Letter to our co-investors 2Q19
Dear co-investor, The end of May marked one year since the launch of Horos, a project dedicated to maximising returns for our investors in the long term.
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Read some of the news where we have been mentioned, as well as some of the interviews with our managers. You can also access the quarterly letters to our co-investors, detailing the results obtained and other information of interest.
Dear co-investor, The end of May marked one year since the launch of Horos, a project dedicated to maximising returns for our investors in the long term.
Dear co-investor, We are pleased to share our investment idea: Aercap Holdings which was presented by our CIO Javier Ruiz at the Value Spain 2019 edition.
Dear co-investor, We ended an important quarter of recovery in the markets, after the strong correction at the end of 2018. In this (almost) year of life of Horos, our co-investors, despite the high volatility of the markets, have continued to trust our work, increasing their number month after month. Our thanks to the more than 2,100 co-investors who make this project possible.
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.