How does an investor learn to be an investor?

INVESTMENT PHILOSOPHY How does an investor learn to be an investor?The first thing is to know how biases work and how to recognise them in yourself. ...


Opportunities should be taken!

INVESTMENT PHILOSOPHY Opportunities should be taken!Every once in a while an opportunity presents itself that we can take advantage of. ...


5th Annual Investor Conference

INVESTMENT PHILOSOPHY 5th Annual Investor ConferenceIf the convergence between value and price has not begun yet, it is about to do so. ...


The first rule of fishing is fish where the fish are (Charlie Munger)

INVESTMENT PHILOSOPHY The first rule of fishing is fish where the fish are (Charlie Munger)Our main objective is to acquire assets and cash flows at a price...


The value of emotions

INVESTMENT PHILOSOPHY The value of emotionsBeing familiar with and managing the emotions and impulses we all have can determine the yield we bring in as...


Heading in a new direction

INVESTMENT PHILOSOPHY Heading in a new directionLos datos apuntan a que podemos estar ante uno de los mejores momentos para las estrategias basadas en el Value...


On the Death of Value

FILOSOFÍA DE INVERSIÓN On the Death of ValueIf buying good businesses at cheap prices is "Value Investing", it is not that it will never die, but it is...


Young people! Let's save!

INVESTMENT PHILOSOPHY Young people! Let's save!We young people have a tough road ahead of us financially. 24 ....


Gamestop, shorting and optimism

INVESTOR EXPERIENCES Gamestop, shorting and optimismJust as we buy companies that we believe are undervalued, why don't we short companies that we believe are...


The biggest cash injection in our history

INVESTOR EXPERIENCES The biggest cash injection in our historyBuying an asset just because it is backed by a central bank purchase is not a value search at...


Uncertainty and method

FILOSOFÍA DE INVERSIÓN Uncertainty and method"The wisest thing is time; for it discovers everything."Tales of Miletus (585 B.C.) 21 . 01 . 2021...


Let the cobbler stick to his last

INVESTOR EXPERIENCES Let the cobbler stick to his lastBeing a successful investor is a full-time activity 28 ....


It's about our future

Investment philosophy It's about our futureThe Public Pension System has a serious sustainability problem that forces us to take action on a personal level ...


The importance of our retirement

INVESTMENT PHILOSOPHY The importance of our retirementPension plans, far from being a strange or unknown product, are a good basis for our retirement. ...


Investing in pension plans isn't just for older people

INVESTMENT PHILOSOPHY Investing in pension plans isn't just for older peopleFor a tree to provide us with shade, it must be watered throughout its life so that...


The Invisible Cost

INVESTMENT PHILOSOPHY The Invisible CostOpportunity cost reflects the close relationship between scarcity and choice ...


Are there good shares and bad shares?

INVESTMENT PHILOSOPHY Are there good shares and bad shares?It’s important to have a strict discipline in decision-making that allows us to escape the noise. ...


Decisions, responsibility and common sense

INVESTMENT PHILOSOPHY Decisions, responsibility and common sense“Welcome to the world of having to think long and hard before doing anything” ...


Value & Growth Traps

INVESTMENT PHILOSOPHY Value & Growth TrapsInvestors' error criteria can be false positives and false negatives ...


The Value of Growth

INVESTMENT PHILOSOPHY The Value of GrowthA good “growth” investor understands “s” curves, which depict the typical trajectory of growth companies ...


Honesty and transparency with investors

CURRENT TOPICS Honesty and transparency with investorsInvestors should always be able to choose the product that best suits their risk profile without having...


Navigating in uncertainty

CURRENT TOPICS Navigating in uncertaintyAt Cobas we work with wide safety margins and that gives us a great deal of peace of mind ...


How much and when to invest in equities

CURRENT TOPICS How much and when to invest in equitiesSpaniards tend to invest at the wrong time, when things have gone well and they are already very...


PER: key to prudent investment

INVESTMENT PHILOSOPHY PER: key to prudent investmentThe lower the PER of what we buy, the sooner we will recoup the investment and the higher our return. ...


The theory of the black swan

INVESTMENT PHILOSOPHY The theory of the black swanThe world has evolved and become more complicated, hindering our ability to predict rare events. ...


Factors and biases that investors should be aware of in downturns

INVESTMENT PHILOSOPHY Factors and biases that investors should be aware of in downturnsCognitive biases are alterations that occur in our minds and cause us to...


