STOCK RECOMMENDATIONS

IMPORTANT: This section is also at Blog by Fernando Rubio


APRIL 2006

Cheers, I am back.

Soon, I will post another stock recommendation.


MARCH 2006

This is a recap of the stock recommendations that I have made in January and February to my clients. If you followed that recommendations and did not sell early, this is what it has happened if you sell today (without commissions):

In January, I recommended three stocks,

Jan. 20, 2005--Forward Industries, Inc. (NASDAQ: FORD) at a close price of 6.38 --> Today, at a closing price of 14.01, this represent an important profit of 119.9%. The stock just takes off.

Jan. 20, 2005. -- EZCORP, Inc. (Nasdaq: EZPW) at a close price of 15.99 --> Today, at a closing price of 15.18, this represent a loss of -5.1%. A lot of swing here: First, the stock reached a top of 21.69 and then makes a fall to a floor of 12.66 to rebound to 15.18.

Jan. 27, 2005. CE FRANKLIN LTD. (TSX: CFT, AMEX: CFK) at a close price of 5.66 --> Today, at a closing price of 5.27, this represent a loss of -6.9%. The same path here: First, the stock reached a top of 7.24 and then makes a fall to a floor of 5.50.

In February, I recommended two stocks,

Jan. 31, 2005 -- Exxon Mobil Corp. (NYSE: XOM), at a close price of 53.01 --> Today, at a closing price of 60.29, this represent a profit of 13.7%.

Feb. 18, 2005 -- TOP Tankers Inc (Nasdaq: TOPT) at a close price of 20.25 --> Today, at a closing price of 17.99, this represent a loss of -11.2%.

Briefly, this all represent a nice average return of 22.0%.

Some people asked me if it is possible to publish online my picks more timely, at least some. That is, the same day I issue the recommendations to my clients. This is because, they think the recommendations are unuseful issued a days later. Of course, in this case the recommendations I made will not be just informative to the public but a compromise… a FREE compromise. I will think about it.

I have no recommendations at this moment. You know, the market is quite efficient. But, I am working on that.

More is coming soon.

INTRODUCTION MADE IN JANUARY 2006

After months of thinking, I decided to make public some of the recommendations that I made for my clients.

Wrong move, suggest my niece Cathy.

I know, my hard work for free.

Well, for one side, I almost have did it before for a quite long time. You know, I am invited university professor.

For the other side, stock market recommendations is a special area of work. It is well accepted that if analysts are right only sometimes and if they cut the wrong elections quite fast, they will be a very good analysts because nice opportunities will be generated for their clients.

This has its foundation in the Efficient Market Hypothesis which claims in essence that nobody can beat the market.

So, if I am an average analyst and I made public forecasts about the stock market, the most probably thing is that I will be wrong. Therefore, why I should care about publish my research?

Another warnings to the potential interested readers, this is an expected monthly column (time permitting). My clients receive daily insights if they want it, so they can react faster.

Additionally, in this column I will not publish all the recommendations that I made to my clients or the transactions that I made by my own.

Sorry, it is free... Yes, you are right Cathy.

You know, instead of reading this, you could best invest your time reading the letters of Warren Buffet.

Enjoy and profit.

FERNANDO RUBIO

FERNANDO DANIEL RUBIO FERNÁNDEZ
ferncapital@yahoo.com

EXPERTO EN FINANZAS Y DIRECCION ESTRATEGICA / PROFESOR UNIVERSITARIO

El señor Rubio (nacido en Chile, 43 años) es un ejecutivo y consultor de negocios especializado en Finanzas y Dirección Estratégica. Sus calificaciones incluyen sólido manejo en finanzas y administración general, dirección estratégica, administración de patrimonios y análisis financiero. En términos generales, tiene 20 años de experiencia administrando, asesorando y analizando compañías así como administrando patrimonios, transando acciones y derivados de acciones con también exposición a instrumentos de renta fija. Ha realizado investigación analizando diferentes aspectos de administración estratégica tales como planificación, reestructuración, control financiero y administración del riesgo. Específicamente, esta interesado en desarrollar y contrastar modelos de simulación financiera para pronosticar estados financieros, desarrollar estrategias cuantitativas de inversión, contrastar metodologías de valoración, administrar riesgo financiero y mejorar el rendimiento general de los negocios.

Desde 1986, el señor Rubio ha sido Director de FERNCAPITAL S.A. una empresa boutique de inversiones y consultoría basada en Viña del Mar, Chile. Su responsabilidad primaria incluye el manejo integral de un Fondo de Inversión Internacional con el objetivo de invertir en el mercado accionario de USA. Adicionalmente, durante este periodo, el señor Rubio ha sido Ejecutivo o Asesor del Directorio de diversas empresas e instituciones, proveyendo servicios de consultoría en dirección estratégica y finanzas. Sus asignaciones incluyen compañías del sector seguros, financiero, salud, naviero y manufacturero.

Paralelamente, el señor Rubio ha sido Profesor Invitado de Finanzas, en la Cátedra de Mercados Financieros Internacionales para el MBA, en la Escuela de Graduados de la Facultad de Ciencias Económicas y Administrativas de, entre otras, la Universidad Católica de Salta (Argentina), la Universidad Nacional de San Juan (Argentina), la Universidad Privada Domingo Savio (Bolivia), la Pontificia Universidad Católica de Valparaíso (Chile) y la Universidad de Valparaíso (Chile) así como en Loyola Escuela Empresarial para Las Américas (Guatemala). Previamente ha sido Profesor full time en la PUCV (1990-1992) e Invitado en la Universidad Marítima (1991-1998) en Chile. También, ha dictado numerosos seminarios a empresas e instituciones, entre los cuales se destaca CODELCO-Chile, Ministerio de Salud de Chile y el Banco Central de Guatemala. El señor Rubio es autor del libro “Investment Strategies” y de mas de 20 trabajos de investigación, algunos publicados en la Revista de la Bolsa de Madrid; la Social Science Research Network (SSRN), y el Economics Working Paper Archive at WUSTL (EconWPA). El señor Rubio está entre los 250 autores más importantes (de entre 7000 en el mundo) y el tercero en Chile según RePec. El Sr. Rubio ha recibido becas de la Fundación MAPFRE Estudios (España), la Universidad de Chile y la PUCV.

El señor Rubio es Candidato a Doctor en Ciencias Económicas y Empresariales (Economía Financiera: Banca y Bolsa) por el Instituto Universitario de Administración de Empresas de la Universidad Autónoma de Madrid, España; Magíster en Administración mención Finanzas por la Escuela de Graduados de la Universidad de Chile (con una beca por rendimiento); e Ingeniero Comercial y Licenciado en Ciencias Económicas y Administrativas por la Pontificia Universidad Católica de Valparaíso (PUCV), Chile. El señor Rubio tiene un manejo fluido del idioma inglés y español.

Puede consultar información adicional sobre Fernando Rubio en
EconPapers
SSRN
LOGEC
REPEC
IDEAS
ECOMMUNICS
Top 5% Authors in REPEC
Performance Trading
Technical Analysis
Behavioural Finance
Forex Trading
Revista de la Bolsa de Madrid

FERNCAPITAL S.A.

FERNCAPITAL es una sociedad anónima especializada en inversiones internacionales. Para ello cuenta con un equipo de profesionales asociados altamente calificados lo que nos permite adaptar nuestros servicios profesionales a las cambiantes necesidades de cada cliente.

FERNCAPITAL S.A. tiene como valores corporativos principales... la pasión y el enfoque por lograr... el éxito en lo que hacemos, la excelencia en el servicio, la calidad en la gestión, el bienestar social... para que... nuestros clientes y accionistas cumplan sus objetivos y para que nuestro accionar se traduzca en un mundo mejor. Hacemos nuestra la definición de Administración desarrollada por el IESE... "Administrar es llevar a la Empresa o a la Organización, desde la situación actual a una futura mejor en términos de eficacia, eficiencia y justicia".

FERNCAPITAL nació como institución en 1986, pero formalmente está entregando sus
servicios como sociedad anónima desde el 10 de marzo de 2003.

Para satisfacer las necesidades de sus socios y clientes, FERNCAPITAL cuenta con un fondo de inversión privado que transa principalmente en los mercados accionarios de USA.

Nuestra misión es obtener la información más relevante en orden a desarrollar estrategias de inversión óptimas que entreguen retornos en exceso a los índices de los mercados accionarios. Con esto ayudaremos a nuestros clientes y accionistas a alcanzar sus objetivos de inversión de mediano y largo plazo.

Nuestra filosofía de inversión está fundada en nuestra fuerte creencia de que la evolución de largo plazo del precio de la acción está basada en el crecimiento de largo plazo de los resultados. La clave es encontrar, a través de intensa investigación, las compañías que puedan entregar tal crecimiento.

