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Dear co-investor, We end a year that has marked the beginning of a very exciting project for all of us who make up the Horos team. It has been a tough but very rewarding start, demanding many hours of work and dedication on the part of each of the company's employees. Thank you and congratulations to each of them.
Dear co-investor, This month, we continue with the series of quarterly communications started last July. If in the last letter we devoted an extensive part to explaining what it is for us to be a value investor, on this occasion we would like to delve deeper into the concept of a “safety margin” and, more specifically, into two situations that substantially increase it: convexity and optionality.
Dear co-investor, Today we are starting a series of quarterly communications in which we will delve into different aspects of our understanding of investment, as well as the portfolios and different characteristics of our investment products.
Dear co-investor, I would like to take advantage of this first letter to introduce Horos Asset Management S.G.I.I.C. SA, and the new and exciting project in which I have embarked on, along with Alejandro Martín and Miguel Rodríguez, the managers with whom I have been building a team for years.
