After a golden year of foreign actions in the Buenos Aires Stock Exchange, which companies should invest

The change controls and the collapse suffered by the quotes of the shares of local companies after the 2018-19 crisis caused Argentine investors to change their preferences when investing in the local stock market.A marginal instrument, which allows you to invest with pesos in actions from abroad, went to the center of the scene and today operates more money than the actions themselves.

Se trata de los Certificados de Depósito Argentinos (Cedear), que permiten invertir con pesos en acciones de empresas que cotizan fuera del país.They are backed by shares of their origin market and, when operating in local currency, their prices move to the rhythm of the rises and casualties of the action itself but at an exchange rate similar to the one with liquidation.So, although they are risk investments such as any action, they have an exchange coverage component since in the case of a rise in parallel dollars the value in the heater pesos also advances, although the action of the company in question is kept unchangedIn its origin square,

In 2021, they yielded them threw more than anything joys for their holders.Its advances, measured in pesos, reached 250% - as in the case of the codear of the Brazilian Embraer - and, with flats, throughout the panel the increases predominated the great year that Wall Street lived, where they are listedMost of the actions they have yield, and the high exchange gap.

Claro que invertir en acciones siempre expone al riesgo de que un cambio en el contexto económico o un mal desempeño de la empresa que se eligió cause pérdidas.And after such important increases in 2021, these potential losses become a possibility more analyzed by specialists.

“We are all tempted to continue adding money to this type of investment. ¿No están muy elevados los precios? ¿Es momento de entrar? Mi recomendación es ser muy selectivos, y no olvidar invertir en Cedears muy operados, con mucha liquidez”, advierte la asesora financiera Lucía Pignani.

To start designing a portfolio of actions abroad, so you have to start from some cases that support the strategy.What do we expect for 2022 in international markets and, based on that, where should it be positioned?

“Las premisas que tenemos para 2022 son, una, el fin de la pandemia o al menos el fin tal como la conocemos porque la ómicron es una variante muy contagiosa pero de baja letalidad.Two, a rise in the interest rate in the US. Tercero, que va a ser un año de crecimiento económico con buenas ganancias de las empresas y empleo recuperándose. Y el cuarto factor el tema de la inflación, que va a afectar a las valuaciones”, dijo Maximiliano Donzelli de IOL Invertir Online.

From a series of assumptions, which today is the market consensus, so you can start thinking what is sought when investing in Cedears.A more conservative investor can settle for modest expected returns plus the exchange coverage offered by the instrument.Another, more aggressive, perhaps I do not fear the possibility of suffering losses in order to bet on the most significant gain chance.And, based on this, choose a company by company.

La youtuber financiera Giselle Colasurdo prefiere, sobre todo para ahorristas sin gran experiencia en el mercado de capitales, un enfoque conservador.

“Companies with solid and stable businesses in time, and that show low volatility, that is, there are no strong variations in the price of the action.This implies that when you win, little is usually gained, and when it is lost, little is usually lost, because the focus is on taking care of the capital, ”he said.

Cedears como el de Coca-Cola o McDonald’s ofrecen la posibilidad de aprovechar lo que promete ser un 2022 de regreso del consumo masivo, de la mano de la salida de la pandemia. Disney, siempre competitivo con sus contenidos de entretenimiento y con su división de parques de diversiones saliendo del golpe de la pandemia, es otra alternativa. Microsoft, con su crecimiento lento pero seguro, también aparece como opción atractiva. Y, por último, el Cedear de Berkshire Hatthaway -la empresa del legendario Warren Buffet- es casi una estrategia de diversificación en sí misma: se apuesta porque el fondo gane en sus múltiples inversiones.

For a conservative profile, Pignani agrees to seek yield from companies closely associated with the march of the US economy and mass consumption.

“Coca-Cola, Walmart, Johnson & Johnson, Procter & Gamble, son Cedears defensivos que permiten surfear la volatilidad del mercado y si bien no se va a gozar de grandes ganancias, se puede aspirar a un año tranquilo”, dijo. Para un perfil agresivo, mientras tanto, empresas como MercadoLibre -que sufrió grandes bajas en los últimos meses- 00000 y Boeing, otro sector que trata de sacudirse el polvo de la pandemia, son alternativas.

Finally, Donzelli is inclined to a combined wallet.In which the most stable actions hold the bet while the potentially more volatile seek to give it the possibility of greater profits.

"We are privileging value companies with low volatility, on the one hand, technological with good results, on the other, and finally to the energy sector," he said.

“Empresas de valor como Berkshire Hatthaway, Walmart o Merck porque son las que mejor se comportan en contexto de subas de interés, son empresas menos sensibles que las empresas de crecimiento. Tecnológicas porque si bien las de valor son menos volátiles, las tecnológicas dan el empuje para un mejor resultado, en ese sentido pusimos empresas que no estén en valores altos como Google o puede ser Microsoft.And finally there is a structural lack of energy supply and Exxon Mobile is a very solid company, with a very good box, and we like it for this year, ”he concluded.

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