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Aspectos básicos de la responsabilidad fiduciaria

Myrna M. Rivera

por Myrna M. Rivera, CIMA ® Consultiva Internacional, Inc. ¿Qué es fiducia? Para la Real Academia Española la palabra fiducia proviene del latín y es un derivado de la palabra "fides" que significa confianza. El término fiducia se refiere a la administración de bienes de terceros. Por tanto, el fiduciario es un agente a quien el fiduciante otorga la responsabilidad de cuido de bienes o intereses de los principales. La palabra en latín “fide" es también la raíz de las palabras “lealtad”, “fidelidad” y “confianza”. ¿Qué es un fiduciario? Es aquella persona encargada de administrar bienes a solicitud de un fiduciante y en beneficio de un tercero, sea este el mismo fiduciante u otros beneficiarios. En una corporación con fines de lucro, … [Read more...]

The Intelligent Investor Newsletter – January 23, 2017

The Intelligent Investor Newsletter – January 23, 2017

A bi-weekly publication from Consultiva Internacional, Inc. (Registered Investment Adviser) For those of us waking up every morning to the financial news, 2017 is starting out as a promising year mixed with illusion and confusion. As highlighted in Ed Yardeni’s newsletter, the S&P 500 exemplifies the prevailing bullish sentiment after the elections, rising to a new record high of 2276.98 on January 6 (See graph I below). However, skeptics point-out that the market is naively betting that the incoming administration’s economic policies will be implemented swiftly and that they will have the desired effect. Implementing new policies will often require legislation, so we could start comparing the President Elect’s views with Capitol … [Read more...]

Myrna M. Rivera

Myrna M. Rivera

Curso Responsabilidad fiduciaria y desarrollo económico local: ¿Divergencia o confluencia? Myrna M. Rivera, C.I.M.A. es Fundadora y Principal Oficial Ejecutiva de Consultiva Internacional, una empresa independiente de asesoría de inversiones, que desarrolla, implementa y supervisa estrategias y políticas de inversión para instituciones, entidades gubernamentales e individuos. Myrna fundó a Consultiva en 1999. Consultiva ha sido reconocida entre las primeras 10 empresas de inversiones en EEUU lideradas por una mujer (Top Ten Woman-owned RIAs: WealthManagement.com). La empresa, además, es signataria a los Principios de la Inversión Responsable ("UN PRI") y del Pacto Global, de las Naciones Unidas ("UN Global Compact"). Myrna … [Read more...]

The Intelligent Investor Newsletter – January 5, 2017

The Intelligent Investor Newsletter – January 5, 2017

A bi-weekly publication from Consultiva Internacional, Inc. (Registered Investment Adviser) We are all familiar with the postmortem examination that follows a disaster, along with the accompanying blame game. Such “a posteriori” analysis inevitably suffers from hindsight bias; everyone suddenly thinks that the disaster was predictable and that different actions could have caused alternative outcomes. Richard H. Thaler, considered the father of behavioral economics, recently reminded us of an alternative approach; the ”The Premortem”. Thaler states that premortems help overcome natural organizational tendencies toward groupthink and overconfidence by introducing a devil’s advocate in the decision making process. This is the skeptic that … [Read more...]

The Intelligent Investor Newsletter – December 15, 2016

The Intelligent Investor Newsletter – December 15, 2016

A bi-weekly publication from Consultiva Internacional, Inc. (Registered Investment Adviser) The U.S. November jobs report seems to have marked a turning point in the economy after a 9 year recession and recovery period. The unemployment rate fell to 4.6% and employers added another 178,000 jobs. The last time it was this low was August 2007 (see Graph I below), a date that is clearly pre-recession. These figures are consistent with what economists consider full employment, and after sell-off that began with Trump’s victory in the elections, bond markets are now priced to reflect a return to more normal interest rates. This seems to have primed the Federal Reserve who will most likely raise interest rates when the policy committee meets … [Read more...]

The Intelligent Investor Newsletter –November 14, 2016

The Intelligent Investor Newsletter –November 14, 2016

A bi-weekly publication from Consultiva Internacional, Inc. (Registered Investment Adviser) Now that we know the election results, what economic policies can we expect from the incoming administration? President-elect Donald Trump was quite clear during the campaign about the economic issues he wants to address during his administration, but he seemed, as a colleague put it, deliberately “opaque” about how he would go about doing things. Most likely we will have to wait for his cabinet and economic counsel to give us the specifics, but here’s what we know: Trump wants to put forward a “pro-growth” tax cut, which his supporters say will be as big as Ronald Reagan’s 1981 reform. Trump wants to simplify the tax code and reduce marginal … [Read more...]

The Intelligent Investor Newsletter – October 18, 2016

The Intelligent Investor Newsletter – October 18, 2016

A bi-weekly publication from Consultiva Internacional, Inc. (Registered Investment Adviser) According to the International Monetary Fund’s 2016 revised outlook, global growth is projected to slow to 3.1 percent this year before recovering to 3.4 percent in 2017. The forecast, revised down by 0.1 percentage point for 2016 and 2017 relative to April, reflects a more subdued outlook for advanced economies following the June U.K. vote in favor of leaving the European Union (Brexit) and weaker-than-expected growth in the United States. These developments have put further downward pressure on global interest rates, as monetary policy is now expected to remain accommodative for longer. This somewhat explains the Federal Reserve’s continued … [Read more...]

