Letters to our co-investors

Dear co-investor, The fourth quarter of the year was a relief for most markets, reducing part of the significant losses accumulated over the previous nine months. Our portfolios were not immune to…

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…

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…

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…

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…

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…