This implies neither more nor less than making an individual “portfolio” decision, where taking the initiative not to consume all our income, we have to get down to work. For that, let us think about certain elements of analysis that we must not neglect:
Before entering into any investment decision, in which we deposit our savings, we must analyze if the intermediary through which we are going to carry out our stock operations is registered in the National Securities Commission (CNV), the regulatory body of the local capital market. All capital market agents must be registered with the CNV. The analysis is simple, if it is not registered, we do not have to trust our savings in said agent. In addition, the local market has a collective deposit system through the Caja de Valores, which provides security for the custody of the securities in the investors’ principal accounts. Argentina’s economic history plays in its favor.
Aguinaldo: Is it worth the effort? What does the context say?
All investment implies a previous saving, and said saving an effort of not present consumption, with the promise or expectation of a greater future consumption. The expectations that each one has regarding the dollar, the interest rate and the inflation rate are important. Internationally and locally, inflation dominates. The interest rate is negative. The FED is more aggressive, questioning economic growth in the United States. At the local level, the rise in the interest rate is not enough to cover the loss due to inflation, the market doubts the debt of the Argentine Treasury in pesos that is adjusted for inflation and begins to dollarize its portfolios.
Aguinaldo: What are some of the instruments available?
There are conservative options such as the Mutual Investment Funds with greater liquidity (being able to access from the bank account via home-banking from the cell phone or virtual wallet), placements in stock market guarantees (an operation similar to a “fixed term” in the stock market), going through the bonds in pesos that adjust for inflation. Or in case of wanting to dollarize our savings, corporate bonds in dollars or dollar “linked” that adjust to the official dollar, or even in Cedears of shares or ETF (funds traded in international markets)
Aguinaldo: What risk does each one assume?
When we invest in fixed income assets such as bonds, we primarily face the credit risk of the issuer of the bond. That is, that it does not comply with the stipulated conditions promised by the bonus. In addition, the interest rate and reinvestment risks, and the exchange rate and inflation risk are added. Equity instruments are tied to price and exchange rate risk. Any investment in search of a return involves risk. The key is to determine the risk that each one tolerates and for that it is essential to know how they work and operate. The best way to learn to invest is by investing. There are no shortcuts, it is a long-term learning process.
The decision to invest in the stock market, like losing weight, requires determination, a realistic plan of action and patience so that over time the capitalization of investments works in our favor and is reflected in the performance of our efforts, or It’s from our savings.
Professor of the Department of Economics and Finance. Coordinator FIN LAB UADE.
Source: Ambito
