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The city’s feckless leaders lack the democratic legitimacy that normal elections give the winners.

Whitney Tilson’s email to investors discussing the mistakes of omission; his AutoZone, Inc. (NYSE:AZO) whiff; and Buffett & Munger‘s comments.

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Get the entire 10-part series on Charlie Munger in PDF. Save it to your desktop, read it on your tablet, or email to your colleagues.

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Q2 2021 hedge fund letters, conferences and more

The Mistakes Of Omission

1) These tweets by my friend Yen Liow of hedge fund Aravt Global had me thinking...

AutoZone Whiff

As I look back over my career, I can't think of too many examples in which an investment was so blindingly obvious, but I missed it.

One of the most glaring was auto parts retailer AutoZone. I liked it so much more in early 2001, and I even wrote about it in an article, Three Boring Stocks to Consider. Excerpt:

AutoZone, via its 2,915 stores in 42 states and 13 stores in Mexico, dominates the business of selling car parts and accessories to do-it-yourself customers. The company has solid financials and has demonstrated impressive growth. In FY 00 (ended August 2000), AutoZone had a 6.0% profit margin (up from 5.9% the year before) and 23% return on equity (up from 19% the year before; the figure has ranged from 19% to 31% since 1991). Sales rose 9% in 2000, on a 7.5% increase in stores and a 5% increase in same-store sales. Earnings per share ("EPS") rose 22.7%, thanks to a 9.3% increase in net income and a 10.9% decline in the number of diluted shares outstanding.

Sales and EPS have risen every year since 1990, compounding at an average rate of 21% and 27%, respectively. Analysts project EPS growth of 13% for each of the next two years. Yet AutoZone's stock has been flat for nearly eight years, and at yesterday's close of $27.08, it trades near all-time lows of 13.1 times trailing earnings and 12.0 times analysts' estimates for FY 01.

These characteristics lead me to believe that AutoZone is a good company whose stock is trading at a reasonable price. There are plenty of companies that meet this description. However, I think AutoZone is particularly interesting for three reasons. First, the company is more effectively managing its working capital, freeing up cash. In FY 00, AutoZone reduced its inventory per store by 9%, yet increased sales by 9%. This was the major reason operating cash flow rose 64.6% to $513 million.

Second, AutoZone is using its robust free cash flow – and is even taking on debt – to buy back shares by the bushel. In the past six quarters, the company has spent $898 million repurchasing shares, reducing diluted shares outstanding by 22%. Finally, one has to be concerned about the impact of a slowing economy on any retailer. But AutoZone actually stands to benefit from tough times, as people are both more likely to hang onto their cars rather than buy new ones and are also more likely to do their own repairs rather than pay for a mechanic.

Since then, the stock has risen more than 58 times, from $26.80 to $1,560, as you can see in this chart:

So how much of that did I capture? Precisely none... For reasons I cannot recall, I gave this spectacular idea to my readers – but didn't invest in it myself – ARRRRRHHHHH!

However, it's easy to overlook these mistakes because you tend to forget them – and, if you manage money, your investors never know about them...

Buffett & Munger's Comments

2) Even the greatest investors make this kind of mistake. At the 2004 Berkshire Hathaway (BRK-B) annual meeting, CEO Warren Buffett admitted:

The main mistakes we've made – some of them big time – are: 1) Ones when we didn't invest at all, even when we understood it was cheap; and 2) Starting in on an investment and not maximizing it... We're more likely to make mistakes of omission, not commission.

Berkshire Hathaway vice chairman Charlie Munger elaborated at the 2001 annual meeting:

The mistakes that have been most extreme in Berkshire's history are mistakes of omission. They don't show up in our figures. They show up in opportunity costs.

I don't like mentioning the specific companies, because the – you know, we may, in due course, want to buy them again and have an opportunity to do so at our price. But practically everywhere in life, and in corporate life, too, what really costs, in comparison with what easily might have been, are the blown opportunities. I mean, it just – it's an awesome amount of money.

When I was somewhat younger, I was offered 300 shares of Belridge Oil. Any idiot could've told there was no possibility of losing money, and a large possibility of making money. I bought it.

The guy called me back three days later and offered me 1,500 more shares. But this time, I had to sell something to buy the damn Belridge Oil.

That mistake, if you traced it through, has cost me $200 million. And it was all because I had to go to a slight inconvenience and sell something.

Berkshire does that kind of thing, too. We never get over it.

Best regards,

Whitney

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Will the criminal sentencing of CNN’s favorite lawyer lead to any media reform?

