Price to book value
Identificar países por su bajo precio con respecto a su book value suele ser un buen sistema para encontrar mercados infravalorados, que mercados sin interesantes a día de hoy?
Los de Saxo Bank nos dicen que está estrategia funcionó mal en 2014 y tampoco funcionará en 2015, para mí es una estrategia de muy largo plazo….
Growth will pay off in 2015
While developed markets outperformed emerging market equities, growth markets outperformed value markets by a wide margin. An equal-weighted portfolio of the five markets with the highest price-to-book ratio outperformed the five cheapest markets by 50 percentage points (see chart below).
As this stark difference in performance highlights, value — or buying cheap assets/countries — is not always a good thing. In the long run it pays out but there can be long periods of underperformance. Our view is that growth markets will continue to outperform in 2015 and as such, investors should be overweight countries such as India, the Philippines, USA, Mexico, Indonesia and South Africa while underweight Russia, Greece, Hungary, Brazil, Austria and Italy.