{"id":4938,"date":"2025-02-27T03:18:00","date_gmt":"2025-02-27T06:18:00","guid":{"rendered":"https:\/\/elinversordebolsillo.com.ar\/?p=4938"},"modified":"2025-03-04T11:15:24","modified_gmt":"2025-03-04T14:15:24","slug":"investment-management","status":"publish","type":"post","link":"https:\/\/elinversordebolsillo.com.ar\/en\/investment-management\/","title":{"rendered":"Investment Management: 97 Years of the Pioneering Book in Finance"},"content":{"rendered":"<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio has-large-font-size wp-block-paragraph\">February 27th anniversary<\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio has-medium-font-size wp-block-paragraph\"><strong><em>On February 27, 1928, Dwight Rose published A Scientific Approach to Investment Management, a fundamental book in the world of finance. I discovered its practical advice.<\/em><\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Dwight C. Rose&#039;s book &quot;A Scientific Approach to Investment Management&quot; represents a landmark in financial literature by addressing investment management from a rigorous, data-driven perspective. In this article, we will explore in depth the key concepts presented in the book, their relevance to the investment world, and how they can be applied by both professional and individual investors.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Search for Objectivity in an Uncertain World<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">One of the fundamental premises underlying Rose&#039;s scientific approach is the need to replace intuition and subjective opinions with rigorous, data-driven analysis. Just as a scientist seeks universal laws through experimentation, a scientific investor seeks to identify patterns and relationships in financial markets that can be used to make more informed decisions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Diversification: Beyond Modern Portfolio Theory<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Rose devotes a considerable portion of the book to diversification, a fundamental principle in investment management. However, he goes beyond simple modern portfolio theory (MPT), exploring more sophisticated diversification strategies that take into account factors such as asset correlation, volatility, and market regimes.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Diversification beyond traditional asset classes:<\/strong> The author argues that investors should consider a broader range of assets, including real estate, commodities, and alternative assets, to build more diversified portfolios that are resilient to market fluctuations.<\/li>\n\n\n\n<li><strong>Dynamic diversification:<\/strong> Unlike static portfolios, Rose proposes a dynamic approach in which portfolio composition is periodically adjusted in response to changes in market conditions and the outlook for different assets.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-image aligncenter size-full\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/inscripcion-mentoria-financiera\/\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/10\/banner3.png?ssl=1\" alt=\"El Inversor de Bolsillo Empresas\" class=\"wp-image-4623\" title=\"\"><\/a><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Portfolio Optimization: Finding the Perfect Balance<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Portfolio optimization is another central topic in the book. Rose presents a variety of optimization techniques that allow investors to construct portfolios that maximize expected returns for a given level of risk.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Mean-variance quadratic optimization:<\/strong> This is one of the most widely used methods for portfolio optimization, but Rose also discusses other, more sophisticated techniques that take into account factors such as the skewness and kurtosis of return distributions.<\/li>\n\n\n\n<li><strong>Stochastic optimization:<\/strong> This approach allows for modeling uncertainty in financial markets and building portfolios that are robust to a wide range of possible scenarios.<\/li>\n<\/ul>\n\n\n\n<figure class=\"wp-block-table is-style-stripes\"><table class=\"has-fixed-layout\"><tbody><tr><td><strong>You might also be interested in:<\/strong><\/td><\/tr><tr><td><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/empezar-a-invertir-en-bolsa\/\">The Secrets to Starting to Invest in the Stock Market for Beginners<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/objetivos-financieros\/\">How to achieve your financial goals and achieve financial freedom<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/preg-mentorias-financieras\/\">Frequently asked questions about our Financial Mentoring<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/servicios-financieros\/\">Choosing quality financial services is essential. How do you get them?