Updated on July 9th, 2021 by Bob Ciura Income investors often find high-yielding stocks to be attractive, due to the income that these investments can produce. But sometimes the need for income can blind investors to the issues with the company itself. If this is the case, then investors can be blindsided when the company […]

The post Monthly Dividend Stock In Focus: Permian Basin Royalty Trust appeared first on Sure Dividend.

Según notifica Sanidad este viernes, la incidencia sube en todas las comunidades autónomas salvo en la Comunidad Valenciana, que no ha actualizado sus datos por problemas técnicos.

Noticia relacionada Alemania incluye a toda España en su lista de regiones de riesgo por Covid

Sigue siendo llamativa la incidencia acumulada en Navarra en la franja de edad de 12 a 19 años, con 2.580 casos por cada 100.000 habitantes. En el caso de los jóvenes entre 20-29 años, las incidencias más destacadas son las de Cataluña, con 2.576 casos; Castilla y León, con 2.300 casos, Cantabria, con 1.964 casos y Asturias, con 1.729.

En total, 3.937.192 personas se han contagiado y 81.003 han muerto desde el comienzo de la pandemia.

En lo que respecta a la hospitalización, y después de que el jueves no se actualizaran los datos, este viernes Sanidad notifica que 3.121 personas permanecen ingresadas por Covid-19, lo que supone una tasa de ocupación hospitalaria del 6,58%, mientras que el jueves era del 5,9%. El porcentaje de camas UCI ocupadas es del 6,88%, el jueves, del 6,55%.

En cuanto al proceso de vacunación, casi el 90% de los mayores de 40 años han recibido ya al menos una dosis. En total, el 44,3% de la población española ya ha recibido dos dosis de la vacuna contra el coronavirus, quedando así inmunizados un total de 20.999.346 millones de ciudadanos. En las últimas 24 horas se han administrado 688.005 dosis, por lo que el total de dosis administradas desde que comenzó la campaña asciende a 46.612.489 dosis.

Estas cifras se conocen en el día en que Alemania ha incluido a España en la lista de regiones de riesgo por Covid-19, el menor de sus tres niveles de alerta, por el repunte de la incidencia en los últimos días. La inclusión en esta lista apenas tiene repercusiones directas para los turistas alemanes que se encuentren en España o planeen viajar a España en los próximos días.

Investing in big and established companies is considered to be less risky. This is because shares of established companies are usually less volatile than those of other companies. Thus, if you are starting or learning to trade, then investing in such companies is a good strategy. However, these companies usually command a higher per-share price, putting them out of reach for many retail investors. Thus, one way to invest in these companies is through mutual funds, especially large growth mutual funds. These funds invest in big companies that are expected to grow faster than other large-cap companies. Let’s take a look at the top ten large growth mutual funds.

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Q2 2021 hedge fund letters, conferences and more

Top Ten Large Growth Mutual Funds

We have looked at the past three years of return data from U.S. News to rank these top ten large growth mutual funds.

10. Permanent Portfolio Aggressive Gr Port (PAGDX, 103%)

PAGDX primarily invest in stocks and stock warrants of U.S. and foreign companies that exhibit higher profit potential than the stock market. It has returned 10.58% in the last three months and over 18% in the last three years. The top four holdings of this fund are: Freeport-McMoRan, Twilio, NVIDIA and Lockheed Martin.

9. Baron Opportunity Fund (BIOPX, 104%)

BIOPX usually invests in growth companies that benefit from innovations and advancements in technology. This fund primarily invests in equity securities. It has returned 0.82% in the last three months and over 38% in the last three years. The top four holdings of this fund are: Microsoft, Alphabet, Amazon and TripAdvisor.

8. Fidelity Advisor® Series Growth Opps Fd (FAOFX, 105%)

FAOFX normally invests in the common stocks of companies it believes show above-average growth potential. This fund may invest in domestic and foreign issuers. It has returned 3.31% in the last three months and over 40% in the last three years. The top four holdings of this fund are: Microsoft, Amazon, Alphabet and Apple.

7. Virtus Zevenbergen Innovative Gr Stk Fd (SAGAX, 107%)

SAGAX primarily invests in large-cap stocks, but it does have significant exposure to mid-cap and even small-cap firms. It seems to be more focused on the hardware, telecommunications and consumer services sectors. It has returned -7.87% in the last three months and over 40% in the last three years. The top four holdings of this fund are: Tesla, MercadoLibre, Shopify and The Trade Desk.

6. Zevenbergen Growth Fund (ZVNIX, 109%)

ZVNIX usually invests in companies that are industry leaders. This fund may invest in 30-60 stocks of any market capitalization and in IPOs. It has returned -8% in the last three months and over 40% in the last three years. The top four holdings of this fund are: Tesla, Shopify, MercadoLibre and Exact Sciences.

