Documentos: Bolsa de Valores (2)

Diferentes teorias se podem encontrar, umas aparentemente mais sólidas: “The firm-foundation theory argues that each investment instrument, be it a common stock or a piece of real estate, has a firm anchor of something called ‘intrinsic value’, which can be determined by careful analysis of present conditions and future prospects. (…) Based (…) on dividend income (…) the intrinsic value of a stock was equal to the present (or discounted) value of all its future dividends. [A Random Walk Down Wall Street, Burton G. Malkiel, W. W. Norton & Company Ltd., 1999, p. 29] (…) The theory stresses that a stock’s value ought to be based on the stream of earnings a firm will be able to distribute in the future in the form of dividends and their rate of increase, the greater the value of the stock; thus, differences in growth rates are a major factor in stock valuation.” [op. cit., p.30] Outras aparentemente menos sólidas: “The castle-in-the-air theory of investing concentrates on psychic values. (…) Professional investors prefer to devote their energies not to estimating intrinsic values, but rather to analyzing how during periods of optimism they tend to build their hopes into castles in the air. [op. cit., p. 31] (…) An investment is worth a certain price to a buyer because she expects to sell it to someone else at a higher price. (…) The new buyer in turn anticipates that future buyers will assign a still-higher value.” [op. cit., p. 32] Já dizia a máxima Latina: Res tantum valet quantum vendi potest. O valor de algo é o que alguém está disposto a pagar.