<\/a><\/td><\/tr><tr><td><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/mentoria-financiera\/\">Reasons why taking financial mentoring is essential<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Capital Asset Pricing Model (CAPM)<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The CAPM is a fundamental tool in asset valuation and portfolio construction. Rose provides a detailed explanation of the CAPM and its implications for investment management.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Limitations of the CAPM:<\/strong> The author acknowledges the CAPM&#039;s limitations, such as its assumption that investors are risk-averse and that markets are efficient. However, he argues that the CAPM remains a useful tool for understanding the relationship between risk and return.<\/li>\n\n\n\n<li><strong>CAPM Extensions:<\/strong> Rose discusses several extensions of the CAPM that attempt to address its limitations, such as the Fama and French three-factor model and the Carhart four-factor model.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>The Efficient Markets Hypothesis: Myth or Reality?<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">The efficient markets hypothesis (EMH) is a controversial theory that holds that asset prices reflect all available information and that consistently outperforming the market is impossible. Rose examines the empirical evidence for and against the EMH and concludes that, although markets are generally efficient, there are opportunities to generate alpha through careful active management.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Market anomalies:<\/strong> The author discusses several market anomalies that appear to contradict the EMH, such as the size effect, the value effect, and the momentum effect.<\/li>\n\n\n\n<li><strong>The importance of active management:<\/strong> Rose argues that while most investors should invest in index funds, there is a place for active management in certain situations, such as managing large portfolios or investing in emerging markets.<\/li>\n<\/ul>\n\n\n\n<div class=\"wp-block-cover aligncenter is-light wp-embed-aspect-16-9 wp-has-aspect-ratio\"><span aria-hidden=\"true\" class=\"wp-block-cover__background has-background-dim\" style=\"background-color:#919792\"><\/span><img data-recalc-dims=\"1\" decoding=\"async\" class=\"wp-block-cover__image-background wp-image-3506\" alt=\"Libros El Inversor de Bolsillo\" src=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/06\/eiba123-platinum.jpg?ssl=1\" data-object-fit=\"cover\" title=\"\"><div class=\"wp-block-cover__inner-container is-layout-flow wp-block-cover-is-layout-flow\">\n<p class=\"has-text-align-center has-large-font-size wp-block-paragraph\"><a href=\"https:\/\/inversordebolsillo.mercadoshops.com.ar\/MLA-759043927-libro-inversion-en-bolsa-valores-el-inversor-de-bolsillo-_JM#item_id=MLA759043927&amp;component=collection_grid&amp;page_from=home&amp;custom_categories=false&amp;item_id=MLA759043927&amp;component=collection_grid&amp;page_from=home&amp;custom_categories=false\" target=\"_blank\" rel=\"noopener\"><mark style=\"background-color:var(--ast-global-color-4)\" class=\"has-inline-color has-ast-global-color-0-color\">Get all three books now to make ends meet!<\/mark><\/a><\/p>\n<\/div><\/div>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Risk Management: Protecting Wealth<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">Risk management is an essential part of any investment strategy. Rose presents a variety of tools and techniques for measuring and managing risk, including:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Value at Risk (VaR):<\/strong> VaR is a measure of the maximum loss that an investor can expect to suffer over a given period of time with a certain probability.<\/li>\n\n\n\n<li><strong>Stress testing:<\/strong> Stress testing involves evaluating the performance of a portfolio under extreme market scenarios.<\/li>\n\n\n\n<li><strong>Coverage:<\/strong> Hedging is a strategy used to reduce the risk of loss in an investment.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>In summary<\/strong><\/h2>\n\n\n\n<p class=\"wp-block-paragraph\">&quot;A Scientific Approach to Investment Management&quot; offers a deep and comprehensive look at investment management. By combining theory and practice, the book provides investors with the tools and knowledge needed to make more informed and rational investment decisions.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Rose&#039;s scientific approach to investment management offers a sound alternative to investment strategies based on intuition or current fads. By adopting a rigorous, data-driven approach, investors can increase their chances of long-term success.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio wp-block-paragraph\"><\/p>\n\n\n\n<h2 class=\"wp-block-heading wp-embed-aspect-16-9 wp-has-aspect-ratio has-medium-font-size\">Both you and your company can also invest in quality companies.