Está en la página 1de 20

5HJtVWUDWH _ (QWUD RFRQpFWDWHFRQ

*DGJHWV\WHFQRORJtD~OWLPDVWHFQRORJtDVHQHOHFWUyQLFDGHFRQVXPR
;$7$.$
%XVFDHQ;DWDNDFRQ*RRJOH 

3RUWDGD

5HVSXHVWDV

127(3,(5'$6

*XtDGHFRPSUDV

$QiOLVLV

0yYLOHV

7DEOHWV

&UHDWLYLGDGIRWRJUiILFD

%XVFDU

0iV

1HWIOL[HQ(VSDxD

3UHPLRV;DWDND

%ODFN)ULGD\
38%/,&,'$'

Lo de Zuckerberg no es caridad, sino una


herramienta de inversin libre de impuestos

GHGLFLHPEUHGH_&(7

Javier Pastor
*RRJOH
#MDYLSDV
(GLWRUVHQLRUHQ;DWDND
38%/,&,'$'

&RPHQWDULRV

(OPRYLPLHQWRIXHHMHFXWDGRDODSHUIHFFLyQ)RWRHQWHUQHFHGRUDGHORVIHOLFHVSDGUHVFRQVX
SHTXHxDWH[WRHVSHUDQ]DGRU\HPRWLYRFRQVXHxRVGHXQPXQGRPHMRUSDUDODVQXHYDV
JHQHUDFLRQHV\FyPRQRXQDFLIUDDSODVWDQWHPLOORQHVGHGyODUHVTXHPXFKRVHQWHQGLPRV
TXHLEDQDLUDSDUDUDSUR\HFWRVFDULWDWLYRV
/DUHDOLGDGHVPX\GLVWLQWD1RQHFHVDULDPHQWHPDODFXLGDGR6RORGLVWLQWD3RUTXHORTXHKDQ
FUHDGR0DUN=XFNHUEHUJ\VXPXMHU3ULVFLOOD&KDQQRHVXQD21*RXQDIXQGDFLyQGHGLFDGDD
SUR\HFWRVGHFDULGDG+DQFUHDGRXQVLQJXODUPHFDQLVPRGHLQYHUVLyQTXHSRGUiLQYHUWLUHQHVRV
SUR\HFWRVSHURWDPELpQHQRWURVPXFKRV<ORPHMRUGHWRGR"4XHVHJXLUiQVLHQGRGXHxRVGHVX

IRUWXQD\QRSDJDUiQLPSXHVWRVSRUHOOD

(VSHFLDORIUHFLGRSRU9RGDIRQH

Aunque la mona se vista de seda...


/DUHDFFLyQLQLFLDOTXHFDXVyHODQXQFLRGH0DUN=XFNHUEHUJ\3ULVFLOOD&KDQIXHHOEXVFDGRSRU
FXDOTXLHUDJHQFLDGHLPDJHQ\GHSUHQVDFUHyXQKDORGHERQGDGHQHOTXHODSDUHMDSDUHFtDGRQDU
GHVLQWHUHVDGDPHQWHWRGDVXIRUWXQDSDUDGLIHUHQWHVFDXVDVFDULWDWLYDV(ODQXQFLRQRREVWDQWHHUD
FRQIXVR\QDGDFRQFUHWR

&RQWHQLGRRIUHFLGRSRU0LFURVRIW

10 razones para
regalarse estas
Navidades uno de
estos 10
dispositivos 2 en 1
7DEOHWRSRUWiWLO"$~Q
QRWHKDVGHFLGLGRSRUXQRSDUDUHJDODUWHSRU
1DYLGDG"2SWDSRUHVWRVHQ\WHQORPHMRUGH
FDGDXQR

&RPRVHxDODEDQHQ*DZNHU=XFNHUEHUJKDEODEDVLQGHFLU FDVL QDGD\ORVREMHWLYRVGHHVD


LQLFLDWLYDQRTXHGDEDFODURVHQHVHPHQVDMHTXHODSDUHMDKL]RS~EOLFRHQ)DFHERRNHOSDVDGRGH
GLFLHPEUHGHGLFiQGROHHOHVIXHU]RDVXKLMD0D[UHFLpQQDFLGD
,QFUHPHQWDUHOSRWHQFLDOKXPDQRWUDWDGHVXELUHOOLVWyQGHORLQPHQVDTXHXQDYLGDKXPDQD
SXHGHVHU
3RGpLVDSUHQGHU\H[SHULPHQWDUYHFHVORTXHORKDFpLVDKRUD"

&RQWHQLGRRIUHFLGRSRU%%9$

La transformacin
digital en la
banca: el caso del
BBVA (primera
parte)
/DUHYROXFLyQGLJLWDOGHOD
EDQFDDFDEDGHHPSH]DU\%%9$VHWUDQVIRUPD
FRQODWHFQRORJtD(OPyYLOHVXQDSLH]DFODYH

3XHGHQXHVWUDJHQHUDFLyQFXUDUXQDHQIHUPHGDGSDUDSRGHUYLYLUYLGDVPiVODUJDV\
VDOXGDEOHV"
"3RGHPRVFRQHFWDUHOPXQGRSDUDTXHWHQJiLVDFFHVRDFXDOTXLHULGHDSHUVRQD\RSRUWXQLGDG"
3RGHPRVUHFROHFWDUPiVHQHUJtDOLPSLDSDUDLQYHQWDUFRVDVTXHQRSRGHPRVFRQFHELUKR\HQGtD
SURWHJLHQGRHOPHGLRDPELHQWH"
3RGHPRVFXOWLYDUHOHPSUHQGLPLHQWRSDUDTXHFXDOTXLHUDSXHGDFUHDUXQQHJRFLR\UHVROYHU
FXDOTXLHUUHWRSDUDTXHODSD]\ODSURVSHULGDGFUH]FDQ"
7RGDVPHWDVORDEOHVSHURYDFtDVGHFRQWHQLGRHVSHFtILFRFRPRVHxDODEDQHQHVHPHGLRTXH

&RQWHQLGRRIUHFLGRSRU0HGLD7HN

Qu beneficios
reales nos traer
en cinco aos el
Internet de las
cosas?
(O,QWHUQHWGHODV&RVDV
WHQGUiPLOORQHVGHGLVSRVLWLYRVHQ
4XpKDUiQSDUDD\XGDUQRVFRQQXHVWUDYLGD
GLDULD"

DILUPDEDTXHHVWHHUDHOVXHxRGHXQWHFyFUDWD\ODSHVDGLOODGHFXDOTXLHUVHUKXPDQRQRUPDO'H
KHFKRHQ*DZNHUHUDQHVSHFLDOPHQWHFUtWLFRV\DxDGtDQ4XpSRGUtDHVSHUDUVHGHOKRPEUHTXHKD
ORJUDGRVXIRUWXQDFUHDQGRHOUHSRVLWRULRPiVJUDQGHTXHODKXPDQLGDGFRQRFHSDUDPHPHVUDFLVWDV
\OD
FRPRGLWL]DFLyQ
GHODYLGD
/DVFUtWLFDVGH*DZNHUQRVRQXQFDVRDLVODGRSHURFRPRDILUPDQDOJXQRVDQDOLVWDVODFUHDFLyQGH
XQD//&OHGDUiDHVWDLQLFLDWLYDXQDIOH[LELOLGDGTXHSRGUtDKDFHUODPXFKRPiVHILFLHQWH(QHVWH
WLSRGHIRUPDGHFRQFHELUHVHSUR\HFWRKD\XQUHIHUHQWHLQWHUHVDQWHHOGH/DXUHQH3RZHUOO-REVOD
YLXGDGH6WHYH-REVTXHKDFHDxRVFUHy(PHUVRQ&ROOHFWLYHFRQODPLVPDHVWUXFWXUDTXHODTXH
WLHQHOD//&FUHDGDSRU=XFNHUEHUJ\VXPXMHU

Diferencias entre una LLC y una ONG

&RQWHQLGRRIUHFLGRSRU6HDW

De la radio al
sistema Full Link.
Historia
"resumida" de la
conectividad en el
automvil
&RQHFWDGRVHQWRGRPRPHQWR\HQWRGROXJDU(VWD
HVODSUHPLVDEDMRODTXHKDDYDQ]DGRODXQLyQ
HQWUHWHFQRORJtD\DXWRPRFLyQ

$XQTXHLQLFLDOPHQWHQRVHGLHURQGDWRVVREUHODHVWUXFWXUDTXHHVDQXHYDIXQGDFLyQWHQGUtDORFLHUWR
HVTXHHOQRPEUHFRQIXQGtD3URQWRVXSLPRVTXHHQUHDOLGDGKDEtDPXFKRGHPDWHPiWLFDVHQHVWH

Sigue a Xataka

SUR\HFWRGHOFUHDGRUGH=XFNHUEHUJ\VXPXMHUTXHKDEtDQHOHJLGRFRPRPHFDQLVPRGHHVD
LQLFLDWLYDODFUHDFLyQGHXQD//& /LPLWHG/LDELOLW\&RUSRUDWLRQ 

