publicado originalmente en Black Box.

No se si conducirse con un criterio moral tiene dividendos. Pero está comprobado que jugar sucio tiene perdidas garantizadas.

Hoy Millicom cayó 6% mientras el S&P 500 subió casi 2%.  Como se ve en pantallazo, el fundamental tiene que ver con Tigo Guate.

Segun mis calculos esto representa mas de $300 millones en la capitalizacion (y eso que no estamos agregando como le fue al bono corporativo que salió hace un par de años).

El CFA Institue, en su Codigo de Etica y Estandares de Conducta del CFA, dice:

Place the integrity of the investment profession and the interests of clients above their own personal interests.

Eso no lo enseñan en los posgrados.  Es algo que solo la calle maneja:

High ethical standards are critical to maintaining the public’s trust in financial markets and in the investment profession. Since their creation in the 1960s, the Code and Standards have promoted the integrity of CFA Institute members and served as a model for measuring the ethics of investment professionals globally, regardless of job function, cultural differences, or local laws and regulations. All CFA Institute members (including holders of the Chartered Financial Analyst® [CFA®] designation) and CFA candidates must abide by the Code and Standards and are encouraged to notify their employer of this responsibility. Violations may result in disciplinary sanctions by CFA Institute. Sanctions can include revocation of membership, revocation of candidacy in the CFA Program, and revocation of the right to use the CFA designation.