<\/h2>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio wp-block-paragraph\">In the <strong><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/nuestros-servicios\/mentoria-financiera\/\" data-type=\"post\" data-id=\"2813\">Financial Mentoring<\/a> With El Inversor de Bolsillo\u00ae you can learn while you invest, and we&#039;ll guide you according to your needs.<\/strong> Financial consulting for individuals includes one-on-one advisory sessions, online courses, stock market reports and everything you need to <strong>your investment is a success<\/strong>, so much <strong>investing in Argentina as in any other part of the world.<\/strong><br>There are different monthly plans of <strong>according to your circumstances and your budget<\/strong>The most important thing is that whichever plan you choose, <strong>you'll never be alone<\/strong>We will accompany you in your learning so that you can <strong>invest successfully.<\/strong><\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio wp-block-paragraph\">Getting the best financing for your business isn&#039;t easy. And you&#039;re also focused on improving your business, so financial matters can be difficult. Don&#039;t worry, we&#039;re here to help.<br><strong>With the <a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/financiamiento-empresas\/\" data-type=\"post\" data-id=\"2822\">Financial Optimization Program<\/a> From El Inversor de Bolsillo\u00ae, we evaluate the company and give you specific suggestions to optimize the performance of your current balances and reduce your interest burden. <\/strong>We help you manage the registration in a Reciprocal Guarantee Society and <strong>get the best rates on the market<\/strong>. After the three free months have passed, a set number of monthly hours of financial consulting is provided.<\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio wp-block-paragraph\">If you want to learn more about how to invest risk-free, visit our website. <a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/\">www.elinversordebolsillo.com.ar<\/a> either <a href=\"https:\/\/www.youtube.com\/@elinversordebolsillo\" target=\"_blank\" rel=\"noopener\">our YouTube channel<\/a>.<\/p>\n\n\n\n<p class=\"wp-embed-aspect-16-9 wp-has-aspect-ratio wp-block-paragraph\"><\/p>\n\n\n\n<iframe width=\"560\" height=\"315\" src=\"https:\/\/www.youtube.com\/embed\/BjfqtBbhKUw\" title=\"YouTube video player\" frameborder=\"0\" allow=\"accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture\" allowfullscreen loading=\"lazy\"><\/iframe>\n\n\n\n<h3 class=\"wp-block-heading wp-embed-aspect-16-9 wp-has-aspect-ratio has-medium-font-size\">See more notes from our blog:<\/h3>\n\n\n\n<div class=\"wp-block-query wp-embed-aspect-16-9 wp-has-aspect-ratio is-layout-flow wp-block-query-is-layout-flow\"><ul class=\"wp-block-post-template is-layout-flow wp-block-post-template-is-layout-flow\"><li class=\"wp-block-post post-3307 post type-post status-publish format-standard has-post-thumbnail hentry category-blog category-efemerides category-julio category-mercado-internacional tag-bolsa-de-valores tag-crisis tag-mercado-internacional tag-puntocom tag-worldcom\">\n\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\"><figure class=\"wp-block-post-featured-image\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/worldcom\/\" target=\"_self\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" width=\"641\" height=\"443\" src=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/07\/worldcom.jpg?resize=641%2C443&#038;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail wp-post-image\" alt=\"A 24 A\u00f1os del Incre\u00edble Ascenso y Estrepitosa Quiebra de WorldCom\" style=\"object-fit:cover;\" srcset=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/07\/worldcom.jpg?w=641&amp;ssl=1 641w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/07\/worldcom.jpg?resize=300%2C207&amp;ssl=1 300w\" sizes=\"(max-width: 641px) 100vw, 641px\" title=\"\"><\/a><\/figure><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"><h2 class=\"wp-block-post-title\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/worldcom\/\" target=\"_self\">A 24 A\u00f1os del Incre\u00edble Ascenso y Estrepitosa Quiebra de WorldCom<\/a><\/h2>\n\n<div class=\"wp-block-post-excerpt\"><p class=\"wp-block-post-excerpt__excerpt\">On this day in 2002, WorldCom went bankrupt, a key event in the dot-com bubble. Let&#039;s take a closer look. <\/p><\/div><\/div>\n<\/div>\n\n<\/li><li class=\"wp-block-post post-3999 post type-post status-publish format-standard has-post-thumbnail hentry category-blog category-consejos-financieros category-finanzas-personales tag-finanzas tag-finanzas-personales tag-mercado-de-valores tag-servicios-financieros\">\n\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\"><figure class=\"wp-block-post-featured-image\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/servicios-financieros\/\" target=\"_self\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"2017\" height=\"1345\" src=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/07\/Firefly-Servicios-financieros-de-calidad-12033-scaled-e1727992206472-2048x1345-1-e1733319157830.webp?resize=2017%2C1345&#038;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail not-transparent wp-post-image\" alt=\"Elegir Servicios Financieros de calidad es necesario. \u00bfC\u00f3mo obtenerlos?