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Las Trumponomics y las inversiones alternativas – América 2.1
El inicio de las Trumponomics hicieron a los inversionistas cuestionar las estrategias tradicionales para enfrentar una turbulencia financiera.
Lo razonable, en semanas como las acontecidas, era invertir en dólares y bonos gubernamentales. Pero mostraron debilidad. El dólar estadunidense ha perdido alrededor de 9 por ciento en lo que va de este año. Las bases sólidas del sistema financiero global han desconcertado.
“La liquidación de todos los activos estadunidenses es coherente con la mayor prima de riesgo que los inversionistas incorporan en sus precios debido a esta incertidumbre, no solo sobre los aranceles, también sobre la economía de Trump”, escribe Jason Draho, director de asignación de activos y CIO para América de UBS Financial Services.
Sobre la mesa se puso el oro y otros activos como el bitcóin, inversiones alternativas. El oro extiende su racha alcista y ayer llegó a 3 mil 300 dólares por onza. Es refugio, como siempre ha sido, y no sorprende que los inversionistas confíen. Mientras tanto, el bitcóin muestra una peculiar resiliencia. Si bien las criptomonedas no son inmunes a una potencial guerra comercial, los inversionistas perciben a la primera en su especie, como un activo de búsqueda de calidad, o flight to quality, el término en inglés.
Considero al bitcóin un activo adolescente y la discusión de las últimas semanas sobre si pudiera ser un refugio, en parte por el respaldo institucional mostrado, es fascinante y reta supuestos previos más tradicionales.
“Los ETF de bitcóin al contado acumulan más de 35 mil 360 millones de dólares en entradas históricas y gestionan un total de 93 mil 360 millones en activos, equivalentes a 5.61 por ciento de la capitalización total de BTC. En particular, el ETF de BlackRock lidera en entradas históricas, lo que confirma el fuerte compromiso de grandes jugadores institucionales con el activo, pese a la volatilidad del corto plazo”, me dijo Antonio Di Giacomo, analista de mercados para América Latina de XS.com.
¿Brillarán pronto otros alternativos como los bienes raíces en ubicaciones premium, los productos agrícolas o el arte y las joyas? Todo está bajo la lupa en esta ambigüedad.
Joe Davis, economista en jefe global de Vanguard, escribió: “Estamos bailando con la recesión”, pero “sabíamos que este día llegaría (…) solo sorprende por el momento en el que llega, no su ocurrencia”.
Hay mucho ruido y dudas “sobre lo que implican exactamente las Trumponomics”, escribe Draho, de UBS. Por eso me encantó la palabra que se repite en los comentarios de los expertos: disciplina.
Me intriga observar cómo cuestionar lo que ‘se ha hecho siempre’ se entrelaza con esta apreciada ‘disciplina’ para estar preparados —no esperanzados—y sobrevivir cualquier ajuste en esta nueva realidad geoeconómica.
Regina Reyes-Heroles C. regina.reyesheroles@milenio.com Periodista. Autora del libro Vivir como reina y gastar como plebeya. Conductora de Milenio Negocios, programa semanal de entrevistas con directivos y personajes clave en el mundo económico. Publica su columna sobre finanzas personales todos los jueves. Mamá de dos.
ENLACE A LA NOTA PUBLICADA EN MILENIO: https://www.milenio.com/opinion/regina-reyes-heroles/vivir-como-reina-gastar-como-plebeya/las-trumponomics-y-las-inversiones-alternativas?utm_source=MILENIO.COM&utm_campaign=410c4a361d-Milenio_AM_2025_04_17_06_45&utm_medium=email&utm_term=0_-410c4a361d-302090461
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