03 April 2008

Modelos de Riesgo y Crisis del Sistema Financiero

Blame your business school professor

Posted by:
Economist.com | NEW YORK
Categories:
Financial markets

“RISK GURU” Nassim Taleb saw the current financial crisis coming. He anticipated it; while those on the street stayed ignorant, taking false comfort in their models of risk. Blame the academics who brainwashed generations of finance professionals:

I worked on Wall Street for close to two decades in trading and risk management of derivatives. I noticed that while portfolio models got worse and worse in tracking reality, their use kept increasing as if nothing was happening. Why? Because in the past 15 years business schools accelerated their teaching of portfolio theory as a replacement for our experiences. It looks like science, and they have been brainwashing more than 100,000 students a year. There is no way my experiences can be transmitted to the next generation because of these schools. We've had fiascoes in finance that they need to neglect because they contradict their models. The problem may also be the Nobel in economics that gave a stamp to these junky theories. Someone needs to make the Nobel committee account for this, for the damage to society - and I hope to do so.

Mr Taleb thinks, because current models can not anticipate every market movement, they cause more harm then good.

Risk is inherent in financial markets. The outcome of many variables can not be perfectly anticipated. The current portfolio models do not, and never have been, intended to enable hedging of every potential outcome. Most are equilibrium models, which means they rely on a set of assumptions that rarely hold in the market. That does not diminish their value. Economic and financial models can be thought of as a map. If a map included every detail in the geography (trees, country roads, etc.) it would be intractable, rendering it useless. Maps do give you a sense of scale and how variables relate. This facilitates your journey, but does not eliminate unforeseen diversions and the potential for accidents.

Recessions will always occur, but they have become less frequent and severe. This is due to a number of factors; primarily, better monetary policy and allocation of risk. The models Mr Taleb derides have increased our knowledge and understanding of risk immensely. Being able to put a price of risk has enabled it to be transferred more efficiently.

Some investors are born with an innate sense of markets and can rely on instinct to make brilliant decisions. The vast majority of us need a little guidance, the models provide this. They are meant to enhance knowledge from being in the trenches of the market place, not contradict it. The most successful investors use both these tools.



www.economist.com

15 March 2008

Son hormigas ¡egoístas y corruptas!

Son hormigas ¡egoístas y corruptas!
hormigas
Algunos machos pasan selectivamente un gen para asegurarse que sus descendientes se conviertan en reinas reproductoras y no simples obreras.
Foto: cortesía Science

Comparan científicos de EU las conductas negativas de esos animales con los seres humanos

EL NORTE / Staff

Ciudad de México (15 marzo 2008).- La hormigas son conocidas por su capacidad para trabajar en grupo y alabadas en todo tipo de fábulas por priorizar el bien común al individual. Pero una nueva investigación revela que sus colonias son un semillero para desarrollar comportamientos egoístas y corruptos, lo cual las hace muy similares a los seres humanos.

Y parece que todo se debe a la familia real, específicamente a las hormigas machos que llevan el llamado gen "real", detalla un estudio publicado en la revista Proceedings of the National Academy of Sciences de Estados Unidos.

El estudio, encabezado por el doctor Bill Hughes, investigador de la Universidad de Leeds, del Reino Unido, utilizó las huellas de ADN recogidas en cinco colonias de hormigas forrajeras. Los investigadores descubrieron que algunos machos pasan el gen selectivamente para asegurarse que sus descendientes se conviertan en reinas reproductoras y no simples obreras. Sus conclusiones revelaron que las oportunidades de una larva de llegar a ser reina dependían, en gran parte, de quién era el padre.

Previamente, los científicos se habían mostrado firmes al señalar que la especie de hormiga objeto del estudio era un modelo de democracia y de cooperación social.

Se creía que la nutrición era el secreto de la "realeza". A algunas larvas se le deban ciertos alimentos, que permitían su desarrollo hasta convertirse en reinas.

Sin embargo, ahora parece que las hormigas que reciben el gen real tienen una ventaja injusta sobre las demás.

"El principio central de las sociedades de carácter social es que sean igualitarias", dijo Bill Hughes en una declaración a la BBC de Londres.

"Hemos encontrado que no es siempre es el caso y que algunos machos están haciendo trampa. Hay una influencia genética sobre la realeza", señaló.