\" style=\"--dominant-color: #85877a;object-fit:cover;\" srcset=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/07\/Firefly-Servicios-financieros-de-calidad-12033-scaled-e1727992206472-2048x1345-1-e1733319157830.webp?w=2017&amp;ssl=1 2017w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/07\/Firefly-Servicios-financieros-de-calidad-12033-scaled-e1727992206472-2048x1345-1-e1733319157830.webp?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/07\/Firefly-Servicios-financieros-de-calidad-12033-scaled-e1727992206472-2048x1345-1-e1733319157830.webp?resize=1024%2C683&amp;ssl=1 1024w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/07\/Firefly-Servicios-financieros-de-calidad-12033-scaled-e1727992206472-2048x1345-1-e1733319157830.webp?resize=768%2C512&amp;ssl=1 768w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/07\/Firefly-Servicios-financieros-de-calidad-12033-scaled-e1727992206472-2048x1345-1-e1733319157830.webp?resize=1536%2C1024&amp;ssl=1 1536w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" data-has-transparency=\"false\" data-dominant-color=\"85877a\" title=\"\"><\/a><\/figure><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"><h2 class=\"wp-block-post-title\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/servicios-financieros\/\" target=\"_self\">Choosing quality financial services is essential. How do you get them?<\/a><\/h2>\n\n<div class=\"wp-block-post-excerpt\"><p class=\"wp-block-post-excerpt__excerpt\">Obtaining quality financial services is crucial to ensuring your financial well-being and achieving your goals. However, with the wide range of options available, choosing the right institution and products can be overwhelming. In this article, we help you choose wisely. <\/p><\/div><\/div>\n<\/div>\n\n<\/li><li class=\"wp-block-post post-4701 post type-post status-publish format-standard has-post-thumbnail hentry category-blog category-consejos-financieros category-finanzas-personales tag-ahorro tag-el-hombre-mas-rico-de-babilonia tag-empezar-a-invertir tag-finanzas tag-finanzas-personales tag-libros-de-finanzas\">\n\n<div class=\"wp-block-columns alignwide is-layout-flex wp-container-core-columns-is-layout-7387b849 wp-block-columns-is-layout-flex\">\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:66.66%\"><figure class=\"wp-block-post-featured-image\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/hombre-mas-rico-de-babilonia\/\" target=\"_self\"><img data-recalc-dims=\"1\" decoding=\"async\" width=\"1500\" height=\"1000\" src=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/07\/elhombremasricodebabilonia1-e1733493172323.webp?resize=1500%2C1000&#038;ssl=1\" class=\"attachment-post-thumbnail size-post-thumbnail not-transparent wp-post-image\" alt=\"El Hombre M\u00e1s Rico de Babilonia: Lecciones del fabuloso libro\" style=\"--dominant-color: #a4a998;object-fit:cover;\" srcset=\"https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/07\/elhombremasricodebabilonia1-e1733493172323.webp?w=1500&amp;ssl=1 1500w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/07\/elhombremasricodebabilonia1-e1733493172323.webp?resize=300%2C200&amp;ssl=1 300w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/07\/elhombremasricodebabilonia1-e1733493172323.webp?resize=1024%2C683&amp;ssl=1 1024w, https:\/\/i0.wp.com\/elinversordebolsillo.com.ar\/wp-content\/uploads\/2024\/07\/elhombremasricodebabilonia1-e1733493172323.webp?resize=768%2C512&amp;ssl=1 768w\" sizes=\"(max-width: 1000px) 100vw, 1000px\" data-has-transparency=\"false\" data-dominant-color=\"a4a998\" title=\"\"><\/a><\/figure><\/div>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\" style=\"flex-basis:33.33%\"><h2 class=\"wp-block-post-title\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/hombre-mas-rico-de-babilonia\/\" target=\"_self\">El Hombre M\u00e1s Rico de Babilonia: Lecciones del fabuloso libro<\/a><\/h2>\n\n<div class=\"wp-block-post-excerpt\"><p class=\"wp-block-post-excerpt__excerpt\">The Richest Man in Babylon is one of the personal finance classics. Let&#039;s take a closer look at what we can learn from this book, which highlights the importance of saving. <\/p><\/div><\/div>\n<\/div>\n\n<\/li><\/ul><\/div>\n\n\n\n<div class=\"wp-block-query wp-embed-aspect-16-9 wp-has-aspect-ratio is-layout-flow wp-block-query-is-layout-flow\"><form role=\"search\" method=\"get\" action=\"https:\/\/elinversordebolsillo.com.ar\/en\/\" class=\"wp-block-search__button-outside wp-block-search__text-button wp-block-search\" data-trp-original-action=\"https:\/\/elinversordebolsillo.com.ar\/en\/\"    ><label class=\"wp-block-search__label\" for=\"wp-block-search__input-1\" ><strong>Search