to anticipate the future, we must know our past

PAST, PRESENT AND FUTURE

The world of finance and financial markets has a bittersweet taste. Above all in the market in which I operate here we are not investors... Are "speculators" in the noble sense of the word. So we understand it well I will explain an example:

1. Buyer's actions: add to our portfolio shares of American Express, which is listed on the North American index "dow jones" day 18/04/2013. day 10/05/2013 we sell and get a return of 9.15%.
2. Buyer of financial products: we add to our portfolio of bullish options American Express on the same date selling again in identical date. We get a return of 116% minus commissions.

The comparison is "amazing" but the risk is different. With the actions the profitability/loss is subjected to the movement of the quote. But with financial products risk factors are aligned at the time of completion of the contract and several terms. The most important for me are "delta and elasticity". If we still had American Express product the price of our speculation fall just as fast in a few days if kept in the same price or down a little. Therefore, we should leave as soon as the price stops altogether with whatever quote. The notice is very fast since it can last from a few hours to three days.

Before opening a position must outline in point to enter, at that point will leave with benefit and at that point skip to stop leak. We should seek companies with much upward or downward volatility. This aspect is very important since it will allow us to extend gains in the chosen section. Another essential aspect is the living always open and constantly on the move in search for new products that open us the door to more international markets. There is always a stagnant markets and markets that are in an explosive moment that must take advantage on our side.

But this is part of the present and the future. To carry out any work or undertaking we should analyze the current situation of the sector to work and that it has passed in recent years in the same. It is the Trump to see mistakes and achievements have been committed to not tripping over the same stone over and over again.

There are many famous characters from history in the family of speculators. The first speculator can be found in the Bible: Joseph of Egypt, which was devoted to speculation truly risky or even dangerous. He was Minister of Finance of the Pharaoh and was able to get visions of the dreams of their Lord, with the seven fat cows and seven lean time.

During the seven years of abundance, he decided to store large quantities of cereals which, later, during the seven years of shortage put back in the market at a much higher price.

In ancient Rome, financial center of the Mediterranean area, flourished speculation. speculated to the wholesale grain and other goods. The political passion of caton, was increasing the possibility of the destruction of Carthage. This was considered the breadbasket of the world, and when the soldiers of general Scipio entered, they looted the warehouses and silos. About Roma dropped tons and tons of grain in addition to home-grown. At the beginning, prices fell gradually to end finally collapsing. Thus, many speculators lost their fortunes.

In Rome there was a forum in which wealthy citizens gathered to perform their transactions, which was in the vicinity of the Temple of Janus. It was there, where Cicero, the most prominent lawyers of his time, looking for clues or rumors that help their speculations about land, coins and various goods.

After a time, Cicero managed to gather a considerable fortune. He already said at that time that the money was the nervous system of the Republic, and was fully convinced that the speculation was the engine of capital formation. Daily met in the Forum with outstanding financial and traders of step. He speculated with land and farms, as well as construction projects and the granting of tax collections. As Senator he was able to get reports from first-hand about urban projects, which was of great help in their speculations. This situation sounds like something that happens today with several current Governments.

Also sir Isaac Newton, the immortal discoverer of the laws of gravity, tried to speculation market, albeit without success, to such an extent that he ended up banning the word bag from ruling in his presence.

Voltaire spent hours talking to his lover about actions, values and money... Speculated with land and grain, but it achieved more fame currency smuggler. During the war of succession, a bank that would finance military operations with the issuance of paper money was founded in Saxony. After the war, those tickets lost 40% of its value. However, the great federico demanded to withdraw, by paying 100% of their value in taleros of silver, all the Bills that were in the hands of the Prussians. That's where entered Voltaire did buy those tickets in Dresden and introduced them in Prussia of contraband in his suitcase. There, through straw men it required its change in coins to the Government of Dresden.

Beaumarchais, Casanova, and Balzac were serious problems. Balzac needed large sums of money to maintain their lifestyle, so he wrote novels, short stories, essays, and everything that could make you money. But as that wasn't enough, it resorted to stock market speculation, frequently attending visit the baron de Rothschild to try to get some confidence or Council.

And as not... lord Keynes, the most important specialists in political economy of our century. the British Government put this entry in her official portrait:

"Lord John Maynard Keynes, the man who managed to create a fortune without working"

In conclusion, these men were able to put your grain of sand to form part of the history of each of their times change and develop a financial system that has been collecting the work of each of its components. Soon we will see more articles on stock historical events which gave much to talk about. but keep in mind that if we do not understand our past not we reach the future.

Para anticiparse al futuro debemos conocer nuestro pasado

PASADO, PRESENTE Y FUTURO

El mundo de las finanzas y los mercados financieros tiene un sabor agridulce. Sobretodo en el mercado en el que opero ya que aquí no somos inversores... Somos "especuladores" en el sentido noble de la palabra. Para que nos entendamos bien expondré un ejemplo:

1. Comprador de acciones: Añadimos a nuestra cartera acciones de American Express la cual cotiza en el índice norteamericano "Dow Jones" el día 18/04/2013. El día 10/05/2013 vendemos y obtenemos una rentabilidad del 9,15%.
2. Comprador de productos financieros: Añadimos a nuestra cartera de opciones alcistas American Express en la misma fecha vendiendo de nuevo en idéntica fecha. Obtenemos una rentabilidad del 116% restando comisiones.

La comparación es "brutal" pero el riesgo es diferente. Con las acciones la rentabilidad/pérdida esta sometida al movimiento de la cotización. Pero con los productos financieros los factores de riesgo están alineados al tiempo de finalización del contrato y a varias variables. Las más importantes para mí son "Delta y Elasticidad". Si aún mantuviésemos el producto de American Express el precio de nuestra especulación bajaría igual de rápido en pocos días si se conservara en el mismo precio o bajara un poco. Por lo tanto, debemos salir en cuanto el precio se pare en conjunto con lo que haga la cotización. El aviso es muy rápido ya que puede durar entre unas horas y tres días. 

Antes de abrir una posición debemos esquematizar en que punto entrar, en que punto saldremos con beneficio y en que punto saltaremos para dejar de tener pérdidas. Debemos buscar empresas con mucha volatilidad al alza o a la baja. Este aspecto es crucial ya que nos permitirá alargar las ganancias en el tramo elegido. Otro aspecto esencial es el de estar siempre abierto y en constante movimiento en buscar nuevos productos que nos abran la puerta a más mercados internacionales. Siempre hay mercados estancados y mercados que están en un momento explosivo que hay que aprovechar a nuestro favor.