Sigue a Xataka
1HZVOHWWHU

&RUUHRHOHFWUyQLFR

9HUVLyQPyYLO

4XpSXHGHKDFHUXQD//&TXHXQD21*QRSXHGH"3XHVEDVWDQWHVFRVDV
,QYHUWLUHQFDPSDxDVSROtWLFDV\SDUWLFLSDUHQHOGHEDWHSROtWLFR
,QYHUWLUHQVWDUWXSVGHWRGRWLSRTXHDGHPiVWHQJDQEHQHILFLRVHVRVEHQHILFLRVDILUPDEDQHQHO
DQXQFLRRILFLDO=XFNHUEHUJ\VXPXMHUVHUHLQYHUWLUiQHQORVGLVWLQWRVREMHWLYRVGHOD//&%DMROD
QRUPDWLYDYLJHQWHHQ(VWDGRV8QLGRVODV//&SXHGHQJHQHUDUGHGXFFLRQHVGHLPSXHVWRVSHUR
VRORSDUDIRQGRVTXHVRQOXHJRGRQDGRVSRUODIXQGDFLyQ//&DHQWLGDGHVGHOWLSR F VLQ
iQLPRGHOXFUR
+DFHUGRQDFLRQHVD21*VH[HQWDVGHSDJDUEHQHILFLRVDSURYHFKDQGRORVEHQHILFLRVILVFDOHVGH
ODVGRQDFLRQHVFDULWDWLYDV
/DV//&QRWLHQHQODREOLJDFLyQWULEXWDULDGHODPD\RUtDGHODVIXQGDFLRQHVTXHWLHQHQTXHFHGHU
HOGHVXYDORUFDGDDxR
(Q7KH1HZ<RUN7LPHVFLWDEDQODVSDODEUDVGH/DXUD$UULOODJD$QGUHHVHQXQDH[SHUWDHQ
ILODQWURStDTXHH[SOLFDEDTXHORJHQLDOGHWHQHUXQD//&HQHOPXQGRDFWXDOHVTXHHQSULPHUOXJDU
WLHQHVODFDSDFLGDGGHDFWXDU\UHDFFLRQDUFRQWDQWDDJLOLGDGFRPRQHFHVLWHVSDUDLPSXOVDUHO
FDPELR7LHQHVODFDSDFLGDGGHLQYHUWLUHQSROtWLFDHQHOVHFWRUFRQiQLPRGHOXFUR\HQHOVHFWRUVLQ
iQLPRGHOXFURVLPXOWiQHDPHQWH
1RVRORHVR(Q7KH1HZ\RUNHUWDPELpQDQDOL]DEDQHOHVIXHU]RGH0DUN=XFNHUEHUJ\QRV
UHFRUGDEDQTXHHUDSDUWHGHXQDQXHYDWHQGHQFLDOODPDGDILODQWURFDSLWDOLVPRTXHWHQtDEHQHILFLRV
LQWHUHVDQWHVSDUDORVILODQWURFDSLWDOLVWDVDTXtPHQFLRQDEDQUHSHWLGDPHQWHODSDODEUDFDULGDG
DXQTXHHVHWpUPLQRQRHUDHVSHFLDOPHQWHDSURSLDGR
(VLPSRUWDQWHGHVWDFDUQRREVWDQWHTXHWRGDVHVWDVGRQDFLRQHVFDULWDWLYDVWLHQHQXQFRVWHSDUD
ORVFRQWULEX\HQWHV\SRGUtDGHFLUVHTXHSDUDWRGRHOSURFHVRGHPRFUiWLFR6L=XFNHUEHUJ\&KDQVH
TXLVLHUDQHPEROVDUWRGDVVXVDFFLRQHVHQ)DFHERRNHQOXJDUGHUHVHUYDUODVSDUDODFDULGDG
WHQGUtDQTXHSDJDUORVLPSXHVWRVSRUORVEHQHILFLRVGLQHURTXHVHSRGUtDXWLOL]DUSDUDLQYHUWLUHQ
SURJUDPDVJXEHUQDPHQWDOHV6LGHMDUDQVXULTXH]DHQKHUHQFLDDVXVGHVFHQGLHQWHVORV
FXDQWLRVRVLPSXHVWRVGHVXFHVLyQWHQGUtDQTXHVHUDSOLFDGRV$OKDFHUGRQDFLRQHVFDULWDWLYDVHQ
IRUPDGHDFFLRQHVHOORV\VXVKHUHGHURVHVFDSDUiQGHHVWRVJUDYiPHQHV

Gates como referente

6XVFUtEHWH

9HUVLyQWDEOHW

Gates como referente


=XFNHUEHUJ\DKDUHDOL]DGRDOJXQRVHVIXHU]RVPX\UHOHYDQWHVHQHOiPELWRGHODILODQWURStD(Q
GRQyPLOORQHVGHGyODUHVSDUDPHMRUDUHOVLVWHPDHGXFDWLYRHQ1HZDUNSHURDTXHO
HVIXHU]RUHVXOWyVHUXQDEVROXWRIUDFDVR/RKDLQWHQWDGRGHQXHYRHQGRQDQGRPLOORQHVGH
GyODUHVDOVLVWHPDHGXFDWLYRGH&DOLIRUQLD\ODSDUHMDGRQyPLOORQHVGHGyODUHVFXDQGRVHSURGXMR
ODFULVLVGHeERODHQ

/D%LOO 0HOLQGD*DWHV)RXQGDWLRQQRHVXQD//&HVXQDRUJDQL]DFLyQVLQiQLPRGHOXFURH[HQWDGH
LPSXHVWRVTXHFRPRHQRWURVFDVRVFRPRHOGHOILOiQWURSR:DUUHQ%XIIHWVHEHQHILFLDGHHVDV
GHGXFFLRQHVGHLPSXHVWRV(QHOFDVRGHODIXQGDFLyQGH*DWHV\VXPXMHUWDPELpQKD\XQD//&
DVRFLDGD*22':RUOGZLGH//&HOVLWLRZHEUHGLULJHDODUHYLVWDRILFLDOGHORUJDQLVPRDWUDYpVGH
ODFXDOWDPELpQSXHGHQLQYHUWLUHQVWDUWXSVGHGLFDGDVDODLQYHVWLJDFLyQ\HOGHVDUUROORTXHGHQXHYR
SXHGHQWHQHUEHQHILFLRVTXHDVXYH]UHYLHUWHQHQHVWDVRUJDQL]DFLRQHVSDUDVHJXLU
GHVDUUROODQGRVXVRSHUDFLRQHV3XHGHQRKDEHUiQLPRGHOXFURSHURHQUHDOLGDGVtKD\OXFURTXHVH
YXHOYHDLQYHUWLUHQHVRVSUR\HFWRV
6LQHPEDUJROD%LOO 0HOLQGD*DWHV)RXQGDWLRQHVXQD F  TXHQRSHUPLWHKDFHUGRQDFLRQHV
SROtWLFDVDOJRSDUDORTXHVtHVWDUtDFDSDFLWDGDOD//&GH=XFNHUEHUJ\VXPXMHUTXHKDQ
GHMDGRFODURTXHTXLHUHQSDUWLFLSDUHQHOGHEDWHSROtWLFRDXQTXHVHJ~QSRUWDYRFHVGH)DFHERRN
=XFNHUEHUJQRKDUHDOL]DGRGRQDFLRQHVDORVDFWXDOHVFDQGLGDWRVDODSUHVLGHQFLD&RPRVHxDODEDQ
HQ)DVW&R=XFNHUEHUJQRHVHOSUy[LPR%LOO*DWHV$OPHQRVQRGHPRPHQWR

No me lo creer hasta que no lo vea


(VSHUDPRVORPHMRUGHHVWHHVIXHU]RGH=XFNHUEHUJTXHH[SOLFDEDSRUTXpKDEtDHOHJLGRHVD
HVWUXFWXUDHPSUHVDULDOHQXQDDFWXDOL]DFLyQDVXSRVWGHOOXQHVSHURORFLHUWRHVTXHVXVSUR\HFWRV
SUHYLRVQRKDQVLGRHVSHFLDOPHQWHFRQYLQFHQWHV(OPiVGHVWDFDGRHVGHVGHOXHJRLQWHUQHWRUJ
TXH=XFNHUEHUJSXVRHQPDUFKDHQDJRVWRGHSDUDRIUHFHUFRQHFWLYLGDGDLQWHUQHWJUDWXLWDHQ
SDtVHVHQYtDVGHGHVDUUROORVXRSLQLyQVREUHODQHXWUDOLGDGHQODUHGHVWDPELpQFXULRVDSHURTXH
QRWDUGDUtDPXFKRHQVHUYLVWRFRPRXQGLVIUD]ILODQWUySLFRGH)DFHERRNSDUDVHJXLUJDQDQGR

