Trends can change, pero Chris Mayer -economista de corte austriaco e inversor value- apunta a un denominador común que han tenido un buen número empresas cuyas acciones han tenido un desempeño brillante en las últimas décadas: el owner-operador model (OO), es decir, que los gestores de las compañías son al mismo tiempo propietarios. Da varios ejemplos, desde WalMart a IBM o Apple.
Steve Bregman, a portfolio manager at Horizon Asset Management, recently shared a little experiment. He looked at “the most successful, iconic constituents of the S&P 500 over the past half century.” The impact of OOs was clear.
Señala algunas diferencias en el comportamiento reciente de las empresas, según su modelo de propiedad:
this little experiment shows that there is something different about the decision-making process of an OO-run company and that of an ordinary company – and it shows up in returns.
the typical company today has accumulated cash, preparing for known risks, waiting for the “all clear” sign before investing. It seems like a good idea, but it’s not what creates great piles of wealth. As Bregman puts it, they are “reacting to a crisis that already happened.”
By contrast, look at the OOs. OOs accumulated cash before the downturn. So rather than continuing “to husband cash, they have been investing it assertively for the last two years.”