Working Paper 96: Putting ideas in order

All the sections in this publication have been prepared by the financial institution’s team of analysts. The views expressed in this document are based on the assessment of public and private information. These reports contain assessments about economic information and relevant political and social factors of a technical and subjective nature, and from which the financial institution analysts have formed opinions, evaluated and summarized the information they believe is most objective, subsequently accepting them and formulating reasonable opinions on the subjects discussed.

The opinions and estimates in this document are based on market conditions and events that took place before the publication of this document, and cannot therefore be determining factors in the evaluation of future events that will take place after this publication.

The financial institution may hold views on financial instruments that differ completely or partially from the general market consensus. Market indices chosen were selected according to the sole discretion that the financial institution has considered most appropriate.

The financial institution cannot at any time guarantee that the predictions or events in this document will occur, and expressly reminds readers that past results do not under any circumstances imply future returns; and that the investments analysed may not be suitable for all investors; that investments may fluctuate over time in terms of their price and value per share; and that any changes that may occur to interest rates or foreign exchange rates are other factors that may also discourage following the opinions expressed here.

This document may not be seen, under any circumstances, as an offer or proposal to buy financial products or other instruments mentioned, and all the information in this document is for guidance purposes and should not be seen as the only relevant factor in deciding to continue with a specific investment.

This document does not analyse, therefore, any other crucial factor to properly assess the decision to carry out a specific investment, such as the risk profile of the investor, knowledge, experience and economic status, duration or highest or lowest liquidity of the investment in question. Consequently, investors are responsible for seeking and obtaining adequate financial advice to assess the risks, costs, and other characteristics of any investment that they wish to make.

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The financial institution reserves the right to change, wholly or in part at any time, the information contained herein.