XVXDULRV

(VHHVIXHU]RSRGUtDVHUFRQVLGHUDGRFRPRKHUHGHURGHSURSXHVWDVTXH%LOO*DWHVKDEtDKHFKRHQHO
SDVDGRDOWUDWDUGHGHVWDFDUODLPSRUWDQFLDGHODFRQHFWLYLGDGHQQXHVWURPXQGR0XFKRKD
OORYLGRGHVGHDTXHOOR\GHVGHHQWRQFHVODVSULRULGDGHVKDQFDPELDGRSDUDHOTXHIXHUDPi[LPR
UHVSRQVDEOHGH0LFURVRIW
'HKHFKR*DWHVFRQFHGLyKDFHXQRVDxRVXQDHQWUHYLVWDDO)LQDQFLDO7LPHVHQODTXHHVWHPHGLROH
SUHJXQWDEDVLODFRQHFWLYLGDGDLQWHUQHWHUDPiVLPSRUWDQWHTXHSRUHMHPSORHQFRQWUDUXQDYDFXQD
SDUDODPDODULD*DWHVORGHMyFODUR,QWHUQHWFRPRSULRULGDG"(VRHVXQDEURPD6LQHPEDUJRHO
FRIXQGDGRUGH0LFURVRIWWXYRSDODEUDVGHHORJLRGHGLFDGDVDODLQLFLDWLYDGH=XFNHUEHUJ\VXPXMHU
&RPXQLGDGQRHVVLPSOHPHQWHXQDSDODEUDSDUD0DUN\3ULVFLOODHVXQYDORUFODYH(VWR\
GHVHDQGRYHUORTXHFRQVLJXHQQRVRORFRQVXULTXH]DVLQRFRQVXHMHPSORVXLQJHQLRVX
FUHDWLYLGDG\VXYLVLyQDSOLFDGDDDOJXQRVGHORVUHWRV\RSRUWXQLGDGHVPiVLPSRUWDQWHVGH
QXHVWUDHUD
1RVRWURVWDPELpQORHVWDPRVGHVHDQGR%LOO1RVRWURVWDPELpQORHVWDPRVGHVHDQGR3HURFRPR
GHFtDQHQ7KH1HZ<RUNHU&ODURTXHVtDODEHPRVD=XFNHUEHUJ\&KDQSRUVXJHQHURVLGDG<
VDOXGHPRVWDPELpQD*DWHVTXHLQLFLyHVDWHQGHQFLD3HURDOFRQWUDULRGHORTXHVHVXHOHGHFLUD
HVWHFDEDOORVtTXHGHEHPRVPLUDUGHFHUFDVXGHQWDGR'HVGHOXHJRTXHVt
(Q;DWDND_=XFNHUEHUJ
HOIXWXURHVTXHSHQVDUiVHQDOJR\WXVDPLJRVORSRGUiQH[SHULPHQWDUDO
LQVWDQWH

&DWHJRUtDV
7DJV

,QYHVWLJDFLyQ 

HPSUHVDV 

(PSUHVDV\HFRQRPtD

LPSXHVWRV 

)DFHERRN 

,QYHUVLyQ 

)XQGDFLyQ*DWHV 

0DUN

=XFNHUEHUJ

38%/,&,'$'

38%/,&,'$'

7DPELpQWHSXHGHJXVWDU

0DUN=XFNHUEHUJFUHDXQDIXQGDFLyQD
ODTXHGRQDUiPLOORQHVGH
GyODUHV
0DUN=XFNHUEHUJFUHDXQDIXQGDFLyQD
ODTXHGRQDUiPLOORQHVGH
GyODUHV

&yPRHO%ODFN)ULGD\VHKDFRQYHUWLGR
HQXQPRQVWUXRFRPHUFLDOHQ(VSDxD
HQWHFQRORJtD
&yPRHO%ODFN)ULGD\VHKDFRQYHUWLGR
HQXQPRQVWUXRFRPHUFLDOHQ(VSDxDHQ
WHFQRORJtD

(OH[&(2GH%DUFOD\VDYLVD(O8EHU
ILQDQFLHURYDDOOHJDUTXHORVEDQFRV
VHSUHSDUHQ
(OH[&(2GH%DUFOD\VDYLVD(O8EHU
ILQDQFLHURYDDOOHJDUTXHORVEDQFRVVH
SUHSDUHQ

2OYtGDWHGHODVDQWHQDVHOLQWHUQHWTXH
SURSRQH)DFHERRNHVDWUDYpVGHOiVHU
2OYtGDWHGHODVDQWHQDVHOLQWHUQHWTXH
SURSRQH)DFHERRNHVDWUDYpVGHOiVHU

<DKRRVHGHVPLHPEUDHVWiFHUFDHO
ILQDOGHXQKLVWyULFRGHLQWHUQHW"
<DKRRVHGHVPLHPEUDHVWiFHUFDHO
ILQDOGHXQKLVWyULFRGHLQWHUQHW"

0DUN=XFNHUEHUJHVWiDIDYRUGHOD
QHXWUDOLGDGGHODUHGSHURVyORHQ
DOJXQRVSDtVHV
0DUN=XFNHUEHUJHVWiDIDYRUGHOD
QHXWUDOLGDGGHODUHGSHURVyORHQ
DOJXQRVSDtVHV

0HQRVPXMHUHV\PiVSOXUDOLGDG
FXOWXUDODVtHVHOUHSDUWRGHHPSOHDGRV
HQ0LFURVRIW
0HQRVPXMHUHV\PiVSOXUDOLGDG
FXOWXUDODVtHVHOUHSDUWRGHHPSOHDGRV
HQ0LFURVRIW

=XFNHUEHUJ
HOIXWXURHVTXHSHQVDUiV
HQDOJR\WXVDPLJRVORSRGUiQ
H[SHULPHQWDUDOLQVWDQWH

=XFNHUEHUJ
HOIXWXURHVTXHSHQVDUiV
HQDOJR\WXVDPLJRVORSRGUiQ
H[SHULPHQWDUDOLQVWDQWH

Deja un comentario
(QWUD

5HJODVGHSDUWLFLSDFLyQ
1RWLILFDUFRPHQWDULRVSRUFRUUHR
7RGRV
6yORUHVSXHVWDVDORVPtRV
1DGD

3XEOLFDU

38%/,&,'$'

78 comentarios

6XVFULELU

Ordenar por: 0iVYDORUDGRV  0iVUHFLHQWHV  &URQROyJLFR

$EULUWRGRV

&HUUDUWRGRV

%5,//$17(

Sr.Mawel

GH'LFLHPEUHGH

<DORGLMLPRVXQRVFXDQWRVHQHODUWLFXORFXDQGRVDOWRODQRWLFLD
<QRVWDFKDURQGHPLHUGDVSDUDDUULED
4XHVLWXHQWXSXWDYLGDQRYDVDGRQDUPDVTXHHOORV4XHWXQXQFDSRGUiVD\XGDUWDQWRDOD
KXPDQLGDGFRPRHOORV
(WFHWF
$OJRSDUHFLGRDORGHQXHVWUR2UWHJDFRQ&DULWDVVDOYDQGRODVGLVWDQFLDV
9HQJD\DSRGpLVSDVDURVSRUDTXtDGHFLUQRVGHWRGRWDPELpQ

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRD6U0DZHO

tony_gpr



GH'LFLHPEUHGH

DPLFXDQGRYHRDDOJXLHQDODEDQGRDHVWHSHUVRQDMHRD%LOO*DWHVSRUVXVREUDV

KWWSJRRJO*J9H

FDULWDWLYDVPHHQWUDODULVDHVREYLRTXHVLORKDFHQQRHVVRORSDUDVHQWLUVHELHQSRU
HOORVPLVPRVORKDFHQSRUTXHOHVEHQHILFLDSRURWURODGR
&RPRGLFHHOGLFKRQDGLHGDGXURVDSHVHWDV

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDWRQ\BJSU

santouryu



GH'LFLHPEUHGH

9DVLQGHPDJRJLDGLUiVTXHDOPHQRV%*QRKDD\XGDGRDOD
KXPDQLGDGHQPXFKDVRFDVLRQHVTXHVHOLEUHGHDOJXQRVLPSXHVWRV
QRVLJQLILFDTXHQRDSRUWHJUDQIRUWXQDTXHSRGtDWHQHUSDUDVt\\DHVWi

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDVDQWRXU\X



tony_gpr

,17(5(6$17(
GH'LFLHPEUHGH

'HPDJRJLDGHPDJRJLDHVORTXHGLMLVWHW~HORWURGtD

KWWSJRRJO*J9H

VREUHODVFDOOHVFRQQRPEUHVIUDQTXLVWDV3RUFLHUWR
WRGDYtDHVWR\HVSHUDQGRUHVSXHVWD
KWWSZZZ[DWDNDFRPOHJLVODFLRQ\GHUHFKRVTXHGLFHQ
ORVSURJUDPDVGHSVRHSRGHPRV\FLXGDGDQRVVREUH
SURSLHGDGLQWHOHFWXDO\FDQRQDHGHF

%LOO*DWHVKDGRQDGRPXFKRVLSHURODPD\RUtDORKD
GRQDGRDVXSURSLD21*OODPDGD%LOODQG0HOLQGD*DWHV
)RXQGDWLRQH[DFWDPHQWHORPLVPRTXHSODQHDKDFHU
=XFNHUEHUJ
5HVXPLHQGRPHGRQRHOGLQHURDPLPLVPR\DVtQRSDJR
XQSXWRGXURGHLPSXHVWRV\WRGDYtDKD\WRQWRVTXHOHV
DSODXGHQ