Pero esto es parte del presente y del futuro. Para realizar cualquier trabajo o empresa debemos analizar la situación actual del sector a trabajar y que ha pasado en los últimos años en el mismo. Es la mejor baza para ver que errores y logros se han cometido para no tropezar con la misma piedra una y otra vez.

Existen muchos personajes famosos de la historia en la familia de los especuladores. El primer especulador podemos encontrarlo en la Biblia: José de Egipto, que se dedicó a especulaciones verdaderamente arriesgadas y hasta peligrosas. Era consejero de finanzas del faraón y supo sacar a tiempo las visiones de los sueños de su señor, con las siete vacas gordas y las siete vacas flacas.

Durante los siete años de abundancia decidió almacenar grandes cantidades de cereales que, después, durante los siete años de escasez volvió a poner en el mercado a un precio mucho más alto.

En la antigua Roma, centro financiero de la zona del Mediterráneo, florecía la especulación. Se especulaba al por mayor con cereales y otras mercancías. La apasionada política de Catón, aumentaba la posibilidad de la destrucción de Cartago. Esta se consideraba el granero del mundo, y cuando los soldados del general Escipión entraron, saquearon los almacenes y los silos. Sobre Roma cayeron toneladas y toneladas de grano además de la cosecha propia. Al principio, los precios bajaron poco a poco para acabar finalmente derrumbándose. Muchos especuladores perdieron con ello sus fortunas.

En Roma existía un foro en el que los ciudadanos ricos se reunían para realizar sus transacciones, que se encontraba en las proximidades del templo de Jano. Era allí, donde Cicerón, el más destacado de los abogados de su tiempo, buscaba indicios o rumores que le ayudaran a sus especulaciones sobre terrenos, monedas y diversas mercancías.

Tras un tiempo Cicerón consiguió reunir una considerable fortuna. Afirmaba ya en aquella época que el dinero era el sistema nervioso de la República, y estaba plenamente convencido de que la especulación constituía el motor de la formación de capitales. Diariamente se reunía en el Foro con destacados financieros y comerciantes de paso. Especulaba con terrenos y fincas, así como con proyectos de construcción y con la concesión de recaudaciones de impuestos. Como senador estaba en condiciones de conseguir informes de primera mano acerca de proyectos urbanísticos, lo que le resultaba de gran ayuda en sus especulaciones. Esta situación me suena de algo en lo que pasa hoy con varios gobiernos actuales.

También sir Isaac Newton, el inmortal descubridor de las leyes de la gravedad, intentó la especulación bursátil, aunque sin éxito, hasta tal punto que acabó prohibiendo que la palabra Bolsa se pronunciara en su presencia.

Voltaire se pasaba horas enteras hablando con su amante sobre acciones, valores y dinero... Especuló con terrenos y grano, pero consiguió más fama de contrabandista de divisas. Durante la guerra de Sucesión se fundó en Sajonia un banco que debía financiar las operaciones bélicas con la emisión de papel moneda. Después de la guerra, esos billetes perdieron el 40% de su valor. Sin embargo, Federico el  Grande exigió que se retiraran, mediante el pago del 100% de su valor en táleros de plata, todos los billetes que se encontraban en poder de los prusianos. Ahí es donde entraba Voltaire ya que hacía comprar esos billetes en Dresde y los introducía en Prusia de contrabando en su maleta. Allí, por medio de hombres de paja exigía su cambio en monedas al gobierno de Dresde.

Beaumarchais, Casanova y Balzac fueron bolsistas empedernidos. Balzac necesitaba grandes sumas de dinero para mantener su estilo de vida, por lo que escribía novelas, relatos cortos, ensayos y todo aquello que pudiera producirle dinero. Pero como eso no le bastaba, recurrió a la especulación bursátil, acudiendo con frecuencia a visitar al barón de Rothschild para tratar de conseguir alguna confidencia o consejo.

Y como no... Lord Keynes, el más importante de los especialistas en economía política de nuestro siglo pasado. El Gobierno británico puso esta inscripción en su retrato oficial:

"Lord John Maynard Keynes, el hombre que consiguió crear una fortuna sin trabajar".

En conclusión, estos hombres consiguieron poner su grano de arena para formar parte del cambio histórico de cada una de sus épocas y convertir un sistema financiero que ha ido recopilando el trabajo de cada uno de sus componentes. Pronto veremos más artículos sobre sucesos históricos bursátiles que dieron mucho de que hablar. Pero tener en cuenta que si no comprendemos nuestro pasado no podremos acercarnos al futuro.

Would you like to know what has happened in Cyprus?

CYPRUS

Now that he has seen the worst and it has reached an agreement with the financial rescue of Cyprus I will offer my reading about what has happened and the reasons that have led to unleash panic among cypriots, russian and other european. These last months has spoken much about the rescue, the playpen and about the impact on financial markets. The truth is that affection to European stock as a deck of cards falling into red during two weeks of madness. They are now above the string and any external factor would make them correct up to normal considered points in my humble opinion... Even more if correct until the 7500 ibex would not be a threat but an opportunity for massive purchase for the exciting period from July until January 15, 2014.

On the other hand, the media have covered us the real reasons for this rescue and as always focus it us from the site that are of interest to caregivers of the markets. The "evil" Eurogroup has done a good job in law firms negotiating the rescue but a terrible performance every time you gave a microphone. As it will be a model to follow for other countries when Cyprus is unique in that the marketing of Russian capital is the order of the day. It is ridiculous, international and european agencies involved had intended to go for these capitals of dubious from the beginning, but nothing, put again the sign of the crisis, Greece and that we will do the same to our deposits. Let's be honest... If it is assumed that we are a group of countries that form Europe and have a basic principle of equality that should be required for all and Cyprus had to correct the problem to adapt to the level of required taxes. now that the Russians pay the fine, foreigners and Cypriots than for that have exploited these paradisiacal conditions for a long time. they have help to begin to manufacture the new European philosophy, pay higher taxes and that there is a fiscal transparency. Whether we like it or not it is what it is, why the rescue of Cyprus has more positives than negatives.

• The notice

The origin of the story comes from 25/06/2012 when Cyprus requested assistance to its partners in the eurozone to deal with their financial problems and the weakness of a banking sector very handicapped by the Greek crisis. They opened the doors to the agencies so they began to work on how to approach the problem of capital that took advantage of the circumstances of the Bank.

