{"id":601991,"date":"2026-06-12T09:23:12","date_gmt":"2026-06-12T09:23:12","guid":{"rendered":"https:\/\/www.europesays.com\/es\/601991\/"},"modified":"2026-06-12T09:23:12","modified_gmt":"2026-06-12T09:23:12","slug":"el-quality-vuelve-a-precios-de-1999-desgranando-el-underperformance-del-ultimo-ano","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/es\/601991\/","title":{"rendered":"El quality vuelve a precios de 1999: desgranando el underperformance del \u00faltimo a\u00f1o"},"content":{"rendered":"<p><strong>La \u00faltima vez que las compa\u00f1\u00edas de calidad cotizaban con un descuento tan amplio frente al S&amp;P 500 fue en 1999<\/strong>, al calor de la burbuja punto com<strong>.<\/strong> Hoy, la historia parece que rima: <strong>la concentraci\u00f3n del mercado en torno a la inteligencia artificial ha desplazado el foco hacia un grupo muy estrecho de compa\u00f1\u00edas<\/strong> vinculadas a semiconductores, memoria, energ\u00eda, centros de datos y capacidad de computaci\u00f3n. En ese contexto, el quality, empresas con altos retornos sobre el capital, m\u00e1rgenes elevados, balances s\u00f3lidos y generaci\u00f3n de caja recurrente, ha quedado fuera de la narrativa dominante.<\/p>\n<p>Este es un art\u00edculo exclusivo para los usuarios registrados de FundsPeople. Si ya est\u00e1s registrado, accede desde el bot\u00f3n Login. Si a\u00fan no tienes cuenta, te invitamos a registrarte y disfrutar de todo el universo que ofrece FundsPeople.<\/p>\n","protected":false},"excerpt":{"rendered":"La \u00faltima vez que las compa\u00f1\u00edas de calidad cotizaban con un descuento tan amplio frente al S&amp;P 500&hellip;\n","protected":false},"author":2,"featured_media":601992,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[81],"tags":[119,123,124,25,24,88277,117,121,122,23,118,120],"class_list":["post-601991","post","type-post","status-publish","format-standard","has-post-thumbnail","category-ciencia-y-tecnologia","tag-ciencia","tag-ciencia-y-tecnologia","tag-cienciaytecnologia","tag-es","tag-espana","tag-fondos-renta-variable","tag-science","tag-science-and-technology","tag-scienceandtechnology","tag-spain","tag-technology","tag-tecnologia"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@es\/116736413344550192","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/es\/wp-json\/wp\/v2\/posts\/601991","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/es\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/es\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/es\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/es\/wp-json\/wp\/v2\/comments?post=601991"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/es\/wp-json\/wp\/v2\/posts\/601991\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/es\/wp-json\/wp\/v2\/media\/601992"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/es\/wp-json\/wp\/v2\/media?parent=601991"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/es\/wp-json\/wp\/v2\/categories?post=601991"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/es\/wp-json\/wp\/v2\/tags?post=601991"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}