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDWRQ\BJSU



santouryu

GH'LFLHPEUHGH

$OHPDQLDQRWLHQHXQGHSDURQRSXHGHSULRUL]DU
HVWDVFRVDVDQWHVTXHGHIRPHQWDUODFRQWUDWDFLyQHVXQ
GHEDWH08<VHFXQGDULR
1RSXHGHVFRPSDUDUDOIXFNHUEHUJFRQ%LOOJDWHVHOFXDO
KDILQDQFLDGRPiTXLQDVFRPRDTXHOODVTXHWUDQVIRUPDQ
ORVGHVHFKRVRUJiQLFRVHQDJXD

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDVDQWRXU\X



tony_gpr
KWWSJRRJO*J9H

GH'LFLHPEUHGH

'HMDGHKDFHUGHPDJRJLDSRUIDYRU
4XLHQVHWLHQHTXHHQFDUJDUGHHQFDPLQDUODHFRQRPtDHV
HOJRELHUQRFHQWUDOODVDXWRQRPtDV\OD8(<DTXLHQOH
FRUUHVSRQGHFXPSOLUODOH\GHPHPRULDKLVWyULFD
FDPELDQGRORVQRPEUHVGHODVFDOOHVIUDQTXLVWDV\TXLWDU
ORVPRQXPHQWRVTXHTXHGDQHVDORVD\XQWDPLHQWRV
1RVRQFRVDVLQFRPSDWLEOHV/RTXHTXHUpLVGHFLUHQ
UHDOLGDGHVORVQRPEUHV\PRQXPHQWRVIUDQTXLVWDVQR
QRVPROHVWDQSHURFRPRHVRTXHGDIHRVLPSOHPHQWH
GHFtVQRHVHOPRPHQWR
'HPDJRJLDHKLSRFUHVtDGHODEDUDWD

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRD6U0DZHO



carlosbtbt

GH'LFLHPEUHGH

1ROHLHOSULPHUDUWLFXORSRUTXH"SRUTXHQRPHORFUHLDQDGLHVHGHVSUHQGHGHXQD
JUDQIRUWXQDQRVHTXHWLHQHSRVHHUWDQWRGLQHURTXHSRURWUDSDUWHWHOROOHYDUDV
FRQWLJRDOSR]RQHJUR6U0DZHOPHQRVPDOTXHKD\JHQWHTXHYHODVFRVDVPX\
FODUDV

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRD6U0DZHO

hellgadillo



GH'LFLHPEUHGH

<RORGLMHHVRSDVDHQ0p[LFRFRQ7HOHYLVDKDFHVXSXHVWDVIXQGDFLRQHVQR
OXFUDWLYDV\VRORSDUDQRSDJDULPSXHVWRVWDOFXDOORGLMHVXFHGLyORPDORHVTXHD
0DUNVROROHGXUyXQGtDHOHQJDxR

YRWR_.DUPD

5HVSRQGHU

5HVSRQGLHQGRD6U0DZHO

tboneporn



GH'LFLHPEUHGH

(VIDQWDVWLFRFUHDQULTXH]DVHKDFHQPLOORQDULRV\FXDQGRTXLHUHQHVFDSDUGHO
ILVFRPHVDOLVFRQYXHVWUDVWRQWHULDVTXHVLQRHVXQDGRQDFLyQTXHVRORTXLHUHHYDGLU
LPSXHVWRVSXHVFODURFRxRHVDOJRPDORTXHUHUHYDGLUVHGHHVDGHYRUDGRUD
PDTXLQDGHDFDSDUDUODULTXH]DTXHOODPDPRVHVWDGR"
0HSUHJXQWRVLODJHQWHTXHWUDEDMDSDUDHVWHVHxRU FUHDGRUGHULTXH]DSDUDWRGRVORV
TXHOHURGHDQUHSLWR WDPELHQWHQGUDQODWRQWHULDJHQHUDOL]DGDHQVXVFDEHFLWDV
3ODxLGHUDV

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDWERQHSRUQ

,17(5(6$17(

tony_gpr



GH'LFLHPEUHGH

$OJ~QGtDFXDQGRVHDVPD\RUWHGDUiVFXHQWDTXHORVKRVSLWDOHVODV

KWWSJRRJO*J9H

FDUUHWHUDVODSROLFtDHOHMpUFLWR\WRGRORTXHGHSHQGHGHOHVWDGRVH
SDJDFRQQXHVWURVLPSXHVWRV
6LORVTXHPiVWLHQHQQRSDJDQXQGXURDOILQDOORSDJDPRVWRGRORVGH
DEDMR

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRD6U0DZHO

jean_leon



GH'LFLHPEUHGH

'LJR\RSHURHQTXHFRMRQHVRVDIHFWDHVWRDYRVRWURVMRGHUOHRFRPHQWDULRVGH
JHQWHUDELRVDSUiFWLFDPHQWHFXDQGRDWHQLpQGRQRVDODUHDOLGDGVXPi[LPRDSRUWHD
HVWHPXQGRVRQODVSDMDVGHVSHUGLJDGDVSRUHOSLVRGHVXKDELWDFLyQKDEODQGRGH
JHQWHTXHGRQDRLQYLHUWHPLOORQHVGHGyODUHVDFDXVDVTXHSXHGHQPHMRUDUHOPXQGR
4XHQRORUHJDODFRPRGHVHDLVVLQRTXH,19,(57(1"([FHOHQWHWRGRVJDQDQDKQR
SHURDTXtWRGRVVRQDPDQWHVGHSDEORLJOHVLDV\KD\TXHHFKDUPLHUGD HVRVLOXHJR
WRFDODGHFLPDSDMDGHOGtD

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDMHDQBOHRQ



kingasad

GH'LFLHPEUHGH

(QYLHUWHQHQVXSURSLREHQHILFLRTXHSDJXHQLPSXHVWRVFRPRORVSDJD

WRGRHOPXQGRTXHVRQORTXHVRQJUDFLDVDTXHJHQWHQRUPDOXVDVX
UHGVRFLDORQR"
2VHDTXH\RJDQDQGRQLWHQJRTXHSDJDULPSXHVWRV\HOJDQDQGR
PLOHVGHPLOORQHVQRWLHQHTXHSDJDUORVYHQJD\D

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDMHDQBOHRQ



sugarterrorist

GH'LFLHPEUHGH

6tDIHFWD
(OGLQHURTXHGHEHUtDQSDJDUHVWRVSiMDURVHQLPSXHVWRVVHORHVWi
DKRUUDQGR\DTXHYDQGHVWLQDGRVDREUDVGHFDULGDG
&DULGDGFXULRVDSDODEUD\GHVGHOXHJRPX\FRQYHQLHQWH
(QOXJDUGHDSRUWDU;GHGLQHURDOVLVWHPDPHGLDQWHLPSXHVWRVHOORV
GHFLGHQDSRUWDUVyOR;GHFLGLHQGRHQTXp\FyPRJDVWDUOR RLQYHUWLUOR
VHJ~QOHVLQWHUHVHSDUWLFXODUPHQWH PiUTXHWLQJOLPSLH]DGHLPiJHQ
DPSOLDUODVUHGHVGHQHJRFLRHWF 3HURHVTXHHQFLPDUHVXOWDTXHVRQ
KpURHVSRUD\XGDUDORVPiVGHVIDYRUHFLGRV
3RUVXSXHVWRHOGLQHUR;TXHQRDSRUWDUi=XFNHUEHUJORVHJXLUiQ
VDFDQGRGHOGLQHURGHOUHVWRGHFRQWULEX\HQWHV
$VtTXHVLHQGRXQDSHUVRQDGHVIDYRUHFLGDQRVpTXpJUDFLDWLHQHTXH
FRQORTXH=XFNHUEHUJGRQDHQFDULGDGWHSHUPLWDWHQHUZLILJUDWLVR
XQDHVFXHODFRQPHMRUHVRUGHQDGRUHVSHURTXHFRQORTXHVHDKRUUDHO
VLPSiWLFRHQLPSXHVWRVHOHVWDGRQRWHRIUH]FDD\XGDVVRFLDOHVFRQOD
TXHFRPDQWXVKLMRV
6LUHDOPHQWHTXLVLHUDQD\XGDUDOGHVDUUROORVRFLDOSDJDUtDQLPSXHVWRV
6LVHEXVFDQHVWRVPHFDQLVPRVHVSRUTXHVDEHQTXHDVtYDQDSDJDU
PXFKtVLPRPHQRV\HQFLPDVRQORVEXHQRVGHODSHOtFXOD

