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A portfolio
Zero noise
Ask in plain language. Elisa puts it in circulation across the team and Cerebro answers with sources, limits and cost. And it gives a verdict, not an «it depends».
History of this desk
Elisa is an artificial intelligence, not a person. Her answers are generated by an AI model.
This is general analysis and not a personalised investment recommendation. The person who invests is the one who decides. The chat may search the internet when the vault does not know the answer (a figure from today, a recent news item); those internet sources nobody has reviewed them and they may be incomplete or wrong, so check them before acting. The five profiles that sign the answers (Elisa, Jorne, Carlos Bárez, Daniel Ferrer, Inés Torres) are specialisms of one single automatic system: they are not people nor registered advisers.
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When you ask in the chat, the text of the question and the history of that conversation are sent. If you have saved reading preferences, the vocabulary level and the depth are sent too. Your saved positions they are not attached to the chat; the portfolio and the scenarios use them in their own sections. That is why answers are general and not personalised: Cerebro is not financial advice. Avoid writing personal or financial data that is not needed. The securities search sends the search text and price queries send the symbols. See the privacy policy to find out which providers there are and what else is used.With your session signed in, positions are are stored in your account: they sync across devices and are deleted with the account. Type the name or the ticker and pick from the list so we know exactly which security it is and which exchange it trades on.
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Model portfolios · Example
80/20
Four fifths of the capital in developed-market equities and one fifth in eurozone government bonds. It is a stock-and-bond portfolio with more equity than the 60/40.
The idea
Keep almost all of the exposure in equities and reserve a fixed portion for high-quality bonds, which tend to move differently. The annual rebalancing forces you to sell what has risen the most and buy what has lagged, without having to decide anything along the way.
Where it comes from
It is a variant of the balanced stock-and-bond portfolio. Its theoretical foundation usually traces back to Harry Markowitz's portfolio theory, published in the Journal of Finance in 1952: combining assets that do not move the same way reduces the volatility of the whole. It has no specific author; the 80/20 is simply a point on that scale.
Environments in which it struggles
- In a sharp stock market decline: with four fifths in equities, bonds cushion very little.
- When stocks and bonds fall at the same time: this happened in 2022, with rising interest rates, and the bond sleeve did not compensate then.
- With high inflation: fixed-rate bonds lose purchasing power.
- Equities from developed countries80 %
- Eurozone public debt (all maturities)20 %
| Peso | Componente | Índice | Instrumento de referencia | ISIN | TER |
|---|---|---|---|---|---|
| 80 % | Equities from developed countries | MSCI World | iShares Core MSCI World UCITS ETF (Acc) | IE00B4L5Y983 | 0,20 % |
| 20 % | Eurozone public debt (all maturities) | Bloomberg Euro Treasury Bond | iShares Core € Govt Bond UCITS ETF (Dist) | IE00B4WXJJ64 | 0,07 % |
Los instrumentos son de referencia para cada índice, no una selección de producto: dicen qué fondo sigue cada índice, y la tabla no es una lista de compras.
Cómo se ha calculado y de dónde salen los datos
Rentabilidades pasadas no garantizan rentabilidades futuras.
Simulación con índices reconstruidos a partir de datos públicos (BCE, Banco Mundial, Kenneth R. French); no es la rentabilidad de ningún fondo ni ETF. Sin comisiones, impuestos ni costes de cambio.
Rebalanceo anual al cierre de diciembre, rentabilidad total y divisa euro. Cada mes, cada tramo crece con el índice del suyo; al cierre de cada diciembre la cartera vuelve a los pesos de la ficha. La ventana va de sep-2004 – ago-2026, 22 años de rentabilidad, y todo está en euros, convertidos con el tipo de cambio de fin de mes del BCE. Los índices de renta variable y de deuda son de rentabilidad total; el del oro es el precio del metal y el de materias primas es un índice spot, así que no incluyen ni el roll ni la rentabilidad del colateral de los futuros.
Las fuentes
- Kenneth R. French Data Library, Developed 3 Factors (mensual): Equities from developed countries. Kenneth R. French Data Library, © Eugene F. Fama y Kenneth R. French; se cita la fuente y no se modifica la estadística.
- Kenneth R. French Data Library, Emerging 5 Factors (mensual): Emerging-market equities. Kenneth R. French Data Library, © Eugene F. Fama y Kenneth R. French; se cita la fuente y no se modifica la estadística.
- Kenneth R. French Data Library, 6 Portfolios 2x3 (mensual): US small-cap «value». Kenneth R. French Data Library, © Eugene F. Fama y Kenneth R. French; se cita la fuente y no se modifica la estadística.
- Banco Central Europeo, ESTR (diario) y EONIA (mensual): Eurozone public debt at under one year. Banco Central Europeo, Data Portal. Reutilización gratuita, también comercial, citando la fuente y sin modificar la serie.
- Banco Central Europeo, curva de rendimientos a la par (YC, G_N_C): Eurozone public debt at 1-3 years · Eurozone public debt (all maturities) · Eurozone public debt at 7-10 years · Eurozone public debt at 15-30 years. Banco Central Europeo, Data Portal. Reutilización gratuita, también comercial, citando la fuente y sin modificar la serie.
- Banco Mundial, Pink Sheet, hoja «Monthly Prices», columna Gold: Physical gold. Banco Mundial, Pink Sheet (Commodity Markets Outlook). © Banco Mundial, CC BY 4.0.
- Banco Mundial, Pink Sheet, hoja «Monthly Indices», columna Total Index: Diversified commodities. Banco Mundial, Pink Sheet (Commodity Markets Outlook). © Banco Mundial, CC BY 4.0.
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