5. Transamerica Capital Growth Fund (IALAX, 115%)

IALAX has invested more than half of its portfolio in large-cap companies. This fund has also made significant investments in mid-cap and small-cap companies. It has returned -2.42% in the last three months and over 34% in the last three years. The top four holdings of this fund are: Twitter, Shopify, Amazon and Square.

4. Morgan Stanley Inst Growth Port (MSEGX, 120%)

MSEGX primarily invests in companies whose capitalization is within the range of the companies that are part of the Russell 1000® Growth Index. It may also invest in emerging companies. It has returned -1.84% in the last three months and over 36% in the last three years. The top four holdings of this fund are: Morgan Stanley InstlLqdty TrsSecs Instl, Amazon, Square and Shopify.

3. Morgan Stanley Insight Fund (CPOAX, 124%)

CPOAX usually puts money in the common stocks of companies within the capitalization range of the companies in the Russell 3000® Growth Index. Along with established firms, it may also invest in emerging companies. It has returned -0.52% in the last three months and over 43% in the last three years. The top four holdings of this fund are: Morgan Stanley InstlLqdty TrsSecs Instl, Amazon, Square and Shopify.

2. Baillie Gifford US Equity Growth Fund (BGGSX, 142%)

BGGSX normally invests in the common stocks and other equity securities of companies with their main operations in the U.S. It generally invests in companies with a market cap of over $1.5 billion. It has returned -0.73% in the last three months and over 41% in the last three years. The top four holdings of this fund are: Shopify, Amazon, Wayfair and Tesla.

1. Zevenbergen Genea Fund (ZVGIX, 148%)

ZVGIX usually invests in companies that benefit from advancements in technology. This fund normally invests in 20-40 stocks. It may also invest in IPOs. It has returned more than -6% in the last three months and over 40% in the last three years. The top four holdings of this fund are: Tesla, MercadoLibre, Amazon and Shopify.

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There are few things in the world that can tempt me to work out in a heat wave. I’m already a hesitant participant—I need to have my yoga mat pre-unfurled on the floor, completely obtrusive to my direct path to the sofa, in order to get in a daily stretch. But when temperatures spike over 80 degrees, I’d sooner lift ice buckets at my desk than head out for a jog.

That said, sportswear companies are clever and know aversion can arrive in the form of sticky, sweaty summers. From innovations in fabric tech to breezy, featherweight design, these are the clothes I would wear to work out when it’s hot, hot, hot. If I have to.

[Photo: courtesy Lululemon]

Lululemon Cool Racerback Tank Top

I love Lululemon’s Align leggings made with the Cool Nulu fabric. They have the same nearly naked stretch that makes those a cult favorite, with added breathability. This tank follows suit—with a no-tug shape and buttery feel that won’t ride up when you break a sweat. 

Lululemon Cool Racerback Tank Nulu - $48)

Lululemon Hotty Hot Low-Rise Short

The Hotty Hot short is the adult answer to my beloved Soffe shorts of yore. But unlike those thick poly-cotton blends that were sometimes unbreathable, Lululemon’s short-shorts are made with the company’s sweat-wicking Swift fabric with mesh panels for even more movement. 

[Photo: courtesy Artic Cool]

Arctic Cool Vortex Vent Cooling V-Neck

Arctic Cool built a fan following among runners for its HydroFreeze X fabric tech—a cooling stretch fabric powered by your own sweat. The Vortex Vent V-Neck adds another level with micro-ventilated panels to help keep air flowing in and heat out. 

Arctic Cool Vortex Vent Cooling V-Neck - $44.99 [Photo: courtesy Sweaty Betty]

Sweaty Betty Longline Sports Bra

One more layer can feel like extra punishment in this heat, so I tend to gravitate toward compression crop tops for summer workouts. Sweaty Betty’s Stamina Longline Sports Bra gives medium support in a seamless sweat-wicking fabric designed to reduce chafing. Extra perforation below the bust may also be the key to keeping under-boob sweat at bay.

Sweaty Betty Longline Sports Bra - $44 [Photo: courtesy Summersalt]

Summersalt Convertible Split-Back Tank $50 10%

Summersalt’s Convertible Split-Back Tank is handy for creating the shape you want for different exercises. It’s also ideal for throwing on and leaving untied, when it’s so hot you don’t want anything touching your body at all.

