Sin Título

Cullen Roche, en "Pragmatic Capitalism":
 

It’s estimated that 71 percent of the movements in the financial markets are the result of macroeconomic trends, yet 69 percent of all market participants still focus their approaches on a company-specific microeconomic view.

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From 1990 to 1995 the average correlation in global equities was just 29 percent. From 2005 to 2010 the average correlation in global equities surged to 73 percent. This hyperglobalization effect isn’t just changing trade. It’s altering financial markets.

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To understand this point it is necessary to understand exactly why these financial instruments exist. When a new corporation is formed, it might raise money in a number of different ways. The most traditional form is a simple bank loan or the issuance of corporate debt. But it could also raise money by selling equity, or ownership, in the company. When someone provides funding for a corporation in this manner, it will issue them the equivalent of a stock certificate, which gives the investor a legal claim on a certain ownership portion of the business. In making this investment the investor has provided the corporation with current capital that will help it create future production. The investor has made a real investment in the company. Remember: Investment is spending not consumed for future production. The investor in this example has spent but not consumed in order to fund the future production of the firm. Now, what if that initial investor no longer wants to own that stock certificate and sells it to a neighbor, Sue, who thinks the company is a good value? In this case Sue will exchange cash for the stock certificate, which results in a change in ownership of the stock certificate. When Sue buys shares in this manner, she is allocating savings. The buyer is not an investor in the same sense that the initial investor was because the underlying company has no real involvement in the transaction. This purchase of stock does not actually fund future production of the company. It simply changes the legal ownership of the outstanding stock from one person to another. An exchange or reallocation of savings has occurred, but no funding of future production has occurred.