2018 Letters to co-investors

3 min read

Letter to our co-investors 3Q18

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.

2018 Letters to co-investors

3 min read

Letter to our co-investors 2Q18

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.

2018 Letters to co-investors

3 min read

Welcome to you new home

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.