Summersalt Convertible Split-Back Tank - $50 [Photo: courtesy Summersalt]

Summersalt Do-It-All Biker Shorts

I live in bike shorts during the summer, and these cute ones from Summersalt feature recycled polyester and sweat-wicking CoolCore fibers. Plus, UPF50+ because heat isn’t the only thing wreaking havoc on your body in the summer. 

Summersalt Do-It-All Biker Shorts - $55

Naomi Osaka x Nike Court Njc Crop Top

Is there anything cooler than this bright-orange crop top by tennis megastar Naomi Osaka for Nike? Honestly, no.

Naomi Osaka Nike Court Njc Crop Top - $65

[Photo: courtesy Knix]

Knix Catalyst Sports Bra

If you want a sports bra with more support, Knix’s Catalyst Sports Bra is made for high impact—strategically ventilated, versatile (hello, adjustable straps!), and designed to fit up to a G cup.  

Knix Catalyst Sports Bra - $89 [Photo: courtesy Outdoor Voices]

Outdoor Voices Hudson Short

The Hudson shorts are my go-to for all-day wear. They’re made from quick-dry polyester with an extra-wide, stretchy waistband that will. not. budge. Plus, I love the flattering dolphin hemline and zipper pockets.

Outdoor Voices Hudson Short - $58 [Photo: courtesy Ten Thousand]

Ten Thousand Distance Tank

My boyfriend swears by the brand Ten Thousand—but especially its Distance Tank, an unbelievably lightweight workout garment designed in collaboration with top competitive and endurance athletes. Bonded seams make chafing a thing of the past, and there’s just enough stretch for even the worst days of summer. 

Ten Thousand Distance Tank - $54 [Photo: courtesy Ministry of Supply]

MoS Newton Active Shorts

Naturally Ministry of Supply has a well-designed, science-forward pair of shorts for your gym bag. The Newton Active shorts feature S.Café Silver threading, an eco-conscious, odor-controlling material made from coffee grounds. Also, pockets.

Ministry of Supply Newton Shorts - $95 [Photo: courtesy Saxx]

SAAX Hot Shot

I have been told this is the shirt to own. Similar to the Arctic Cool V-neck, the SAXX T-shirt features an evaporative cooling fabric called DropTemp, which uses a unique weave to quickly wick sweat for even, fast drying.

SAXX Hot Shot Shirt - $50 [Photo: courtesy Vuori]

Vuori Elevation Bra

“Cozy” is the kiss of death in the dead of summer, but Vuori knows how to keep things light and super, super soft.

Vuori Elevation Bra - $58

[Photo: courtesy Rhone]

Rhone Swift Tank

Rhone’s lightweight, ultra-breathable Swift tank is designed to move with you, combat odor, and keep you cool and dry. Plus, it also comes in a short-sleeve style.

Rhone Swift Tank - $58

Fast Company’s Recommender section is dedicated to surfacing innovative products, services, and brands that are changing how we live and work. Every item that we write about is independently selected by our editors and, whenever possible, tested and reviewed. Fast Company may receive revenue from some links in our stories; however, all selections are based on our editorial judgment.

El acuerdo unánime representa una victoria para la presidenta Christine Lagarde, pero la verdadera prueba llegará con la retirada de los estímulos por la pandemia. Leer

Hyperlocal social network has won favour with Wall Street but still faces challenge of cleaning up its platform

UK fintech is first overseas purchase by US mortgage lender whose investors include SoftBank

A) ¿Qué acciones, incluyendo compañías del mercado continuo con capitalización igual o superior a 1000 millones, tienen mejor ratio pavito que el ibex 35? , que termina la semana con 2,59.

FDR 7,53   ROVI 4   ALB 3,66

Desde que ACX y su amiga MTS se salieron de esta lista, hace 3 semanas, salen estas 3 y, de momento, siempre en el mismo orden.

Fluidra y Rovi mejoran su ratio a pesar de la pochería del ibex 35 y Corporación  Financiera  Alba, esta semana, disminuye levemente su ratio.

Lo de Rovi llama la atención, a pesar del resbalón de hace unas semanas, tras poner fin a su fase de exceso en un ibex que estaba y está con unos números a las espaldas con los que hay que, como mínimo, extremar las precauciones, al contrario que ACX o MTS, continúa agarrada a la lista, la vamos a ver en un momento.

.

B) ¿Qué compañías, con la misma condición que en A, tienen el plus de Riquiñas?

ALB  y NUEVA!!   EKT

EKT  (Euskatel), entra nueva esta semana, la vemos en un momentiño.

.

