elPel@s

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Moving out!!!

Posted by elpelas on April 3, 2009 at 4:06 AM Comments comments (0)


Estoy mudando el blog...




Puedes encontrarme aqui.


PARAISOS FISCALES: LA GRAN EVASION

Posted by elpelas on April 2, 2009 at 5:44 AM Comments comments (5)


A todos aquellos que no os gusta que os saquen las pel@s, tal vez os interese ver este documental...



Paraísos fiscales: la gran evasión







El blog de mi colega Mario

Posted by elpelas on March 9, 2009 at 8:29 AM Comments comments (1)



Aunque sigo siendo asiduo al blog de mi colega Martin, últimamente le soy infiel con el blog de mi colega Mario.


Mario Conde fue Abogado del Estado, Empresario & Banquero, y apesar de su caída y de las pel@s que ésta me costó en su día, continúo pensando que es una de las mentes más lúcidas que existen actualmente en España. Por eso me sorprendió que se dejase entrevistar en La Noria ya que, en mi modesta opinión, ésto es ponerse a la altura de personajillos de la talla de Julián Muñoz, Violeta Santander y demás faranduleros, pero Mario es mayorcito y sabrá por qué lo hizo.


Os facilito la entrevista para que juzgueis vosotros:


Video Mario Conde entrevista en La Noria - Parte 1

Video Mario Conde entrevista en La Noria - Parte 2

Video Mario Conde entrevista en La Noria - Parte 3

Video Mario Conde entrevista en La Noria - Parte 4

Video Mario Conde entrevista en La Noria - Parte 5

Mi banquero es un gorrilla

Posted by elpelas on January 6, 2009 at 5:44 AM Comments comments (0)

Cuanto más leo de finanzas... ¡¡¡más alucino!!!


Puede que yo sea un panoli, puede que sea por no tener estudios, pero de verdad... A-L-U-C-I-N-O. Hoy leo otro articulo en elEconomista en el que nos explican que mi colega Paco (Don Francisco para vosotros) se repartirá con su banda 133 millones de euros en acciones de BBVA.


Parece que estos 14,63 millones de títulos -el 0,4% del capital social- se los regalan a si mismos por no haber hundido en banco y haber sido de los que menos pel@s han hecho perder a sus accionistas.


No entiendo lo que ésto quiere decir, pero imagino que es como si uno de mis clientes me contrata para eliminar una fuga de una de sus tuberias, y un año después me da una propina porque la dejé goteando y no le ha inundado el piso del vecino de abajo. ¡¡¡Imaginaos cual habría sido mi propina si la arreglo bien y la dejo sin gotear!!!


"De entre catorce entidades del Viejo Continente, el español ha ofrecido a día de hoy la cuarta mejor remuneración a sus accionistas, con una pérdida del 35 por ciento después del desplome generalizado por la crisis, por detrás del alemán Deutsche Bank, el español Santander y el italiano Intesa Sanpaolo. A cierre de 2007, según los propios cálculos de BBVA, ocupaba la tercera posición"


Reflexionando un poco, y teniendo en cuenta que la acción  de BBVA pasó de 16,42 a 7, 04 euros en tan sólo unas pocas semanas, supongo que se les propinea (incentiva, según su lenguaje) por no haber hundido el banco y haber dejado a los accionistas en la ruina.


Ésto me hace pensar y darme cuenta que tampoco hay tanta diferencia entre mi banquero (el señor que se supone cuida de mi dinero) y mi gorrilla (el señor que se supone cuida de mi coche).


Si a mi gorrilla no le incentivo con una propina, destroza mi coche...

Si a mi banquero no le incentivo con una propina, destroza mi patrimonio...


Se supone que es más refinado, lleva zapatos más relucientes, y se ducha todos los días, pero en el fondo me acabo de dar cuenta que lamentablemente mi banquero es tan sólo "un gorrilla de cuello blanco"...




resumen  noticias  perfil  recomendaciones / consenso  gráficos  histórico 



?Debes que dar propina a tu banquero?

Posted by elpelas on January 4, 2009 at 5:34 AM Comments comments (0)

La verdad es que hoy he leído un artículo en eleconomista que me ha llamado la atención... Mis colegas Emilio, Ana P, Alfredo, Paco, Matias & Co. han currado en 2008 y se han quedado sin propina.


Supongo que estos chicos, y esta chica con curro de chico, no han faltado a la oficina, han movido un millón de papeles, han firmado mil treiscentos ventidos documentos, han calentado su silla las ocho horas que regula el convenio del banquero  y se han colocado correctamente su corbata roja, asi que ¿por que demonios se han quedado sin propina?


