2022 Letters to co-investors

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Letter to our co-investors 1Q22

Dear co-investor, The new year began with three major sources of uncertainty that will condition the rest of this year's market performance: the economic situation in China, the impact of the Russian invasion of Ukraine and the measures taken by central banks to curb current high inflation rates.

2021 Letters to co-investors

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Letter to our co-investors 4Q21

Dear co-investor, The year 2021 was one of the best for managers who practice value investing, mainly due to the strong recovery of companies with cyclical businesses, which had been heavily penalized by the investment community in recent

2021 Letters to co-investors

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Letter to our co-investors 3Q21

Dear co-investor, The positive stock market performance that began at the end of 2020 continued during the third quarter. This period was characterized by a strong rebound in inflation, as a result of major bottlenecks that have emerged in various industries.

2021 Letters to co-investors

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Letter to our co-investors 2Q21

Dear co-investor, In the second quarter, the positive performance that started in November 2020, with the announcement of the launch of coronavirus vaccines, continued. In this "new" environment, value investing has performed well, proving that patience and

2021 Letters to co-investors

3 min read

Letter to our co-investors 1Q21

Dear co-investor, Finally, a very difficult year for everyone has come to an end. I can add little to the encouragement and gratitude for your trust that we have shown you in our previous letters.