After months of negotiation, it was a principle according to end of november where stood the Bank at 17 billion € provided bailout by the IMF and the European Union. The most essential aspect calling for taking institutions was that they have to take care with the privatization of public companies and that major gas fields remain to safeguard future payments of the debt that would begin to be paid soon.

Meanwhile Moody´s, S&P and Fitch lowered the note of the solvency of Cyprus. What was expected.

• The time has come

In mid-February they let you glimpse the agreement general that should contribute to its own rescue. For Cyprus it was not understandable that they provide money when you only need it but the goal is that it disengages not problems with their banks and to not assume the EU all the weight.

Finally in the early morning of 16/03 come to an agreement with the ministers of economy and finance with a bailout of 10 billion euros in Exchange for the multi-billion dollar aid from its partners (mainly Russian).  That is, 10,000 by the EU and IMF and any number by cypriot partners, for the time being. There is still uncertainty and does not speak of how much will be remove. It begins to spread fear by the Mediterranean island since Cyprus has agreed to remove that will mean a huge amount of liquidity of deposits.

• Pure speculation

It starts the period syncope, which sets out various forms of domestic funding through the fifth of deposits. First, that all deposits would suffer losses with the consequent "small chicken run" beginning tuesday and the amounts corresponding to the tax retained. With this measure, they intend to raise more than 5.8 billion euros. i.e., what was once a 17 billion bailout provided entirely by European agencies and IMF, is now a ransom of 10 billion, saving the remaining amount by value of the retained amount of cypriot deposits. a master plan which corner to the Government of Cyprus and leaves him no choice. Really believed that they would leave popcorn?

The IMF is an expert in negotiation strategies and proved it against the cypriot banking sector:

• only participate if the rate retained the majority of Cypriot banks depositors.
• If the IMF does not fit into the rescue Germany not participate.
• the IMF and the Eurogroup will be an acceleration of the privatization of public enterprises plan (a few months ago wanted to otherwise).

Another point is that Cyprus has accepted that he is conducted an external audit to check whether banks comply with the General principles of money laundering. This situation leads later to see that it did not comply with them and to request a rate higher for these deposits of doubtful origin in terms of the legality of the capital.

In addition, corporate enterprise tax is 10% and with the rescue will be 12.5%. causes this tax to be so low that affiliates and phantom companies have given high in this country to pay less taxes than in their countries of origin and to deduct taxes.

Anastasiadis President went on television communicating in local chains trap in the negotiations that had previously been quite deliberate: "I had to choose between bankruptcy and remove". Meanwhile, cypriot banks only could remove a maximum of 1,000€ per day. quantity that was decreasing while the events occurred to the 260€ and a few days later 100€.

• Unrest in Russia

Russians begin to fear the fifth since in principle they could lose up to two billion dollars to bank deposits in Cyprus. and it is that the Russians have more than one-fifth of all deposits (between 20,000-35,000 million dollars). An extremely strange in a population less than 2,000,000 million people and with the amount that the Russians have in the island gets Cyprus GDP.

Russian Finance Minister Anton Siluanov, tried to anticipate asking for information about the accounts of Russian companies and citizens in order to launder capital not declared in origin. This graft situation arrived late and they will not grant it to be illegitimate. This will hurt the russian economy since they will lose power consumption and disposable income.

In terms of the companies will lose power liquid payment short term but had think before you take refuge in opaque societies.

However the Russian ploy is logical since Cyprus is its main foreign investor and would directly affect him on both sides.

Therefore interested them rescue money and that untie of the EU with the consent of Cyprus give them all of the financial information and to not remove for the time being be held.

Russia has contributed greatly to the well-being of the cypriot people and with this rescue trust will evaporate and leave to Russian money. It is natural, but over the years the banking sector will be normalized and will be a country that will provide his experience in other economic sectors.

If this were not enough, in recent years russian banks have granted credits amounting to $ 40 billion to the opaque societies and other $ 12 billion in accounts of the subsidiaries that have Russian banks. That is to say, the interest of the Russian Government extends more than to individuals and companies.

• Development of Bank panics

What in principle would last a day lasted one week. Cypriot banks remained closed while the last fringes of the negotiation. Since the Saturday prior 16/03 was prevented from any financial transaction to prevent capital flight.

Meanwhile, the day 21/03 voted in the cypriot Parliament the rate on deposits. Negative result since refused. The ruling party abstained while others voted against. They don't want to do but being the IMF for the medium is always all the losing. This blackmail to Cyprus has no other way out than to accept the rescue or go bankrupt will be most feasible decision since the Russians will not put a euro on the table.

Mario draghi in those days said that the ECB would provide liquidity within existing laws. That is to say, they would give you the necessary liquidity until Monday 25/03 waiting for rescue response since Cyprus only has funds to hold until may and if do not receive aid soon would enter a so-called moratorium on payments.

Finally, they had come out of the euro, I would with a banking system almost in bankruptcy and a massively devalued currency. and to recover it would take more than any country in the euro zone.

Of the 68.363 million €, representing in total deposits of Cyprus, 28.713 million € correspond to account holders with more than 500,000 euros. These wealthy savers are those who most contributed to the rescue. According to the sources where I got the data, the majority of these deposits are held by russians. Hence, the existing contacts so that Russia be involved in the plan of aid to Cyprus.

Between 100.000€ and 500.000€ they are at 12% of deposits. Therefore, 52% of savers of the country overcome the barrier of 100,000€. Germany has claiming to be those depositors who carry the weight of the Cypriot participation in their own rescue.

On the other hand, 46% of deposits are less than 100,000€ obviously.

• Cyprus = Turkey + Greece

To find out about the Cyprus problem need to know that this country is divided in two. The mediterranean island is divided since 1974 between the turkish- cypriot north and greek- cypriot south. Since the beginning of the playard Turks warned it not put as collateral for the rescue of gas reserves that exist in its waters, which will be operational from 2018. These reserves of gas are essential to the Rescue Agreement and in the future will create problems between Turkey and Greece by the struggle of the Mediterranean island.

• The new banking system

The impact on shareholders, customers and bondholders of the banks will focus on two banks: 

1. Laiki, the second largest bank in the country, will be liquidated, which will mean losses for shareholders, bondholders and unsecured deposits. The entity will be divided into two banks, the good (with insured deposits) and the bad (the uninsured). The good will be integrated into bank of Cyprus, the largest bank in the country. The bad entity will be liquidated as assets are liquidating. Depositors and bondholders of laiki will contribute 4.2 billion euros.
2. Bank of cyprus (BoC), the loan of 9 billion (remember that the IMF delivered 1,000 million remaining) the ECB to laiki will be assumed by boc, who will receive the necessary support from the ECB. The savings from 100,000€ in this Bank will be frozen and will suffer a conversion to shares of the entity, which could lead to heavy losses (not so much or so bald).

