II Annual azValor Investor’s Conference

Value investing asset managers industry in Spain is in a great moment. New players are joining the club, for example, the former Bestinver partner and CIO Francisco García Paramés started his new company at the end of last year. This week two event happened: the Spanish regulatory approved Cobas Fund‘s new funds and the IIContinue reading “II Annual azValor Investor’s Conference”

Advertisement

2017: a value year?

Great interview by Estrategias de Inversión. If you understand Spanish you must watch this interview to María Dolores Solana, Fund Manager at Santander Asset Management. She has been managing the fund Santander Small Caps for more than 10 years. See below the performance (source). A few comments and quotes: “I am starting to change theContinue reading “2017: a value year?”

Jim Collins Interviews Jorge Paulo Lemann

Must watch interview of Jorge Paulo Lemann, one of the owners of 3G Capital. Jorge Paulo Lemann is Brazil’s richest man thanks to his stake in Anheuser-Busch InBev, the world’s largest brewer, which he owns through private equity firm 3G Capital together with fellow billionaires and longtime partners Carlos Sicupira and Marcel Herrmann Telles. The trio alsoContinue reading “Jim Collins Interviews Jorge Paulo Lemann”

2016 Berkshire Hathaway Annual Shareholders Meeting

Last Saturday was a great day for value investors and perpetual learner who try to learn and read as much as they can about Warren Buffett and Charlie Munger. With 85 and 92, respectively, they talked and reply answers during more than 7 hours. Bravo. I wanna to share here a few interesting links about theContinue reading “2016 Berkshire Hathaway Annual Shareholders Meeting”

Notes Chapter 3: Margin of Safety

The great majority of institutional investors are plagued with a short-term, relative-performance orientation and lack the long-term perspective that retirement and endowment funds deserve. [Taking about institutional investors] Hundreds of billions of other people’s hard-earned dollars are routinely whipped from investment to investment based on little or no in-deph research or analysis. You probably wouldContinue reading “Notes Chapter 3: Margin of Safety”

Notes Chapter 2: Margin of Safety

  What is good for Wall Street is not necessarily good for investors, and vice versa. Wall Street firms perform important functions for our economy: they raise capital for expanding businesses and (sometimes) provide liquidty to markets. Up-front fees clearly create a bias toward frequent, and not necessarily profitable, transactions. Investors even remotely tempted toContinue reading “Notes Chapter 2: Margin of Safety”