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“Sin duda, son momentos de cambio radical cuya trascendencia no pasa desapercibida para nadie que conozcamos esta industria. Las relaciones entre las marcas y sus redes de distribución, aún por definir aún en la inmensa mayoría de los casos, va a suponer un cambio de modelo de negocio muy importante, y estar preparados será, sin duda, un factor decisivo para abordar con éxito esta transformación”, sostiene Manuel López.

Por su parte, Luis Fernando Rodríguez, CEO de Watch&Act, apunta: “La automoción es uno de los sectores económicos más dinámicos, ágiles y competitivos. Los nuevos modelos de consumo y el impacto de la tecnología han hecho reformular los modelos de negocio de las marcas y sus redes de concesionarios, entrando en un proceso de transformación como nunca antes se había visualizado. Incorporar a Manuel al equipo nos permite ofrecer a nuestros clientes de automoción un conocimiento de la realidad sectorial global como pocos profesionales pueden aportar”.

Hello CNC Zone!

Over the last few months, our team has worked diligently to develop and release the new BobCAD Support site. The support website is redesigned to make it easier to find information about your BobCAD CAM software. In the past, all users needed to log into the support site to gain access to the knowledge base, recorded training events, and other information. The new site moves this information forward, helping you and your staff get up to speed faster with the BobCAD CAM software by making this information easier to access for all.

Key new areas of the site.

Recorded Virtual Events - https://bobcadsupport.com/training-r...irtual-events/

We host weekly live training events covering all topics BobCAD. Over the last year, we've built a library of these recorded training events. Using the above link gives you access to all the T1 training events.

Watch recorded training sessions for 2D/3D CAD CAM, 4 Axis machining and more.



Getting Started with Post Processing - https://bobcadsupport.com/post-proce...-with-posting/

This section of the support page provides resources new and existing users need to better understand what post processors are, what they do, and how to change them. This section also gives you access to download posts, request modification, and more.



New User Forum - https://forum.bobcad.com/

Social networks are popular, but many BobCAD customers prefer to communicate on a traditional forum ( just like cnc zone ). This community is the best place to communicate with other BobCAD users, Staff, even development. If you haven't joined our new user forum, do it today!



Knowledge Base - https://bobcadsupport.com/knowledgebase/

Search and find documentation on software topics, training, and post processors. Before you call support search our knowledge base for your solution.



Software Builds and Updates https://bobcadsupport.com/technical-...tware-updates/

Download installs, builds, and release notes for BobCAD CAM, BobCAM for SOLIDWORKS, BobCAM for RHINO



BobCAD-CAM offers 3 product families for you to choose from.

BobCAD-CAM V34
What's New
Toolpath Matrix
Version Comparison

BobCAM for SOLIDWORKS V9
What's New
Toolpath Matrix
Version Comparison

BobCAM for Rhino V1
What's New
Toolpath Matrix
Version Comparison

 

 

Hemos tenido el placer de contar en Inversión con nombre propio con la participación de Juan Uguet de Resayre, Socio fundador y Director de Inversiones de Augustus Capital AM. Analizamos la situación económica y qué podemos esperar de los mercados financieros, así como qué oportunidades de inversión disponemos en el actual entorno y cómo podemos beneficiarnos de ellas a través de un vehículo de inversión como es Lierde SICAV.

Corey Hoffstein recently brought the following chart to my attention which shows the required allocation to earn a 7.5% expected return in 1995, 2005, and 2015: As you can see, the days of decent returns for low risk are far behind us. Investors can no longer rely solely on fixed income to generate a portfolio with good returns. Instead they have had to increase their exposure to equities and alternatives to make up the ...

The post Are We Craving Risk or Losing Reward? appeared first on Of Dollars And Data.

Sus carteras se centran en compañías disruptivas y líderes en sus respectivos mercados. Leer

La compañía, presidida y cofundada por Álvaro Morales junto con los ingenieros informáticos Joaquim de la Cruz y Sergio Lao, protagoniza una operación de financiación liderada por JME Ventures y SeedRocket 4Founders Capital. La firma ofrece el primer agregador digital de cuentas de valores en España. Leer

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Some time ago, I have written about Henrik Bessembinder’s analysis of stocks with extreme returns in the past. His analysis suggests that there are a couple of fundamental indicators that can be useful to narrow down the list but even so, these factors only explain 2% of the variation in stock returns. In other words, finding the next multibagger stock based on fundamental analysis is a fool’s errand and mainly a matter of luck.

But what about using simple momentum? How likely is it that a stock that has multiplied in value fivefold does so again, and again, and again? Bessembinder’s latest paper provides some interesting answers to that question.