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRD6U0DZHO



armando.5556

GH'LFLHPEUHGH

SHURHVTXHVLJXHVVLHQGRGHXQDPLHUGDSDUDDUULED\WXFRPHQWDULRGHQRWDWX
LJQRUDQFLDGHOVLVWHPDILVFDODPHULFDQRFLHUWDPHQWH=XFNHUEHUJREWHQGUiXQD
UHGXFFLyQGHLPSXHVWRVSRUTXHHVWiUHJDODQGRGHVXGLQHURSHURHVTXHe/$1
$6(675(*$/$1'2GHVXVHQWUDGDV\GHVSXpVGHLPSXHVWRV
+D\XQDSUHJXQWDOHJtWLPDGHTXHVLWRGDVODVGRQDFLRQHVDRUJDQL]DFLRQHVQR
OXFUDWLYDVGHEHQVHUGHGXFLEOHVGHLPSXHVWRVGHHVWDPDQHUDSHURHVRQRWLHQHQDGD
TXHYHUFRQHOILOiQWURSLVPR(OS~EOLFRKDHOHJLGRSDUDKDFHUGHGXFLEOHVGHLPSXHVWRV
FRQGRQDFLRQHVVLQILQHVGHOXFURFRQHOILQGHDQLPDUDPiVSHUVRQDVDKDFHUOR\HQ
HVWHFDVR=XFNHUEHUJ\&KDQFXPSOHQWDQWRFRQODOHWUD\HOHVStULWXGHODOH\

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRD6U0DZHO



juanplp

GH'LFLHPEUHGH

&RPRDOJXLHQHVFULEHVXRSLQLyQHQXQEORJ\HVVLPLODUDODWX\D\DVLJQLILFDTXH
WHQtDVUD]yQ"['''''''''''7+,6,663$,1

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRD6U0DZHO

ariasdelhoyo



GH'LFLHPEUHGH

(VTXHVLORTXHHVSHUDEDLVHVTXHIXHUDFDVDSRUFDVDUHSDUWLHQGRXQIDMRGHGyODUHV
VRLVXQRVOLODV(VWDJHQWHFUHDXQPRQWyQGHSXHVWRVGHWUDEDMR\FDGDVXHOGRTXH
SDJDWLHQHLPSXHVWRVFDGDPDWHULDOTXHXVDSDJDLPSXHVWRVFDGDVHUYLFLRTXHXVD
SDJDLPSXHVWRVGHORVEHQHILFLRVTXHWLHQHSDJDLPSXHVWRVWRGRV\FDGDXQRGHORV
PRYLPLHQWRVTXHKDFHHVWDJHQWHJHQHUDPiVGLQHURHQLPSXHVWRVTXHPXFKRVGH
QRVRWURVHQWRGDODYLGD<D~QDVtKD\JHQWHTXHOHSDUHFHSRFR3XHVQDGD4XH
GHVPRQWHVXVHPSUHVDVTXHSDJXHORVILQLTXLWRV\TXHGHORTXHOHVREUHVHORGHD
ORVSREUHVDYHUVLDVtRVTXHGiLVPiVWUDQTXLORV
3RUFLHUWRKDFHSRFR$PDQFLR2UWHJDGLRGLQHURSDUDFRPSUDGHPDWHULDOSDUD
GLDJQRVWLFDUHOFiQFHUDTXtHQ*DOLFLD\KXERJHQWHTXHVHORFULWLFy6LHQWUDXQWRQWR
PiVSRUHOSXHUWRGH9LJRVHFDHRWURSRU$OLFDQWH

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDDULDVGHOKR\R

,17(5(6$17(

tony_gpr



GH'LFLHPEUHGH

$PDQFLR2UWHJDORTXHWHQGUtDTXHKDFHUHVGHMDUGHH[SORWDUQLxRVHQ

KWWSJRRJO*J9H

ODVIiEULFDVDVLiWLFDV\GHMDUGHPRYHUWRGDVXIRUWXQDSRUSDUDtVRV
ILVFDOHV\HPSH]DUDSDJDULPSXHVWRVHQ(VSDxD
(OWRQWRHVTXLHQGHILHQGHTXHODWHUFHUDRVHJXQGDIRUWXQDPiVJUDQGH
GHOPXQGRQRSDJXHLPSXHVWRVPLHQWUDVHOPLVPRWRQWRHVPLOHXULVWD\
OHIXQGHQDLPSXHVWRV(OREUHURWRQWRGHGHUHFKDVTXHYRWDDO33\
GHILHQGHD$PDQFLR2UWHJDFXDQGRH[SORWD\HYDGHWRGRORTXHSXHGH
KD\TXHVHUFD]XUUR
6DEHVFXDQWRVLPSXHVWRVSDJy=XFNHUEHUJHODxRSDVDGRHQ8."
\DWHGLJRTXHW~\\RSDJDPRVEDVWDQWHVPiVLPSXHVWRVHODxR
SDVDGRHQ(VSDxD6LHVTXHKD\TXHVHUFD]XUURSDUDGHIHQGHUORV

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDWRQ\BJSU



ariasdelhoyo

GH'LFLHPEUHGH

6LWLHQHVODFHUWH]DGHTXHH[SORWDQLxRVHQIiEULFDV
DVLiWLFDVHQYH]GHHVWDUDTXtHVFULELHQGRWRQWHUtDV
GHEHUtDVLUDGHQXQFLDUORDORVMX]JDGRV<SRUFLHUWRVR\
XQREUHURGHGHUHFKDVTXHYRWDDO33DOJ~QSUREOHPD"
/RTXHSDVDHVTXHDORPHMRUORVTXHQRVRLVGH
GHUHFKDVVRLVXQSRFRIDVFLVWDV\VyORDGPLWtVDORVTXH
SLHQVDQLJXDOTXHYRVRWURV

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDDULDVGHOKR\R

triskel



KWWS

GH'LFLHPEUHGH

$KRUDYDPRVDWHQHUTXHHVSHUDUTXHHOPDWHULDOVDQLWDULRQRVORUHJDOH
HOULFRGHOSXHEORSRUTXHVRPRVSREUHV

3RUXQODGRHVWDPRVGHVPDQWHODQGRODVDQLGDGS~EOLFDGHVYLDQGR
UHFXUVRVDODVDQLGDGSULYDGD GHHVRHQ*DOLFLDVDEHQEDVWDQWH \
OXHJRWHQHPRVTXHGHSHQGHUGHODFDULGDGGHORVULFRVSDUDODFRPSUD
GHPDWHULDOHVHVR"WRGRPX\OyJLFRVL

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDWULVNHO

ariasdelhoyo



GH'LFLHPEUHGH

1DGLHWLHQHTXHHVSHUDUDTXHHOULFRGHOSXHEORUHJDOH
QDGD(Q(VSDxDWHQHPRVXQDGHODVPHMRUHVVLQROD
PHMRUVDQLGDGS~EOLFDGHOPXQGR\QRWHQHPRVTXH
HVSHUDU3HUR$PDQFLR2UWHJDUHJDODPiTXLDQDVGH
UDGLRGLDJQyVWLFRFRPR\RUHJDORMXJXHWHVSDUDODVDODGH
SHGLDWUtDFDGDXQRORTXHSXHGH
/RGHTXHVHHVWpGHVPDQWHODQGRODVDQLGDGS~EOLFDHV
XQDPHQWLUDTXHSRUPXFKRTXHODUHSLWDVQRGHMDUiGH
VHUPHQWLUD\VR\GH*DOLFLD\VpEDVWDQWH1DGLHWLHQH
TXHGHSHQGHUGHODFDULGDGGHORVULFRV3HURFDGDXQR
TXHKDJDFRQVXGLQHURORTXHOHGHODJDQD\VLHV
GRQDUORDODVDQLGDGELHQYHQLGRVHD7RGRORGHPiVHV
GHSLRMRVRVFRQHQYLGLD

YRWRV_.DUPD

5HVSRQGHU

,17(5(6$17(

putaotan

GH'LFLHPEUHGH

/RVSURJUHVVRQDVtHOFDVRHVTXHMDUVH\SRQHUH[FXVDVTXHMXVWLILTXHQVXHQYLGLD\RGLRDOULFR6L
GRQDQPDO6LDFDSDUDQPDO(OFDVRHVTXHMDUH\GiUVHODVGHUHEHOGH
<DHVWiVWDUGDQGRHQGRQDUHOGHWXGLQHUR-DYLHU3DVWRU2GLOHDOMHID]RGHZHEORJVTXHGRQH
HOGLQHUDOTXHJDQDFRQHVWR2PHMRUD~QTXHHPSLHFHDSDJDUVDODULRVGLJQRVDORVUHGDFWRUHV

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDSXWDRWDQ

neos

%5,//$17(

GH'LFLHPEUHGH

(VWRQRYDGHSURJUHVVLQRGHQRVHUXQRVLQRFHQWHV
'RQDUPLUDODGHILQLFLyQHQ/$5$(HVGDUDRWUR
(QQLQJ~QPRPHQWRHVWHFKDYDO\VXPXMHUHVWiQGRQDQGRQDGD(VWiQWUDVSDVDQGR
QDIXQGDFLyQGHVXSURSLHGDG6LJXHVLHQGRVX\RSDJDQPHQRVLPSXHVWRV\WLHQHQ
XQHOHPHQWRGHSUHVLyQWDQWRHQODSDUWHVRFLDOFRPRSROtWLFD\FRPXQLWDULD
<FODURTXHUHVSRQGHDGLVWLQWDVYHUVLRQHVGHYHUHOPXQGR
3HURWRGRHVWHWHPDHVGHULVD/DFDPSDxLWDGHPDUNHWLQJTXHVHKDPRQWDGRHO
FKDYDO\FRPRWRGRVORVPHGLRVHVWHHGLWRULQFOXLGRKDQPRUGLGRHODQ]XHOR
0LHQWUDVWUDQTXLORORVLPSXHVWRVTXHHVWDVFRUSRUDFLRQHVQRSDJXHQDTXL\DODV
SDJDUHPRVWX\\RHQVXELGDVGHLPSXHVWRV\UHFRUWHVVRFLDOHV<HQFLPDKDEUiTXH
GDUOHVODVJUDFLDV
3$UDIOLSDUHOWHPD