Las líneas genéticas son raras en cada colonia, algo que ha llevado a pensar a los científicos que astutamente las hormigas diseminan su esperma en distintas colonias para que no se note la ventaja injusta que le dan a sus descendientes.

Si demasiadas larvas se convierten en reinas, el desequilibrio podría ser descubierto por las hormigas trabajadoras "comunitarias", que quizás podrían ponerse en contra de sus dirigentes.

"Cuando uno estudia insectos sociales como las hormigas y la abejas es el aspecto cooperativo de su sociedad lo que primero se destaca", añadió Hughes.

Sin embargo, cuando se observa más profundamente se puede ver que hay un conflicto y hay una trampa, y obviamente las sociedades humanas son también un ejemplo primordial de esto.

"Se creía que las hormigas eran una excepción, pero nuestro análisis genético mostró que su sociedad la corrupción es endémica y es, además, corrupción real", concluyó.

26 February 2008

Red social para estudiantes internacionales


Dos amigos de Boston que estudiaron conmigo en Viena han comenzado una nueva, y brillante según mi opinión, idea en cuanto a redes sociales.
Tras dos años de trabajo, este mes han lanzado oficialmente http://www.goswoop.com/ Es una red virtual como Facebook, Asmallworld o Tuenti en España, con la particularidad de estar dirigida a los estudiantes universitarios o ya alumnis que viajan o han viajado al extranjero.
Todos tenemos amigos que quieren ir a estudiar fuera de su país. Es una realidad que la información que encuentran en internet acerca de universidades, asignaturas o alojamiento está muy desestrucurada.

GoSwoop pretende ofrecer un servicio donde las universidades y gente que individualmente quiere compartir su experiencia pasada en el extranjero encuentren un portal donde puedan conectarse.
Acaban de comenzar pero estoy segura de que van a llegar muy lejos!!

Si queréis registraros, aquí va...


19 February 2008

Monterrey U.S.A.

Not up, not against. Just the facts.


From the Los Angeles Times


Monterrey U.S.A.

The prosperous Mexican city shows no shame over its pro-Americanism.
Gregory Rodriguez

February 11, 2008

MONTERREY, MEXICO — When the Kentucky-based Yum Corp. was looking for a city in Mexico in which to open a Taco Bell, it must have figured it couldn't go wrong with this ultramodern, hyper-Americanized metropolis 125 miles from the Texas border in the northern Mexican state of Nuevo Leon. Regiomontanos, as Monterrey residents are called, wear their pro-Americanism on their sleeves and see little shame in the fact that their streets are as overrun by corporate American retailers as any suburban town north of the border.

Norteño Mexican culture has long been known for its openness to American ways, but Monterrey's love affair with American consumerism has reached a level that has to be seen to be believed. Bennigan's, Applebee's, Dairy Queen, Starbucks, Carl's Jr., McDonald's, Pizza Hut, IHOP -- they're all here. So are Wal-Mart, Hampton Inn, Home Depot, OfficeMax and Bally Total Fitness.

I spent part of Fat Tuesday strolling the aisles of a local H-E-B, a Texas-based big-box store that has brought the Mexican-owned Gigante chain to its knees locally. Three years ago, H-E-B opened a $30-million retail support center here, and the secret of its success, I'm told, is, well, that it's unabashedly American.

When it first came to Mexico, H-E-B launched a Mexico-specific house brand called Economax, but the company's market researchers quickly found that Mexican consumers preferred the long-standing American versions. Sure, H-E-B sells sell tortillas, bolillos and traditional Mexican pan dulce, but the brightly lighted, well-stocked aisles generally boasted such items as H-E-B brand chocolate chip waffles, Oscar Meyer bologna, Del Monte tomato paste, Jell-O pudding, Fruit Loops, Gatorade and, much to my surprise, cans of "ranch-style" beans made in the U.S. whose label boasted that they offered "the true taste of the West."

All these imports do come at a cost, literally. In part because Regios consume so many foreign products, the cost of living here is higher than it is in most other parts of Mexico. But the city's large middle class doesn't seem to mind paying the extra price.

In fact, the university students I spoke to here not only bought American products in Monterrey, they crossed the border to outlets in such places as McAllen, Texas. When I asked why, they said goods were cheaper there.

