The evolution of contrarian thinking

"I have known no wise people who didn't read all the time". Charlie Munger

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Munger, Buffett’s competitive advantage

Anyone who has ever paid any attention to the investment world knows the legendary Warren Buffett, but fewer people have heard of his partner and friend, Charlie Munger, and his major contribution regarding competitive advantages of companies.

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Value speak for the uninitiated

Investors who are new to us often ask about some of the concepts that we tend to employ in our letters and presentations. What follows are some informal definitions which should help understanding the logic behind our thinking.

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The journey to becoming a value investor

Over the last twenty years, investing in stocks - both directly and indirectly - has become ever more popular, rising fourfold. This has accompanied an increase in the range of possibilities on offer to investors.

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Qui resistit, vincit

Perseverance, patience and commitment to an investment philosophy are the indispensable cornerstones of value investing

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Breaking the bank

In his previous article – " To be or not to be… a fortune-teller, that is the question" – Andrés Allende made it very clear that in his opinion, in order to invest you do not need to guess, there is more to it than that, you need to get away from anything that is remotely similar. Now, the author offers us some key guidelines to follow to make a good investment.

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Passive and/or active management

The majority of those buying and selling on the Markets are not looking for value but rather profits, which are usually found in a cyclical and reckless manner between loss and loss. They are not looking for good businesses to buy, but rather winning tickers on which to bet.

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The daily life of an analyst

Being an analyst requires effort and perseverance so as to be well prepared, combined with an ability for continual learning and underpinned by a financial framework.

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Thank you for joining us

The Cobas Asset Management team would like to thank over 12,000 investors who have entrusted their savings to our great endeavour.

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To be, or not to be… a fortune teller

The virtuous circle of hard work at some point turned into the vicious circle of fortune telling. In many ways the toughest words in finance are “I DON´T KNOW”.

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Refinement

Refinement is the fruit of time, dedication, intelligence, a deepening of knowledge and maximum self-rigour

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Some of my value investing experiences

In the spring of 1991, two friends of mine encouraged me to get on board a venture headed up by Francisco García Paramés. Now, here I am again, with my money under Francisco's guidance, after so many years and such great returns – subject though they of course were to natural ups and downs over time.

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The best pension, a good investment

If we don't want our retirement to depend solely on economic circumstances, political decisions, birth rates or employment figures, the best option is to put our savings into a long-term investment plan

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DON´T be water, my friend

An investment philosophy must keep faith with certain immovable principles. We need to protect ourselves from our own emotions and biases.

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Optimism and the search for opportunities

Media noise and confusion makes it harder for us to see the bright side, which means the pursuit of investing becomes more complicated.

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Know-how as the path to savings

Welcome to our Cobas Asset Management Blog

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