5HVSRQGLHQGRDQHRV

YRWRV_.DUPD

5HVSRQGHU

janmonaco



GH'LFLHPEUHGH

/RSXHGHVUHSHWLUPLOYHFHVVLJXLVLHQGRPHQWLUD1RSDJDUDQPHQRV
LPSXHVWRV<RVUHFXHUGRTXHHOGLQHURHVVX\RSDUDKDFHUORTXHOHVGH
ODJDQDFRQHOORVVLHPSUHTXHDFW~HQGHQWURGHODOHJDOLGDG

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDMDQPRQDFR



el_geyo

GH'LFLHPEUHGH

VLSDJDUDPHQRVLPSXHVWRV
$OWUDVSDVDUODVDFFLRQHV\SRUWDQWRORVEHQHILFLRVGH
HVDVDFFLRQHVDXQDIXQGDFLyQSXHGHGLVSRQHUGHHVRV
LQJUHVRVFRQXQDILVFDOLGDGPXFKRPiVEDMDTXHVL
HVWXYLHUDQDVXQRPEUHRDOGHRWUDHPSUHVDVLDKRUD
GHFLGLHUDTXHODIXQGDFLyQYHQGLHUDODPLWDGGHODV
DFFLRQHVSDUDWHQHUFDSLWDOTXHFRPRODIXQGDFLyQHV
VX\DSXHGHKDFHUFRQHOGLQHURORTXHTXLHUDSDJDUtD
PXFKRPHQRVTXHVLWLHQHODVDFFLRQHVDVXQRPEUH\VL
UHSDUWLHUDQXQJUDQGLYLGHQGRWDPELpQSDJDUtDPHQRV
LPSXHVWRVVREUHWRGRSRUTXHHVWDVJUDGHV
PXOWLQDFLRQDOHVUHWLHQHQVXVEHQHILFLRVIXHUDGH((88
VLQSDJDUXQVRORGHLPSXHVWRVSRUORTXHHQFXDQWRORV
PXHYDQROHVPHWDQHQ((88OHVWRFDUtDSDJDU
LPSXHVWRVSHURHVRVHUHGXFHVLHVDXQDIXQGDFLRQ
\RFUHRTXHWRGRHVWRWLHQHPiVTXHYHUFRQTXH2EDPD
VHKDSXHVWRODVSLODVFRQHVWDVHPSUHVDV\HPSUHVDULRV
HQHOWHPDGHLQJHQLHUDILVFDO\FRQODOH\TXHHVWiQ
SUHSDUDQGRVHOHVYDDDFDEDUJUDQSDUWHGHOFKROORGH
UHWHQHUEHQHILFLRVIXHUDGH((88SDUDQRSDJDU
LPSXHVWRVHOHMHPSORPiVFODURHV$SSOHTXHWLHQHXQ
GLQHUDOHQFDMDSHURFRPRKDGHFLGLGRQRPRYHUORSDUD
QRSDJDULPSXHVWRVHVWiSDJDQGRORVGLYLGHQGRV
PHGLDQWHGHXGDVXVFULWDGLUHFWDPHQWHDODVILOLDOHV
ULGtFXOR
3IL]HUKDFRPSUDGRDOOHUJDQEiVLFDPHQWHSDUDFDPELDUVX
VHGHILVFDOD,UODQGDSDUDSUHSDUDUVHDQWHORTXHYLHQH\
FUHRTXH=XFNHUEHUJKDKHFKRORPLVPR\DGHPiVOHGDOD
LPDJHQGHILOiQWURSR(QORVSUy[LPRVPHVHVYHUHPRV
PiVPRYLPLHQWRVGHHVWHWLSRDORPHMRUQRWDQ
PHGLiWLFRVSHURVHVHJXLUiQSURGXFLHQGR

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDHOBJH\R



oletros

GH'LFLHPEUHGH

3XHVQRVHxRUSUHFLVDPHQWHFRPRQRKDQFUHDGRXQD
IXQGDFLyQVLQDQLPRGHOXFURYDQDSDJDUH[DFWDPHQWH
ORVPLVPRVLPSXHVWRVVLVHYHQGHQODVDFFLRQHVSDUD
WHQHUHIHFWLYR

5HVSRQGLHQGRDHOBJH\R

YRWR_.DUPD

5HVSRQGHU



armando.5556

GH'LFLHPEUHGH

(UURUSUHVXQFLyQHVW~SLGD\GHQRWDWXLJQRUDQFLDGHO
VLVWHPDILVFDODPHULFDQRFLHUWDPHQWH=XFNHUEHUJ
REWHQGUiXQDUHGXFFLyQGHLPSXHVWRVSRUTXHHVWi
UHJDODQGRGHVXGLQHURSHURHVTXHe/$1$6
(675(*$/$1'2GHVXVHQWUDGDV\GHVSXpVGH
LPSXHVWRV
+D\XQDSUHJXQWDOHJtWLPDGHTXHVLWRGDVODVGRQDFLRQHV
DRUJDQL]DFLRQHVQROXFUDWLYDVGHEHQVHUGHGXFLEOHVGH
LPSXHVWRVGHHVWDPDQHUDSHURHVRQRWLHQHQDGDTXH
YHUFRQHOILOiQWURSLVPR(OS~EOLFRKDHOHJLGRSDUDKDFHU
GHGXFLEOHVGHLPSXHVWRVFRQGRQDFLRQHVVLQILQHVGH
OXFURFRQHOILQGHDQLPDUDPiVSHUVRQDVDKDFHUOR\HQ
HVWHFDVR=XFNHUEHUJ\&KDQFXPSOHQWDQWRFRQODOHWUD\
HOHVStULWXGHODOH\

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDDUPDQGR



el_geyo

GH'LFLHPEUHGH

3DUHFHTXHKHPRVOHtGRFRVDVGLIHUHQWHV=XFNHUEHUJ\
&KDQQRUHJDODQQDGD\ORTXHYDQDKDFHUQRHVXQD
21*YDQDFUHDUXQDIXQGDFLyQ\DWUDVSDVDUHOGH
VXIRUWXQDDHVDIXQGDFLyQGHHVHFDVLWRGRRWRGR
VRQDFFLRQHVGH)DFHERRNSHURWHWLHQHTXHTXHGDUFODUR
TXHQRUHJDODQQDGDSRUTXHWRGRHVHGLQHURYDDHVWDU
EDMRVXFRQWURO\ORSRGUiQXVDUFDVLFRPRTXLHUDQOD
~QLFDJUDQGLIHUHQFLDGHXQDIXQGDFLyQFRQXQDHPSUHVD
SULYDGDEiVLFDPHQWHHVTXHORVEHQHILFLRVYDQDSDUDUD
ODIXQGDFLyQ\QRSXHGHQVDOLUQRGDGLYLGHQGRV\SRU
HVRWLHQHYHQWDMDVILVFDOHVHQWUHRWURVFUHRTXHSDJDQ
GHLPSXHVWRVSRUORGHPiVHVFDVLLJXDOSXHGHLQYHUWLU
HQFXUDUHOFiQFHURHQ,QWHOSXHGHKDFHUHVFXHODVR
FUHDUXQIRQGRGHLQYHUVLyQSHURQRUHJDODQQDGDXQD
IXQGDFLyQHVRWUDIRUPDGHJHVWLyQGHSDWULPRQLRVFRPR
ILGHLFRPLVR6,&$9HOGLQHURQRHVWDUiDVXQRPEUH
SHURVLEDMRVXFRQWURO3RGUiQFRPSUDUXQDYLyQHQ
UHDOLGDGVHUiGHODIXQGDFLyQSHURFRPRHVVX\DORSRGUiQ
XWLOL]DUFRPRTXLHUDQ
=XFNHUEHUJ\&KDQKDQPRQWDGRXQDLPDJHQDSDUWLUGH
HVWRTXHWHORKDVFUHtGRWRGR(VFRPRFXDQGRORVV~SHU
WHGLFHQTXHGHMDQGHUHJDODUODVEROVDVSDUDFRQFLHQFLDU
HQHOWHPDGHOPHGLRDPELHQWHW~WHFUHHVTXHKDFHVDOJR
EXHQR\HOORVVHDKRUUDQXQGLQHUR &DUUHIRXU0DxR 
FXDQGRSHUIHFWDPHQWHSRGUtDQUHJDODUEROVDV
ELRGHJUDGDEOHV
KDEUiTXHHVSHUDUDYHUTXpKDFHVXIXQGDFLyQ\VLGH
YHUGDGHVXQILOiQWURSRSRUDKRUDVRORVHYDDDKRUUDUXQ
GLQHUDOHQLPSXHVWRV

