2019s worse, it influences the behaviour of less well-informed investors. To give a few examples that everyone can easily understand: You should not invest \u20ac20,000 \u2013 which represents a pensioner\u2019s entire life\u2019s savings \u2013 in the same way as the \u20ac20,000 of a young person with a brilliant career ahead of them and a strong, growing capacity to save. Nor should the \u20ac20,000 of an heiress with the means to educate herself financially be invested in the same way as that of a housewife who has come into money from a lottery win. Nor should the \u20ac20,000 of a mediocre young professional be invested in the same way as that of a middle-aged business owner. Nor should the \u20ac20,000 of someone with assets of 50,000 or 1 million\u2026 We could go on with countless other examples, because every investor is a world unto themselves and must manage their wealth in a way that suits their circumstances. Do you now understand why the only information these stupid and\/or dangerous financial press articles reveal to us is the type of investment that best suits the financial institutions\u2019 own interests at that particular moment? The problem is that most readers indiscriminately seek (and find!) in them advice that serves the interests of their families (sic).<\/p>\n

\"\"<\/a>It\u2019s also interesting to see how financial institutions still wanted to sell last summer<\/a> equity funds (our own, of course) and \u00abalternative investment<\/a>\u00ab. However, this year<\/a> They are content to desperately attract deposits by offering all manner of structured deposits to boost their Tier 2 capital, and preference shares to shore up their Tier 1 capital. Gone are the days of eagerly selling funds that generate commission. The bank\u2019s profits are no longer the priority; rather, the vital thing now is to cover up the technical bankruptcy in which the Spanish banking sector finds itself. That is why preference shares are being sold whilst lying to anyone willing to believe that they are an alternative to the IPF, amongst many other commercially effective tall tales.<\/p>\n

In this piece of journalism deforming<\/span>, it transcribes conversations typical of encyclopaedia salesmen who shamelessly exploit families\u2019 finances. Based on our experience, we can assure you that the lack of transparency and the lies perpetrated by staff at these organisations are usually directly proportional to their victims\u2019 financial illiteracy and to the sales pitches they have been given<\/span> depending on the severity of the institution\u2019s technical insolvency<\/span>. Both of the articles mentioned also show that the organisations always<\/span> make recommendations in their own interests exclusively<\/span>. And also that they have long since given up on making a profit and are only concerned with surviving at our expense. We would be satisfied if, after reading this article, people were to take a different view of the investment recommendations that are published left, right and centre. Let\u2019s see if, together, we can put an end to the widespread sensationalism in the \u2018salmon-coloured\u2019 press.<\/div>","protected":false},"excerpt":{"rendered":"

\u00a1Bienvenidos al maravilloso mundo del Circo de la Banca! Pasen y vean: Aqu\u00ed encontrar\u00e1n un mundo de emociones fuertes. Con aut\u00e9nticas fieras salvajes que les har\u00e1n estremecer con sus rugidos y zarpazos, ilusionistas que nos dejar\u00e1n boquiabiertos con trucos m\u00e1gicos, equilibristas en la cuerda floja, contorsionistas con posturas inhumanas, escapistas que se liberar\u00e1n de trampas […]<\/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-352","post","type-post","status-publish","format-standard","hentry","category-sin-categorizar"],"_links":{"self":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/352","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=352"}],"version-history":[{"count":0,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/posts\/352\/revisions"}],"wp:attachment":[{"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/media?parent=352"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/categories?post=352"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/clusterfamilyoffice.com\/en\/wp-json\/wp\/v2\/tags?post=352"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}