US exchange regulations, limit to show indexes

I have receipt today this message from Trading view:

As per exchange regulations, S&P and Dow Jones indexes can be shown ONLY to users who are NOT logged in, or who are logged in and have paid for a real-time package. We cannot show them to all registered users. We do not understand this policy, but must follow it regardless. So, if you want to see real-time S&P and Dow Jones indexes, either log out of your account, or purchase the package through your User Settings.

This is interesting, you can be anonymous or pay for it…

I need to find what’s going on, this is very weird.

Productivity and timing

I have read 2 articles that contains some sentences I want to remember. One of the articles talks about productivity (, the other one explains how the motion of the modern lives are affecting the internal clock of the individuals (

Tool “Pedestrian Aggressiveness Syndrome Scale” to measure how aggressive you are in your moves.




Fundsmith annual shareholder meeting

This video:, is the annual shareholder meeting of Fundsmith. Apart of presenting the results of the year, they review a set of economic fundamentals and behaviors that are communicated in a very didactic way.

Basic strategy principles

The investment strategy has three pillars that are summed up by the acronym ODD:

  • Only invest in good companies.
  • Don’t overpay.
  • Do nothing.

“We limit it to a few sectors which have the characteristics we seek: consumer staples, some consumer discretionary products, healthcare, and technology being the main sectors.”

About Brexit: Better A Painful Ending, than An Endless Pain.

When there is not the perfect company in a sector, we pick two to look for that perfection.


This company has lights as shades, there are things that are convincing for the medium term, but the past performance does not convince me for the long term portfolio (buy & hold). I will start checking it to see the evolution.


Analyzing basic data from these 2 companies I did these 2 pictures that enable me to understand a little bit better their behavior. The key is to me the long term debt, where the acquisition of Timer Warner by AT&T is making the fundamentals to be eroded.




Los 10 Mandamientos de la Gestión de Inversiones de Mohnish Pabrai

En este podcast de Value Investing FM escuché este programa que habla de 10

  1. El fondo cobra si se consigue beneficio. El programa de retribución del fondo debería tener un fijo muy bajo y
  2. No tengas un equipo de inversión (1 único gestor rodeado de muchos analistas).
  3. Acepta que te vas a equivocar al menos un 33% de las veces.
  4. Buscar empresas con PER bajo (PER=1 estrictamente).
  5. No usar nunca excel.
  6. Siempre ten una cuerda para poder escalar a lo más fondo del agujero (hay que tener siempre una carta guardada).
  7. Debes centrarte en el negocio en si, y evitar el ruido.
  8. Nunca te pongas corto en una acción.
  9. No debes apalancarte.
  10. Copia ideas que te parezcan brillantes y hayan salido bien.


Indicadores de empresa no cuantitativos

Escuchando un podcast de Value Investing FM, encontré este en el que repasaban varios aspectos que son importantes en las empresas y que no son KPIs cuantitativos que aparecen en cualquier web de turno.

Son los no cuantitativos, y que van basicamente alrededor de la cultura y el equipo directivo.

  1. CEO y equipo directivo.
  2. Estrategia clara.
  3. Cumplir objetivos.
  4. Asignación del capital: dividendo, reinversión…
  5. KPIs
  6. Comunicación
  7. Como reacciona a los errores
  8. Compensación a directivos
  9. Honestidad