Letter to our co-investors 3Q22

Dear co-investor, During the third quarter of the year, the challenges that many economies are experiencing in reconciling a tight monetary policy with a recessionary economic environment were…

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Letter to our co-investors 2Q22

Dear co-investor, During the second quarter of the year, the dynamics that we have been discussing in previous quarterly letters have not changed. The damaging effects of the energy transition…

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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…

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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…

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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…

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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,…

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