Fluidra semanal. Esta acción es un ejemplo de muchas cosas. Aquí solo con  fijarse semanalmente como hacen unas y como hacen otras, se aprende un montón. Dos cosas sobre Fluidra, la primera, está a un pelín-pelón de entrar en fase de exceso , sería de confirmase la segunda vez en el año, ya se verá si termina entrando en esta fase en las próximas semanas o si le pasa como a Santander que se tiró varias semanas a un pelín-pelón de lo mismo y al final anuló esa posibilidad y todo se quedó en un pelín-pelón…..

….  Por otro lado de momento, lo que controla su tendencia estaría por debajo del mínimo del último escalón, tras el descuento que le hicieron ahí atrás por el dividendo, estoy hablando de un stop por debajo de 29,28, valdría 29,27.

La línea roja vuelve a subir de cara a la próxima semana, pero no alcanza para coger el control, puesto que subirá hasta los 29,10.

Volviendo al tema de las fases de excesos, es algo que “normalmente” le sucede a un activo una vez cada x años, a veces cada dos o cada tres.

No es “normal” que le suceda dos veces en un año, como Fluidra, en alguna de las próximas semanas entre en su fase de exceso, por un lado la línea azulada tomará el control, por otro lado hay que empezar a pensar, de confirmarse esto, que se están pasando bastante de rosca, pero en última instancia, todo importa un pito, a excepción que respeten lo que le toca en cada momento.

.

EKT ( Euskastel ) semanal. Entra nueva esta semana con el plus de Riquiña, un poco tarde me parece a mí …..

….por un lado el ibex está como está y por otro lado este valor tiene encima una OPA que en teoría finaliza a finales de mes y que es la causante de ese hueco alcista señalado con el recuadro blanco.

Entre unas cosas y otras,  en mi opinión, no tiene mucho sentido intentar  comprar nada en este valor.

.

Rovi (Laboratorios farmacéuticos Rovi ), semanal. hace unas semanas puso fin a su fase de exceso, pero en vez de seguir los pasos de ACX  o MTS y salirse de la lista, permanece agarrada a esa lista, no se suelta de ella, si es capaz de hacer nuevos máximos, es decir si es capaz de superar los 59,4, y lo hace, manteniéndose dentro de la lista (No como MTS que volvió a superar máximos pero lo hizo ya fuera de la lista, y de momento no ha vuelto a entrar), entonces……

….habrá que pensar que el exceso de ahí atrás estaría probablemente justificado, y el precio podría irse a algún lugar por encima de los 65 pavitos.

Si el ibex tuviera el semáforo en verde, y Rovi sigue en la lista, como está haciendo, poner una orden de comprar si el precio es igual o mayor a 59,4, con un stop por debajo de 52,9, valdría perfectamente 52,89, sería una idea digna de estudio, pero el semáforo del ibex está en rojo, y a pesar de que algunas acciones pueden aguantar bien el tirón o como estamos viendo sin os fijamos, prosperar en algunas de esas fases rojas del ibex 35, en mi opinión personal y discutible, mejor aplicar el principio médico de precaución.

Mejor que todo cuadre, cuanta más chispa tenga un valor y cuantas más elementos a favor mejor.

.

Caixabank semanal. Lo saco a colación, tan sólo para comentar que al llegar al caballito amarillito, a pesar de que no hace tanto tiempo que le dieron un besito, parece que a caixabank ese besito le ha hecho tilín, al menos temporalmente, claro que….

….entre el precio de abajo y el semáforo rojo del ibex 35, tras ese tilín, que ya veremos lo que les dura, lo más probable es que venga el tolón y se vayan al 2,321 que está cada vez más cerca.

Si se les ocurriera superar los 2,657, lo dudo mucho, pero bueno, si se diera esa situación, el precio de 2,321 se borraría y en principio la situación de caixabank mejoraría bastante, pero incluso si se diera este caso, que me parece poco probable, pero incluso entonces, habría que preguntarse si caixabank destaca en algo en ese momento.

Si hablamos de acciones, lo mejor, en mi opinión es perseguir el dinero y dejarse de cuentas y de cuentos.

 

 

La orden incluye 72 iniciativas concretas dirigidas a una docena de agencias del Gobierno estadounidense que aspiran a "realizar mejoras concretas en las vidas de la gente".

Noticia relacionada Biden asegura que la reforma fiscal acordada por la OCDE hará a EEUU "más competitivo"

La Casa Blanca ha argumentado en un comunicado que en cerca del 75% de los sectores económicos de Estados Unidos un pequeño número de empresas controla mucho más mercado que hace 20 años, especialmente en algunos sectores importantes como salud, servicios financieros o agricultura.

Además, según el Gobierno la concentración ha provocado una serie de barreras de entrada que han ocasionado que la formación de nuevas empresas haya caído en un 50% desde los años 70 hasta la actualidad.