REGLAS DE FUNCIONAMIENTO

FERNCAPITAL es una sociedad de inversiones basada en Viña del Mar, Chile, que pretende mantener una cartera equilibrada de acciones internacionales que permitan un adecuado retorno en el mediano y largo plazo, para un riesgo moderado. En la actualidad, se invierte preferentemente en acciones de empresas de Estados Unidos de América.

En un mundo global de inversión, FERNCAPITAL tiene como misión obtener la más útil información disponible respecto del mercado bursátil a objeto de desarrollar estrategias de inversión exitosas que ayuden a sus clientes y accionistas a cumplir sus objetivos de inversión de mediano y largo plazo. FERNCAPITAL continuará desarrollando y refinando el proceso de recopilación y análisis de información para lograr mejor su misión. El objetivo de FERNCAPITAL es lograr un adecuado retorno ajustado por riesgo para el patrimonio administrado, respecto al obtenido por el índice de referencia utilizado ampliamente por el mercado.

FERNCAPITAL S.A. fue constituida como sociedad anónima cerrada mediante Escritura Pública el 30 de diciembre de 2002 ante el Notario Público de Viña del Mar, señora Maria Victoria Lucares Robledo. Se publicó un extracto de dicha Escritura en el Diario Oficial 37.453 del 8 de enero de 2003 y se inscribió dicha Escritura a fojas 19 vta. Número 21 del año 2003 del 9 de enero del 2003 en el Registro del Conservador de Bienes Raíces y Comercio de Viña del Mar. FERNCAPITAL, como sociedad anónima, está regulada por la Ley 18.046 y por su reglamento el Decreto Supremo 587, y por las demás normas legales y reglamentarias que le sean aplicables.

Sin embargo, por el hecho de ser cerrada, no está regulada ni fiscalizada por la Superintendencia de Valores y Seguros de Chile, aunque sus operaciones son vigiladas por dos inspectores de cuenta y un auditor externo de reconocido prestigio y experiencia, quienes velan por que se respeten la legislación vigente, así como los Estatutos y el Reglamento Interno; y cuya función principal es examinar los estados financieros y opinar sobre la razonabilidad de éstos y de los sistemas de control interno de la sociedad. Además, tienen la obligación de informar por escrito a la próxima Junta Ordinaria de Accionistas y al Directorio, sobre el cumplimiento de su mandato. En el Reglamento Interno de FERNCAPITAL se detallan la misión, los objetivos y los principios a los cuales se adhiere la sociedad, así como la organización y las funciones generales del Directorio y sus asesores, del Gerente General, del Gerente de Inversiones y del Comité de Análisis de Inversiones, de la Contaduría y los Servicios de Apoyo, de la Auditoria Externa y la Custodia. También, se detallan políticas respecto del manejo de la información y los informes a publicar, de las tareas generales a realizar y la coordinación, del control interno y externo, etc.

FERNCAPITAL tiene dividido su patrimonio en acciones Serie A y acciones Serie B. Ambas series tienen los mismos derechos económicos, esto es, el resultado por acción se determina dividendo el resultado total del periodo por el número total de acciones emitidas, sean de la Serie A ó de la Serie B. Además, en cualquier Junta de Accionistas, Ordinaria o Extraordinaria, cada acción equivale a un voto, con la sola excepción de la elección de los tres integrantes del Directorio, en el que los Accionistas de la Serie A eligen a un Director y los Accionistas de la Serie B a dos. Ningún accionista puede controlar, directa o indirectamente, mas del 30% de las acciones de la Serie A. Están contemplados sucesivos aumentos de capital a objeto de incorporar a nuevos socios hasta alcanzar el patrimonio objetivo de la sociedad, de manera de acometer los proyectos aprobados preliminarmente por el Directorio. Cualquier persona, que desee invertir un monto mínimo en efectivo de US $50.000 por un plazo mínimo de 12 meses, en una cartera diversificada de acciones internacionales con rentabilidad variable, puede ser accionista de FERNCAPITAL.

Puesto que FERNCAPITAL es una sociedad cerrada y por tanto no cotiza en Bolsa, la transacción de sus acciones se realiza en forma privada. Usted puede vender en cualquier momento sus acciones a otra persona que esté interesado en ser accionista de la sociedad. También, sin perjuicio de lo anterior y en estricto rigor, Usted puede ejercer su derecho a retiro de la sociedad en la Junta respectiva de Accionistas. FERNCAPITAL realiza sus Juntas Ordinarias de Accionistas el primer sábado de abril de cada año. La próxima reunión de accionistas será, en consecuencia, el día sábado 2 de abril de 2005. La reunión se llevará a efectos, en principio, en nuestras oficinas y comenzará a las 12 horas en punto. Posteriormente, se ofrecerá a los accionistas un almuerzo en el Hotel del Mar del Casino Viña del Mar, ubicado en Av. San Martín 199, Viña del Mar. Solamente podrán participar en las juntas y ejercer sus derechos de voz y voto, los titulares de acciones inscritas en el Registro de Accionistas con cinco días de anticipación a aquel en que haya de celebrarse la respectiva junta. Se indicarán mas detalles a medida que estén disponibles.

VENTAJAS DE INVERTIR

Al convertirse en accionista de FERNCAPITAL, Usted logra para su patrimonio:

Una mejor diversificación: Con un mayor patrimonio conjunto es posible adquirir una parte proporcional de muchos mas valores de los que se podría comprar de forma individual, repartiendo y disminuyendo de esta manera el riesgo total. Es un hecho comprobado que al diversificar inteligentemente se reduce el riesgo total mientras se sacrifica proporcionalmente menos retorno.

Mejores servicios: Con un mayor patrimonio conjunto es posible alcanzar un mejor poder de negociación. El mayor poder de negociación permite tener acceso a las mejores oportunidades de inversión de los mercados internacionales y disponer de la mejor asesoría e infraestructura, financiera y tecnológica.

Adicionales economías de escala: Con un mayor patrimonio conjunto es posible realizar operaciones con menores costos relativos. Es bien sabido que al aumentar progresivamente el volumen de operaciones y mantener los costos fijos, se logra un costo promedio menor.

Acceso a nuevos negocios: La posibilidad de invertir en los mercados internacionales de capital donde existen innumerables oportunidades no disponibles en el mercado nacional. Por ejemplo, existe la oportunidad de invertir en empresas y sectores que no están representados en la bolsa local, tales como, las multinacionales del sector financiero, minero, alta tecnología, etc.

Sin intermediarios: FERNCAPITAL invierte directamente en una cartera de acciones, no subcontrata los servicios de otros fondos mutuos, nacionales o extranjeros, para que le administren las inversiones evitando pagar así dobles comisiones.

Trato justo: La posibilidad de obtener los mismos beneficios de los actuales accionistas y ejecutivos quienes tienen invertido la mayor parte de su patrimonio en la empresa. FERNCAPITAL no puede prometer resultados pero garantiza que estos impactaran tanto en el patrimonio de los actuales accionistas, incluidos los ejecutivos, como en el de los nuevos accionistas. Además, los directores son solidariamente responsables de los perjuicios causados a los accionistas producto de no cumplir adecuadamente con sus funciones y responsabilidades, pudiendo aplicárseles las sanciones que establece la Ley.

Experiencia y confianza: La posibilidad de que sus dineros sean gestionados por personal profesional, con amplia preparación y experiencia en los mercados de capital. Todo bajo un esquema de inversión que busca preservar el capital mientras está atento a la obtención de adecuadas ganancias. FERNCAPITAL sabe en que acciones o bonos invertir y sabe por que invertir en esas acciones o bonos.

Confidencialidad: FERNCAPITAL maneja con extremo cuidado y discreción la información que por Ley debe recabar respecto de sus accionistas, así como la información que es requerida sobre los mismos por la Autoridad para efectos legales e impositivos.

Seriedad y solidez: Periódicamente se analiza y actualiza el Presupuesto Anual de manera de mantener controlados los Gastos de Administración y Ventas en parámetros competitivos al que ofrecen otras formas de inversión alternativas, por ejemplo, los fondos mutuos. El total de gastos de administración y ventas de FERNCAPITAL se mantienen al mínimo posible y actualmente alcanza el 3% anual antes de impuestos, como proporción del patrimonio promedio administrado. Esto no considera la remuneración variable actual del Gerente de Inversiones que consiste en 25/100 de las utilidades brutas por sobre el 0.5% mensual de retorno que obtenga el patrimonio total administrado.

Enfoque de mediano y largo plazo: Es importante destacar que FERNCAPITAL no reparte dividendos. Esto implicaría mayores gastos de administración e impuestos que no se está dispuesto a asumir como política general. Para liquidar parcial o totalmente su inversión, el accionista puede vender una parte o la totalidad de sus acciones. Se espera que a un año plazo, como mínimo, Usted vea los frutos reales de su inversión.

Resultados: En el pasado, FERNCAPITAL ha obtenido un retorno adecuado al riesgo asumido.

