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…
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…
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…
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…
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,…
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.