Basic considerations on collective investment

INVESTOR EXPERIENCES Basic considerations on collective investmentIf you're offered a quick and easy way to get rich, be wary. There are no magic formulas. If...


The market pendulum, opportunity or risk?

INVESTMENT PHILOSOPHY The market pendulum, opportunity or risk?Closing positions at times of utmost negativity in the market means consolidating losses at the...


Don't panic, it's time to reflect

CURRENT TOPICS Don't panic, it's time to reflectIrrationality and unjustified falls are always an opportunity to buy at very attractive prices. ...


The value, and the difficulty of being different

CURRENT TOPICS The value, and the difficulty of being differentThere are no investment philosophies better than others, but ones more suitable for us and the...


Trust and belief

CURRENT TOPICS Trust and beliefIn 2019, we welcomed 2,528 new unitholders and ended the year with over 2 billion euros under management. ...


ESG: Pleased to meet you, hope you guess my name

INVESTMENT PHILOSOPHY ESG: Pleased to meet you, hope you guess my name 28 . 01 . 2020 VERÓNICA Vieira...


Challenge 2020: put your savings to work for you

CURRENT TOPICS Challenge 2020: put your savings to work for youLet's not lose purchasing power because of inflation. ...


The best Christmas gift

CURRENT TOPICS The best Christmas giftLet's give our children something with which to tackle an ever more uncertain future and a financial education that will...


Life Energy

CURRENT TOPICS Life EnergyIndeed the oil and gas industry complex is so out of favor these days. 28 . 11 . 2019...


The huge tax advantage of pension funds

CURRENT TOPICS The huge tax advantage of pension fundsComparison of the investment in an investment fund and a pension fund, assuming that the portfolio,...


Equities is the safest and most profitable asset in the long term

CURRENT TOPICS Equities is the safest and most profitable asset in the long termBuffett: “The stock market is a device for transferring money from the...


The "revolution" of impact investment

CURRENT TOPICS The "revolution" of impact investmentGenerating a new category of companies that are self-sufficient, prosperous and beneficial for themselves...


Appraisal Masters

CURRENT TOPICS Appraisal MastersKnowing the value of the companies in which we invest allows us to be disciplined and not get carried away by emotions. ...


A personal achievement

CURRENT TOPICS A personal achievementThe market is unpredictable in the short term, but in the long term it always reflects the ability of companies to create...


Investing in listed companies with private equity criteria

CURRENT TOPICS Investing in listed companies with private equity criteriaFor an investor accustomed to buying unlisted companies, the valuations occasionally...


Welcome to Cobas AM

CURRENT TOPICS Welcome to Cobas AMQuality, empathy and transparency are the clear objectives of the Investor Relations Department 31 . 07 . 2019...


Patience

INVESTMENT PHILOSOPHY PatienceValue investors are patient when they know what they’re doing, why they’re doing it and how long it will take for their...


Know yourself before investing

CURRENT TOPICS Know yourself before investingYou need to think long and hard before investing in stocks, because there's no room for promises or guarantees ...


Investing in listed companies, the best option for my savings

CURRENT TOPICS Investing in listed companies, the best option for my savingsAlthough I've only been investing for three years, my limited experience can...


Impressions of Omaha

CURRENT TOPICS Impressions of OmahaVery good Value! 24 . 05 . 2019 PATRICIO Díez International Department at Cobas Asset Management 3 minutes ...


Comments on First Quarter 2019

LETTER FROM THE ASSET MANAGER Download report Comments on Third Quarter 2018 div.post-body > div.post-content >...


Listen to the manager and act accordingly

CURRENT TOPICS Listen to the manager and act accordinglyThe manager-investor link is not occasional but continued and reaches its maximum expression not in the...


Competitive advantages

CURRENT TOPICS Competitive advantagesThe prime exponents of investing in companies with these characteristics are Warren Buffett and Charlie Munger, considered...


From crisis to opportunity

INVESTOR EXPERIENCES From crisis to opportunityWhen I first started investing I had no idea what compound interest was. Then I saw how the money I had...


I love cycle

CURRENT TOPICS I love cycleWe can use cycles in a myriad of sectors to invest in quality businesses and assets, run by outstanding managers, at bargain prices....