Tranquilidad: Al confiar a FERNCAPITAL su patrimonio, Usted sabe que lo coloca en buenas manos y que su voz como accionista cuenta para hacer valer su opinión. Los accionistas pueden asistir a juntas de accionistas donde se analiza la marcha del fondo, y donde se llevan a votación aquellas materias que así lo requieran. Por tanto, Usted puede dedicarse a lo que mas prefiera, observando tranquilamente como su patrimonio crece sostenidamente y alcanza sus metas de mediano y largo plazo.

Motívese viendo nuestro video y disfrute escuchando un solo de cello de Johann Sebastián Bach interpretado por Yo-Yo Ma. Por favor, tenga paciencia, el archivo es relativamente grande (2,5 Mb) y puede demorar en cargarse si la conexión es lenta.

FERNCAPITAL invita a los inversores realmente interesados en este proyecto, a contactar a nuestro Gerente de Inversiones, el señor Fernando Rubio.

Le recordamos que tenga sus objetivos claros antes de hacer su inversión, es decir para qué fin está invirtiendo. En particular, determine el horizonte de tiempo en el cual espera cumplir sus metas financieras y su nivel de tolerancia frente al riesgo. Recuerde que ésta es una inversión orientada al mediano y largo plazo, sin rentabilidad futura asegurada. Si desea invertir a mediano plazo y sin riesgo, es recomendable que considere otras alternativas de inversión, tal como un depósito a plazo. Por otro lado, también le recordamos que el riesgo de las inversiones y el retorno usualmente van de la mano. Generalmente, a mayor riesgo, mayores serán los retornos esperados en el largo plazo. A menor riesgo asumido, probablemente los retornos esperados serán menores. Mientras más tiempo espere para comenzar a invertir, más tiempo se demorará en alcanzar sus objetivos de inversión. Tenga presente la Regla del 72, que establece que si se divide 72 por la rentabilidad anual esperada de su patrimonio, se obtiene el número de años en que el dinero se duplicará. A modo de ejemplo, si Usted espera una rentabilidad de 5% anual, su patrimonio se duplicará en 14,4 años aproximadamente. Si la rentabilidad esperada es de 10% anual, su patrimonio se duplicará en 7,2 años aproximadamente. Finalmente, recuerde que debe ser constante. Invierta en forma sistemática, esto es, invierta con frecuencia regular una cantidad fija de dinero. Revise sus inversiones a lo menos una vez al año o cada vez que su situación cambie, aprovechando toda la oportunidades de crecimiento en el mediano y largo plazo que le ofrece FERNCAPITAL.

MODELO DE INVERSIÓN

FERNCAPITAL, producto de su permanente vocación de investigación aplicada en el área de estrategias de inversión, ha desarrollado un Modelo de Inversión en Acciones. El Modelo considera un universo de aproximadamente 7.000 acciones (incluyendo ADR's) transadas en USA, principalmente en el Nyse, Nasdaq y Amex. La esencia del Modelo consiste en clasificar las acciones en cinco categorías de acuerdo a su rendimiento futuro esperado. A partir de allí, FERNCAPITAL ha desarrollado un diversas estrategias de inversión, consistentes con diversos grados de aversión al riesgo.

Periódicamente, FERNCAPITAL analiza los más útiles datos de la economía y del mercado accionario a objeto de reunir información que es utilizada como input del Modelo. El Modelo provee una instancia para evaluar los mercados y sectores, permite seleccionar los activos mas interesantes y construir las carteras, a la vez que fija los limites de control.

El Modelo utiliza información macroeconómica para determinar las tendencias globales; evaluar el comportamiento general de los mercados; determinar los países y sectores que pueden presentar las mejores perspectivas de crecimiento; y, determinar la localización de activos.

El Modelo utiliza información fundamental en base al esquema de estrategia competitiva desarrollada por Michael Porter (Harvard Business School). Dicho esquema consiste en analizar la posición competitiva de la empresa en su industria, respecto a clientes, proveedores y competidores, actuales y potenciales. El análisis implica considerar factores cuantitativos (tales como cifras de los Estados Financieros y sus correspondientes ratios, actuales y proyectados) y cualitativos (tales como calidad de la administración, estrategia corporativa, etc.) Asimismo, se sopesan, en su caso, los riesgos inherentes a la inversión internacional tales como la evolución de los tipos de cambio y las diferencias en la contabilidad y la legislación entre los países.

El Modelo utiliza información de mercado (análisis técnico) para confirmar las conclusiones anteriores, en el supuesto que toda la información analizada ya está contenida en los precios. La información de mercado considerada es la evolución del precio y del monto transado de la acción y del mercado. Las acciones son entonces ordenadas y agrupadas en cinco carteras, de acuerdo a su rendimiento futuro esperado de precio, relativo a las otras acciones consideradas en el análisis. Las carteras utilizadas son:

Excelente: contiene las acciones cuyo rendimiento se espera que sea significativamente superior al del promedio del mercado.

Buena: contiene las acciones cuyo rendimiento se espera que sea levemente superior al del promedio del mercado.

Neutral: contiene las acciones cuyo rendimiento se espera que sea similar al del promedio del mercado.

Mala: contiene las acciones cuyo rendimiento se espera que sea levemente inferior al del promedio del mercado.

Pésima: contiene las acciones cuyo rendimiento se espera que sea significativamente inferior al del promedio del mercado.

FERNCAPITAL confecciona entonces un Informe Semanal, el cual está disponible BAJO suscripción a los socios que lo soliciten el domingo de la semana previa. El Informe entrega el resultado de la clasificación de cada acción en el universo estudiado junto con cierta información general, indicando los casos en los cuales no fue posible asignar una categoría debido a la falta de información suficiente. El Informe no sugiere que se implemente una u otra estrategia de inversión. El socio es libre de tomar o no una posición en el mercado por su cuenta y riesgo en base a las recomendaciones del Modelo; o de guiarse por los resultados del Modelo para desarrollar una estrategia propia. Sin embargo, en orden a invertir, se le aconseja al socio que analice mas detalladamente las acciones contenidas en dichas carteras. FERNCAPITAL lo hace antes de invertir y no invierte necesariamente en todas las acciones contenidas en cada cartera. FERNCAPITAL desarrolla estrategias de inversión sobre la base de su Modelo de Inversión, mismas que ha contrastado empíricamente con singular éxito. La rigurosidad académica es uno de los pilares del éxito de tales estrategias. Por lo menos, tres estrategias de inversión pueden ser destacadas:

Estrategia larga, consiste en permanecer largo en todas las acciones que conforman la cartera Excelente. Esto es, invertir en una cartera que contenga las acciones mas recomendadas por el Modelo.

Estrategia corta, consiste en permanecer corto en todas las acciones que conforman la cartera Pésima.

Estrategia cobertura, consiste en permanecer largo en todas las acciones que conforman la cartera Excelente y permanecer corto en todas las acciones que conforman la cartera Pésima.

Por último, el Modelo considera una serie de elementos de control de riesgo, en base a los cuales se realiza un seguimiento de la cartera de manera que esta se adapte a la estrategia de inversión elegida. Los elementos pueden clasificarse, en términos generales aunque no exhaustivos, en cuatro tipos: Elementos relacionados a la acción; Elementos relacionados al sector en el que la empresa participa; Elementos relacionados al país al cual la empresa pertenece y Elementos relacionados al índice de referencia.

POLÍTICAS DE INVERSIÓN

Las políticas de inversión utilizadas en la estrategia de inversión desarrollada por FERNCAPITAL son aprobadas por el Directorio y pueden ser modificadas a su discreción según las circunstancias lo ameriten.

Las políticas actualmente en vigor son: Invirtiendo idealmente el 100% del patrimonio administrado en el mercado accionario global formal, preferentemente en acciones de categoría Excelente. Alterando esta localización de activos, en la medida que las circunstancias lo aconsejen de acuerdo al "criterio de persona prudente", según lo determine el Directorio de la Sociedad. Esto es, efectuando todas las gestiones que sean necesarias, con el cuidado y la diligencia que los hombres emplean ordinariamente en sus propios negocios, para cautelar la obtención de una adecuada combinación de rentabilidad y seguridad de las inversiones. En este sentido, la Sociedad podrá invertir en cualquier instrumento o negocio que le parezca adecuado en una circunstancia puntual. Normalmente, diversificando de manera tal que ningún instrumento represente o comprometa mas del 5% del patrimonio administrado y que ningún instrumento represente mas del 5% de los valores emitidos o garantizados por una misma entidad o grupo empresarial. Si por circunstancias favorables del mercado esta diversificación se altera, liquidando los excesos de inversión al plazo más razonable posible. Manteniendo una o más cuentas con corredores de bolsa, debidamente autorizados para operar en los mercados accionarios indicados y de reconocido prestigio y solvencia. Contrayendo deudas, cuando la ocasión lo amerite según lo estime el Directorio.

SOME RICHEST AMERICAN INVESTORS 2004

From Forbes (Just for educational purposes and personal use)

More than 40 out of 400 richest people (10%) in the USA, according Forbes 400 richest, made it through the stock market. Is this a sign of the inefficiency of the financial market or simply they are just truly lucky?