There has been speculation with % that will bring. I have read that if a 20%, 30%, 40% or even 60%. Everything 20% pass in my opinion is go stripe since that both percent punishes all customers and companies that took advantage of low tax quotas withstanding. But the real problem is not that... The quit of the issue is that the money will be frozen. namely, everything you spend of 100,000€ is you may not transfer or remove up to new order and the banking sector is set to a period of time that is still unknown.

• And Russia slept quiet...

As I have previously explained, the russians have a capital and important savings in Cyprus and the suffering they were going through was mortal of need. But everything took a turn of 180 ° when they told him to losses that would suffer not approached far that others endure.

When they learned that the rescue would only affect the two major Cypriot banks... And not touch to the russian commercial bank... Then they breathed quiet.

Then soon... left Igor Shuvalov (No. 2 of the Russian Government) and said that Russian companies affected by the situation in Cyprus have unsolicited moment help the Executive to unlock their funds... Logical, doesn't it?

With the days, two of the largest consortia of russian hydrocarbons, gas Gazprom and the Rosneft oil, as well as world-class companies, declared that the crisis in Cyprus has not affected them in any way...

All this shows that Russia has done its job. as the IMF, the ECB, the EU and Russia have negotiated as if from a graft were the cypriot territory... It is the harsh reality.

In my opinion, if the rescue dictates have to tax all deposits, by which Russia does? It is true that they have many investments in Cyprus but they have also benefited from fiscal conditions that has the same and therefore should provide the rate that all neighbor's son is to be made. fear of European to lose an ally such as Russia has been able to more and they have gotten away with it. But it continues to show that we are puppets that we only serve to pay for the problems of our Governments.

It is also true that Russian depositors who were with the Cypriot banks will be subject to remove. and that those people or companies won't them help if the Russian State has no economic interest. What find me strange is that a company that is in another country taxed with taxes in that country or can choose between their country of origin or which performs commercial operations. For that reason is elected the country's less taxes and the result should be the same remove for all. Why is speculating one greater reduction to cover what they won't pay for Russian banks.

CHIPRIOTAS ENCEBOLLADOS Y ENSALADILLA RUSA... La receta para acabar con el capital oscuro

CHIPRE 

Ahora que ha pasado lo peor y se ha llegado a un acuerdo con el rescate financiero de Chipre voy a ofrecer mi lectura sobre lo que ha ocurrido y las razones que han llevado a desatar el pánico entre los chipriotas, rusos y demás europeos. Se ha hablado mucho estos últimos meses sobre el rescate, el corralito y sobre la repercusión en los mercados financieros. La verdad es que afecto a las bolsas europeas como una baraja de naipes cayendo en rojo durante dos semanas de auténtica locura. Ahora se encuentran por encima de la cuerda y cualquier factor externo les haría corregir hasta puntos considerados normales en mi humilde opinión... Es más si corrigiera el Ibex hasta los 7500 no sería una amenaza sino una oportunidad de compra masiva para el período tan emocionante de julio hasta el 15 de enero de 2014. 

Por otra parte, los medios de comunicación nos han tapado las verdaderas razones de este rescate y como siempre nos lo enfocan desde el lugar que les interesan a los cuidadores de los mercados. El "malvado" Eurogrupo ha hecho un buen trabajo en los despachos negociando el rescate pero una pésima actuación cada vez que le daban un micrófono. Como va a ser un modelo a seguir para otros países cuando Chipre es un asunto único en el que el mercadeo de capitales rusos esta a la orden del día. Es ridículo, los organismos internacionales y europeos que han intervenido tenían la intención de ir a por estos capitales de dudosa procedencia desde el principio, pero nada, pongamos de nuevo el cartel de la crisis, de Grecia y de que nos van hacer lo mismo a nuestros depósitos. Seamos realistas... Si se supone que somos un grupo de países que formamos Europa y tenemos un principio básico de igualdad eso tiene que exigirse para todos y Chipre tenía que corregir el problema para adecuarse al nivel de impuestos exigidos. Ahora que paguen la multa los rusos, extranjeros y chipriotas que para eso se han aprovechado de estas condiciones paradisíacas durante mucho tiempo. Tienen la ayuda para comenzar a fabricar la nueva filosofía europea, pagar impuestos más altos y que haya una transparencia fiscal. Nos guste o no es lo que hay, por eso el rescate de Chipre tiene aspectos más positivos que negativos.

• El aviso

El origen de toda la historia viene desde el 25/06/2012 cuando Chipre solicitó ayuda a sus socios de la zona euro para hacer frente a sus problemas financieros y la debilidad de un sector bancario muy perjudicado por la crisis de Grecia. Ellos abrieron las puertas a los organismos para que empezaran a trabajar en como enfocar el problema de capitales que se aprovechaban de las circunstancias bancarias.

Después de meses de negociación, se llegó a un principio de acuerdo a finales de noviembre donde se cifró el rescate bancario en 17.000 millones de € aportados por el FMI y la Unión Europea. El aspecto más esencial que pedían las instituciones aportadoras era que llevasen cuidado con la privatización de empresas públicas y que se quedasen los principales yacimientos de gas para salvaguardar los futuros pagos de la deuda que comenzarían a pagar en poco tiempo.

Mientras tanto Moody´s, S&P y Fitch rebajaron la nota de la solvencia de Chipre. Aspecto que era de esperar.

• Llegó la hora

A mediados de febrero le dejaron entrever en el acuerdo general que deberían contribuir a su propio rescate. Para Chipre no era comprensible que aportaran dinero cuando solamente lo necesitan pero el objetivo es que no se desentienda de los problemas de sus bancos y que no asuma la UE todo el peso.

Por fin en la madrugada del 16/03 llegan a un acuerdo con los ministros de Economía y Finanzas con un rescate de 10.000 millones de euros a cambio de la ayuda multimillonaria de sus socios (principalmente rusos).  Es decir, 10.000 por parte de la UE y FMI y ninguna cifra por parte de los socios chipriotas, de momento. Aún hay incertidumbre y no se habla de cuanto será la quita. Comienza a cundir el miedo por la isla del mediterráneo ya que Chipre ha aceptado la quita que supondrá una inmensa cantidad de liquidez de los depósitos.

