The investor who risked all, won all

By Carlos Fontana
Columnist for Ámbito Financiero

Merval index stood barely at one point over the minimum after having fallen 0.8% to 385.96 points. In view of the last sessions, yesterday's trading volume (6.4 million) was somewhat high, especially if we take into account New York's trading volume. Even if the equation fall/high trading volume is usually negative, we do not have to forget that out of every person selling, there is one person, for any reason, buying.

Yesterday's session will go down to history as a boring session, except for the achievements of the Argentine under-20 soccer team and the operation of one stock of Merval index which was absorbed by the company by US$315,000 million.

The falls were headed by Santander, CECO and Telefónica. Unlike Tuesday's session, this time the leader board of stocks reported some rises: Banco Suquia, YPF and Acíndar, all of them, improved about 1%.

Statistics do not matter

At this point, it does not matter whether the index closed at the lowest point of the last 18, 28 or 38 months. The most important thing is to know what investors mean when they decide to value stocks at these prices and that those who can do something to increase their perspectives should do it. If this is not so, prices will continue falling to show that "thing" called risk.

It is funny that yesterday the rumours faded away or at least most investors shut their ears to them. But this is worst in some way because the market collapsed by its own. The advantage of this outlook is that, finally, the best moment to buy is when most people think that things could not be worst. Just then, the biggest bullish trends begin. The doubt is whether we are living that moment or we will have to wait more.