If you want to understand literature, you study the great authors; music, the great composers. Why, then, do investment courses ignore the great investors and instead preach the efficient market theory, which tells us no one can beat the market and ignores those who do?
- Don Phillips, Morningstar CEO, TheStreet.com August 9, 2000

2 Warren Buffett:Net Worth: $41.0 billion Source: Investments, Berkshire Hathaway (quote, executives, news) Self made Age: 74 Marital Status: widowed , 3 children Hometown: Omaha , NE Undergraduate: University of Nebraska Lincoln, Bachelor of Arts / Science Graduate: Columbia University, Master of Science The Sage more revered than ever after Berkshire Hathaway profits doubled in 2003 thanks to good year for insurance units Geico and General Re. Stock up 13% in the past year; briefly challenged Gates as world's richest man when shares flirted with $100,000 mark. Newspaper delivery boy filed first 1040 at age 13; claimed $35 deduction for bicycle. Studied under Benjamin Graham at Columbia. Applied value-investing principles to build Berkshire Hathaway to $133 billion (market cap) holding company: insurance, energy, carpets, jewelry, furniture, paint (Benjamin Moore), apparel (Fruit of the Loom). Also big stakes in American Express, Coca-Cola, Gillette. Admits Berkshire's $30 billion cash hoard is underutilized: "It's a painful condition to be in, but not as painful as doing something stupid. [Vice Chairman] Charlie [Munger] and I detest taking even small risks." Recent bets include Pier One Imports, Comcast, food distributor McLane. Bought mobile-home maker Clayton Homes after reading autobiography by company founder. "If we fail, we will have no excuses." Since taking control of Berkshire 39 years ago has delivered compound annual return of 24%. Outspoken opponent of Bush tax cuts, recently courted as adviser to pols Arnold Schwarzenegger and John Kerry. Critic of lax corporate governance, became target of failed campaign to vote him off Coca-Cola board. Fanatical supporters still far outnumber critics: Berkshire's folksy annual meeting crowds routinely top 15,000. Next year's confab will miss the arias and punch lines served up by wife, Susan, who died in July.

"Investing in a market where people believe in efficiency is like playing bridge with someone who has been told it doesn't do any good to look at the cards."

Here’s some of what Warren Buffett had to say about Efficient Market Theory (EMT) in his 1988 annual letter to Berkshire Hathaway shareholders:

“Naturally, the disservice done students and gullible investment professionals who have swallowed EMT has been an extraordinary service to us and other followers of Graham. In any
sort of contest – financial, mental, or physical – it’s an enormous advantage to have opponents who have been taught that it’s useless to even try. From a selfish point of view, Grahamites should probably endow chairs to ensure the perpetual teaching of EMT.”

21 Carl Icahn: Net Worth: $7.6 billion. Source: Investments, leveraged buyouts. Self made Age: 68 Marital Status: married, 2 children , 1 divorce. Hometown: New York , NY Undergraduate: Princeton University, Bachelor of Arts / Science. Graduate: New York University, Drop Out. Famed 1980s corporate takeover specialist grew up middle-class in NYC's Queens; lawyer father, mom taught school. Princeton grad attended medical school; dropped out after 2 years. Joined army, then Wall Street. Borrowed to buy NYSE seat 1968; bought firms, forced managers to improve, buy him out or spin off at profit. Scored big in 1980s with takeovers of Texaco, USX, TWA. Wrestled telecom XO Communications from Ted Forstmann 2002; still chairman, though stock down 42% over past year. Now reparing to bring auto parts supplier Federal-Mogul out of bankruptcy; received regulatory permission to buy stakes in Kodak, drug company Mylan Laboratories. Other stakes include ImClone, National Energy Group.

24 George Soros: Net Worth: $7.2 billion Source: Finance, hedge funds Self made Age: 74 Marital Status: married , 5 children , 1 divorce Hometown: New York , NY Undergraduate: London School of Economics, Bachelor of Arts / Science. Famed hedge fund manager on crusade to defeat President Bush. "It is the central focus of my life." Already donated $15.5 million to anti-Bush groups like MoveOn.org and America Coming Together. Hungarian-born money manager evaded capture by the Nazis; attended London School of Economics after war. Founded Curaçao-based Quantum Fund 1969; stellar long-term record. Currency speculator "broke" British pound in 1992 with top manager Stanley Druckenmiller (see); made $1 billion. Lost at least $1 billion during Russian market crisis 1998. Closed Quantum 2000, now managing Quantum Endowment macro fund: up 15% in 2003. Committed philanthropist and pro-democracy activist has given away $5 billion over last 25 years through network of foundations. Author of The Alchemy of Finance (1987) published more politically driven tome, The Bubble of American Supremacy, in January.

30 Kirk Kerkorian: Net Worth: $5.8 billion Source: Investments, investments, casinos (quote, executives, news) Self made Age: 87 Marital Status: divorced , 2 children , 3 divorces Hometown: Los Angeles , CA Undergraduate: High School, Diploma Low-key investor hit jackpot with $7.9 billion takeover of Mandalay Bay Resorts in June. MGM Mirage stake now worth $3.4 billion. Former World War II pilot got start selling Trans International Airlines for $104 million profit in the 1960s. Invested proceeds in Vegas: acquired Flamingo hotel 1967, built International hotel 1969. Sold both properties to Hilton Hotels in 1970. Built first MGM Grand (now Bally's), opened second incarnation 1993. Bought Steve Wynn's (see) Mirage Resorts for $6.4 billion in 2000. Longtime love affair with MGM movie studio appears to be coming to an end: takeover negotiations with Sony heating up. Originally purchased studio 1970; sold to Ted Turner (see) 1986, bought back months later. Sold again 1990. Picked up a third time 1996. Personally netted $1 billion when studio paid massive $8 dividend to investors in May. Continues to push lawsuit against DaimlerChrysler over 1998 merger; testified in Delaware court in December. DCX shareholders now accusing Kerkorian of insider trading.

40 Ronald Perelman: Net Worth: $4.2 billion Source: Investments, leveraged buyouts (quote, executives, news) Self made Age: 61 Marital Status: married , 6 children , 3 divorces Hometown: New York, NY Undergraduate: University of Pennsylvania, Bachelor of Arts / Science Graduate: University of Pennsylvania Wharton School, Master of Business Administration Leveraged-buyout king applying extreme makeover to Revlon. Announced massive stock-for-bonds swap in March, reduced company's debt burden by $900 million. Wharton grad got start helping father run family's Philadelphia metal-fabricating business. Bought $1.9 million stake in a jewelry distributor 1978; built into conglomerate MacAndrews & Forbes using high-yield debt from Drexel Burnham. Created moneymaking machine: buy undervalued assets with leverage, divest all but cash cows, use money to bag bigger companies. Most lucrative deal: selling Golden State Bancorp to Citigroup in 2002 for $6 billion; stake now worth $1.7 billion. Other investments: Scientific Games, Panavision. Married to actress Ellen Barkin, good friends with rocker Jon Bon Jovi. Onetime cigar enthusiast rarely seen without a stogie in tow gave up smoking in 2002.

79 James Simons: Net Worth: $2.5 billion Source: Investments, hedge funds Self made Age: 66 Marital Status: married , 3 children , 1 divorce Hometown: East Setauket , NY Undergraduate: Massachusetts Institute of Technology, Bachelor of Arts / Science Graduate: University of California Berkeley, Doctorate Secretive hedge fund manager more interested in science than finance; started career as a theoretical mathematician. MIT grad taught at alma mater and Harvard. Broke codes for U.S. Department of Defense. Left in 1968 to take job heading math department at SUNY Stony Brook. Coauthored Cherns-Simons theory 1974, geometry-based formula now used by physicists searching for fundamental laws of the universe. Started investing with $5,000 in wedding presents; bored by stocks, traded soybean futures. Founded Renaissance Technologies hedge fund outfit 1982, generated stellar returns using computer modeling to find inefficiencies in commodities and futures prices. Between 1988 and 1999 his Medallion fund believed to have gained 2,500%; reportedly up 22% last year. Prefers Ph.D.s to M.B.A.s: "We don't hire people from Wall Street. We hire people who have done good science." Also employs computational linguists to analyze markets. Geeky market-modelers kept happy with lax dress code, gym, cash bonuses every 6 months. Simons believed to own half of Medallion's $5 billion assets.

92 Ronald Burkle: Net Worth: $2.3 billion Source: Investments, supermarkets, investments (quote, executives, news) Self made Age: 51 Marital Status: married , 3 children Hometown: Los Angeles , CA Undergraduate: High School, Diploma Former bag boy founded investment company Yucaipa 1986; made fortune with leveraged buyouts of supermarket chains Fred Meyer, Jurgensen's, Ralph's. Other holdings: Yahoo, Alliance Entertainment, K&B Homes. In February sold majority stake in food supplier Golden State Foods to St. Louis-based Wetterau Associates for $110 million. Last year invested $100 million in Sean (P. Diddy) Combs' Sean John clothing line. Longtime Democratic fundraiser a close friend, travel partner of Clinton; former President calls Burkle's 757 private jet "Ron Air." Other friends: Bono, Jesse Jackson, Steve Bing.