• Especulación pura y dura

Comienza el período síncope, en el cuál se enuncian diversas formas de financiación interior a través de la quita de depósitos. Primero, que todos los depósitos sufrirían pérdidas con el consecuente minicorralito que comenzaría martes y con las cantidades correspondientes al impuesto retenidas. Con esta medida pretenden recaudar más de 5.800 millones de euros. Es decir, lo que antes era un rescate de 17.000 millones aportado totalmente por organismos europeos y FMI, ahora es un rescate de 10.000 millones ahorrando la cantidad restante por valor de la cantidad retenida de los depósitos chipriotas. Un plan maestro que acorrala al gobierno de Chipre y que no le deja ninguna opción. ¿De verdad se creían que se irían de rositas?

El FMI es experto en estrategias de negociación y así lo ha demostrado en contra del sector bancario chipriota:

1. Sólo participarán si le retienen la tasa a la mayoría de depositantes de bancos chipriotas.
2. Si el FMI no entra en el rescate Alemania tampoco participara.
3. El FMI y el Eurogrupo realizarán un plan de aceleración de privatización de las empresas públicas (hace unos meses querían lo contrario).

Otro punto es que Chipre ha aceptado que se le realice una auditoria externa para comprobar si los bancos cumplen con los principios generales de blanqueo de capitales. Esta situación nos llevará más adelante a ver que no los cumplía y a pedir una tasa superior para estos depósitos de origen dudoso en cuanto a la legalidad de los capitales.

Además, el impuesto de sociedades para empresas es del 10% y con el rescate pasará a ser del 12,5%. Este impuesto al ser tan bajo provoca que filiales y empresas fantasma se hayan dado de alta en este país para pagar menos impuestos que en sus países de origen y puedan desgravar impuestos.

El presidente Anastasiadis salió en televisión comunicando en cadenas locales la trampa en las negociaciones que previamente habían sido bastante premeditadas: "tuve que elegir entre la quiebra y la quita". Mientras tanto, en los bancos chipriotas sólo podían sacarse un máximo de 1.000€ al día. Cantidad que fue disminuyendo mientras los acontecimientos ocurrían hasta situarse en los 260€ y pocos días después en 100€.

• Malestar en Rusia

Los rusos empiezan a temer la quita ya que en principio podrían perder hasta 2.000 millones de dólares a los depósitos bancarios en Chipre. Y es que los rusos tienen más de una quinta parte de todos los depósitos (entre 20.000-35.000 millones de dólares). Algo extremadamente extraño en una población de menos de 2.000.000 millones de personas y que con la cantidad que tienen los rusos en la isla se obtiene el PIB de Chipre.

El ministro de Finanzas ruso, Antón Siluánov, intentó anticiparse pidiendo información sobre las cuentas de ciudadanos y empresas rusas con el fin de blanquear capitales no declarados en origen. Esta situación mafiosa llegaba tarde y no se lo concederán al ser ilegítima. Esto perjudicará a la economía rusa ya que perderán poder de consumo y de renta disponible.

En cuanto a las empresas perderán poder de pago líquido a corto plazo pero debieron pensarlo antes de refugiarse en sociedades opacas.

Sin embargo la estratagema rusa es lógica ya que Chipre es su principal inversor extranjero y le afectaría directamente en ambos bandos.

Por todo ello les interesaría aportar el dinero del rescate y que se desligaran de la UE con el consentimiento de Chipre de darles toda la información financiera y que no se realizara la quita de momento.

Rusia ha contribuido enormemente al bienestar del pueblo chipriota y con este rescate la confianza se evaporará y dejara de entrar dinero ruso. Es natural pero con los años el sector bancario se normalizará y será un país que aportará su experiencia en otros sectores económicos.

Por si esto fuera poco, en los últimos años los bancos rusos han otorgado créditos por un monto de 40.000 millones de dólares a las sociedades opacas y otros 12.000 millones de dólares en cuentas de las filiales que tienen los bancos rusos. Es decir, el interés del gobierno ruso se extiende más que a particulares y empresas.

• Desarrollo del pánico bancario

Lo que en principio iba a durar un día duró una semana. Los bancos chipriotas permanecieron cerrados mientras los últimos flecos de la negociación se realizaban. Desde el sábado previo 16/03 se impidió cualquier transacción financiera para evitar la fuga de capitales.

Mientras tanto el día 21/03 se votaba en el Parlamento chipriota la tasa en los depósitos. Resultado negativo ya que se rechazó. El partido en el poder se abstuvo mientras que los demás votaron en contra. Ellos no quieren que se realice pero estando el FMI por el medio se tiene siempre todas las de perder. Este chantaje a Chipre no tiene otra salida que o aceptan el rescate o irse a la quiebra será su decisión más factible ya que los rusos no pondrán un euro en la mesa.

Mario Draghi por esos días afirmó que el BCE proporcionaría liquidez dentro de las leyes existentes. Es decir, le darían la liquidez necesaria hasta lunes 25/03 esperando la respuesta del rescate ya que Chipre sólo tiene fondos para aguantar hasta mayo y si no recibe la ayuda antes entraría en una supuesta suspensión de pagos.

Si finalmente hubieran salido del euro, lo haría con un sistema bancario prácticamente en bancarrota y una moneda devaluada masivamente. Y para recuperarse tardarían más que cualquier país de la zona euro.

De los 68.363 millones de euros que suponen en total los depósitos de Chipre, 28.713 millones corresponden a titulares de cuentas con más de 500.000 euros. Estos ricos ahorradores son los que más aportarían al rescate. Según cuentan las fuentes en las que obtuve los datos, la mayoría de estos depósitos están en manos de rusos. De ahí, los contactos existentes para que Rusia se involucre en el plan de ayuda a Chipre.

Entre 100.000 y 500.000 euros se sitúan en el 12% de los depósitos. Por lo tanto, el 52% de los ahorradores del país superan la barrera de los 100.000. Alemania ha reclamando que sean esos depositantes los que lleven el peso de la participación chipriota en su propio rescate.

Por otro lado, el 46% de los depósitos son de menos de 100.000€ evidentemente.