Bueno... es cierto que la accion del banco ha caido de 13,81 a 4,90 euros en tan solo unos meses, que sus bonos no son buenos y ya valen casi la mitad de los que os costaron, que se la metieron los de Lehman, los de Madoff, e incluso los de FundPanoli, pero...¿realmente hay que castigarles por esas pequeñeces?


Que yo sepa mi colega Emilio (Don Emilio para vosotros) tiene nómina, al igual que la Ana Patri, Matias, Paquito y Alfredin... Además todos ellos tienen su bonus por ser buenos, sus dietas por currar fuera de la oficina, su Audi del Santander, su chofer de Santander, Avila o Teruel, sus creditos a bajo interes, y sus... inmumerables privilegios por emular al jefe cuasi ahorcándose cada mañana con la tradicional soga de seda roja tan de moda en Santander.



¿Considerais justo que adicionalmente les tengamos que dar propina si ademas de currar lo hacen bien? No se, no se... la vida esta muy dura y la propina, al igual que la urraca, son especies en extincion.


Soy un obrerete, y a los del traje azul habitualmente nos han propineado por doquier... voy a los bares y observo que a los de la chaqueta blanca tradicionalmente tambien se les propinea, pero.... ¿realmente pensais que a los de la corbata roja se les debe propinear?

Is it too late to invest in Madoff's fund?

Posted by elpelas on December 23, 2008 at 4:09 AM Comments comments (0)

With the incredible return obtained through Fairfield Sentry, a fund of funds of Fairlfied Greenwich Group since 1990, I'm wondering if it is too late to invest with Noel & Sons in Madoff's fund...




It seems to be a great opportunity for a small investor, like you and me, to increase our net worth and retire rich. And the best of it is that this fund of funds offers portfolio diversification and the benefits of the investment expertise of some of the world's most experienced, successful, and exclusive hedge fund managers, as FFG's website proclaims.



Mi agradecimiento a La Vane, mi asistent@, por traducir los textos al inglés :)

Bernie Madoff is so secretive, he even asks investors to keep mum

Posted by elpelas on December 20, 2008 at 1:43 PM Comments comments (0)
BARRONS
Monday, May 7, 2001
FEATURES MAIN

Don't Ask, Don't Tell
Bernie Madoff is so secretive, he even asks investors to keep mum

By ERIN E. ARVEDLUND

Bernie Madoff might as well hang that sign on his secretive hedge-fund empire. Even adoring investors can't explain his enviably steady gains.

Two years ago, at a hedge-fund conference in New York, attendees were asked to name some of their favorite and most-respected hedge-fund managers. Neither George Soros nor Julian Robertson merited a single mention. But one manager received lavish praise: Bernard Madoff.

Folks on Wall Street know Bernie Madoff well. His brokerage firm, Madoff Securities, helped kick-start the Nasdaq Stock Market in the early 1970s and is now one of the top three market makers in Nasdaq stocks. Madoff Securities is also the third-largest firm matching buyers and sellers of New York Stock Exchange-listed securities. Charles Schwab, Fidelity Investments and a slew of discount brokerages all send trades through Madoff.

Some folks on Wall Street think there's more to how Madoff (above) generates his enviable stream of investment returns than meets the eye. Madoff calls these claims "ridiculous". But what few on the Street know is that Bernie Madoff also manages $6billion-to-$7 billion for wealthy individuals. That's enough to rank Madoff's operation among the world's three largest hedge funds, according to a May 2001 report in MAR Hedge, a trade publication.

What's more, these private accounts, have produced compound average annual returns of 15% for more than a decade. Remarkably, some of the larger, billion-dollar Madoff-run funds have never had a down year.

When Barron's asked Madoff Friday how he accomplishes this, he said, "It's a proprietary strategy. I can't go into it in great detail."

Nor were the firms that market Madoff's funds forthcoming when contacted earlier. "It's a private fund. And so our inclination has been not to discuss its returns," says Jeffrey Tucker, partner and co-founder of Fairfield Greenwich, a New York City-based hedge-fund marketer. "Why Barron's would have any interest in this fund I don't know." One of Fairfield Greenwich's most sought-after funds is Fairfield Sentry Limited. Managed by Bernie Madoff, Fairfield Sentry has assets of $3.3 billion.

A Madoff hedge-fund offering memorandums describes his strategy this way: "Typically, a position will consist of the ownership of 30-35 S&P 100 stocks, most correlated to that index, the sale of out-of-the-money calls on the index and the purchase of out-of-the-money puts on the index. The sale of the calls is designed to increase the rate of return, while allowing upward movement of the stock portfolio to the strike price of the calls. The puts, funded in large part by the sale of the calls, limit the portfolio's downside."