106 Herbert Allen: Net Worth: $2.0 billion Source: Finance, investment banking (quote, executives, news) Inherited and growing Age: 64 Marital Status: divorced , 4 children , 2 divorces Hometown: New York , NY Undergraduate: High School, Drop Out Low-profile investment bank Allen & Co. has had a stellar run: claims to have had returns of more than 40% a year since the mid-1980s. Firm has long tradition of forging lucrative relationships with corporate leaders. Host of annual retreat for media bigwigs in Sun Valley, Idaho helped spawn some high-profile mergers like Disney and ABC. This year's guests included many of The Forbes 400: Bill Gates, Barry Diller, Rupert Murdoch, Meg Whitman. Board member and large investor in Coca-Cola travels everywhere with Donnie, his black Labrador.

106 Steven Cohen: Net Worth: $2.0 billion Source: Investments, hedge funds Self made Age: 48 Marital Status: married, 7 children , 1 divorce Hometown: Greenwich , CT Undergraduate: University of Pennsylvania Wharton School, Bachelor of Arts / Science Wharton grad got start trading options at Gruntal & Co. 1978; made $8,000 profit on first day. Founded hedge fund SAC Capital with $20 million 1992; now manages $4.5 billion in assets. Fund has average return of at least 40% annually over 12 years. Market mover: firm's 40 portfolios believed to trade 20 million shares a day, accounting for as much as 3% of NYSE's daily volume. Highly secretive investor commands highest performance fee in the business: 50% of the profits if certain benchmarks met. Avid art enthusiast (collects Andy Warhol), generous giver: with wife, Alex, serves on boards of Paul Tudor Jones' (see) Robin Hood Foundation, Michael J. Fox Foundation. Last year they committed $3 million to build clinic at Greenwich Hospital.

106 Bruce Kovner: Net Worth: $2.0 billion Source: Finance, hedge funds Self made Age: 59 Marital Status: divorced , 3 children , 1 divorce Hometown: New York , NY Undergraduate: Harvard University, Bachelor of Arts / Science Son of a trade unionist dropped out of Harvard Ph.D. program after bout of writer's block. Drifted for 6 years: drove New York City cab, studied harpsichord at Juilliard, consulted for Republican Party. At age 31 used $3,000 MasterCard line to start trading commodities (soybeans). Made quick $40,000, didn't hedge; lost $23,000 in hours. Joined Commodities Corp., learned from veteran investor Michael Marcus: "He taught me you could make a million dollars." Started Caxton Associates in 1983; hedge fund group has $10 billion under management. Size doesn't always matter: returned $2 billion to investors last year to keep from diluting returns. Chairs Juilliard and conservative American Enterprise Institute; spent $2 million publishing fully illustrated version of the King James Bible.

106 Richard Rainwater: Net Worth: $2.0 billion - Source: Finance, real estate, energy, insurance (quote, executives, news) Self made Age: 60 Marital Status: married , 3 children Hometown: Fort Worth , TX Undergraduate: University of Texas Austin, Bachelor of Arts / Science Graduate: Stanford University, Master of Business Administration Stanford business grad got start managing Bass family's $50 million portfolio in 1970; lost money first 2 years. Acquired large stake in Disney 1984, went solo 2 years later. Cofounded Columbia Hospital 1987, bought Hospital Corporation of America 1994. Sold HCA stake last year, invested proceeds in Tenet Healthcare. Recently shedding oil and gas assets for additional liquidity; says he's on the prowl for other buying opportunities. Purchased 3 million shares of Global Crossing in May, now owns 7.5% of beleaguered telecom. "I'm doing better than I've ever done. I'm happy, healthy, wealthy and wise, and that's about it." Wife, Darla Moore, a dealmaker in her own right, managing sizable assets since 1994.

124 Fayez Sarofim: Worth: $1.8 billion Source: Finance, finance Inherited and growing Age: 75 Marital Status: divorced , 5 children , 2 divorces Hometown: Houston , TX Undergraduate: University of California Berkeley, Bachelor of Arts / Science Graduate: Harvard University, Master of Business Administration Son of wealthy Egyptian cotton farmer founded Fayez Sarofim & Co. investment bank in 1958 after earning Harvard M.B.A. "The Sphinx" a buy-and-hold specialist; previous long-term investments include Philip Morris, Procter & Gamble, Coca-Cola. Also early investor in Intel. Company assets up 14% to $42 billion over past year, still down from $60 billion in 2000. Son Chris, 39, being groomed to take over.

142 Stanley Druckenmiller: Net Worth: $1.7 billion Source: Finance, hedge funds Self made Age: 52 Marital Status: married , 3 children Hometown: New York , NY Undergraduate: Bowdoin College, Bachelor of Arts / Science Former money manager for George Soros famous for orchestrating boss' billion-dollar raid on the British pound in 1992. Timely long and short positions helped generate string of 30% returns for Soros' Quantum Fund. Got start as a stock analyst for Pittsburgh National Bank, started Duquesne Capital Management 1981. Left to work for hero Soros 1988; believed to have kept 30% of
mentor's incentive fee. Parted from Soros in 2000 after sustaining massive tech sector losses. Returned to Duquesne Capital to run No Margin Fund. Former director of Paul Tudor Jones' (see) Robin Hood Foundation. "Once you make a lot of money, it's incredibly enjoyable to give it away. It's a way to satisfy the soul."

142 Tom Gores: Worth: $1.7 billion Source: Finance, leveraged buyouts Self made Age: 40 Marital Status: married , 3 children Hometown: Beverly Hills , CA Undergraduate: Michigan State University, Bachelor of Arts / Science Israeli immigrant spent his 20s learning the buyout business alongside older brother Alec at Gores Technology Group. They split in 1995 and Tom now runs Platinum Equity; conglomerate manages 20 companies with $6 billion in sales. Patiently rebuilds distressed companies before selling them at a profit. Raised $750 million fund in June—his first time investing other people's money. Purchased famed MCA complex in Beverly Hills, former Global Crossing headquarters; his brother Sam's Paradigm talent agency will occupy one building. Buyout king now funding a movie about a love story set in revolution-era Cuba; actor pal Andy Garcia will star and direct.

142 Edward Lampert: Net Worth: $1.7 billion Source: Finance, investments Self made Age: 42 Marital Status: married , 3 children Hometown: Greenwich , CT Undergraduate: Yale University, Bachelor of Arts / Science Hard-nosed chairman of ESL Investments rebounded in 2003: $6 billion fund reportedly up at least 20% after falling 15% in 2002. Since founding ESL in 1988, annual returns averaging 25%. Spent several hundred million dollars buying distressed Kmart bonds; now holds controlling interest after hauling company out of bankruptcy in May 2003. Kmart stock up 245% in 2004. Risk taker also has large stakes in Sears, AutoZone. Got start with summer job at Goldman Sachs. Protégé of Robert Rubin; got an early investment from Richard Rainwater (see). High-profile client roster, including Michael Dell, David Geffen, Tisch family's Loews Corp.

142 David Murdock: Net Worth: $1.7 billion Source: Investments, investments Self made Age: 81 Marital Status: divorced , 3 children , 3 divorces Hometown: Los Angeles , CA Undergraduate: High School, Drop Out Traveling salesman's son dropped out of high school in 9th grade. Moved to Detroit after World War II, borrowed $1,800 to buy diner, sold for modest profit. Turned to building homes in Arizona; lost most of it in real estate crash of 1964. Moved to Los Angeles, bought more property. Then leveraged buyouts: Dole Food, Hawaiian real estate giant Castle & Cooke. Prominent GOP fundraiser also holds stake in Pacific Holdings, conglomerate that owns largest chassismaker in the U.S. Landed contract to operate jet center at Los Angeles' Van Nuys Airport in July; deal reportedly delayed after losing bidders proved Murdoch donated to mayor's political campaigns. Equine enthusiast keeps 400 Arabian horses on farm in California.

152 Charles Munger: Net Worth: $1.6 billion Source: Finance, investments (quote, executives, news) Self made Age: 80 Marital Status: married , 8 children , 1 divorce Hometown: Los Angeles , CA Undergraduate: University of Michigan, Bachelor of Arts / Science Graduate: Harvard University, Doctor of Jurisprudence Less lauded, far less wealthy partner of Warren Buffett, still plays integral role at Berkshire Hathaway. Vice chairman since 1978, demands intense number-crunching analysis of investments. Met Buffett in 1959; soon began investing in Berkshire. Other investments: substantial stakes in Costco Wholesale (discount retail), Daily Journal (legal news), Price Legacy (real estate investments). Education enthusiast funded new wing at Pasadena's Huntington Library; on board of Harvard-Westlake School.