The Intelligent Investor Newsletter – September 29, 2016

The Intelligent Investor Newsletter – September 29, 2016

A bi-weekly publication from Consultiva Internacional, Inc. (Registered Investment Adviser) Stock prices rose last week after the Federal Open Markets Committee (FOMC) announced that they would once again postpone raising interest rates. In our view, there were plenty of good reasons for the Federal Reserve to proceed with another rate hike; the labor market tightening, inflation approaching the 2.0% target and unemployment holding steady at low levels. Yet Chairwoman Janet Yellen and the Board of Governors voted to postpone doing so. By Yellen’s comments at the press conference, their reasons are a bit perplexing; “The fact that unemployment measures have been holding steady while the number of jobs has grown solidly shows that more … [Read more...]

The Intelligent Investor Newsletter – September 8, 2016

Conferenciantes - Asamblea Anual Asociación de Economistas 2016

A bi-weekly publication from Consultiva Internacional, Inc. (Registered Investment Adviser) Federal Reserve Chair Janet Yellen seemed to join the chorus of officials pointing to another hike in interest rates. At her August 26th speech at the Jackson Hole summer meeting, Yellen remarked that “in light of the continued solid performance of the labor market and our outlook for economic activity and inflation, I believe the case for an increase in the federal funds rate has strengthened in recent months.” While this statement transmits considerable certainty of future action, Yellen also provided fellow Reserve members with the chart below (Graph I). It shows a line tracing the median path for the federal funds rate through the end of 2018 … [Read more...]

The Intelligent Investor Newsletter – August 22, 2016

The Intelligent Investor Newsletter – August 22, 2016

A bi-weekly publication from Consultiva Internacional, Inc. (Registered Investment Adviser) Darren Walker, CEO of the Ford Foundation recently spoke about the challenges to impact investing at the 2016 Mission Investors Exchange conference. As summarized in an Institutional Investor article, Walker criticized the Foundation’s own investment policy, which seeks to maximize returns to provide grants and program related investments under the IRS mandated pay-out for private foundations. As many investors and advisors signatories to the United Nations Principles for Responsible Investments know, endowments should be considering the impact that their dollars have upon the world in which they invest. Walker and others are pushing to get … [Read more...]

The Intelligent Investor Newsletter – July 29, 2016

The Intelligent Investor Newsletter – July 29, 2016

A bi-weekly publication from Consultiva Internacional, Inc. (Registered Investment Adviser) Donald Trump painted a very dark picture of the U.S. in his acceptance speech at the Republican convention. He reinforced some of the often repeated topics; crime, immigration, and the trade and budget deficits. “Fear mongering”, as some might call this form of communication, is a tactic used by many contenders, but at a time when stocks are at a record high, it seems hard to give his words much weight, at least from an economic perspective. The U.S. economy is obviously in better shape than Trump suggests. Ultra-easy monetary policies in the U.S. and abroad have greatly benefited stocks, pushing up valuation multiples. Investors seem to be … [Read more...]

The Intelligent Investor Newsletter – July 7, 2016

Consultiva

A bi-weekly publication from Consultiva Internacional, Inc. (Registered Investment Adviser) The two-day panic selloff in the global stock markets that followed the United Kingdom vote to exit the European Union on Thursday, June 23 was widely attributed to the resulting uncertainty about the future of the Eurozone. So a week removed from the vote, investors are asking why did the markets recover so quickly from Tuesday through Friday of last week? This type of knee-jerk reaction is not new, as we have seen the stock market react to panic and uncertainty in similar fashion in the past. Nonetheless, the rebound in the S&P 500 has been extraordinary. It was down 2.1% year to date at the end of last Monday, and now it is up 2.9% and only … [Read more...]

The Intelligent Investor Newsletter – June 20, 2016

Consultiva

A bi-weekly publication from Consultiva Internacional, Inc. (Registered Investment Adviser) As reported recently in the Wall Street Journal, an investor used to get a 7.5% return from a 100% bond portfolio 20 years ago. Today, thanks to low interest rates in the U.S., negative rates in Europe and Japan, and slower than expected growth in developed and developing economies, a return that size takes a much more volatile mix. Research from Callan Associates shows that in 2015 achieving strong returns meant spreading money across risky assets, shrinking bond holdings and allocating up to 78% of investment dollars, into stocks, real estate and private equity. Back in February, Consultiva shared its projected allocations for 2016 at the … [Read more...]

The Intelligent Investor Newsletter – May 10, 2016

Consultiva

A bi-weekly publication from Consultiva Internacional, Inc. (Registered Investment Adviser) The U.S. labor market stumbled in April as the Bureau of Labor Statistics (BLS) reported that the economy produced 160,000 new jobs last month. While positive, this is well below the market’s expectations, which had seen an average of 232,000 jobs added per month over the past year. Total unemployment held at 5%, while job gains occurred in the services, health care, and financial services sectors. Hourly earnings increased by 2.5% over the past 12 months, which provides a positive sign to those concerned with stagnant wages. But overall, the jobs data raises concerns when taken in combination with the 0.5% GDP growth estimate for the first … [Read more...]

Empresa puertorriqueña entre las primeras 10 empresas de inversiones en EEUU lideradas por una mujer

Empresa puertorriqueña entre las primeras 10 empresas de inversiones en EEUU lideradas por una mujer

La prestigiosa revista WealthManagement.com ha nombrado nuevamente a la empresa puertorriqueña Consultiva Internacional, Inc. (Consultiva) como una de las 10 primeras empresas de inversiones (RIA) en EEUU lideradas por una mujer. En este caso el honor corresponde a Myrna M. Rivera, Fundadora y Principal Oficial Ejecutiva de Consultiva, una empresa independiente de asesoría de inversiones que desarrolla, implementa y supervisa estrategias y políticas de inversión para instituciones, entidades gubernamentales e individuos. Rivera fundó a Consultiva en 1999. Esta es la cuarta vez que Consultiva ha sido reconocida entre las primeras 10 empresas de inversiones en EEUU lideradas por una mujer. La empresa, además, es signataria a los Principios … [Read more...]