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDHOBJH\R



armando.5556

GH'LFLHPEUHGH

/DSDUHMDHVWiXWLOL]DQGRXQD6RFLHGDGGH
5HVSRQVDELOLGDG/LPLWDGD //& FRPRHOYHKtFXORSDUDVX
GRQDFLyQFRQHOILQDOSDUHFHUGHPDQWHQHUXQPD\RU
FRQWUROVREUHHOGHVHPEROVRGHORVIRQGRV$OJXQRVFRPR
WXVXJLHUHQTXHHOGLQHURFDQDOL]DGRDWUDYpVGHXQD//&
HQOXJDUGHGLUHFWDPHQWHGDGRDXQDREUDGHFDULGDGR
IXQGDFLyQQRGHEHUtDVHUOODPDGRXQDGRQDFLyQ(VWRVLQ
HPEDUJRHVH[DFWDPHQWHODGHFLVLyQFRUUHFWDVLXQR
TXLHUHKDFHUODPD\RUGLIHUHQFLDSRVLEOH$OGDUDXQD
//&&KDQ\=XFNHUEHUJVHGDQODRSFLyQGHKDFHUHOELHQ
PHGLDQWHODLQYHUVLyQHQHPSUHVDVFRQILQHVOXFUDWLYRV
DVtFRPRPHGLDQWHODGRQDFLyQDRUJDQL]DFLRQHVQR
OXFUDWLYDV
<DVDEHPRVSRUGLYHUVRVHVWXGLRVTXHGRQDUDHPSUHVDV
FRQILQHVGHOXFURSXHGHWHQHUXQJUDQLPSDFWR\DVHDHQ
HOFDPSRGHODHQHUJtDVRODUVXVWLWXWRVGHODFDUQHOD
LQYHVWLJDFLyQELRPpGLFDHWF(QHIHFWR\SXHVWRTXHKD\
YHFHVPiVHPSUHVDVTXHLQVWLWXFLRQHVGHEHQHILFHQFLD
S~EOLFDORVILOiQWURSRVHVWDUtDQLQQHFHVDULDPHQWH
UHVWULQJLpQGRVHDVtPLVPRVVLSURPHWLHUDQVRODPHQWH
GRQDUGLQHURDREUDVGHFDULGDG<GHQXHYRVLSRUOD
GRQDFLyQ9$1$3$*$5,038(67267$0%,e1

YRWR_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDSXWDRWDQ

Duke27



GH'LFLHPEUHGH

KWWSPLSXQWRJHHNZRUGSUHVVFRP

'LPHFLXGDGDQRV33R9R["

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDSXWDRWDQ

thebronx

GH'LFLHPEUHGH

VDODULRVGLJQRVDORVUHGDFWRUHV"&2081,67$

KWWSVDOYDWRUHODEHV

Matas S. Zavia

KWWSPDWLDV]DYLDHV

YRWRV_.DUPD

5HVSRQGHU

,17(5(6$17(

GH'LFLHPEUHGH

%XHQUHVXPHQSHURHOWLWXODU\ODHQWUDGLOODFKRFDQFRQHOUHVWRGHOSRVWVtSDJDUiQLPSXHVWRVD
PHQRVTXHLQYLHUWDQHQ21*VKWWSVZZZIDFHERRNFRP]XFNSRVWV<ORTXH
JDQHQLQYLUWLHQGRHQSUR\HFWRVFRPRKWWSHVJL]PRGRFRPEUHDNWKURXJKHQHUJ\FRDOLWLRQODJUDQ
DOLDQ]DGHELOOORYROYHUiQDLQYHUWLU1RHVILODQWURStDHVVXYLVLyQGHOPXQGR3HUR
WDPELpQHVHOGHVXIRUWXQD&RPRGLFHV\DYHUHPRV

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRD0DWtDV6=DYLD



godsavedavid

GH'LFLHPEUHGH

(VFLHUWRTXHQRHVORTXHVHHQWHQGLyDSDUWLUGHOSULPHUPHQVDMHSUHFLVDPHQWH

6HOHSXHGHFXOSDUSRUYHUGDGDPHGLDVSHURQRFUHRTXHSRUPHQWLUD~QDVtYDD
GRQDUGLQHUR\QRFUHRTXHVHDPRVTXLHQHVSDUDMXGJDUVLGHEHUtDKDFHUORHQPD\RUR
PHQRUPHGLGD

YRWR_.DUPD

5HVSRQGHU

5HVSRQGLHQGRD0DWtDV6=DYLD

javipas



GH'LFLHPEUHGH

*UDFLDV0DWtDV 3XHGHQFKRFDUVRORVLHIHFWLYDPHQWHQRUHXWLOL]DQHVRVLPSXHVWRV
TXHHVORTXHWHyULFDPHQWHYDQDKDFHUWUDVOHHUVXDQXQFLRRULJLQDO\ODDFWXDOL]DFLyQ
(OWLWXODUSXHGHVHUYLVWRFRPRQHJDWLYRSHURHQUHDOLGDGHOHQIRTXHHVHOGHDFODUDUOD
VLWXDFLyQ1RHVWiUHJDODQGRHOGLQHURORHVWiLQYLUWLHQGR9HUHPRVVLORKDFHHQ
SUR\HFWRVYiOLGRV6DOXGRV\JUDFLDVSRUSDVDUWHFRPSDxHUR

5HVSRQGHU

chiarafan



YRWRV_.DUPD

GH'LFLHPEUHGH

+HYLVWRWLWXODUHVPHQRVVHQVDFLRQDOLVWDV\IDOWRVGHUHDOLGDGHQ6iOYDPH

YRWRV_.DUPD

5HVSRQGHU

jarauta



GH'LFLHPEUHGH

/DGH((88HVXQDVRFLHGDGFLYLO8QLYHUVLGDGHVFHQWURVPpGLFRVGHH[FHOHQFLDLQYHVWLJDFLyQD
UDXGDOHVLQQRYDFLyQVWDUWXSVSRUGRTXLHU(VRQRVDOHGHVXEYHQFLRQHVQLGH3URJUDPDV0DUFR
RGH+RUL]RQWHV6DOHGHHPSUHVDVSULYDGDVGHILOiQWURSRVGHJUDQGHVEDQTXHURV\WDPELpQ
GHJHQWHPiVFRUULHQWH DXQTXHPLOORQDULRVDSHTXHxDHVFDOD 4XHGHVJUDYDQSRUHOOR"1RVKD
IDVWLGLDGRSXHVFODUR$KRUDELHQODVGLIHUHQFLDVHQWUHXQPRGHOR HOGHHOORV \HOQXHVWUR HO
HXURSHR HVELHQFODUR

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDMDUDXWD

,17(5(6$17(

Duke27



GH'LFLHPEUHGH

KWWSPLSXQWRJHHNZRUGSUHVVFRP

0X\FODURDTXtJDUDQWL]DPRVGHUHFKRVSRUOH\DOOtWHGDQFDULGDG&RQWRGRVQXHVWURV
GHIHFWRVSUHILHURQXHVWUDVRFLHGDGDPSOLDPHQWHQRTXLHURVHUSREUHWUDEDMDUFRPR
XQFDEUyQ\TXHFXDQGRWHQJDWHQJDXQFiQFHUGHULxyQGHSHQGDGHODFDULGDGGHOD
)XQGDFLyQIXODQLWRHQYH]GHWHQHUHOGHUHFKRDXQDDVLVWHQFLDPHGLFDJDUDQWL]DGR

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRD'XNH



armando.5556

GH'LFLHPEUHGH

GHSHQGHUGHOJRELHUQRVLJXHVLHQGRFDULGDGSHURGHODSHRUFODVHGHOD
TXHHVUREDGDDRWURVSRUODIXHU]D

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDDUPDQGR

Duke27



KWWSPLSXQWRJHHNZRUGSUHVVFRP

GH'LFLHPEUHGH

3DUDQDGDGHSHQGHUGHOJRELHUQRHVMXVWLFLDVRFLDOHO
JRELHUQRQRWHGDHOGLQHURSRUSHQDVLQRFRPRXQ
GHUHFKR<QRKDEOHPRVGHUREDUTXHGHHVRORVOLEHUDOHV
VDEHQPXFKR