165 Henry Kravis: Net Worth: $1.5 billion Source: Finance, leveraged buyouts (quote, executives, news) Self made Age: 60 Marital Status: married , 2 children , 2 divorces Hometown: New York , NY Undergraduate: Columbia University, Bachelor of Arts / Science Graduate: Columbia University, Master of Business Administration First cousins partnered with fellow Bear Stearns mentor Jerome Kohlberg (see) to form leveraged buyout firm Kohlberg Kravis Roberts 1976. Bought underperforming companies using junk bonds, reworked balance sheet, sold for profit. Kohlberg exited in 1987. "Barbarians at the gate" best known for $25 billion RJR Nabisco buyout 1989. Recent spending spree: PanAmSat (satellites), Sealy Mattress, Auto-Teile-Unger (German auto parts). Also sprucing up Primedia: sold off moneylosing New York and Seventeen magazines; developing TV shows to boost Hot Rod, Motor Trend brands. High-profile New York socialite big donor to Metropolitan Museum; wife, Marie-Josée, director of poverty-fighting Robin Hood Foundation.

165 George Roberts: Net Worth: $1.5 billion Source: Finance, leveraged buyouts (quote, executives, news) Self made Age: 60 Marital Status: married , 3 children Hometown: Los Angeles, CA Undergraduate: Cairo University, Bachelor of Arts / Science First cousins partnered with fellow Bear Stearns mentor Jerome Kohlberg (see) to form leveraged buyout firm Kohlberg Kravis Roberts 1976. Bought underperforming companies using junk bonds, reworked balance sheet, sold for profit. Kohlberg exited in 1987. "Barbarians at the gate" best known for $25 billion RJR Nabisco buyout 1989. Recent spending spree: PanAmSat (satellites), Sealy Mattress, Auto-Teile-Unger (German auto parts). Also sprucing up Primedia: sold off moneylosing New York and Seventeen magazines; developing TV shows to boost Hot Rod, Motor Trend brands. Keeps low profile from West Coast office.

215 Alec Gores: Net Worth: $1.3 billion Source: Finance, leveraged buyouts Self made Age: 51 Marital Status: married , 5 children , 1 divorce Hometown: Beverly Hills , CA Undergraduate: Western Michigan University, Bachelor of Arts / Science Emigrated from Israel as a child; raised in Michigan. Founded leveraged buyout firm Gores Technology Group 1987 after selling computers out of his father's basement. Conglomerate now has 40 companies: The Learning Company (education software), Humanic Solutions (payroll, benefits systems), Pierce Technology (videoconferencing hardware). Bargain shopper: likes buying divisions of technology firms, rather than whole companies. Brother Tom (see) runs Platinum Equity; other brother, Sam, a Los Angeles talent agent.

234 Thomas Lee: Net Worth: $1.2 billion Source: Finance, leveraged buyouts Self made Age: 60 Marital Status: married, 4 children, 1 divorce Hometown: New York , NY Graduate: Harvard University, Master of Business Administration Affable LBO titan finally putting to work the $6.1 billion raised in 2001. Led a consortium of investors, including Edgar Bronfman Jr., in $2.6 billion purchase of Warner Music; rumored public offering already in the works. Other recent deals: financial services outfit Refco Group for $2.3 billion, Nortek (oven ranges) for $1.6 billion and Better Foods for $1.1 billion. Harvard grad started investing with $150,000 inheritance 1974. Early success with Sterling Jewelers: bought for $28 million in 1985, sold 2 years later for $210 million. Then Snapple: bought for $135 million 1992; sold to Quaker Oats for $1.7 billion in 1994.

260 Pincus Green: Net Worth: $1.1 billion - Source: Oil/Gas, commodities Self made Age: 69 Marital Status: married , 4 children Hometown: Meggan , Switzerland Undergraduate: High School, Drop Out With Marc Rich, ex-fugitive oil-trading partners. Belgian-born Rich fled Europe to U.S. with family 1941. NYU dropout got start in Phillip Brothers mailroom. Rose through ranks with Brooklyn-born Green. Star traders helped build Phibro into then-world's largest commodities firm. Created spot oil market 1968, founded Marc Rich & Co. 1973. Traded Iranian crude during hostage crisis, shipped profits to Switzerland. Duo fled tax evasion charges in 1983, have lived in Swiss alps ever since. Rich sold commodities brokerage 1994, invested in European commercial real estate. Green retired after heart surgery 1992. Partners remain reluctant to return to U.S. despite receiving pardons from President Clinton. Rich's stand-up-comic daughter Daniella married wealthy money man Richard Kilstock in Spain in August.

260 Marc Rich: Net Worth: $1.1 billion - Source: Oil/Gas, commodities Self made Age: 69 Marital Status: married , 2 children , 1 divorce Hometown: Meggan , Switzerland Undergraduate: New York University, Drop Out With Pincus Green, ex-fugitive oil-trading partners. Belgian-born Rich fled Europe to U.S. with family 1941. NYU dropout got start in Phillip Brothers mailroom. Rose through ranks with Brooklyn-born Green. Star traders helped build Phibro into then-world's largest commodities firm. Created spot oil market 1968, founded Marc Rich & Co. 1973. Traded Iranian crude during hostage crisis, shipped profits to Switzerland. Duo fled tax evasion charges in 1983, have lived in Swiss alps ever since. Rich sold commodities brokerage 1994, invested in European commercial real estate. Green retired after heart surgery 1992. Partners remain reluctant to return to U.S. despite receiving pardons from President Clinton. Rich's stand-up-comic daughter Daniella married wealthy money man Richard Kilstock in Spain in August.

278 John Calamos: Net Worth: $1.0 billion Source: Finance, mutual funds Self made Age: 64 Marital Status: divorced , 2 children , 1 divorce Hometown: Naperville , IL Undergraduate: Illinois Institute of Technology, Bachelor of Arts / Science Graduate: Illinois Institute of Technology, Master of Business Administration Son of Greek immigrants swept floors at family's Chicago grocery store. Developed passion for stock market after investing parent's $5,000 nest egg in teens. M.B.A from Illinois Institute of Technology 1965, joined Air Force; served year in Vietnam. Became stockbroker, discovered niche in convertible securities; worked 18 hour days selling to clients. Founded Calamos Asset Management 1977. Today $32 billion under management. Recent tech plays include Amazon, Cisco, Ebay. Nephew Nicholas serves as co-investment chief; son, John Jr., also works for firm. Daughter, Laura, a faculty member at the University of North Carolina.

278 Robert Day: Net Worth: $1.0 billion Source: Finance, money management Inherited Age: 60 Marital Status: married , 3 children Hometown: Los Angeles , CA Money manager founded Trust Company of the West 1971; sold 70% of company to French bank Société Générale in 2001 for $2.5 billion. Assets under management: $99.2 billion. Owns 600,000 acres of timberland in Florida. Low-profile philanthropist serves as chairman of the $1 billion W.M. Keck Foundation, offering grants to overachievers in engineering, science, liberal arts.

278 Christopher Flowers: Net Worth: $1.0 billion Source: Finance, investments Self made Age: 46 Marital Status: married , 2 children Hometown: New York , NY Undergraduate: Harvard University, Bachelor of Arts / Science Harvard grad got start as dealmaker for Goldman Sachs; partner 1988. Left to start J.C. Flowers & Co. buyout shop a year later. With Ripplewood Investments Chief Timothy Collins, bought Japanese bank Long Term Credit Bank of Japan in 2000; renamed Shinsei Bank, cut jobs, fixed balance sheet. Partners reaped $2.3 billion in February public offering. Holds 22% stake in financial services outfit Enstar. Avid chess player, enjoys boating, squash.

278 William Gross: Net Worth: $1.0 billion Source: Finance, bonds Self made Age: 60 Marital Status: married , 3 children , 1 divorce Hometown: Newport Beach , CA Undergraduate: Duke University, Bachelor of Arts / Science World's biggest bond trader got start gambling. Psychology major at Duke arranged fraternity poker tournaments. Spent summers as a slots manager at Harrah's in Lake Tahoe; never gambled, slept in car, bathed in lake to save money. Started playing blackjack in Las Vegas after graduation 1966; turned $200 into $10,000 in four months. Joined Navy, served in Vietnam. Moved to Los Angeles, got M.B.A from UCLA 1971, took $11,000 securities-analyst position at insurance giant Pacific Life. Discovered how to make money with bonds: trade, don't buy and hold. Handed $10 million portfolio to manage 1973. Stellar returns made him a superstar; earned $20 million bonuses in the 1980s. Bond division spun off to create Pimco. Company went public 1994, then sold to German insurance giant Allianz AG for $4.7 billion in 2000; personally made more than $400 million. Current Pimco chief investment officer. Annual salary: $40 million. Flagship Pimco Total Return Fund up 9.7% a year since 1987; $76 billion in assets. Hard worker: wakes up each morning at 3 a.m. to monitor Asian markets. Prince Charming: kept second-wife-to-be in the dark about wealth until they were engaged.

