Las decisiones de inversión a lo largo del ciclo

Felix Zulauf:

• Cyclicality: Economies and markets move in recurring cycles;
• Valuation: Relative valuation between asset classes reverts to a mean over long periods of time;
• Sentiment: Sentiment is a useful contrary indicator, especially at extremes;
• Momentum: Over the medium term, cyclical trends can develop their own sustaining momentum;
• Risk Management: Minimizing losses and managing exposure are crucial components of positive returns.