ARE MARKETS EFFICIENTS?EVOLUTION OF THE INVESTMENT

PORTFOLIOS 2013

MBA Pontificia Universidad Católica de ChileMBA Universidad de Palermo

Andrés Lazo de la BarraEmail: alazod@uc.cl

Twitter: @andreslazo1

Santiago, Chile: December 4 , 2013

alazod@uc.cl

http://ssrn.com/abstract=2365050

Graphic Analysis

1.Stocks index

2. Commodities( Energy ,Metals)

3. Currencies

Source: Bloomberg December 3, 2013

1.STOCKS INDEX BY REGION

Stocks IndexBolsas de Valores Índice Acciones

17,02% 16,29% 15,40%

-14,73%

Asia America Norte Europa Latam

Exhibit 1

Asia Market Stocks IndexMercado Asiático Índices accionarios

17,01%

52%

13%

6%

-2%Asía Japon Australia China(Hong Kong) China(Shanghai)

Mercado Asiatico renta variable

Exhibit 2

American Market Stocks IndexMercado Americano Índices Accionario

16,29%

33,70%

2,87%

21,45%

7,13%

America del Norte EEUU :Nasdaq EEUU:S&P 500 EEUU: Dow Jones Canada

America del Norte

Exhibit 3

Euro Market Stocks IndexMercado Europeo Índice Accionario

15,40%

21,16%

17,60%

14,59% 14,34% 13,97%

10,76%

Europa Alemania España Francia Euro Stoxx Holanda Inglaterra

Europa

Exhibit 4

Latam Market Stocks IndexMercado Latino Índices Accionario

-14,73%

-4,18%

-10,72%

-12,92%

-17,40%

-28,41%

Latin America

Mexico Colombia Chile Brasil Peru(IGBVL)

America Latina

Exhibit 5

2.COMMODITIES: ENERGY AND METALS

Commodities: Energy And Metals

-18,61%

3,05%

Metales Energia

Commodities

Exhibit 6

Metals: Gold, Silver, Copper,Zinc

-18,61%

-7,87%-9,39%

-11,85%

-27,00%

-36,95%

Metales Aluminio Zinc Cobre Oro Plata

Metales

Exhibit 7

Energy : Oil and Gas

3,05%

7,85%

3,14%

-1,85%

Energia Brent WTI Gas Natural

Energia

Exhibit 8

3.CURRENCIES

Currencies

6,76%

25,69%

18,05%

13,40%15,46%

11,46%

2,01% 3,02%0,84%

-1,22%-2,22%

-12,11%

Monedas

Exhibit 9

Questions:

1.Analysis portfolios during 2013.

2.What analysis should you use?.

3.How you would invest 2014.

4.What factors or variables you would have in mind in 2014.

Thank s you

alazod@uc.cl

http://cl.linkedin.com/in/andreslazodelabarra/

@andreslazo1