• Chipre = Turquía + Grecia

Para conocer a fondo el problema de Chipre debemos saber que este país esta subdividido en dos. La isla mediterránea está dividida desde 1974 entre el norte turcochipriota y el sur grecochipriota. Desde que comenzó el corralito los turcos avisaron de que no pusieran como garantía para el rescate las reservas de gas que hay en sus aguas, las cuáles estarán operativas a partir de 2018. Estas reservas de gas son indispensables para el acuerdo del rescate y en el futuro crearán problemas entre Turquía y Grecia por la lucha de la isla mediterránea.

• El nuevo sistema bancario

El impacto en los accionistas, clientes y bonistas de la banca se centrará en dos bancos: 

1. Laiki, el segundo mayor banco del país, será liquidado, lo que supondrá pérdidas para accionistas, bonistas y depósitos no asegurados. La entidad se dividirá en dos bancos, el bueno (con los depósitos asegurados) y el malo (con los no asegurados). El bueno será integrado en Bank of Cyprus, el mayor banco del país. La entidad mala será liquidada a medida que se vayan liquidando activos. Los depositantes y bonistas de Laiki deberán contribuir con 4.200 millones de euros.
2. Bank of Cyprus (BoC), el préstamo de 9.000 millones (recordemos que el FMI entrega los 1.000 millones restantes) del BCE a Laiki será asumido por BoC, que recibirá el apoyo necesario por parte del BCE. Los ahorros a partir de 100.000€ en este banco quedarán congelados y sufrirán una conversión en acciones de la entidad, lo que podría suponer fuertes pérdidas (ni tanto ni tan calvo).

Se ha especulado con el % que aportarán. He leído que si un 20%, 30%, 40% o hasta el 60%. Todo lo que pase del 20% en mi opinión es pasarse de la raya ya que ese tanto por ciento castiga a todos los clientes y empresas que se aprovecharon de las bajas cuotas fiscales que soportaban. Pero el verdadero problema no es ese... El quit de la cuestión es que el dinero estará congelado. Es decir, todo lo que pase de 100.000€ no se podrá transferir ni sacar hasta nueva orden y el sector bancario se establezca hasta un período de tiempo que aún es desconocido.

• Y Rusia durmió tranquila...

Como antes he explicado, los rusos tienen un capital y ahorros muy importante en Chipre y el sufrimiento que estaban pasando era mortal de necesidad. Pero todo dio un giro de 180º cuando le comunicaron que las pérdidas que sufrirían no se acercaban ni de lejos a las que soportarían los demás.

Cuando se enteraron que el rescate sólo afectaría a los dos bancos principales chipriotas... Y NO TOCARÍAN AL RUSSIAN COMMERCIAL BANK... Entonces respiraron tranquilos.

Entonces de pronto... salió Ígor Shuválov (Nº2 del Gobierno ruso) y declaró que las empresas rusas afectadas por la situación en Chipre no han solicitado de momento ayuda al Ejecutivo para desbloquear sus fondos... lógico, ¿no?

Con los días, dos de los mayores consorcios de hidrocarburos rusos, el gasístico Gazprom y el petrolero Rosneft, así como compañías de primera línea, declararon que la crisis en Chipre no les ha afectado de modo alguno...

Todo esto demuestra que Rusia ha hecho su trabajo. Como el FMI, el BCE, la UE y Rusia han negociado como si de una mafia se tratase el territorio chipriota... Es la cruda realidad.

A mi entender si el rescate dicta que tiene que gravar todos los depósitos, ¿por que Rusia no lo hace? Es verdad que tienen muchas inversiones en Chipre pero también se han beneficiado de las condiciones fiscales que tiene el mismo y por lo tanto deben aportar la tasa que todo hijo de vecino va a realizar. El miedo europeo a perder un aliado como Rusia ha podido más y se han salido con la suya. Pero sigue demostrando que somos títeres que sólo servimos para pagar los problemas de nuestros Gobiernos.

También es verdad que los depositantes rusos que estaban con los bancos chipriotas se van a someter a la quita. Y que a esas personas o empresas no se les va ayudar si el Estado ruso no tiene ningún interés económico. Lo que me resulta extraño es que una empresa que está en otro país tributa con los impuestos de ese país o puede elegir entre su país de origen o en el que realiza las operaciones comerciales. Por esa causa se elige el país de menos impuestos y la consecuencia debería de ser la misma quita para todos. De ahí que se esté especulando con una quita mayor para cubrir lo que no van a pagar los bancos rusos.

• Final de sentencia

El Gobierno chipriota acuerda por fin el día 03/04 con la troika que el plazo de amortización para los 10.000 millones de euros de su rescate será de 22 años a un interés del 2,5%. El país recibirá el primer tramo de la ayuda en mayo.

La demostración del poder que ejercen sobre nosotros se ha hecho evidente. Aunque era justo que se realizara la quita por la condición de romper los principios de blanqueo de capitales, ha sido injusto al no afectar a todos por "igual".

Lo más gracioso de todo es que tenemos a Luxemburgo con 13 veces más de su PIB en el sector bancario respecto a la comparación de lo que sucede en Chipre pero como una mayoría son alemanes no recibiría el mismo trato... Cuando el interés de Alemania sobre Chipre era que se realizara la quita a toda costa... 

CHILDHOOD OF THE STOCK MAN

DAYS OF RAIN AND SUN

Before you publish more articles on current events in financial markets and the opportunities I've decided to tell you a small piece of the life of "Andre Kostolany", considered the best war profiteer of all-time. In the future I'll be defragmenting parts of his life so that w

e can learn the most infallible decisions and disasters that can occur, making the most of the decisions. In life everything is a decision and I have always thought that it improves more before a failure than with several successes. well here we go...

Andre and his family used to go to a very elegant resort located between the Bohemian forests every summer. It was the summer of 1914, a carefree happiness that used to precede major disasters they breathed in Marienbad. Although his family did not know it... Approaching the end of the monarchy austro-hungarian.

In that atmosphere so relaxing there were a revolver shots that fe

ll like lightning in the middle of a cloudless sky. Suddenly he... Began to smell gunpowder.

Guests of the Spa left as quickly as they could and hid throughout the nation. Kostolany parents decided to stay to finish your treatment with thermal water (go eggs would stay you the father). In the avenues and tours of the spa was heard the latest from news of Paris, Berlin and St. Petersburg.

However, the bag was still in operation and investors to pounced on newspapers Vienna or budapest to follow the new changes that occurred under such circumstances. a speculative fever was imposed. This wave many rich (those who speculated with goods) and many people occurred in the ruin (which is decided by values and actions).