all blog posts:<\/strong><\/label><div class=\"wp-block-search__inside-wrapper\" ><input class=\"wp-block-search__input\" id=\"wp-block-search__input-1\" placeholder=\"\" value=\"\" type=\"search\" name=\"s\" required \/><button aria-label=\"Look for\" class=\"wp-block-search__button wp-element-button\" type=\"submit\" >Look for<\/button><\/div><input type=\"hidden\" name=\"trp-form-language\" value=\"en\"\/><\/form>\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Blog Keyword Cloud:<\/h3>\n<\/div>\n\n\n<p class=\"wp-block-tag-cloud\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/aeronautica\/\" class=\"tag-cloud-link tag-link-60 tag-link-position-1\" style=\"font-size: 8pt;\" aria-label=\"Aeronautics (4 items)\">Aeronautics<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/ahorro\/\" class=\"tag-cloud-link tag-link-328 tag-link-position-2\" style=\"font-size: 9.6969696969697pt;\" aria-label=\"savings (7 items)\">saving<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/apple\/\" class=\"tag-cloud-link tag-link-173 tag-link-position-3\" style=\"font-size: 10.121212121212pt;\" aria-label=\"Apple (8 items)\">Apple<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/asesor-financiero\/\" class=\"tag-cloud-link tag-link-159 tag-link-position-4\" style=\"font-size: 11.478787878788pt;\" aria-label=\"Financial Advisor (12 items)\">Financial Advisor<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/bancos\/\" class=\"tag-cloud-link tag-link-193 tag-link-position-5\" style=\"font-size: 9.6969696969697pt;\" aria-label=\"banks (7 items)\">banks<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/berkshire-hathaway\/\" class=\"tag-cloud-link tag-link-71 tag-link-position-6\" style=\"font-size: 8pt;\" aria-label=\"Berkshire Hathaway (4 items)\">Berkshire Hathaway<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/bolsa-de-valores\/\" class=\"tag-cloud-link tag-link-39 tag-link-position-7\" style=\"font-size: 19.454545454545pt;\" aria-label=\"Bolsa de valores (112 items)\">Stock market<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/bonos\/\" class=\"tag-cloud-link tag-link-322 tag-link-position-8\" style=\"font-size: 9.2727272727273pt;\" aria-label=\"bonds (6 items)\">bonds<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/burbuja\/\" class=\"tag-cloud-link tag-link-289 tag-link-position-9\" style=\"font-size: 10.121212121212pt;\" aria-label=\"bubble (8 items)\">bubble<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/burbuja-puntocom\/\" class=\"tag-cloud-link tag-link-239 tag-link-position-10\" style=\"font-size: 11.224242424242pt;\" aria-label=\"Dotcom bubble (11 items)\">Dot-com bubble<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/byma\/\" class=\"tag-cloud-link tag-link-83 tag-link-position-11\" style=\"font-size: 10.545454545455pt;\" aria-label=\"byma (9 items)\">byma<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/commodities\/\" class=\"tag-cloud-link tag-link-373 tag-link-position-12\" style=\"font-size: 8.6787878787879pt;\" aria-label=\"commodities (5 items)\">commodities<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/compania-de-los-mares-del-sur\/\" class=\"tag-cloud-link tag-link-349 tag-link-position-13\" style=\"font-size: 8.6787878787879pt;\" aria-label=\"South Sea Company (5 items)\">South Sea Company<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/consejos-financieros\/\" class=\"tag-cloud-link tag-link-164 tag-link-position-14\" style=\"font-size: 8.6787878787879pt;\" aria-label=\"Financial advice (5 items)\">Financial advice<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/criptomonedas\/\" class=\"tag-cloud-link tag-link-237 tag-link-position-15\" style=\"font-size: 9.2727272727273pt;\" aria-label=\"Cryptocurrencies (6 items)\">Cryptocurrencies<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/crisis\/\" class=\"tag-cloud-link tag-link-88 tag-link-position-16\" style=\"font-size: 12.072727272727pt;\" aria-label=\"crisis (14 items)\">crisis<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/crisis-subprime\/\" class=\"tag-cloud-link tag-link-101 tag-link-position-17\" style=\"font-size: 10.121212121212pt;\" aria-label=\"subprime crisis (8 items)\">subprime crisis<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/curso-de-finanzas-gratuito\/\" class=\"tag-cloud-link tag-link-594 tag-link-position-18\" style=\"font-size: 13.090909090909pt;\" aria-label=\"curso de finanzas gratuito (19 items)\">free finance course<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/economia\/\" class=\"tag-cloud-link tag-link-397 tag-link-position-19\" style=\"font-size: 11.224242424242pt;\" aria-label=\"economics (11 items)\">economy<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/empezar-a-invertir\/\" class=\"tag-cloud-link tag-link-38 tag-link-position-20\" style=\"font-size: 15.975757575758pt;\" aria-label=\"Empezar a invertir (43 items)\">Start investing<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/esquema-piramidal\/\" class=\"tag-cloud-link