278 Paul Tudor Jones II: Net Worth: $1.0 billion Source: Finance, hedge funds Self made Age: 50 Marital Status: married , 4 children Hometown: Greenwich , CT Undergraduate: University of Virginia Memphis-born cotton trader turned hedge fund manager hasn't had a down year since he started Tudor Investment; firm has posted 26% average annual returns since 1986. Assets under management: $10 billion. Plans to expand operations into Asia, bulk up staff in Europe. Early success: predicted 1987 market crash, turned prescient short positions into 200% gains. "You adapt, evolve, compete or die." Avid pheasant hunter, bass fisherman owns property around the world, including getaways in Florida Keys, Zimbabwe. Dedicated philanthropist founded New York City's poverty-fighting Robin Hood Foundation.

278 Jerome Kohlberg: Net Worth: $1.0 billion - Source: Finance, leveraged buyouts Self made Age: 79 Marital Status: married , 4 children Hometown: Mt Kisco , NY Graduate: Columbia University, Master of Arts Harvard M.B.A. left Bear Stearns in 1976 to start buyout firm KKR with Henry Kravis and George Roberts (see both); bought undervalued companies using massive debt, cleaned up balance sheets, sold for massive profits. First buyout: Houdaille Industries for $355 million 1979. First $1 billion deal: Pace Industries 1985. Opposed to hostile takeovers, patriarch of firm left in 1987; major source for anti-KKR book The Money Machine. Retired 1994, now gives generously, through the Kohlberg Foundation, to Salk Institute, which does humanitarian scientific research.

278 Michael Milken: Net Worth: $1.0 billion Source: Finance, investments Self made Age: 58 Marital Status: married , 3 children Hometown: Los Angeles , CA Undergraduate: University of California Berkeley, Bachelor of Arts / Science Graduate: University of Pennsylvania Wharton School, Master of Business Administration Junk-bond guru joined Drexel Burnham Lambert in 1969; fueled 1980s leveraged buyout boom. Salary, bonus $550 million in 1986 alone. Wharton M.B.A. ratted out by arbitrager Ivan Boesky; pled guilty to 6 counts of securities fraud. Paid $900 million settlement to government, litigators, creditors; served 22 months in prison. Dedicated philanthropist and prostate cancer survivor created Center for Accelerating Medical Solutions, a Washington, D.C. think tank. Big backer of education: $25,000 checks to 100 exceptional teachers and principals every year. Holding company Knowledge Universe has day care centers (Knowledge Universe Learning Corp.), private schools (Nobel Learning Communities), educational toys (LeapFrog).

278 Nelson Peltz: Net Worth: $1.0 billion Source: Finance, leveraged buyouts (quote, executives, news) Self made Age: 62 Marital Status: married , 10 children , 1 divorce Hometown: Bedford , NY Graduate: University of Pennsylvania Wharton School, Master of Business Administration With partner, Peter May, runs publicly traded buyout firm Triarc. Wharton dropout made famous with Michael Milken-assisted acquisitions of Triangle Industries 1983, National Can 1985. Sold conglomerate 5 years later for $830 million profit. More success: bought Snapple in 1997 for $300 million from Quaker Oats, sold 3 years later for $1.5 billion. Arby's owner lost bid for Burger King in 2002, remains on the prowl for new deals with $700 million war chest.

278 Michael Price: Net Worth: $1.0 billion Source: Finance, investments (quote, executives, news) Inherited and growing Age: 52 Marital Status: married , 4 children , 1 divorce Hometown: Far Hills, NJ Undergraduate: University of Oklahoma, Bachelor of Arts / Science Tough money manager learned finance as a $200-a-week research assistant under Max Heine (d. 1988). Earned reputation for buying undervalued companies, raising hell: tussled with management of companies held in his portfolios. Sold Heine Securities in 1996 to Franklin Resources for $670 million and lucrative 5-year employment contract. Now runs MFP Investors; owns stakes in Dow Jones, Dillards, Edward Lampert's (see) Kmart Holdings. Avid polo player serves on board of NYC's Jazz at Lincoln Center with money man Tom Lee (see).

278 Wilbur Ross: Net Worth: $1.0 billion Source: Finance, leveraged buyouts Self made Age: 66 Marital Status: divorced , 2 children , 2 divorces Hometown: New York , NY Lawyer's son started out parking cars at racetrack in Monmouth, N.J. Dreamed of being a writer; worked on literary magazine at Yale. Gave up after fiction class required writing 500 words a day; feared running out of material. Took summer job on Wall Street, refined research and analysis skills. Landed job at Rothschild 1976; as bankruptcy specialist cleaned up messes left by Drexel Burnham junk-bond financings. Began running private equity fund 1997, struck out on own 3 years later. Founded WL Ross & Co.: buys companies in tired industries like coal, steel, textiles; cleans up balance sheet, improves management, sells for profit quickly. Today manages about $3 billion in 7 private equity funds, 2 hedge funds. WLR Recovery Fund II up 360% since 2002 inception.

315 Arthur Rock: Net Worth: $975 million Source: Investments, venture capital (quote, executives, news) Self made Age: 78 Marital Status: married Hometown: San Francisco , CA Undergraduate: Syracuse University, Bachelor of Arts / Science Graduate: Harvard University, Master of Business Administration Early tech investor coined the phrase "venture capital." Got start picking science stocks on Wall Street 1950s. Sensed May 1961 crash; quit, moved West. A founder of Intel, 1968; $300,000 investment once worth billions, now $340 million. Also scored big with $200,000 investment in Scientific Data Systems; sold stake to Xerox for $980 million years later. Early mantra: invest primarily in companies within driving distance of Bay Area. Now acts as adviser to tech fledglings. Donated $25 million to Harvard Business School in 2003 to start entrepreneurship program. "I'd rather be known as a skier than a financier."

327 Alberto Vilar: Net Worth: $950 million Source: Finance, money management Self made Age: 63 Marital Status: divorced , 1 divorce Hometown: New York , NY Undergraduate: Washington & Jefferson College, Bachelor of Arts / Science Graduate: Iona College, Master of Business Administration Founding partner of Amerindo Investment Advisors ($2 billion in assets) back in his investors' good graces: fund up 140% since the beginning of 2003. Early investor in AOL, Ebay, Genentech; also known as "crossover" investor: buys private companies, fixes, takes public, then holds shares for the long term. Still owns large stakes in Amazon, Yahoo. Big arts benefactor forced to freeze some promised contributions in recent years, including to New York's Metropolitan Opera and the Washington National Opera. With tech on the rebound, the fat lady should be singing soon.

352 Julian Robertson: Net Worth: $850 million Source: Finance, money management Self made Age: 72 Marital Status: married , 3 children Hometown: New York , NY Undergraduate: University of North Carolina, Bachelor of Arts / Science Famed macro hedge fund manager returned cash to investors from his Tiger Fund 2002 after suffering 2 years of tech-related losses; personally netted $570 million. Mentor to the next generation of hedge fund gurus, including Ken Griffin and Louis Bacon (see both); many of his "Tiger Cubs" are graduates of University of Virginia, where a research center has been named in his honor. Lately obsessed with New Zealand: building golf courses and private resorts there. Also loves Kiwi wine; owns cult winery Dry River and more popular Te Awa.

363 Kenneth Griffin: Net Worth: $825 million Source: Investments, hedge funds Self made Age: 35 Marital Status: married Hometown: Chicago , IL Undergraduate: Harvard University, Bachelor of Arts / Science Programming skills led to a high school consulting job with IBM. Started 2 small investment portfolios from his Harvard dorm room as a freshman in 1986, managing $1 million by senior year. Today runs Citadel Investment Group: $10 billion in assets. Press-shy: bought the negatives for one set of professional photos to keep the images out of magazines and newspapers. Donates time, money to the Robin Hood Foundation formed by Paul Tudor Jones (see); also provides investment advice to Chicago's Public Education fund. Married French-born hedge fund manager and Julian Robertson protégé Anne Dias last year in Versailles, France.

363 Thomas Marsico: Net Worth: $825 million Source: Finance, mutual funds Self made Age: 49 Marital Status: married , 3 children Hometown: Englewood , CO Friendly fund manager at Janus founded Marsico Capital in 1997 with $30 million option from Bank of America for half the company. Sold remaining 50% stake for $950 million to BofA in 2000; still manages fund's $35 billion assets under management. Tech junkie sold out before bubble burst, reinvested in defense stocks (Lockheed Martin, General Dynamics). Says his returns have averaged 14.8% annually over the last 10 years. Thinks elections are bad for business: "The political climate is creating a lot of uncertainly in the markets. There's too much negative energy."