Entre las medidas concretas que incluye la orden ejecutiva se encuentra la prohibición o limitación de acuerdos de no competencia que las empresas obligan a firmar sus trabajadores. El Gobierno considera que muchos de estos acuerdos son innecesarios y evitan que los trabajadores cambien de empleo y puedan mejorar sus condiciones salariales.

Con respecto a las empresas de telecomunicaciones, el Ejecutivo estadounidense prohibirá las comisiones de cancelación excesivamente elevadas y exigirá a las compañías que ofrezcan a sus clientes de forma detallada todos los costes para facilitar la comparación. También prohibirá que las compañías lleguen a acuerdos de exclusividad con los caseros, ya que eso limita la posibilidad de los inquilinos de contratar Internet en casa a uno o dos distribuidores.

El Gobierno estadounidense actual planea recuperar la neutralidad de la red, que se aprobó en la etapa de Obama y se derogó en la de Trump. Asimismo, limitará a los fabricantes de equipos electrónicos, caso de los teléfonos, que pongan trabas a la autorreparación o a la reparación por parte de servicios técnicos de terceros.

Con respecto a las grandes tecnológicas, Biden ha instado a la Comisión Federal de Comercio (FTC, por sus siglas en inglés) a que sea más exhaustiva a la hora de examinar los acuerdos de fusiones y adquisiciones, sobre todo cuando puede darse el caso de que una empresa está comprando a una posible competidora en una etapa temprana. Además, Biden ha asegurado que la FTC podrá examinar fusiones aprobadas en el pasado.

Fears over price rises have given way to worries about economic growth

Buenas tardes; lanzo una pregunta a quienes de ustedes sean tan amable de contestarla de manera justificada…

Actualmente tengo un 37% de mi “Patrimonio de y para inversiones” en liquidez. Me encuentro cómodo con mi composición de cartera de fondos así como su exposición a RV, todo menos la RF que lleva Baelo, lo que supone un 10% de lo invertido en RF.

La duda me viene con el casi 35-40% de liquidez del total de cartera, la cual me planteo reducirla a la mitad entrando en el fondo MFS Prudent Wealth en Euros: un instrumento que aguanta de manera férrea las caídas (COVID 2020 un -8,5% aproximadamente y 2018 un -6,6%) sin renunciar a una rentabilidad anualizada a 10 años del 7-8% todo con una volatilidad en torno al 5-6%.

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Como ven ustedes la utilización de este fondo para rentabilizar en parte esa gran liquidez (casi podría comprar toda la cartera actual si cae el mercado un 50%) y en el caso de caídas utilizar sus menores DD% para ir traspasando y aportar a fondos con más caídas.

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Ruego su sinceridad y explicación si fueran tan amables, así como posibles alternativas ( también estuve mirando el fondo de Alfayate, GPM Gestión Global, pero me echa para atrás el gran factor gestor único a la hora de realizar sus coberturas y operativa…) Saludos.

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El director del Instituto Tecnológico Textil Aitex, Vicente Blanes, explica la actividad de I+D, laboratorio y formación y cómo la trasladan a la industria textil. Leer

Así lo ha asegurado en su último análisis 'ESG: los riesgos antes que las oportunidades', donde ha repasado las principales medidas adoptadas por la banca europea en materia de sostenibilidad. Sobre la alianza entre CaixaBank y BlackRock, Barclays ha resaltado que será "clave" en el plan estratégico que la entidad debe presentar a principios de 2022 para el periodo 2022-2024.

Noticia relacionada Los resultados de la banca, según Barclays: mejores en Santander, BBVA y CaixaBank

Asimismo, ha destacado el plan de inversión desarrollado por BBVA Asset Management (BBVA AM) con el objetivo de incorporar prácticas de sostenibilidad en todas las carteras y productos de inversión. Por último, en el capítulo de inversión sostenible, los analistas han explicado que Sabadell no ha sido analizado en este aspecto por la venta de su gestora a Amundi en 2020.

En cuanto a las acciones encaminadas para reducir el impacto medioambiental, el informe ha apuntado que Santander se ha comprometido a tener emisiones netas cero para 2050 y se ha alineado con el objetivo del Acuerdo de París sobre producción de energía para 2030, entre otras medidas.

Los analistas de la entidad han recordado que BBVA es miembro fundador de la alianza cero emisiones netas de Naciones Unidas (NZBA) y en 2021 se ha comprometido a reducir a cero la exposición bancaria a actividades relacionadas con el carbón para 2030 en los países desarrollados y del 2040 en el resto de países.