Among options traders, that's known as the "split-strike conversion" strategy. In layman's terms, it means Madoff invests primarily in the largest stocks in the S&P 100 index -- names like General Electric, Intel and Coca-Cola. At the same time, he buys and sells options against those stocks. For example, Madoff might purchase shares of GE and sell a call option on a comparable number of shares -- that is, an option to buy the shares at a fixed price at a future date. At the same time, he would buy a put option on the stock, which gives him the
right to sell shares at a fixed price at a future date.

The strategy, in effect, creates a boundary on a stock, limiting its upside while at the same time protecting against a sharp decline in the share price. When done correctly, this so-called market-neutral strategy produces positive returns no matter which way the market goes.

Using this split-strike conversion strategy, Fairfield Sentry Limited has had only four down months since inception in 1989. In 1990, Fairfield Sentry was up 27%. In the ensuing decade, it returned no less than 11% in any year, and sometimes as high as 18%. Last year,
Fairfield Sentry returned 11.55% and so far in 2001, the fund is up 3.52%.

Those returns have been so consistent that some on the Street have begun speculating that Madoff's market-making operation subsidizes and smooths his hedge-fund returns.

How might Madoff Securities do this? Access to such a huge capital base could allow Madoff to make much larger bets -- with very little risk -- than it could otherwise. It would work like this: Madoff Securities stands in the middle of a tremendous river of orders, which
means that its traders have advance knowledge, if only by a few seconds, of what big customers are buying and selling. By hopping on the bandwagon, the market maker could effectively lock in profits. In such a case, throwing a little cash back to the hedge funds would be no big deal.

When Barron's ran that scenario by Madoff, he dismissed it as "ridiculous."

Still, some on Wall Street remain skeptical about how Madoff achieves such stunning double-digit returns using options alone. The recent MAR Hedge report, for example, cited more than a dozen hedge fund professionals, including current and former Madoff traders, who questioned why no one had been able to duplicate Madoff's returns using this strategy. Likewise, three option strategists at major investment banks told Barron's they couldn't understand how Madoff churns out such numbers. Adds a former Madoff investor: "Anybody who's a seasoned hedge- fund investor knows the split-strike conversion is not the whole story. To take it at face value is a bit na?ve."

Madoff dismisses such skepticism. "Whoever tried to reverse-engineer, he didn't do a good job. If he did, these numbers would not be,unusual." Curiously, he charges no fees for his money-management,services. Nor does he take a cut of the 1.5% fees marketers like Fairfield Greenwich charge investors each year. Why not? "We're perfectly happy to just earn commissions on the trades," he says.

Perhaps so. But consider the sheer scope of the money Madoff would appear to be leaving on the table. A typical hedge fund charges 1% of assets annually, plus 20% of profits. On a $6 billion fund generating 15% annual returns, that adds up to $240 million a year.

The lessons of Long-Term Capital Management's collapse are that investors need, or should want, transparency in their money manager's investment strategy. But Madoff's investors rave about his performance -- even though they don't understand how he does it. "Even knowledgeable people can't really tell you what he's doing," one very satisfied investor told Barron's. "People who have all the trade confirmations and statements still can't define it very well. The only thing I know is that he's often in cash" when volatility levels get extreme. This investor declined to be quoted by name. Why? Because Madoff politely requests that his investors not reveal that he runs their money.

"What Madoff told us was, 'If you invest with me, you must never tell anyone that you're invested with me. It's no one's business what goes on here,'" says an investment manager who took over a pool of assets that included an investment in a Madoff fund. "When he couldn't
explain \ how they were up or down in a particular month," he added, "I pulled the money out."

For investors who aren't put off by such secrecy, it should be noted that Fairfield and Kingate Management both market funds managed by Madoff, as does Tremont Advisers , a publicly traded hedge-fund advisory firm.

Is this a joke

Posted by elpelas on December 20, 2008 at 2:46 AM Comments comments (0)



Is this a joke?

Posted by elpelas on December 19, 2008 at 6:03 AM Comments comments (0)


No comments!!!



Del Bernie ca?do, todos quieren hacer le?a

Posted by elpelas on December 18, 2008 at 10:40 AM Comments comments (0)
He sido muy cr?tico con Bernie Madoff, porque su negociete me parece poco ?tico, pero lo que tambi?n me parece vergonzoso es que los periodistas se permitan el lujo de pegar empujones a un anciano, que hace tan s?lo 7 d?as era intocable.

Yo exijo un juicio justo, pero tambi?n exijo respeto y educaci?n.

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