The elder brother of Kostolany (Emmerich), who was then a young employee at a major bank, was also dragged by that fever and, in the company of some friends, speculated with raffia. This stuff is a sort of hemp which is used to tie the vines of the vineyards (and so hell speculating on something that is not a war situation). At the beginning everything seemed to go well. but when quarterback hindenburg defeated the Russians at tannenberg, East Prussia, all stock changes they suffered a rapid decline. Emmerich lost all his money and, in case outside little, was in debt with the Bank (investing your money, not what is not yours).

Due to the unpleasant situation your brother began to murmur the word "suicide". Quickly his father felt obliged to pay off their debts to avoid the tragedy that hovered by his son's head. Since then, the word raffia has not returned to be mentioned in your family.

Nothing else liquidate the unfortunate speculation,

events in the front and in the bag began to undergo a new change. The French won the battle of the marne, and again it was thought that the war would be long. the bast fibre began to climb, but unfortunately it was too late for his family. Which shows that in the bag things can occur at the beginning of differently to how thought and only then they straighten and happen as I had hoped. When, despite everything, makes money in the stock market, is like the wages of pain; first comes the suffering, then the money.

The dreamy landscape of marienbad, with his music, his walks and their international clients has disappeared long ago, the same can be said of the budapest stock exchange. Unfortunately it has also gone family kostolany and even he, with his death in 1999. If we compare the gigantic speculations that are performed today, the raffia was something really microscopic. The amount lost Emmerich and who was about to cause a tragedy, was not higher of what is spent today one of the great magnates of  Wall street on a night out with friends.

INFANCIA DEL HOMBRE BOLSA

DÍAS DE LLUVIA Y SOL

Antes de publicar más artículos sobre las oportunidades y acontecimientos actuales de los mercados financieros he decidido contaros un pequeño trozo de la vida de "André Kostolany", considerado el mejor especulador de todos los tiempos. En el futuro iré desfragmentando partes de su vida para que podamos aprender de las decisiones más infalibles y de los desastres que se pueden producir tomando la mejor de las decisiones. En la vida todo es una decisión y siempre he pensado que se mejora más ante un fracaso que con varios éxitos. Bueno allá vamos...

André y su familia solían acudir a un balneario muy elegante situado entre los bosques de Bohemia todos los veranos. Era el verano de 1914, en Marienbad se respiraba una felicidad despreocupada que   solía preceder a las grandes catástrofes. Aunque su familia y él no lo sabían... Se acercaba el fin de la monarquía austrohúngara.

En aquel ambiente tan relajante se produjeron unos disparos de revólver que cayeron como un relámpago en medio de un cielo sin nubes. De pronto... comenzó a oler a pólvora.

Los huéspedes del balneario se marcharon tan deprisa como pudieron y se escondieron por toda la nación. Los padres de Kostolany decidieron quedarse para terminar su tratamiento con aguas termales (vaya huevos se le quedarían al padre). En las avenidas y paseos del balneario se escuchaba las últimas noticias procedentes de París, Berlín y San Petersburgo.

Sin embargo, la Bolsa seguía en funcionamiento y los inversores se abalanzaban sobre los periódicos de Viena o de Budapest para seguir los nuevos cambios que se producían ante tales circunstancias. Se impuso una fiebre especuladora. En esa ola se produjeron muchos ricos (los que especularon con mercancías) y muchas personas en la ruina (los que se decidieron por valores y acciones).

El hermano mayor de Kostolany (Emmerich), que en aquel entonces era un joven empleado en un gran banco, se sintió arrastrado también por esa fiebre y, en compañía de algunos amigos, especuló con rafia. Esta materia es una especie de cáñamo que se solía utilizar para atar las cepas de los viñedos (y para que diantres especular con algo que no sirve ante una situación bélica). Al principio todo parecía ir bien. Pero cuando el mariscal de campo Hindenburg derrotó a los rusos en Tannenberg, Prusia Oriental, todos los cambios bursátiles sufrieron una rápida caída. Emmerich perdió todo su dinero y, por si fuera poco, quedó endeudado con el banco (invierte tu dinero, no lo que no es tuyo). 

Debido a la desagradable situación su hermano empezó a murmurar la palabra "suicidio". Rápidamente su padre se sintió en la obligación de liquidar sus deudas para evitar la tragedia que rondaba por la cabeza de su hijo. Desde entonces, la palabra rafia no ha vuelto a ser mencionada en su familia.

Nada más liquidar la desafortunada especulación, los acontecimientos en el frente y en la Bolsa empezaron a sufrir un nuevo cambio. Los franceses ganaron la batalla del Marne y de nuevo se pensó que la guerra sería larga. La fibra de rafia empezó a subir, pero desgraciadamente fue demasiado tarde para su familia. Lo que demuestra que en la Bolsa las cosas pueden ocurrir al principio de manera distinta a como se pensó y sólo después se enderezan y suceden como se había esperado. Cuando, pese a todo, se gana dinero en la Bolsa, es como el salario del dolor; primero llega el sufrimiento, después, el dinero.

El soñador paraje de Marienbad, con su música, sus paseos y sus clientes internacionales ha desaparecido hace mucho tiempo, lo mismo puede decirse de la Bolsa de Budapest. Desgraciadamente también ha desaparecido la familia de Kostolany e incluso él, con su muerte en 1999. Si comparáramos las gigantescas especulaciones que se realizan hoy día, la de la rafia fue algo realmente microscópico. La cantidad que perdió Emmerich y que estuvo a punto de provocar una tragedia, no era más alta de lo que se gastaría hoy uno de los grandes magnates de Wall Street en una noche de juerga con sus amigos.

WIN THE GAME TO THE CPI AND INFLATION

DAY, MERCADONA Y CARREFOUR

The crisis in our country is costing us headaches, unpleasant situations that we observe through our most intimate people and even to ourselves. It is very hard to get up in the morning, put the television and listen to the number of unemployed that there is, the corruption that exists and the our daily bread... The people who lost their home. 

Today I will share information that I hope to reach everyone who as possible because it will help to gain profitability against all forecast and which removes US CPI and terrible inflation that we comes consuming since the crisis started... the "feeding" theory.

First of all, we need to know two concepts: 

• inflation

• CPI

Inflation: is increased and sustained prices of goods and services in relation to a currency during a given period of time. When the general price level rises, each unit of currency reaches to buy fewer goods and services. i.e. inflation reflects the decrease in the purchasing power of the currency.

A common measure of inflation is the price index (CPI), which corresponds to the annualized percentage of the overall variation of prices at the time.