Newsletter March 2019

Artificial intelligence and investment

CURRENT TOPICS Artificial intelligence and investmentDespite the technological disruptions to the asset management sector, in the world of value investing it...


Thank you for your trust!

CURRENT TOPICS Thank you for your trust!We have gone over the sharpest falls in our investments in our more than 30 years of management and we can clearly see...


Comments on Fourth Quarter 2018

LETTER FROM THE ASSET MANAGER Download report Comments on Third Quarter 2018 div.post-body > div.post-content >...


Japan and Korea, two very interesting markets

CURRENT TOPICS Japan and Korea, two very interesting marketsCobas already has two analysts in Asia to approach investments in that area ...


Newsletter January 2019

Value School, making knowledge sharing fun

INVESTMENT PHILOSOPHY Value School, making knowledge sharing funValue School, a project whose over-arching goal is to help people gain financial knowledge so...


Newsletter December 2018

Five years

INVESTOR EXPERIENCES Five yearsLife is an undulation"Montaigne" 11 · 12 · 2018 ÁNGEL Pardo Individual investor 2 minutes Montaigne made this...


Experience is the father of wisdom, and memory the mother

CURRENT TOPICS Experience is the father of wisdom, and memory the motherIt takes years to test the robustness of an investor´s investment process and risk...


Newsletter November 2018

Euphoria and panic

CURRENT TOPICS Euphoria and panicIn recent years, we have become accustomed to seeing our savings grow. But history is full of dramatic circumstances and, when...


Comments on Third Quarter 2018

LETTER FROM THE ASSET MANAGER Download report Comments on Third Quarter 2018 div.post-body > div.post-content >...


Aryzta AGM statement

Aryzta AGM statement Cobas Asset Management, Aryzta’s largest shareholder, is disappointed that a majority of the shareholders represented at the Annual General Meeting approved the capital...


Fear, a value investor's worst travelling companion

CURRENT TOPICS Fear, a value investor's worst travelling companionWhen talking investments, the dread of losses is the worst enemy of value investors. Retreat...


Additional comments to our yesterday’s statement and Aryzta’s response

Additional comments to our yesterday’s statement and Aryzta’s response Capital Structure Regarding the capital structure the company forgets the undrawn RCF. For simplicity we had used the gross...


Statement Cobas Asset Management re. Aryzta’s News Release dated October 16, 2018 and ISS’s change in recommendation

Statement Cobas Asset Management re. Aryzta’s News Release dated October 16, 2018 and ISS’s change in recommendation Cobas Asset Management (“Cobas”) is negatively surprised by the comments...


Newsletter October 2018

Cobas has asked Aryzta’s Board of Directors to call an EGM

Cobas has asked Aryzta’s Board of Directors to call an EGMMadrid, 15.10.2018 – Following the publication of Aryzta’s full year figures on October 1, 2018, Cobas Asset Management...


How I came to value investing

INVESTOR EXPERIENCES How I came to value investingA small university finance club introduced me to the philosophy of value investing, a philosophy that has...


Risk management: know when to hold them, know when to fold them…

CURRENT TOPICS Risk management: know when to hold them, know when to fold them…Rushing headlong, bluffing and going for broke do not work in the market. Only...


Saving as a reward for effort

INVESTOR EXPERIENCES Saving as a reward for effortThe excitement and effort expended by children when they practice sport can be rewarded through a scheme that...


Always take care of the shareholders

CURRENT TOPICS Always take care of the shareholdersPeter Drucker stated that the purpose of a business is “to create customers”. Our purpose at Cobas is...


Comments on Second Quarter 2018

LETTER FROM THE ASSET MANAGER Download report Comments on Second Quarter 2018In the second quarter, we have seen how funds...


Value School, a talent pool of young investors

CURRENT TOPICS Value School, a talent pool of young investors"The trouble with the world is that the stupid are cocksure and the intelligent are full of doubt"...


Investing against the consensus

CURRENT TOPICS Investing against the consensusDeviating from the investment thesis of the majority, with their convictions and prejudices, is a complicated...


The solution for my five investment mistakes: Value investing

INVESTOR EXPERIENCES The solution for my five investment mistakes: Value investingBefore I turned 35, I’d made five investment mistakes due to my lack of...


Berkshire "restaurant": Open Buffett in Value

CURRENT TOPICS Berkshire "restaurant": Open Buffett in ValueFirst, I was impressed by Zinedine Zidane. Then, I started playing basketball and moved to Ray...