But it doesn't add up. The cost of gas, the 2 1/2 hour drive on a toll road that costs $60 round trip and the increasingly inhospitable post-9/11 waits -- sometimes three hours -- to cross the international border all suggest that the real reason they love to shop in Texas is status and the idea of the U.S. as the source of the good life.

Just outside the San Pedro district here, which has the highest per-capita income of any community in Latin America, you'll find some billboards entirely in English. Particularly when discussing entertainment, middle-class Regios like to pepper their Spanish with English. They'll talk about going to a "lugar muy nice," they'll say they're going to "tomar un break" or "echar unos drinks."

I met a few transplants from Mexico City who found the Regios' love affair with the U.S. more than a little offensive. But locals, particularly the young ones, don't see any problem with living bicultural lives.

"We feel like Mexicans, but we live as Americans," said Sarahi Garcia, a 22-year-old international relations student at the elite Tecnológico de Monterrey university. The state politicians I met here seemed aggrieved by all the talk in the U.S. of hardening the border. But still, few people I spoke to thought it would ultimately damage the Regios' strong sense of connectedness with their northern neighbor. The ties are just too deep.

Last September, the governor of Nuevo Leon inaugurated a beautiful Museum of the Northeast, and by the "northeast" they mean the Mexican states of Nuevo Leon, Coahuila and Tamaulipas as well as the U.S. state of Texas. Unlike many U.S. historians and institutions that treat Mexican history as separate from our own, the curators at this museum see the histories of northern Mexico and Texas as being connected not only by war but by shared heritage and intertwined economies. They don't ignore the reality of the border, but they also don't pretend that cultural and economic forces don't flow in both directions.

So does this powerful and historical sense of biculturalism mean that Taco Bell -- with its faux Mexican food -- is destined to thrive in Monterrey? I don't think so. I went by on Wednesday at lunchtime and ate my Fiestaco -- yes, that's what it was called -- all by myself.

University student Sofia Ugarte, 18, explained why. "There's nothing more typically Mexican than tacos," she said. "That's one thing that we don't need to import from the United States. Not even here in Monterrey."

18 February 2008

Ayudad a Cuba!!


Me veo en el deber de haceros partícipes de http://www.viajaacuba.com/ y así difundir la labor de la Asociación Española Cuba en Transición, grupo que defiende la libertad para los cubanos y apoya a los disidentes.
En España es muy común que se viaje a Cuba en los viajes de fin de estudios universitarios, o grupos de amigos que van a disfrutar de las playas de Varadero. En esta página aparecen ideas de una forma entretenida de cómo ayudar a los cubanos cuando se viaja allá.
Por favor, una buena forma de colaborar es envíar este link a la gente que sepáis que vaya a viajar a la isla próximamente.
Gracias!!! Si alguno está más interesado en el tema de Cuba y en cómo ayudar desde su país que me diga.

15 February 2008

Barack Obama

But could he deliver?

Feb 14th 2008
From The Economist print edition

It is time for America to evaluate Obama the potential president, not Obama the phenomenon


EPA

THIS has been an extraordinary week for the man who could become America's first black president. Barack Obama has now won all eight of the primaries and caucuses held since Super Tuesday on February 5th, which ended, more or less, in a dead heat with Hillary Clinton. He has won by much larger margins than most people expected, trouncing his rival not just in heavily black states, such as Louisiana, but in ones that are almost completely white, such as Maine. On February 12th he took all three prizes in the “Potomac primary”—Washington, DC, Maryland and, by a socking 29-point margin, Virginia.

Mr Obama now has more pledged delegates than his rival—and he is likely to remain the front-runner for at least another three weeks (see article). Revealingly, Mrs Clinton made her Virginian concession speech from Texas—a state which votes alongside Ohio on March 4th and is already being billed as her last stand. Mr Obama is raising money at the rate of $1m a day, twice as fast as she is; indeed, she has been forced to lend her campaign $5m of her own cash and fire the two people who run her campaign (although her husband has a big say).

Whatever happens, Mr Obama is already that rare thing—a political phenomenon. It is not just that he has managed to survive the Clintons' crude onslaught with grace. He has persuaded huge numbers of people around the world to reconsider politics in an optimistic way. To many Americans, a black man who eschews both racial politics and the conservative-liberal divide is a chance to heal the country's two deepest divisions. To many foreigners, he represents an idealistic version of America—the hope of a more benevolent superpower. Although Mr Obama's slogan “Yes We Can” has been turned into a pop video, the theme of his campaign echoes the Clintons' old tune—“Don't stop thinking about tomorrow”.