369 Victor Galan: Net Worth: $800 million Source: Finance, banking (quote, executives, news) Self made Age: 71 Marital Status: married, 3 children Hometown: San Juan , Puerto Rico Born in Cuba, fled to Puerto Rico after Castro took power. Became U.S. citizen 1967. Opened mortgage bank in 1972 with $25,000; added commercial banking to help finance mortgage loans. R&G Financial chief now richest U.S. citizen in Puerto Rico, due to refinancing boom, 75% home ownership there.





369 Alfred West: Net Worth: $800 million Source: Finance, money management (quote, executives, news) Self made Age: 61 Marital Status: married , 3 children Hometown: Paoli , PA Undergraduate: Georgia Institute of Technology, Bachelor of Arts / Science Graduate: University of Pennsylvania Wharton School, Master of Business Administration Aerospace engineering grad from Georgia Institute of Technology dreamed of becoming an astronaut; bad eyes grounded him. Went to Wharton, founded Simulated Environments in 1968 while a grad student. Developed early model for automating back-office operations for banks and financial institutions. Expanded into asset management, private equity. SEI Investments now manages $100 billion in assets, processes $50 trillion in transactions each year. Profits up 20% in second quarter this year, but lately a roller-coaster stock. Avid hunter spends time on 20,000-acre Texas ranch and home in Jupiter Island, Fla. Donated $10 million to alma mater in 2001, established center for developing tech-enhanced learning tools.

389 Louis Bacon: Net Worth: $750 million Source: Investments, hedge funds Self made Age: 48 Marital Status: divorced , 5 children , 1 divorce Hometown: London , United Kingdom Undergraduate: Middlebury College, Bachelor of Arts / Science Raised in Raleigh, N.C. Boarding school, then Middlebury College to study literature. Met Wall Street trader Walter Frank while working summer job on fishing boat. Worked following summer for Frank, developed trading acumen. Started hedge fund in 1989; rose 86% in first year after correctly guessing Gulf war's effect on oil prices. Today Moore Capital Management: $7 billion under management, claims average annual returns of 24%. Secretive trader endured expensive divorce; now engaged to former curator of his art collection.

389 Jack Nash: Net Worth: $750 million Source: Finance, investments Self made Age: 75 Marital Status: married , 2 children Hometown: New York , NY Undergraduate: City College of New York, Bachelor of Arts / Science Former chairman of Oppenheimer & Co. now lone head of investment outfit Odyssey Partners since death of longtime partner Leon Levy in 2003. Fled Berlin with family 1941; attended City College of New York. Met Levy as a trainee at Oppenheimer in 1951; managing partner 3 years later. Formed Odyssey with 1982 sale of Oppenheimer: $40 million of own cash, $75 million from investors. Funds now comprised almost exclusively of Nash's money. Trustee for New York Public Library and Mount Sinai Medical Center in NYC.

389 Stephen Schwarzman: Net Worth: $750 million Source: Finance, investments Self made Age: 57 Marital Status: married , 1 divorce Hometown: New York , NY Undergraduate: Yale University, Bachelor of Arts / Science Graduate: Harvard University, Master of Business Administration With partner, Peter G. Peterson, cofounded Blackstone Group, Wall Street buyout firm. Duo started outfit in 1985 with $400,000; today 4 buyout funds own 33 companies with combined $50 billion in sales, including Universal Studios Florida (amusement parks), Houghton Mifflin (publishing), Premcor (oil refining). Bought automotive division of TRW for $4.7 billion in 2002; largest leveraged buyout since KKR's purchase of RJR Nabisco 1989. Currently investing $6.5 billion from fourth fund, the world's largest: has stakes in hotel operator Extended Stay Hotels, German chemical maker Celanese. Headed bankruptcy restructurings of Enron and Global Crossing. Firm also owns 13 million square feet of real estate in New York, Boston, San Francisco. Son of linens-store owner attended Yale with President George W. Bush; founded ballet society to meet girls. Then Harvard M.B.A., managing director at Lehman 1978 at age 31. Owns $30 million Park Avenue apartment, lots of art.

MIREYA DEL CARMEN FERNÁNDEZ CHÁVEZ (Q.E.P.D.)

La Presidenta Honoraria de FERNCAPITAL S.A. es la señora Mireya del Carmen Fernández Chávez.



La señora Fernández Chávez nació en Viña del Mar, el día domingo 29 de octubre de 1931, siendo sus padres el señor Juan de Dios Fernández Arredondo y la señora Teodolinda Chávez de Fernández.

La señora Fernández Chávez fue elegida Reina de la Primavera de Viña del Mar en 1949 y se graduó de Perita Contable.

Se casó con el señor José Daniel Rubio Vigué, con quien tuvo tres hijos: Fernando Daniel, Mónica Rossana y Patricio Daniel. Su descendencia se extiende a sus adorados nietos: Catita Johanna, Diego Ignacio y Francisco Javier.

La señora Fernández Chávez participó activamente en la gestación de FERNCAPITAL S.A. y en las compañías que la precedieron, entregándose siempre por entero y sin esperar nada a cambio, tal como lo hizo al desarrollar su labor de madre abnegada y fiel esposa.

La señora Mireya del Carmen Fernández Chávez falleció a las 15:24 horas del día sábado 18 de enero del año 2003, después de soportar una larga y cruel enfermedad, en su residencia particular de Viña del Mar y en la compañía de todos sus seres queridos, quienes la asistieron hasta sus últimos momentos.

El tránsito de su alma a la otra vida fue solemnizado con una emotiva ceremonia religiosa en la Iglesia de los Padres Benedictinos y con un sentido responso en el Templo Ecuménico del Cementerio Parque del Mar, donde su cuerpo sin vida fue cremado.

La señora Fernández Chávez permanecerá por siempre en el recuerdo y en el corazón de todos nosotros que la amamos sinceramente.

Para honrar su memoria, próximamente se instaurará una beca de investigación a su nombre a objeto de premiar los aportes al conocimiento en ciertas áreas de la medicina.



En la foto, con su adorada sobrina Catita.



La señora Mireya del Carmen Fernández Chávez en su juventud.



La señora Mireya del Carmen Fernández Chavez el día de su matrimonio con su esposo el señor José Daniel Rubio Vigué.

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Correos electrónicos recibidos

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En particular, aclaramos que por ahora y hasta nuevo aviso, FERNCAPITAL S.A. no está contratando personal.


Contenidos

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Este sitio no pretende distribuirse en, o usarse por, alguna persona o entidad en cualquier jurisdicción o país donde tal distribución o uso sea contrario a la ley, la regulación o la costumbre local. FERNCAPITAL no ha revisado y así desliga responsabilidad por cualquier información o material publicado por otros sitios linkeados al nuestro, los cuales son provistos solo para su información general.


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Ninguna de las personas o instituciones mencionadas en este sitio tiene relación alguna, de forma directa o indirecta, con la propiedad o administración de FERNCAPITAL, a menos que expresamente se indique lo contrario.

En consecuencia, todas ellas, y especialmente los señores y señoras Conferencistas, están totalmente eximidos y no son responsables en modo alguno de la marcha de FERNCAPITAL, ni tienen interés particular en avalar ésta o motivar la inversión en ella.


Accionistas

El valor de una acción es determinado por las condiciones de la oferta y demanda en el mercado. Dicho valor es variable debido a las expectativas de los inversores y los cambios en las condiciones del mercado. Los retornos o resultados obtenidos en el pasado, no garantizan de ningún modo que ellos se repitan en el futuro.

FERNCAPITAL no ofrece pagar intereses o dividendos ni garantiza una tasa fija de rendimiento sobre la inversión en sus acciones. El valor de las inversiones es variable y, por consiguiente, también es variable los resultados y rendimientos que puedan generarse en el futuro.

Por ello, no es posible asegurar que el inversor obtendrá en el futuro una rentabilidad determinada o que el valor de la acción alcanzará un valor predeterminado.

FERNCAPITAL no tiene tipo alguno de garantía estatal o seguro cualquiera que proteja al inversor de pérdidas de capital.

Esta página contiene alguna información sobre la sociedad que FERNCAPITAL cree que el inversor debería conocer para formarse un juicio fundado sobre la inversión que se le propone, antes de decidirse por la adquisición de acciones de la sociedad. Únicamente es responsabilidad del inversor cualquier decisión que tome.


Avisos externos

Este es un servicio de FERNCAPITAL en respuesta a la amabilidad que han tenido ciertas personas de hacernos llegar noticias potencialmente interesantes para nuestro negocio o entorno.

Esta página ha sido preparada solo para proveer información de referencia sobre tales personas y sus productos o servicios. Dicha información ha sido compilada de buena fe. Esto es, a pesar que FERNCAPITAL ha realizado su mejor esfuerzo, no se pretende asegurar que tal información es completa, acertada o actualizada.

FERNCAPITAL se reserva el derecho de agregar, modificar o borrar cualquier información en cualquier momento.FERNCAPITAL no ha revisado y así desliga responsabilidad por cualquier información o material publicado por otros sitios linkeados al nuestro, los cuales son provistos solo para su información general.