Respecto a CaixaBank, Sabadell y Bankinter ha señalado que todavía no se han comprometido a alcanzar el objetivo de cero emisiones netas en el 2050. En el caso de CaixaBank, el objetivo es que presente sus objetivos a finales de 2022, mientras que Sabadell estaría analizando diversas opciones para alcanzar las cero emisiones.

Por último, sobre Bankinter ha destacado su Plan de Sostenibilidad, en el que se recoge el compromiso de alcanzar la neutralidad en emisiones de carbono en 2050 en su financiación a empresas y hogares, así como en las inversiones que realice a través de sus fondos y otros instrumentos financieros.

RETOS EN CUANTO A GOBERNANZA

El análisis de Barclays también ha resaltado que la banca española "ha tenido diversos litigios" relacionados, en su mayoría, con el mercado hipotecario en España, incluyendo las cláusulas suelo y las hipotecas multidivisas. Además, en el negocio de particulares, han destacan los litigios por las tarjetas 'revolving'.

Desde el punto de vista de la retribución, algunos bancos han introducido criterios de sostenibilidad en la retribución a sus consejeros. BBVA y Sabadell tienen un 10% vinculado a la sostenibilidad, mientras que en CaixaBank este porcentaje es del 7,5%.

EL RIESGO DE LA SOSTENIBILIDAD EN LA BANCA EUROPEA

Barclays ha considerado que la implementación de los criterios ESG "son un nuevo factor de riesgo" para la banca europea, ya que a medida que se vaya realizando la transición el sector "incurrirá en nuevos costes operativos y se enfrentarán a riesgos que puedan plasmarse en la cuenta de resultados o en el capital".

Así, ha estimado que, de media, el 16% de la cartera de préstamos a empresas no financieras de los bancos que ha analizado podría estar expuesto a sectores con "elevado riesgo de transición".

Si se tiene en cuenta la totalidad no verde de los balances, estos porcentajes podrían aumentar. Esta parte de la cartera podría estar en riesgo de erosión de los ingresos si los bancos deciden reducir o reequilibrar su exposición a medio plazo, así como sujetos a una mayor ponderación de riesgo.

This week we published Shareholder Activism in H1 2021, our statistical analysis of shareholder activism, short activism, and proxy voting data year-to-date. Here are some of the highlights.

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Q2 2021 hedge fund letters, conferences and more

Global Activism Volumes Dip

Global activism volumes continued to dip in the first six months of 2021, with the 518 companies publicly subjected to activist demands representing a modest dip on the nearly 600 companies targeted in the same period of last year. Only in the consumer defensive and technology sectors were more companies targeted in absolute terms.

One reason many advisers say that the end of 2020 and the start of this year has been busier is that the proportion of targets valued at more than $2 billion is up four percentage points. Another is that proxy fights have been a focal point of this year’s activity, with increased numbers going to a vote in Europe and Asia and the U.S. practically level when a few late meetings are accounted for (Box, GeoPark, and Genesco fights are ongoing).

As we’ve previously noted, M&A opposition is at elevated levels. Europe and Asia have also seen proportionately higher levels of balance sheet activism, so it’s fair to say that companies are having to deal with more contentious and urgent forms of activism than pre-pandemic.

Less and less activism is professional, however, at least judging by our count of impactful campaigns (those run by investors with a primary, partial, or occasional focus on activism). The proportion of companies targeted in H1 that found one of these investors on the opposite side of the table fell to 47% from 49% last year, making for more unpredictable campaigns.

Meanwhile, activist short sellers have had a field day going after frauds and stock promotions, according to Activist Insight Shorts, while racking up an average one-month campaign return of 10% for the first time. Yet even in that field, campaign numbers are down – perhaps more understandably, given the perilous market.

In proxy voting news from our colleagues at Proxy Insight Online, companies in the consumer and financial services sectors saw a recent record number of pay revolts in H1 2021 (>20% against), while there was also a record number of environmental- and social-related shareholder proposals over the same time period.

For more analysis, look out for The Activist Investing Half-Year Review 2021, in association with Olshan Frome Wolosky, coming soon.

Josh Black, Editor-in-Chief, Insightia

Holding Companies In Carbon-Intensive Sectors Accountable

Although leading fund managers are supporting an increased number of shareholder proposals seeking lobbying disclosure this year, they are also failing to hold companies in carbon-intensive sectors accountable to the same degree as other industries.

Lobbying proposals at companies in carbon-intensive industries, such as the oil and gas and airline sectors, have frequently been opposed by BlackRock and Vanguard, despite the oil and gas sector being the fourth highest-paying sector for federal lobbying in 2020, according to the Center for Responsive Politics.

