๐ ๐ถ๐ ๐ฬ๐น๐๐ถ๐บ๐ผ๐ ๐ฐ ๐บ๐ผ๐๐ถ๐บ๐ถ๐ฒ๐ป๐๐ผ๐: ๐บ๐ฎฬ๐ ๐ด๐น๐ผ๐ฏ๐ฎ๐น, ๐บ๐ฎฬ๐ ๐๐ต๐ถ๐ป๐ฎ, ๐บ๐ฒ๐ป๐ผ๐ ๐ฐ๐ผ๐ฟ๐ฟ๐ฒ๐น๐ฎ๐ฐ๐ถ๐ผฬ๐ป.
Esta รบltima semana sumรฉ ๐ฐ ๐ฝ๐ผ๐๐ถ๐ฐ๐ถ๐ผ๐ป๐ฒ๐ ๐ป๐๐ฒ๐๐ฎ๐ al portfolio.
Cuatro empresas internacionales. Tres chinas. Tres totalmente nuevas en cartera.
No es casualidad.
Estoy profundizando la ๐ฑ๐ถ๐๐ฒ๐ฟ๐๐ถ๐ณ๐ถ๐ฐ๐ฎ๐ฐ๐ถ๐ผฬ๐ป ๐ด๐น๐ผ๐ฏ๐ฎ๐น, especialmente hacia compaรฑรญas que:
- no cotizan en EE. UU.
- tienen ๐บ๐๐ ๐ฏ๐ฎ๐ท๐ฎ ๐ฐ๐ผ๐ฟ๐ฟ๐ฒ๐น๐ฎ๐ฐ๐ถ๐ผฬ๐ป con el resto del portfolio
- operan en el ๐บ๐ฒ๐ฟ๐ฐ๐ฎ๐ฑ๐ผ ๐บ๐ฎฬ๐ ๐ด๐ฟ๐ฎ๐ป๐ฑ๐ฒ ๐ฑ๐ฒ๐น ๐บ๐๐ป๐ฑ๐ผ
- y estรกn ganรกndole market share a competidores extranjeros
Las compras fueron:
๐ฅ $2020.HK (Anta Sports)
El Nike/Adidas chino. Marca local dominante, ejecuciรณn brutal y cada vez mรกs fuerte entre los jรณvenes. Ganando terreno en su propio mercado.
๐ฆ $1398.HK (Industrial And Commercial Bank of China) (ICBC)
El banco mรกs grande del mundo por activos. Mรบltiplos bajos, dividendos altos y exposiciรณn directa al sistema financiero chino.
๐ $PDD (PDD Holdings Inc - ADR)
E-commerce chino hiper agresivo en precios y logรญstica. Mientras muchos miran Amazon, acรก hay un modelo totalmente distinto, optimizado para el consumidor local.
๐ $ETOR (eToro Group LTD)
Plataforma global de inversiรณn, efecto red, escala internacional y beneficiaria directa del crecimiento del inversor minorista.
Un dato que me parece clave: ๐๐ถ ๐ผ๐ฟ๐ฑ๐ฒ๐ป๐ผ ๐๐ผ๐ฑ๐ผ๐ ๐บ๐ถ๐ ๐ต๐ผ๐น๐ฑ๐ถ๐ป๐ด๐ ๐ฒ๐ป ๐ง๐ถ๐ฝ๐ฅ๐ฎ๐ป๐ธ๐ ๐ฝ๐ผ๐ฟ ๐ฆ๐บ๐ฎ๐ฟ๐ ๐ฆ๐ฐ๐ผ๐ฟ๐ฒ, ๐ฐ ๐ฑ๐ฒ ๐น๐ฎ๐ ๐๐ผ๐ฝ ๐ฑ ๐๐ผ๐ป ๐ฒ๐บ๐ฝ๐ฟ๐ฒ๐๐ฎ๐ ๐ฐ๐ต๐ถ๐ป๐ฎ๐.
Mรบltiplos mรกs bajos. Dividendos mรกs altos. Menor retenciรณn sobre dividendos. Y un mercado interno que todavรญa estรก en plena transformaciรณn.
No es ideologรญa. Son nรบmeros.
Ademรกs, las empresas chinas que ๐ป๐ผ ๐ฐ๐ผ๐๐ถ๐๐ฎ๐ป ๐ฒ๐ป ๐๐. ๐จ๐จ. aportan algo cada vez mรกs valioso al portfolio: ๐ฑ๐ถ๐๐ฒ๐ฟ๐๐ถ๐ณ๐ถ๐ฐ๐ฎ๐ฐ๐ถ๐ผฬ๐ป ๐ฟ๐ฒ๐ฎ๐น.
No nombres distintos que caen juntos. Riesgo distinto.
Justamente sobre esto escribรญ mi รบltimo post en la comunidad privada: un informe de +1000 palabras analizando cรณmo estรกn cambiando los hรกbitos de consumo de los jรณvenes chinos, con comparaciones directas entre marcas internacionales vs marcas chinas, y en quรฉ parte del ciclo estรก cada una en ๐ด ๐ถ๐ป๐ฑ๐๐๐๐ฟ๐ถ๐ฎ๐ ๐ฑ๐ถ๐ณ๐ฒ๐ฟ๐ฒ๐ป๐๐ฒ๐.
Datos cualitativos + cuantitativos. Sin humo.
Si querรฉs entender por quรฉ China estรก creando sus propios ganadores globales, acรก estรก todo el anรกlisis: bit.ly/postanalisischina
Los movimientos completos los podรฉs ver acรก en mi perfil pรบblico ๐
Seguimos construyendo un portfolio: mรกs global, menos correlacionado y pensado para el largo plazo ๐
... Show More Translate
Hola Francisco,
Hablando de diversificaciรณn global tengo una duda. Como copiador solo puedo empezar una copia o invertir mรกs dinero en USD. Si tu decides invertir en compaรฑรญas que no cotizan en USD entonces todos incurrimos en costos de tasas de cambio aquรญ en etoro, cierto?
Otra pregunta: si tienes... Show More Translate
Gracias Francisco. Creo que esos costos no se aplican igual a los copiadores. Los descuentos por conversiones dependen del Tier del copiador y no del PI.... Show More Translate
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Wed Mar 04 2026 22:56:46 GMT+0000 (Coordinated Universal Time)