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRD'XNH

armando.5556



GH'LFLHPEUHGH

1RFUHRTXHWHQJDVPX\FODUDODGHILQLFLyQGHGHUHFKRV
&RQR]FRPiVJREHUQDQWHVVRFLDOLVWDVODGURQHVTXH
OLEHUDOHV

YRWR_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDDUPDQGR

Duke27



KWWSPLSXQWRJHHNZRUGSUHVVFRP

GH'LFLHPEUHGH

/DWHQJRFODULVLPDHOTXHQRSDUHFHWHQHUODHUHVWX

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRD'XNH

armando.5556



GH'LFLHPEUHGH

3HUPtWHWHGXGDUORDXQTXHQRGXGRTXHWHQJDVDOJ~QWLSR
GHVHVJRFRJQLWLYRTXHWHKDJDSHQVDUORFRQWUDULR

YRWRV_.DUPD

5HVSRQGHU

5HVSRQGLHQGRDMDUDXWD



penix

GH'LFLHPEUHGH

&HQWURVPpGLFRVGHH[FHOHQFLDVORVKD\S~EOLFRVHQ(VSDxDODDVLVWHQFLDHVPiV
XQLYHUVDOTXHODDPHULFDQD DTXt%UHDNLQJ%DGQRKXELHUDWHQLGRVHQWLGR \HQFLPD
QRVFXHVWDXQWHUFLRGHORTXHFXHVWDODDPHULFDQDSHUFiSLWD8QHMHPSORGH
HILFLHQFLD\RMRTXHWLHQHPXFKRPDUJHQGHPHMRUD



alexisreyes

YRWRV_.DUPD

5HVSRQGHU

GH'LFLHPEUHGH

(QYLGLDVLPSOHPHQWHHVR'HGtTXHQVHDYLYLUVXSURSLDYLGD

YRWRV_.DUPD

5HVSRQGHU

cesarpacheco1



GH'LFLHPEUHGH

(VXQZLQZLQVHEHQHILFLDQSRUTXHQRSDJDQLPSXHVWRVSHURJUDFLDVDHVRVLJXHQJHQHUDQGR
UHFXURVSDUDPDQWHQHUODIXQGDFLRQ&2QFOXVLRQQXQFDYDVDWHQHUFRQWHQWRVDWRGRV/RPDVIDFLO
HVFULWLFDUQR"

el_geyo



YRWRV_.DUPD

5HVSRQGHU

GH'LFLHPEUHGH

HOPpWRGRGHIXQGDFLRQHV\DORXWLOL]R&RSSRODHQ(OSDGULQR3DUWH,,,FRPRPpWRGRGXGRVRGH
JHVWLyQHPSUHVDULDO
DPtPHSDUHFHTXHHVXQDGHODVIRUPDVPiVIiFLOHVGHFUHDUVHVXSURSLRIRQGRGHLQYHUVLRQHV
ORELXQDPiTXLQDGHEODQTXHDUGLQHUR\HQFLPDFRQEHQHILFLRVILVFDOHV
KDFHVXQDIXQGDFLyQFRQFDVLWRGRWXGLQHURWHKDFHVSUHVLGHQWHWHSRQHVXQEXHQVXHOGRFRQ
SULYLOHJLRVFRPRXWLOL]DUFDVDFRFKHDYLyQSDJDGRVSRUODIXQGDFLyQ\VLODIXQGDFLyQWLHQHXQ
QHJRFLRPX\MXJRVRFRPRHUHVHOSUHVLGHODIXQGDFLyQVHUtDPX\IiFLOSDUDHOPHWHUGLQHURSURSLRR
DODSURSLD)DFHERRN
/DVSDODEUDVVHODVOOHYDHOYLHQWRWHQGUHPRVTXHYHUORTXHKDFHQHQ(VSDxDWHQHPRVORV
HMHPSORVGHODVIXQGDFLRQHVGHORVSDUWLGRVSROtWLFRVVRORVLUYHQSDUDUHFDXGDUVRERUQRV\IRQGRV
GHFDPSDxDHQFXELHUWRV\SDUDEODQTXHDUORVORVHPSUHVDULRVHXURSHRV\DWLHQHQODV6,&$9FRQ
PiVYHQWDMDVTXHODVIXQGDFLRQHVSRUHVRQRHVWiQWDQH[WHQGLGDV

tercermundista



GH'LFLHPEUHGH

VRQQDGDJXDSDV

5HVSRQGHU

6LHPSUHPHVRUSUHQGHYHUFRPRHVWRVQHUGVFRQODSDVWDTXHWLHQHQVHFDVDQFRQPXMHUHVTXHQR

KWWS

YRWRV_.DUPD

ekhaos

YRWRV_.DUPD

5HVSRQGHU

GH'LFLHPEUHGH

8QPXOWLPLOORQDULRIRUPDGRHQ+DUYDUGWRQWR"'yQGH"
$OJXLHQFUHHGHYHUGDGTXH%LOO*DWHVR
FXDOTXLHUDVDOYDDOPXQGR"



Toms Pulido

YRWRV_.DUPD

5HVSRQGHU

GH'LFLHPEUHGH

$PLPHSDUHFHLJXDOGHORDEOH6HSRGUtDJDVWDUVXIRUWXQDHQXQDFROHFFLyQGHFRFKHVGHSRUWLYRV
\DWHV\DYLRQHVSHURHQVXOXJDULQYHUWLUiHQLQYHVWLJDFLyQ\SURJUHVRGHOTXHVHEHQHILFLDUiOD
KXPDQLGDG0HSDUHFHSHUIHFWRTXHSDUDHOORVHXWLOLFHODRSFLyQMXUtGLFDFRQODTXHVHSDJXHQ
PHQRVLPSXHVWRVVLHPSUHGHQWURGHODOHJDOLGDGSUHILHURTXHVHGHGLTXHODPD\RUFDQWLGDGSRVLEOH
HQFLHQFLDLQYHVWLJDFLyQ\GHVDUUROORDTXHWHUPLQHPDOJDVWDGRRPDOYHUVDGRSRUXQSROLWLFXFKR/R
TXHQRHQWLHQGRTXpGHUHFKRFUHHWHQHUODJHQWHSDUDFULWLFDUHQTXpJDVWDQORVGHPiVVXGLQHUR



almarag

YRWR_.DUPD

5HVSRQGHU

GH'LFLHPEUHGH

%LHQGLFHQTXHQRVHKLFLHURQULFRVILUPDQGRFKHTXHVHVWDJHQWHQXQFDGDQDGDDFDPELRGH

QDGD3RUVXSXHVWRHVEXHQRTXHKDJDQVXVIXQGDFLRQHV\DOPHQRVUHJUHVHQDXQTXHVHDXQSRFR
DODVRFLHGDGSHURGHHVRDSHQVDUTXHLEDQDGRQDUWRGDVXIRUWXQD

5HVSRQGHU

edgardrojas



YRWR_.DUPD

GH'LFLHPEUHGH

3RUVXSXHVWRTXHHVWDGRQDQGRXQDJUDQSDUWHGHVXGLQHUR \QRORYDDUHFXSHUDU \ORHVWD


KDFLHQGRLQWHOLJHQWHPHQWHSXHVDVtDVHJXUDTXHVHXVHHQUHDOLGDGFRQORVILQHVTXHHOHVSHUDQR
SUHWHQGHUiQTXHVLPSOHPHQWHOHGLHUDXQIDMRGHELOOHWHVDORVLQWHUHVDGRVVLQQLQJ~QFRQWURO
GHPDVLDGRLQWHOLJHQWHSDUDHVR

YRWRV_.DUPD

5HVSRQGHU

'HMDXQFRPHQWDULR

9HUPiV 

6XVFULELU

$EULUWRGRV

&HUUDUWRGRV

38%/,&,'$'

/20(-25

7(0$6

5(638(67$6

&/8%

67$))

HQ;DWDND

7(&12/2*$

;DWDND

;DWDND0yYLO

;DWDND)RWR

;DWDND$QGURLG

;DWDND:LQGRZV

;DWDND&LHQFLD

;DWDND6PDUW+RPH

$SSOHVIHUD

*HQEHWD

*HQEHWD'HY

9LGD([WUD

0DJQHW

(67,/2'(9,'$

02725

2&,2

(&2120$

/$7,12$0e5,&$

3$57,&,3$026(1

7UHQGHQFLDV

0RWRUSDVLyQ

%ORJGH&LQH

(O%ORJ6DOPyQ

;DWDND0p[LFR

&LUFXOD6HJXUR

7UHQGHQFLDV%HOOH]D

0RWRUSDVLyQ0RWR

9D\D7HOH

3\PHV\$XWyQRPRV

0RWRUSDVLyQ0p[LFR

&LUFXOD6HJXUR37

7UHQGHQFLDV+RPEUH

0RWRUSDVLyQ)XWXUR

'LDULRGHO9LDMHUR

$KRUUR'LDULR

'LUHFWR$O3DODGDU0p[LFR

$FWLEYD

;DWDND$QGURLG0p[LFR

$QH[R0

9LGD([WUD0p[LFR

%ORJ6DJH

7UHQGHQFLDV/LIHVW\OH
'LUHFWRDO3DODGDU

3DSHOHQ%ODQFR

%HEpV\0iV

9LWyQLFD0p[LFR

2SWLPLVPR'LJLWDO

9LWyQLFD

7UHQGHQFLDV+RPEUH0p[LFR (Q1DUDQMD

'HFRHVIHUD

;DWDND&RORPELD

%ORJJLQ=HQLWK

(PEHOH]]LD

7HFQRORJtDGHW~DW~

3RSURVD

9LYH
0L0XQGR3KLOLSV
%%9$FRQWXHPSUHVD
%ORJ/HQRYR
8QFRPPXQLW\
9LYH3KLOLSV79
0X\6DOXGDEOHGH6DQLWDV
1DWLRQDOH1HWKHUODQGHQ
&RFD&ROD-RXUQH\
)XQGDFLRQ0$3)5(
7HQGHQFLDVHQLOXPLQDFLyQ
3KLOLSV

48,(1(662026" &21',&,21(6'(862 32/7,&$'(&22.,(6 $9,62/(*$/ 38%/,&,'$' $<8'$ &217$&72

:(%/2*66/