Meet our chief economist, Alex Fusté
Financial Analysis
Andbank’s chief economist answers some questions about the bank’s view of market forecasting, the preparation of Andbank’s periodical studies and the major concerns of a private banking client.
“The study is still profitable. With a bit of patience, it can yield the best reward of all; your client’s trust
Interview with Àlex Fusté
What is Andbank’s market analysis and forecast based on?
In study; because studying is independence and this leads to freedom. The freedom of not being obliged to change the composition of portfolios simply because someone has changed the discourse. We do not aim to achieve certainty. It doesn’t exist in economics, but not getting to the bottom of things is the same as acknowledging that you don’t want to get there. Something that, in my opinion, is unacceptable. But beware, when you think you’ve glimpsed the evidence this is when you run the greatest of dangers, as Bonaparte said, «Only fools think they’ve acquired wisdom. Wise people, however, continue to seek it». That is why we always maintain a critical voice with our own stance, while at the same time encouraging constant discussion, precisely with those who hold opposing positions.
Apart from the global macroeconomic view of the bank, are periodic studies prepared for the bank’s different jurisdictions?
No. That would be tantamount to recognizing that certain information is only relevant to one jurisdiction. Yet nothing could be further from the truth. I have always argued that there is nothing more ridiculous than facing the problems inherent to a region from a local perspective.
We prepare periodic studies that deal with both the global self-tuning mechanism (through the scarcity of means of payment) and the fiscal policy of Peru. This does not mean that both studies have a watertight approach or result in independent conclusions. Not at all, the conclusions of the former will probably condition those of the second, although it is difficult to link both subjects.
Our studies may have more general or specific approaches, but we try to show the influences that come into play and how they condition our overall view. These studies are not reserved for specific jurisdictions, but are explained to all our decision-making centres. We do not try to encourage regionalist views.
What aspects of the global economy most concern Private Banking clients?
The aspects that most concern a private banking client are related to major assets such as the dollar, the stock market, local fixed income, etc. In short, assets in which the client is mostly exposed. It should be recalled, however, that the range of action in financial markets is much larger than clients see. This is a time when the degree of globalization has reached the highest levels in history. It is our obligation to guide clients towards new investment environments. In short, new assets. On the one hand, more things for clients to worry about, I admit. On the other hand, more facilities to achieve the desired return targets.