Value: Uncontrolled Designation of Origin

CURRENT TOPICS Value: Uncontrolled Designation of OriginTrue value managers work full time to come up with original ideas. They look for the gold nugget, the...


Spanish funds or Luxembourg funds?

CURRENT TOPICS Spanish funds or Luxembourg funds?We investors often wonder why an asset manager offers funds subject to Luxembourg law and others subject to...


Comments on First Quarter 2018

LETTER FROM THE ASSET MANAGER Download report Comments on First Quarter 2018Following the Second Annual Conference in mid-April (you...


Newsletter April 2018

Thanks to our 22,500 shareholders

CURRENT TOPICS Thanks to our 22,500 shareholdersWe have just held our Annual Investor Conference in Madrid and Barcelona, with the attendance of more than...


“The art of knowing how to wait”, but with a positive attitude

INVESTMENT PHILOSOPHY “The art of knowing how to wait”,but with a positive attitudeThis post is especially important at this time of volatility for all...


Selection, diversification, prudence, patience and perseverance

CURRENT TOPICS Selection, diversification, prudence, patience and perseveranceSome foundations invest their assets in equity funds too. One such example is...


The importance for an Asset Management Company of having a presence in London

CURRENT TOPICS The importance for an Asset Management Company of having a presence in LondonWhy is there an American, living in London, working with...


Newsletter March 2018

Newsletter February 2018

Volatility – Mind the Gap

CURRENT TOPICS Volatility – Mind the GapVolatility has reared its ugly head again, panic (and blood) has struck wall street and Bitcoin-land. What should you...


Ingenious initiative for family savings

INVESTOR EXPERIENCES Ingenious initiative for family savingsPromoting savings in the form of long-term investment is a core principle at Cobas and there are...


Comments on Fourth Quarter 2017

LETTER FROM THE ASSET MANAGER Download report Comments on Fourth Quarter 2017Coinciding with the publication of the 2017 Third...


Newsletter January 2018

Value Investing, a work method

CURRENT TOPICS Value Investing, a work method"Investing is fun, exciting and dangerous if you don't do your homework". Peter Lynch. ...


First Cobas Asset Management anniversary letter

LETTER FROM THE ASSET MANAGER Download report First Cobas Asset Management anniversary letterDear investor, The 29th of December was...


Post from Japan: Why we invest in Asia

CURRENT TOPICS Post from Japan: Why we invest in AsiaA few weeks ago, Francisco García Paramés and Mingkun Chan travelled around Japan to meet with several...


Newsletter December 2017

A Christmas present that goes on giving

INVESTMENT PHILOSOPHY A Christmas present that goes on givingEvery year around this time we think about a gift we should ask the Three Kings to bring our...


The evolution of contrarian thinking

CURRENT TOPICS The evolution of contrarian thinking"I have known no wise people who didn't read all the time".Charlie Munger ...


Newsletter November 2017

Munger, Buffett's competitive advantage

CURRENT TOPICS Munger, Buffett's competitive advantageAnyone who has ever paid any attention to the investment world knows the legendary Warren Buffett, but...


Comments on Third Quarter 2017

LETTER FROM THE ASSET MANAGER Download report Comments on Third Quarter 2017Coinciding with the publication of the 2017 Third...


Value speak for the uninitiated

INVESTMENT PHILOSOPHY Value speak for the uninitiatedInvestors who are new to us often ask about some of the concepts that we tend to employ in our letters and...


Comments on Second Quarter 2017

LETTER FROM THE ASSET MANAGER Download report Comments on Second Quarter 2017Dear investor, Coinciding with the publication of the...


Newsletter October 2017

The journey to becoming a value investor

CURRENT TOPICS The journey to becoming a value investorOver the last twenty years, investing in stocks - both directly and indirectly - has become ever more...


Qui resistit, vincit

INVESTOR EXPERIENCES Qui resistit, vincitPerseverance, patience and commitment to an investment philosophy are the indispensable cornerstones of value...


Breaking the bank

CURRENT TOPICS Breaking the bank(Part II)In his previous article – " To be or not to be… a fortune-teller, that is the question" – Andrés Allende made...


Newsletter August 2017

Passive and/or active management

CURRENT TOPICS Passive and/or active managementThe majority of those buying and selling on the Markets are not looking for value but rather profits, which are...