First about 45% of all stocks that listed in the United States between 1950 and 2020 managed to get to 5x their market value from their all time lows. But once a company has multiplied by five, about three in ten of these stocks go on to multiply their market value again by 5x. Of those companies that managed to multiply by 25x, about three in ten go on to multiply their market value again by 5x (now ending up with 125x the market value of their all time low). And of these another three in ten stocks multiply once more by 5x. That means that one in eight stocks manage to multiply their market value by 25x, one in thirty stocks go to 125x and one in a hundred stocks go to 25x! Restricting the sample only to stocks with a minimum market value of $500m by the time they have multiplied 5x doesn’t change these probabilities. Only if you ask how many companies do each multiplication in less than 10 years, you get somewhat lower probabilities, but even so they stay remarkably constant for each hurdle as well.

Probability of multiplying market value 5x again and again

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Source: Bessembinder (2021)

So, extreme performers aren’t that rare. And because the probability of multiplying 5x when a company has done so before is relatively high, one has to wonder if one can’t just buy stocks like Apple, McDonald’s, Walmart or Franklin Resources (all of which have managed to multiply 25x from their all-time lows) and hold on to them?

The problem with that strategy is that the extreme returns are extremely lumpy as well. The chart below shows the average return vs. the market in the 10 years before a stock hits a 5x multiple. Most of the time, these stocks perform pretty much in line with the market, and only in the two to three years before they eventually hit their 5x multiple do they start to outperform. And even so, almost all of the return comes in one year.

Average return vs. market in the years before a stock hits 5x

a.image2.image-link.image2-279-617 { padding-bottom: 45.21880064829822%; padding-bottom: min(45.21880064829822%, 279px); width: 100%; height: 0; } a.image2.image-link.image2-279-617 img { max-width: 617px; max-height: 279px; }

Source: Bessembinder (2021)

But if the first multiplication “announces itself with a couple of years of outperformance vs. the market, what happens after a stock hits 5x should make you worry. Returns are all over the place in the ten years after that. There simply is no “long-term momentum effect” that would ensure that stocks that have done extremely well in the last decade will continue to do so in the next few years or even the next decade.

In the end, it all boils down to the same message once again: Finding extreme performers is a matter of luck not skill.

Average return vs. market in the years after a stock hits 5x

a.image2.image-link.image2-271-590 { padding-bottom: 45.932203389830505%; padding-bottom: min(45.932203389830505%, 271px); width: 100%; height: 0; } a.image2.image-link.image2-271-590 img { max-width: 590px; max-height: 271px; }

Source: Bessembinder (2021)

The price of Bitcoin has rise for it to go any higher. I’m kidding and serious at the same time. Bitcoin isn’t tethered to fundamentals like say a privately held business or a publicly traded company. If a company generate $2 in cash flow per year, there is a limit to how high a potential buyer will go. Bitcoin isn’t burneded by any such data and paradoxically, the higher it goes, the less risky it becom...

The post Why Bitcoin Needs Higher Prices appeared first on The Irrelevant Investor.

The pandemic has fuelled indifference more than authoritarianism

They have modelled both the climate and some strange materials

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La fortuna del consejero delegado de Facebook, Mark Zuckerberg, se vio reducida este lunes en unos 5.900 millones de dólares tras una mala sesión en Wall Street en la que la red social, afectada por un escándalo sobre sus prácticas poco éticas y por una interrupción mundial de sus servicios, cayó cerca de un 4,9%. Leer

Science was the first academic subject I stopped pursuing, and I regret it. In high school, the only science options senior year were A.P. and required an extra hour for the lab work. I had other priorities, including a semi-professional dance career that took up a lot of my time. In college, I took the bare minimum of two science courses and chose biology and astronomy. Physics and chemistry were never my strong suit. So...

The post Pluto is a Planet appeared first on The Belle Curve.

Buenas a todos,
Desde hace años lo que ha funcionado es el Big growth o tecnológicas o FAANGs. Realmente no lo se pero lo cierto es que era fácil valorar un fondo, lo tenía que hacer mejor que el índice y tener otras características que considerases interesantes, tipo menos volatilidad, menos DD, más alpha… cada uno elige. Cuando el ciclo no cambia el TR es tu amigo pero ¿De qué sirve el TR si cambia el ciclo económico?
Supongamos que ahora cambia el tercio y lo que va a tirar es el value, o los bancos y el consumo discrecional o quién sabe ¿Cómo valoras si un fondo lo va a hacer bien?
Si cambia el ciclo quizá el value que lo ha hecho bien hasta ahora era porque no era value, he visto values con Google y Microsoft. Quizá el value que lo ha hecho mal sea el que realmente lo hará bien a partir de ahora. ¿Cómo elegir un fondo entonces?

¿Qué opinan ustedes?

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