The negative effects of inflation include the decrease in the real value of the currency over time, the discouragement of saving and investment due to uncertainty about the future value of money, and the scarcity of goods.

This shows us how raw materials have dropped their prices important levels in comparison to a few years ago. As the energy we use at home Board; butane will be arriving in a few weeks at 19€, electricity pay 9€ more a year ago and a half... And as wages have dropped gradually in recent years losing value of inflation and what we pay in comparison with previously.

CPI: is an index in which the prices of a set of products known as "family basket" or "basket" are valued. It is determined on the basis of the continuous survey of family budgets a number of consumers acquired so regular, and variation with respect to the price of each, with respect to a previous sample.

So we have an idea, in these months if we stuck the same with same products shopping cart us out more expensive to buy it in Spain than in Qatar. In Qatar its price would be 120€ and in Spain 200€ us. I know that you will be thinking... If Qatar is a country of millionaires! and so, but its economy and inflation is more sustainable than ours.

His historical graph we see the evolution of the CPI of 1980-2011. the year franco died the CPI was at a high point due to political uncertainty and the fear that it would bring us the transition. It just by descend quickly and progressive until 1985 but it was settling a slow progression upward which declined in 2009, with positive expectations that produced the ibex 35 rose 6778 points to the 12000. 

We have to read between the lines is that after 2009, the CPI rise was very strong coming in higher than 1980 levels. Troubling levels because today we are as when democracy began to be born. If he enters the 2012 within the positive the fact again is 2.4%.

This helps us to draw several conclusions:

• Spain is at the worst level of CPI for the past 32 years.
• As the circumstances are being level should not go from bad to worse by the measures being taken, although no one knows the future and a disaster there is arguably never.
• the CPI is a measure which observed price of the food basket and requirement in a given period. 
• If the CPI is high basket or cart of food are more expensive and the food companies make more money on their income statements.
• We have a period of two years until it is self-regulating downward to invest in these companies and take advantage of the situation.
• carry nearly two years rising like foam.
• business objective: day, mercadona and carrefour.

DAY

The day group opened its first store in Spain in 1979 and, since 1990, its growth has been spectacular. That year bought dirsa chain and, in the following two years, mercapopular and daily saving supermarkets. at the end of 1992 it had already more than 1,000 stores in Spain.

In 1995, he entered in Greece where it operated until 2010 (fleeing from the Greek disaster). Then it was portugal and to follow they jumped the Atlantic to argentina. Then France, would come to china and Brazil. its international vocation has given rise to only 41.5% of sales come from Spain.

The day group has 6.833 establishments that 4.249 are own shops and other duty-free, with 47,500 employees.

They were listed on the Spanish stock exchange on July 5 to 3.50€. Today listed ranges of 5,50€.

In late January decided to leave the employer of supermarkets which was (aces), to merge today to ASEDAS, association that mercadona is its main partner. Replicating synergies with one of the strongest in the country.

They have improved their social image increasing deliveries of food to the Food Bank by 67% compared to the previous year chasing the brake of the food waste in the sector.

Thus, it is an action with long travel if it is accompanied by the ibex 35 and one of the promoters of the Spanish food industry. The track that leaves us is that bearish day products there is no in many of the issuers. Something extremely rare in commodity speculation.

Having no products put or bassists should wait for the moment in day quote in 5.15€-5.30€ ranges to enter with a quoted product is the warrant, with a 5.5€ strike call.

CARREFOUR

It is a multinational chain of distribution of French, being the first European Group and second worldwide in the sector. In 2012, the Group has 9.994 stores in 33 countries (19 countries integrated), 4.314 shops in Europe (except France), 4.635 stores in France, 675 stores in Latin america and 370 in asia. It employs more than 360,000 people around the world. its consolidated sales reached 101.3 million € in 2012. the largest carrefour hypermarket was built in 1972, is located in portet-sur-garonne (toulouse) 24.400 square meters, is the largest in France. Its activity focuses on three markets: Europe, asia and Latin america. 56% of its business is produced outside France, although 79% of the total volume of business they accumulate between France and Spain.

The owner of the company day undoubtedly could not be other than carrefour. the multinational was smart when taking the decision out to bag the company away from carrefour image... There by mid-2011.

One of the obvious reasons for the upward climb of day was carrefour would allow shareholders to "benefit from the potential" development of the supermarket firm. On the other hand, day could benefit from "greater flexibility" to manage its growth in their markets.

For carrefour advise an investment "invest value" (long term) in actions that speculation products I've searched my broker's commissions and there is nothing. Enter at the moment that is complete correct your let-down 5-1 day. that is, below the US  20€.

Supports (floors of our strategy)

19,623€: little worrying level.

18,753€: level which can be reached, normal.

17,564€: maximum level where we'll stay because it will not have deodorant that will eliminate our sweat.

heating elements (roofs of our strategy)

21,040€: acceptable level.

21,559€: comfortable level.

23,155€: level of excellence.

annotation: all of what excellence pass is greed and avarice. If we exceed that level let us a little and hopefully not as duracell rabbits lasts, lasts and lasts... then can you regret and you can not go back.

MERCADONA

It is a distribution company, integrated within the segment of supermarkets, with 100% Spanish capital. It is present in 46 provinces of 15 autonomous communities with 1,414 supermarkets (current data) with an average of 1300 - 1500 square meters by local. They have a market share of 13.5% on the total area of power in Spain. More than 70,000 people with relevant contracts work today.

Since 1993, mercadona originated in the philosophy of total quality. 

In short, this philosophy is determined in two large blocks:

Commercial: the commercial strategy developed by the company is spb (always low prices). In addition, is working on the assurance of the intrinsic quality of products promoting the strategy from the beginning of life.

Human resources: the total quality model has led them to consider as second primary objective the worker. According to my sources, it is that 100% of the more than 70,000 people who make up the Organization are fixed. also have another principle that is the pay 100% of the wages in the case of incapacity for work, enjoy minimum wages that exceed the average of the sector, as well as investment in training of its staff which are intended for an average of 450€ per worker. as I like to be realistic, in first instance I'm going to believe half of the sources found in this paragraph about human resources. only that half we are facing one of the most competitive companies and growing to gigantic in these years rhythm because they take care of the most important asset that a company has... the worker.

Mercadona is a company quoted on the stock exchanges so at the moment we can only look evolution so great that it has. but... If an investment bank thought to convince Juan Roig (President´s mercadona) that the price is suitable for your departure to the Spanish Park... friends there is no doubt that I will focus until they are gone.