Fellow Fools The Real, Real risks of margin

8/17/2019 Fellow Fools The Real, Real risks of margin

1/22

THE REAL, REAL

RISKS OF MARGIN21-MARZO-2000


2/22

¿Qué es TMF?

Es una em!esa "e se!#$%$&s 'nan%$e!&mu()$me"$a *ue &+!e%e s&(u%$&ne'nan%$e!as a!a (&s $n#e!s&!es a )!a#és "e"$#e!sas a%%$&nes, (a $n#e!s$n se!#$%$&

"e 'nan.as e!s&na(es/


3/22

Que!$"&s F&&(s,

Es%!$& es)& &! se!$as !a.&nes, (a ma&!

"e e((as aun n& me s&n su'%$en)emen)e%(a!as as)a es)e un)&/

Sé )am$én *ue e )en$"& un "a &!!$(e &! e((& ne%es$)& a%(a!a! m$s ensam$en)&s/

Tam$én es%!$& %&n (a $n)en%$n "e e"u%a3n& ne%esa!$amen)e en!$*ue%e!4 m$em!&s "e una %&mun$"a" &! (a %ua)en5& 5!an !ese)&/


4/22

Ten5& 26 a7&s e a!en"$"& m8s "e

%&mun$"a" s$)$& *ue "e %ua(*u$e! &)!&/H&, %&m& sea, se7a(& una "&(&!&sa, "&(&(e%%$n 9una "e (a *ue %!e%e!é- :ue"e sea (a ma&! (e%%$n "e $n#e!s$n *ue

a!en"$"&/A*u (a %&!)a (a!5a $s)&!$a;


5/22

He s$"& un F&&( a &! a(5


6/22

A esa! "e *ue !a!a #e. e u($%a"& 9a%e%a"& en es)8s 85$nas me %&ns$"eun m$em!& "e es)a %&mun$"a" "es"e a)$em&/ La ma&!a "e us)e"es s

5!a%$&s&s, a(5un&s !$((an)es/ Me s$ena+&!)una"& "e %&n&%e! es)e s$)$&/


7/22

En (as u()$mas "&s semanas me e #$n#&(u%!a"& en e( Ru(e !ea@e! Sem"es5!a%$a"amen)e n& e (&5!a"& &)emu%& "e e((&/ Es)e es e( &! *ué;


8/22

>uan"& (&s F&&(s !e%&men"a!&n >RA en$%$em!e, & use una e*ue7a %an)$"a""e m$ m&"es)& 3a


9/22

>&men%é a u)$($.a! una %uen)a Cma!5a!a %&m!a! >e(e!a/ Es)aa $"$én!es)a"& a m$ %&!!e"&! m8s m8s/ E( s%&n)$nu %!e%$en"&/ Las %&sas a!e

$n%!e(es "es"e m$ un)& "e #en)aa/


10/22

esués, (& $mensa(e/ En (as u()$msemanas, >e(e!a %a(( "e su mas a()& 26 aun un)& "e &/ ¿:&! *ué? Nun%a (& sa!é, )s&(& a!a ense7a!me una (e%%$n/

A( m&"& en *ue %aa, me "$e a m$ m$sm5!an &&!)un$"a" e!a, *ue 5!an #en)a, *ue $(&s #en"e"&!es e!an, %&!!$en"& asus)a"&%&men)a!$&s s$n sen)$"& "e >($n)&n(a$! ))&"as (as $&)e%n&(&5as a (a a(a(a(a,e)%/


11/22

En (a %a"a, %&men%é a #en"e! m$s &)!&ss)&%@s a!a %&m!a! m8s "e >e(e!a, a!a)&

3 &)!a #e. u)$($.an"& esa %uen)a MARGEN4

N& &"a %!ee!(& a 160, %&m!é/

Es)aa %&nm&%$&na"& a 10, %&m!é/

A 10, #en" %a"a un& "e m$s &)!&s s)&%@ me ma!5$ne a m$ m$sm&/


12/22

T&"& & e!a >e(e!a, )&"& e( )$em&/ es%&n#en%$"& "e *ue %&nse5u$!a una 5anan%$a "e su #ue()a a (a %$ma/


13/22

Se5u %a"a a%%$n as)a e(


14/22

>uan"& >e(e!a se "$& en (a a%%$n/ M


15/22

E( e%& "e *ue e( s)&%@ !e&)a!8 en un)&s "es"e en)&n%es, #ue(#e )&"& sm8s m&(es)& -a


16/22

En (& *ue me s$en)& es)a n&%e/ N& m8)en5& a%%$&nes "e >e(e!a en m$ %uen)a, una

%uen)a *ue #a(a %as 0,000 es)aa((ena "e !&me)e"&!es +an)8s)$%&s)&%@s, a&!a #a(e 0/

e e%& #a(e men&s 9e& en#$a! 1,00a m$ %&!!e"&!/


17/22

&!!e "e m$ $s)&!$a( )!es a7&s %&mF&&($s, a&!!an"& e $n#$!)$en"& en OS

SEMANAS %&n una a!!een)$"a "es%u$"a"a %uen)a ma!5en/

:&! &%& me #ue(#& un en+e!m& men)a(/


18/22

:ERO es)& a%$en"& (& *ue ue"& &man)ene! una mue%a +e($. #&)& &

#&(#e! a m&n)a!me a( %aa((& %&!!e! m8$n)e($5en)emen)e es)a #e./

La #e!"a" es *ue n& )en5& &)!a &%$n/


19/22

:ue"e *ue ase un )$em& an)es "e *ue#ue(#a a (u($%a! en e( F&&( &)!a #e.

ne%es$)& un )$em& a!a %u!a! m$s e!$"as +&%a!me en m$ +u)u!&/

:e!& #&(#e!é e#en)ua(emn)e %&n un

%anas)a "e Ru(e-!ea@e!s an" Ru(e-Ma!@e! a esa! "e )&"& a!en"e!é "e es)& un!u)a( (e%%$n/


20/22

In"a5a!é una #e. m8s %&nse5u$!é &&!)un$"a" a!a m$ "es)$n& 'nan%$e!&/

Es)a #e. (& a!é %&n s)&%@s *ue &sea %ae!e en (a $s)e!$a & #$s$&nes "e !$*

n&%)u!nas/


21/22

uena sue!)e

Les "ese& (a me&! "e (as sue!)es es

*ue m$ (e%%$n (e s$!#a a a(5u$en sa(#a!se "e (& *ue & e e%&/


22/22

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Fellow Fools The Real, Real risks of margin