Companies in carbon-intensive sectors are under increased pressure from shareholders to disclose their lobbying payments and policies, especially as investors seek to mitigate the risks of anti-climate lobbying and push companies toward establishing a robust decarbonization strategy. The energy sector has been subject to one of the highest levels of investor support for environmental and social proposals in the U.S. this year, averaging 51.1% support, second only to the basic materials sector.

Investors turned their focus to the potential risks inherent in political spending this year, in response to the Capitol storming on January 6 and increased concern about the impact on meeting climate change mitigation goals, with average support for lobbying disclosure shareholder proposals increasing to 40.9% so far this year, compared to 34.2% and 35.1% in 2019 and 2020, respectively. This increase in support is partly attributable to a more flexible approach by BlackRock and Vanguard, which supported no proposals seeking lobbying disclosure in 2020, but have now adopted more of a case-by-case approach toward resolutions of this kind.

Of the 39 shareholder proposals of this kind subject to a vote so far this year, nine have won majority support, including at companies such as Netflix, Chemed, and United Airlines Holdings, compared to four and six in 2019 and 2020 respectively, according to Proxy Insight Online data.

“The record high votes for resolutions and the record number of agreements have established, without question, that investors want companies to disclose their political spending with corporate funds,” Bruce Freed, president for the Center for Political Accountability (CPA), told Proxy Insight Online.

Opposition From BlackRock And Vanguard

Although investor support for lobbying proposals has experienced an overall increase, the approach of leading fund managers BlackRock and Vanguard has been somewhat mixed.

Recent BlackRock voting bulletins highlight that the fund manager opposed three shareholder proposals seeking corporate lobbying disclosure at companies in carbon-intensive industries, namely Delta Air Lines, Exxon Mobil, and Chevron, while supporting similar proposals at Pfizer, Charter Communications, and Tyson Foods.

The investor said that Delta, Exxon, and Chevron “meet expectations” regarding lobbying disclosure and have “already improved the disclosure of lobbying and political spending and provide details on board oversight of these decisions.”

BlackRock’s stance regarding Exxon’s lobbying disclosure stands in stark contrast to the views expressed by the Securities and Exchange Commission (SEC), which rejected Exxon’s no-action request for the lobbying proposal, considering additional disclosure to be of material interest to investors.

In contrast, BlackRock’s rationale for supporting the proposals at Pfizer, Tyson, and Charter was that they gave shareholders greater insight into “how the board assesses any material gaps that may arise between the company’s key policy positions and those of the major trade associations in which it is active.”

A similar trend is also exhibited by Vanguard, which opposed lobbying proposals at multiple oil and gas companies, including Sempra Energy, Dominion Energy, Phillips 66, and Duke Energy, based on companies having “enhance[d] disclosures on corporate political and lobbying activities over time.” In contrast, Vanguard supported three lobbying proposals at Charter Communications, Tyson Foods, and Exxon Mobil.

Major fund managers expect to drive the transition to increased lobbying and climate-related disclosure, and it is essential they are not found to be supporting one leg of the fight against climate change but not another in the rush to transition to a successful net-zero economy.

Rebecca Sherratt, Corporate Governance Editor, Insightia

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Klarna Bank AB, one of Europe’s most valuable financial startups, said it struck a deal to buy e-commerce technology firm Hero Towers Ltd., a move that will expand its foothold in online shopping.

California Governor Gavin Newsom has asked residents and businesses statewide to cut their water usage by 15% this summer, as low precipitation and low snowpack threaten reservoir levels and raise the specter of another deadly wildfire season.

While some California counties have already instituted mandatory water restrictions, Newsom’s request to reduce usage is voluntary.

“We’re hopeful that people will take that mindset they brought into the last drought and extend that forward,” he said at a Thursday press conference, according to the Los Angeles Times.

“We’re not trying to be oppressive,” he added. “Again, these are voluntary standards.”

California previously experienced emergency drought conditions just two years ago. Now, as the state prepares for a hot, dry summer, its 1,500 reservoirs are 50% below their typical levels. Some, like Lopez Lake, are at just 35% capacity. Lake Mendocino is at risk of emptying before the end of the year.

Though Newsom has so far declined to institute a statewide drought emergency, on Thursday he paved the way for the State Water Resources Control Board to institute localized water restrictions by declaring a drought state of emergency in specific counties. So far, 50 of California’s 58 counties, or 42% of its population, are subject to that designation.

Water usage in California is already 16% below 2013 levels, according to the governor’s office. A further 15% reduction would save enough water to supply 1.7 million households.