The daily life of an analyst

CURRENT TOPICS The daily life of an analystBeing an analyst requires effort and perseverance so as to be well prepared, combined with an ability for continual...


Newsletter July 2017

Newsletter June 2017

Thank you for joining us

CURRENT TOPICS Thank you for joining usThe Cobas Asset Management team would like to thank over 12,000 investors who have entrusted their savings to our great...


Cobas AM and Deusto strike deal to reissue investment classics in Spanish

PRESS RELEASES Cobas AM and Deusto strike deal to reissue investment classics in SpanishThe first title, Peter Lynch's "Beating the Street", is already in...


Cobas AM launches a savings and investment book series

CURRENT TOPICS Cobas AM launches a savings and investment book seriesCobas Asset Management has struck a deal with Deusto, the publishing house, and Instituto...


To be, or not to be… a fortune teller

CURRENT TOPICS To be, or not to be…a fortune tellerThe virtuous circle of hard work at some point turned into the vicious circle of fortune telling. In many...


Cobas AM launches four funds in Luxembourg

PRESS RELEASES Cobas AM launches four funds in LuxembourgMadrid, 16 May 2017. Cobas Asset Management, the asset management firm headed by Francisco García...


Refinement

INVESTOR EXPERIENCES RefinementRefinement is the fruit of time, dedication, intelligence, a deepening of knowledge and maximum self-rigour 03 · 05 ·...


Some of my value investing experiences

INVESTOR EXPERIENCES Some of my value investing experiencesIn the spring of 1991, two friends of mine encouraged me to get on board a venture headed up by...


Paramés solo tiene tres valores españoles en su principal fondo de inversión

Paramés solo tiene tres valores españoles en su principal fondo de inversiónAfirma que el potencial es del 70%, centrado en valores europeos El nuevo proyecto de Francisco García Paramés, Cobas...

Comments on First Quarter 2017

LETTER FROM THE ASSET MANAGER Download report Comments on First Quarter 2017Coinciding with the publication of the 2017 First...


The best pension, a good investment

INVESTMENT PHILOSOPHY The best pension, a good investmentIf we don't want our retirement to depend solely on economic circumstances, political decisions, birth...


DON´T be water, my friend

CURRENT TOPICS DON´T be water, my friendAn investment philosophy must keep faith with certain immovable principles. We need to protect ourselves from our own...


Optimism and the search for opportunities

CURRENT TOPICS Optimism and the search for opportunitiesMedia noise and confusion makes it harder for us to see the bright side, which means the pursuit of...


Paramés invierte el 20% de su cartera en materias primas

Paramés invierte el 20% de su cartera en materias primasAfirma que el potencial es del 70%, centrado en valores europeos El nuevo proyecto de Francisco García Paramés, Cobas AssetManagement, ya...

Personal Message to Investors from Francisco García Paramés

LETTER FROM THE ASSET MANAGER Download report Personal Message to Investors from Francisco García ParamésDear investor, On 3...


La CNMV registra cuatro fondos de la gestora de Paramés Cobas AM

Paramés invierte el 20% de su cartera en materias primasAfirma que el potencial es del 70%, centrado en valores europeos El nuevo proyecto de Francisco García Paramés, Cobas AssetManagement, ya...

Cobas Asset Management registers four new funds with CNMV

PRESS RELEASES Cobas Asset Management registers four new funds with CNMVThe new funds are Cobas Internacional FI, Cobas Iberia FI, Cobas Grandes Compañías...


Cobas AM gets final green light from CNMV

PRESS RELEASES Cobas AM gets final green light from CNMVCobas AM will now apply for approval of four new fundsIn addition, Cobas AM will apply for final...


CNMV gives Cobas Asset Management preliminary green light

PRESS RELEASES CNMV gives Cobas Asset Management preliminary green lightCobas AM doing the paperwork to launch five fundsCobas Selección FI, which has been...


Know-how as the path to savings

INVESTMENT PHILOSOPHY Know-how as the path to savingsWelcome to our Cobas Asset Management Blog 21 · 03 ·...


Paramés asesorará un fondo antes de lanzar su propia gestora

Paramés asesorará un fondo antes de lanzar su propia gestora Como una estrella del rock que regresa a los escenarios tras dos años de silencio, sólo que hablando de compañías y políticas de...