tag-link-255 tag-link-position-21\" style=\"font-size: 9.6969696969697pt;\" aria-label=\"pyramid scheme (7 items)\">pyramid scheme<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/estados-unidos\/\" class=\"tag-cloud-link tag-link-172 tag-link-position-22\" style=\"font-size: 10.121212121212pt;\" aria-label=\"United States (8 items)\">USA<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/facebook\/\" class=\"tag-cloud-link tag-link-177 tag-link-position-23\" style=\"font-size: 8.6787878787879pt;\" aria-label=\"Facebook (5 items)\">Facebook<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/finanzas\/\" class=\"tag-cloud-link tag-link-31 tag-link-position-24\" style=\"font-size: 18.606060606061pt;\" aria-label=\"finanzas (88 items)\">finance<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/finanzas-personales\/\" class=\"tag-cloud-link tag-link-32 tag-link-position-25\" style=\"font-size: 16.909090909091pt;\" aria-label=\"Finanzas personales (55 items)\">Personal finances<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/ibm\/\" class=\"tag-cloud-link tag-link-380 tag-link-position-26\" style=\"font-size: 8pt;\" aria-label=\"IBM (4 items)\">IBM<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/inflacion\/\" class=\"tag-cloud-link tag-link-228 tag-link-position-27\" style=\"font-size: 8.6787878787879pt;\" aria-label=\"inflation (5 items)\">inflation<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/inglaterra\/\" class=\"tag-cloud-link tag-link-293 tag-link-position-28\" style=\"font-size: 8pt;\" aria-label=\"England (4 items)\">England<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/libros-de-finanzas\/\" class=\"tag-cloud-link tag-link-166 tag-link-position-29\" style=\"font-size: 8pt;\" aria-label=\"finance books (4 items)\">finance books<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/libros-de-inversion\/\" class=\"tag-cloud-link tag-link-284 tag-link-position-30\" style=\"font-size: 8pt;\" aria-label=\"investment books (4 items)\">investment books<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/ltcm\/\" class=\"tag-cloud-link tag-link-127 tag-link-position-31\" style=\"font-size: 8pt;\" aria-label=\"LTCM (4 items)\">LTCM<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/mentoria-financiera\/\" class=\"tag-cloud-link tag-link-61 tag-link-position-32\" style=\"font-size: 12.921212121212pt;\" aria-label=\"financial mentoring (18 items)\">financial mentoring<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/mercado-argentino\/\" class=\"tag-cloud-link tag-link-126 tag-link-position-33\" style=\"font-size: 15.975757575758pt;\" aria-label=\"mercado argentino (43 items)\">Argentine market<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/mercado-de-valores\/\" class=\"tag-cloud-link tag-link-35 tag-link-position-34\" style=\"font-size: 19.793939393939pt;\" aria-label=\"stock market (123 items)\">stock market<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/mercado-internacional\/\" class=\"tag-cloud-link tag-link-70 tag-link-position-35\" style=\"font-size: 22pt;\" aria-label=\"mercado internacional (225 items)\">international market<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/meta\/\" class=\"tag-cloud-link tag-link-178 tag-link-position-36\" style=\"font-size: 8pt;\" aria-label=\"Meta (4 items)\">Meta<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/microsoft\/\" class=\"tag-cloud-link tag-link-231 tag-link-position-37\" style=\"font-size: 9.6969696969697pt;\" aria-label=\"Microsoft (7 items)\">Microsoft<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/nasdaq\/\" class=\"tag-cloud-link tag-link-104 tag-link-position-38\" style=\"font-size: 8pt;\" aria-label=\"Nasdaq (4 items)\">Nasdaq<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/petroleo\/\" class=\"tag-cloud-link tag-link-383 tag-link-position-39\" style=\"font-size: 10.545454545455pt;\" aria-label=\"Oil (9 items)\">Oil<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/rusia\/\" class=\"tag-cloud-link tag-link-41 tag-link-position-40\" style=\"font-size: 8pt;\" aria-label=\"Russia (4 items)\">Russia<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/steve-jobs\/\" class=\"tag-cloud-link tag-link-175 tag-link-position-41\" style=\"font-size: 9.2727272727273pt;\" aria-label=\"Steve Jobs (6 items)\">Steve Jobs<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/tecnologia\/\" class=\"tag-cloud-link tag-link-391 tag-link-position-42\" style=\"font-size: 11.224242424242pt;\" aria-label=\"Technology (11 items)\">Technology<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/value-investing\/\" class=\"tag-cloud-link tag-link-95 tag-link-position-43\" style=\"font-size: 8pt;\" aria-label=\"value investing (4 items)\">value investing<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/wall-street\/\" class=\"tag-cloud-link tag-link-234 tag-link-position-44\" style=\"font-size: 8.6787878787879pt;\" aria-label=\"Wall Street (5 