Optimism is a powerful emotion, but as that song warned, “tomorrow will soon be here.” That is why the real questioning of Mr Obama should begin now. With the brief exception of those four heady days after the Iowa caucuses, he has never been a front-runner; now he will be more fully scrutinised. The immediate focus will be on the horse race: can he win? But the bigger issue, which has so far occupied too little attention, is this: what would a President Obama, as opposed to Phenomenon Obama, really mean for America and the world?

Yes, you can; but not immediately

Begin with the horse race. Mrs Clinton is in a bad way—and deservedly so. The Clintons have fought a leaden and nasty campaign; at present, the prospect of a “Billary presidency” (even before you take into account the dynastic Bush-Clinton-Bush-Clinton aspect) is hardly enthralling. But Mrs Clinton is tough and smart, and now her rival will be under the media microscope. In debates she trumps Mr Obama on mastery of detail—and the race could well be a long, grinding one, perhaps decided in the end by the 796 “super delegates” from the Democratic Party's establishment. These people have tended to be loyal to the Clintons—though many might defect if polls still showed Mr Obama doing better against John McCain.

Mr McCain, whose lock on the Republican nomination looks stronger than ever following his own triple victory in the Potomac primary, is another part of tomorrow Mr Obama's euphoric supporters might think about. The Republicans are a mess, and the elderly Arizonan senator has plainly failed to stir up his party's supporters in the same way as either of the main Democrats. But Mr McCain is a brave man, with huge experience of international affairs and a much longer record of reaching out to his opponents in politics. Why should independent voters, who have often backed Mr McCain in the past, turn to the less proven man?

Of magnets and magic dust

That question is partly answered by Obama the phenomenon. His immediate effect on international relations could be dramatic: a black president, partly brought up in a Muslim country, would transform America's image. And his youthful optimism could work at home too. After the bitterness of the Bush years, America needs a dose of unity: Mr Obama has a rare ability to deliver it. And the power of charisma should not be underrated, especially in the context of the American presidency which is, constitutionally, quite a weak office. The best presidents are like magnets below a piece of paper, invisibly aligning iron filings into a new pattern of their making. Anyone can get experts to produce policy papers. The trick is to forge consensus to get those policies enacted.

But what policies exactly? Mr Obama's voting record in the Senate is one of the most left-wing of any Democrat. Even if he never voted for the Iraq war, his policy for dealing with that country now seems to amount to little more than pulling out quickly, convening a peace conference, inviting the Iranians and the Syrians along and hoping for the best. On the economy, his plans are more thought out, but he often tells people only that they deserve more money and more opportunities. If one lesson from the wasted Bush years is that needless division is bad, another is that incompetence is perhaps even worse. A man who has never run any public body of any note is a risk, even if his campaign has been a model of discipline.

And the Obama phenomenon would not always be helpful, because it would raise expectations to undue heights. Budgets do not magically cut themselves, even if both parties are in awe of the president; the Middle East will not heal, just because a president's second name is Hussein. Choices will have to be made—and foes created even when there is no intention to do so. Indeed, something like that has already happened in his campaign. The post-racial candidate has ended up relying heavily on black votes (and in some places even highlighting the divide between Latinos and blacks).

None of this is to take away from Mr Obama's achievement—or to imply that he could not rise to the challenges of the job in hand. But there is a sense in which he has hitherto had to jump over a lower bar than his main rivals have. For America's sake (and the world's), that bar should now be raised—or all kinds of brutal disappointment could follow.

12 February 2008

The Georgetown University 2008 Presidential Candidate Lecture Series

The Georgetown University Lecture Fund

on behalf of

The Georgetown University 2008 Presidential Candidate Lecture Series*


Invites You to

Remarks by

Texas Congressman

and Republican Presidential Candidate

Ron Paul

Wednesday, February 13, 2008
8:00 p.m.

Gaston Hall

*Q&A session to follow the lecture*

Please RSVP to lecturefund@georgetown.edu with your name and NetID.


For security reasons, please have available your Georgetown University GoCard
or government-issued photo identification and avoid bringing any bags or backpacks to the venue.

*For further information regarding the Georgetown University 2008 Presidential Candidate Election Series, please visit http://ofr.georgetown.edu