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Madrid, December 7

In a context marked by rising inflation around the world, partly due to the end of the health crisis caused by the coronavirus and partly due to the invasion in Ukraine, investments are becoming more complex and exposure to different types of assets are generating changes for investors

This is how Antonio Velardo explains it when he realizes the changes that have been taking place by 2022, commenting that, "over the last two years, he has seen his portfolio rise 4.5 times, buying most of the falls , including the last one that has taken place, thus selling off more than 30% became the favorite times to buy, especially throughout 2020 when inflation was not a problem in the short term, but it begins to be at the present moment". Inflation in 2022 and the position of Antonio Velardo According to what Antonio Velardo explains, for those positioned fundamentally in FAANG, inflation continued not to be an important concern at the beginning of the year. On the contrary of times past, says Antonio Velardo that "there is a movement towards the other side of the paradigm of the 'drainage' of the MMT agenda". He maintains a marked interest in the words that Powell has been holding, who, according to Antonio Velardo, "appears scared and worried, explaining that he would do whatever was necessary to calm inflation. In Europe, the situation is not so different ", says VelardoUnderstanding 2022 as an unusual year with respect to the situation that is going through internationally, Antonio Velardo explains that "there has never been a combination between high inflation and low interest rates", which he considers a bomb in terms of risks and that it could "explode" at any time if proper management is not carried out. The end of the pandemic and the crisis The latest strains of the coronavirus, according to Antonio Velardo, have marked the end of the pandemic and the return of people to a more normal life and like the one known prior to the health emergency. This has led the market to start placing 4 or 5 rate increases, but without being able to trust that inflation will become a transitory phenomenon. Velardo says that "people have not been spending a lot of money during the pandemic, which would seem to have led to a revival at the later stage, where people start using more than before." He estimates that, faced with a growing and unexpected demand from people, businessmen do not have sufficient equipment to respond, which causes a bottleneck situation that also ends up having an impact on inflation. Understanding this situation, The specialist explains that his portfolio has to be prepared for a possible underestimation of inflation and also the inability to calm it down. In this sense, the consideration appears that insisting on small technology with great potential but with many high may not be the best alternative, even in cases in which these technologies represent a unique opportunity that has not been seen up to now.

Contact Contact name: Alejandro Martínez Díaz Contact telephone number: 620042837