items)\">Wall Street<\/a>\n<a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/etiquetas\/warren-buffett\/\" class=\"tag-cloud-link tag-link-69 tag-link-position-45\" style=\"font-size: 13.430303030303pt;\" aria-label=\"Warren Buffett (21 items)\">Warren Buffett<\/a><\/p>\n\n\n<h3 class=\"wp-block-heading has-medium-font-size\">Explore categories<\/h3>\n\n\n<ul class=\"wp-block-categories-list wp-block-categories-taxonomy-category wp-block-categories\">\t<li class=\"cat-item cat-item-50\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/efemerides\/abril\/\">April<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-54\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/efemerides\/agosto\/\">August<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-77\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/\">Blog<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-78\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/consejos-financieros\/\">Financial advice<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-418\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/curso-de-finanzas\/\">Finance Course<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-58\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/efemerides\/diciembre\/\">December<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-46\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/efemerides\/\">Anniversaries<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-47\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/efemerides\/enero\/\">January<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-48\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/efemerides\/febrero\/\">February<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-30\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/finanzas-personales\/\">Personal Finance<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-53\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/efemerides\/julio\/\">July<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-52\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/efemerides\/junio\/\">June<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-49\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/efemerides\/marzo\/\">March<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-51\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/efemerides\/mayo\/\">May<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-29\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/mercado-argentino\/\">Argentine Market<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-28\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/mercado-internacional\/\">International Market<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-167\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/miscelaneo\/\">Miscellaneous<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-256\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/noticias\/\">News<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-57\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/efemerides\/noviembre\/\">November<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-27\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/nuestros-servicios\/\">Our services<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-56\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/efemerides\/octubre\/\">October<\/a>\n<\/li>\n\t<li class=\"cat-item cat-item-55\"><a href=\"https:\/\/elinversordebolsillo.com.ar\/en\/blog\/efemerides\/septiembre\/\">September<\/a>\n<\/li>\n<\/ul>\n\n\n<p class=\"wp-block-paragraph\"><\/p>","protected":false},"excerpt":{"rendered":"<p>On February 27, 1928, Dwight Rose published A Scientific Approach to Investment Management, a fundamental book in the world of finance. I discovered its practical advice.<\/p>","protected":false},"author":2,"featured_media":7373,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"footnotes":""},"categories":[77,46,48],"tags":[38,598,70],"class_list":["post-4938","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-efemerides","category-febrero","tag-empezar-a-invertir","tag-libros-sobre-bolsa","tag-mercado-internacional"],"_links":{"self":[{"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/posts\/4938","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/comments?post=4938"}],"version-history":[{"count":5,"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/posts\/4938\/revisions"}],"predecessor-version":[{"id":7158,"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/posts\/4938\/revisions\/7158"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/media\/7373"}],"wp:attachment":[{"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/media?parent=4938"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/categories?post=4938"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/elinversordebolsillo.com.ar\/en\/wp-json\/wp\/v2\/tags?post=4938"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}