Opinión

La conversión

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La conversión
En los mercados, obtener rentabilidad requiere una importante labor de análisis y asumir volatilidad.

En los mercados, obtener rentabilidad requiere una importante labor de análisis y asumir riesgos.

Resumen:

Contaba Marguerite Yourcenar –la autora de las célebres Memorias de Adriano– que una vez encontró, en una carta de Flaubert, esta frase inolvidable: “Los Dioses no estaban ya, y Cristo no estaba todavía, y de Cicerón a Marco Aurelio hubo un momento único en la historia en que el hombre estuvo solo”.

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","iv":"c71e405fd8c5b74fcdeba0759e5893f8","s":"bc36e9ba9b27a71f"}