{"id":26312,"date":"2017-07-18T09:58:04","date_gmt":"2017-07-18T07:58:04","guid":{"rendered":"http:\/\/www.tressis.com\/blog\/?p=26312"},"modified":"2017-07-18T09:58:04","modified_gmt":"2017-07-18T07:58:04","slug":"riesgo-controlado","status":"publish","type":"post","link":"https:\/\/www.tressis.com\/ca\/blog\/riesgo-controlado\/","title":{"rendered":"Riesgo controlado"},"content":{"rendered":"<p>A medida que van pasando los meses, nos encontramos un entorno macroecon\u00f3mico que vence los eventos pol\u00edticos y confirma un avance lento, pero seguro de las econom\u00edas.<!--more--><\/p>\n<p>Si podemos categorizar este periodo reciente, ha sido \u201cel fracaso del miedo pol\u00edtico\u201d. <i>Brexit<\/i>, las elecciones en EEUU, los comicios en Francia y Holanda han demostrado ser oportunidades, no riesgos.<\/p>\n<p>Otros eventos geopol\u00edticos, como la debilidad de las materias primas, han demostrado que el cisne negro no se materializaba. Las econom\u00edas emergentes, dependientes de dichas materias primas, no van a crecer tanto como esperaban los que se lanzaron a creer en el espejismo de la inflaci\u00f3n, pero tampoco muestran un impacto tan grave. Hemos revisado a la baja las expectativas de crecimiento de Latinoam\u00e9rica y Asia Central, pero a pesar de los peores datos de Brasil, en particular, no podemos hablar de un impacto negativo excesivo.<\/p>\n<p>Eso no debe llevarnos a un optimismo desmesurado.<\/p>\n<p>El crecimiento global en 2017 ni va a contar con unos EEUU duplicando crecimiento, ni Reino Unido liderar\u00e1 la OCDE, ni la inflaci\u00f3n global se va a disparar. Efectivamente, 2017 es otro a\u00f1o de las tres B que avanzamos en nuestra<a href=\"https:\/\/www.youtube.com\/watch?v=LfMTnXXKyqo&amp;list=LL65egYykyPvr-IrirmG7OHA\" target=\"_blank\" rel=\"noopener\"> presentaci\u00f3n anual de 2016<\/a>: Bajo crecimiento, Baja inflaci\u00f3n y Bajos tipos.<\/p>\n<p>La econom\u00eda europea avanza a buen ritmo, pero da la sensaci\u00f3n de que las estimaciones empiezan a ser demasiado agresivas, como ocurri\u00f3 con EEUU. Las expectativas de inflaci\u00f3n, de nuevo, est\u00e1n revis\u00e1ndose a la baja y nos muestran que debemos ser cautelosos con la euforia en Europa. Una cosa es un crecimiento moderado, y recuper\u00e1ndose, y otra cosa un optimismo injustificado. Los riesgos en las expectativas de Francia, por exceso de optimismo, y en Italia, por evidente ralentizaci\u00f3n, no son peque\u00f1os. Por ello, es l\u00f3gico esperar que se vaya desinflando la euforia con el euro, en especial contra el d\u00f3lar y la libra, a niveles m\u00e1s l\u00f3gicos. El an\u00e1lisis de REER (<i>real effective exchange rate<\/i>) muestra una posible sobrevaloraci\u00f3n del euro contra la cesta de monedas con las que comercia, de casi un 20%.<\/p>\n<p><strong>\u00bfQu\u00e9 nos hace ser m\u00e1s cautelosos?<\/strong> La formaci\u00f3n bruta de capital, las expectativas de inflaci\u00f3n y la concesi\u00f3n de nuevo cr\u00e9dito indican \u201coptimismo moderado\u201d, no euforia. La Uni\u00f3n Europea est\u00e1 saliendo de la crisis de manera adecuada, con super\u00e1vit comercial y con d\u00e9ficits fiscales a la baja.<\/p>\n<p><strong>\u00bfCu\u00e1les son los centros de preocupaci\u00f3n?<\/strong> La deuda global se ha disparado al 325% del PIB, mientras la ratio de intereses relativa a ingresos sigue empeorando.<\/p>\n<p>Otra preocupaci\u00f3n es China. Los buenos datos de PIB, creciendo al 6,9% en el segundo trimestre, contrastan con un aumento desproporcionado de la deuda al 277% del PIB y un m\u00e1s que peligroso nivel de acumulaci\u00f3n de inventarios, que posteriormente se lanzan a exportar a cualquier precio para liberar capacidad, exportando desinflaci\u00f3n al resto del mundo.<\/p>\n<p>No podemos ignorar la deuda. Porque siempre que lo hacemos, caemos en una grave crisis. De ah\u00ed que la apuesta en cuanto a inversi\u00f3n de cara al tercer trimestre est\u00e9 centrada en mercados desarrollados con moneda que sea reserva de valor, que nos permita asegurar un nivel de rentabilidad adecuado en las carteras.<\/p>\n<p>Los bancos centrales, liderados por la Reserva Federal, se mantienen peligrosamente por detr\u00e1s de la curva, lo que puede llevar a un riesgo de creaci\u00f3n y perpetuaci\u00f3n de burbujas, manifestado de manera muy evidente en parte de la renta fija soberana. Cuando nos hacemos la pregunta \u201c\u00bfcomprar\u00eda yo bonos portugueses o japoneses si el banco central dejara de adquirirlos?\u201d y la respuesta es \u201cno\u201d, el riesgo es evidente. Como sabemos que no podemos luchar contra la represi\u00f3n financiera en la que se han embarcado los principales bancos centrales, lo que debemos hacer es distinguir preocupaci\u00f3n de riesgo cierto, y centrarnos en mercados donde la mejora relativa de las econom\u00edas venga de fortalecer la sostenibilidad de sus econom\u00edas, no de redoblar la apuesta multiplicando los desequilibrios.<\/p>\n<p>Estamos en un entorno en el que merece la pena tomar riesgo, ante la evidencia de que los activos de menor riesgo generan rentabilidades reales negativas, pero debemos hacerlo atendiendo a las mejoras reales y evitando caer en la trampa de \u201ccomprar cualquier cosa\u201d porque los bancos centrales \u201capoyan\u201d. Apoyar no es garantizar.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Daniel Lacalle<\/strong><br \/>\nEconomista Jefe<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A medida que van pasando los meses, nos encontramos un entorno macroecon\u00f3mico que vence los eventos pol\u00edticos y confirma un avance lento, pero seguro de las econom\u00edas.<\/p>\n","protected":false},"author":4,"featured_media":26315,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[7],"tags":[508,811,1118,1947,2102,2206,2542,2556,3453,3590,4856,5513,5890,6617],"class_list":["post-26312","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-estrategias","tag-bancos-centrales","tag-brexit","tag-china","tag-deuda","tag-dolar","tag-eeuu","tag-euro","tag-europa","tag-inflacion","tag-inversiones","tag-pib","tag-reer","tag-riesgo","tag-tipos-de-interes"],"acf":[],"yoast_head":"<!-- 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