Value blogs
If you wish you can participate in our blog.
Write us at info@cobasam.com and send us your article. If it is published in this section, you will receive a book of the Deusto Value School Investment Collection.
The value of emotions
Being familiar with and managing the emotions and impulses we all have can determine the yield we bring in as investors.
08 · 04 · 2021
Heading in a new direction
Los datos apuntan a que podemos estar ante uno de los mejores momentos para las estrategias basadas en el Value Investing.
24 · 03 · 2021
On the Death of Value
If buying good businesses at cheap prices is "Value Investing", it is not that it will never die, but it is arguably the most resilient way to invest.
11 · 03 · 2021
Young people! Let’s save!
We young people have a tough road ahead of us financially.
24 · 02 · 2021
Gamestop, shorting and optimism
Just as we buy companies that we believe are undervalued, why don't we short companies that we believe are overvalued?
17 · 02 · 2021
The biggest cash injection in our history
Buying an asset just because it is backed by a central bank purchase is not a value search at all, nor is it a secure asset.
02 · 02 · 2021
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
Being a successful investor is a full-time activity
28 · 12 · 2020
It’s about our future
The Public Pension System has a serious sustainability problem that forces us to take action on a personal level
10 · 12 · 2020
The importance of our retirement
Pension plans, far from being a strange or unknown product, are a good basis for our retirement.
27 · 11 · 2020
Investing in pension plans isn’t just for older people
Para que un árbol nos proporcione sombra hay que regarlo a lo largo de su vida para que crezca
19 · 11 · 2020
The Invisible Cost
Opportunity cost reflects the close relationship between scarcity and choice.
04 · 11 · 2020
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.
19 · 10 · 2020
Decisions, responsibility and common sense
“Welcome to the world of having to think long and hard before doing anything”
02 · 10 · 2020
Value & Growth Traps
Investors' error criteria can be false positives and false negatives
16 · 09 · 2020
The Value of Growth
A good “growth” investor understands “s” curves, which depict the typical trajectory of growth companies
01 · 09 · 2020
Honesty and transparency with investors
Investors should always be able to choose the product that best suits their risk profile without having to make a minimum investment
29 · 07 · 2020
Navigating in uncertainty
At Cobas we work with wide safety margins and that gives us a great deal of peace of mind
13 · 07 · 2020
How much and when to invest in equities
Spaniards tend to invest at the wrong time, when things have gone well and they are already very expensive, and get out when things have gone badly and they are cheap.
26 · 06 · 2020
PER: key to prudent investment
The lower the PER of what we buy, the sooner we will recoup the investment and the higher our return.
11 · 06 · 2020
The theory of the black swan
El mundo ha evolucionado y se ha complicado, dificultando la posibilidad de predecir las rarezas.
26 · 05 · 2020
Factors and biases that investors should be aware of in downturns
Cognitive biases are alterations that occur in our minds and cause us to have a distorted view of reality.
11 · 05 · 2020
Basic considerations on collective investment
Si le ofrecen hacerse rico de forma fácil y rápida, desconfíe. No existen fórmulas mágicas, si alguien la tuviera, ¿por qué iba a querer compartirla?
24 · 04 · 2020
The market pendulum, opportunity or risk?
Closing positions at times of utmost negativity in the market means consolidating losses at the worst time.
07 · 04 · 2020
Don’t panic, it’s time to reflect
Irrationality and unjustified falls are always an opportunity to buy at very attractive prices.
25 · 03 · 2020
The value, and the difficulty of being different
There are no investment philosophies better than others, but ones more suitable for us and the achieving of our goals.
09 · 03 · 2020
Trust and belief
In 2019, we welcomed 2,528 new unitholders and ended the year with over 2 billion euros under management.
19 · 02 · 2020
ESG: Pleased to meet you, hope you guess my name
These days it feels like you can’t pick up a financial newspaper without reading an article or an advert mentioning ESG, SRI or Sustainability...
28 · 01 · 2020
Challenge 2020: put your savings to work for you
Obsequiemos a nuestros hijos con algo para un futuro cada vez más incierto y con una educación financiera que les valga para toda la vida.
07 · 01 · 2020
The best Christmas gift
Let's give our children something with which to tackle an ever more uncertain future and a financial education that will be of use to them throughout their lives.
18 · 12 · 2019
Life Energy
Indeed the oil and gas industry complex is so out of favor these days.
28 · 11 · 2019
The huge tax advantage of pension funds
Comparison of the investment in an investment fund and a pension fund, assuming that the portfolio, management and fees are identical.
12 · 11 · 2019
Equities is the safest and most profitable asset in the long term
Buffett: “The stock market is a device for transferring money from the impatient to the patient”
25 · 10 · 2019
The “revolution” of impact investment
Generating a new category of companies that are self-sufficient, prosperous and beneficial for themselves and for society as a whole.
11 · 10 · 2019
Appraisal Masters
Knowing the value of the companies in which we invest allows us to be disciplined and not get carried away by emotions.
26 · 09 · 2019
A personal achievement
The market is unpredictable in the short term, but in the long term it always reflects the ability of companies to create profits
11 · 09 · 2019
Investing in listed companies with private equity criteria
Para un inversor acostumbrado a las operaciones de compra de compañías no cotizadas, las valoraciones que ocasionalmente ofrece el mercado resultan increíblemente atractivas.
26 · 08 · 2019
Welcome to Cobas AM
Quality, empathy and transparency are the clear objectives of the Investor Relations Department.
31 · 07 · 2019
Patience
Value investors are patient when they know what they’re doing, why they’re doing it and how long it will take for their investment to show a return.
12 · 07 · 2019
Know yourself before investing
You need to think long and hard before investing in stocks, because there's no room for promises or guarantees
26 · 06 · 2019
Investing in listed companies, the best option for my savings
Although I've only been investing for three years, my limited experience can perhaps serve as an example for any young people thinking of start out in investing and are not sure how to take their first steps.
10 · 06 · 2019
Listen to the manager and act accordingly
The manager-investor link is not occasional but continued and reaches its maximum expression not in the periods of bonanza, but in those of tempest.
10 · 05 · 2019
Competitive advantages
The prime exponents of investing in companies with these characteristics are Warren Buffett and Charlie Munger, considered to be two of the best asset managers in history.
24 · 04 · 2019
From crisis to opportunity
When I first started investing I had no idea what compound interest was. Then I saw how the money I had regularly invested gradually grew.
10 · 04 · 2019
I love cycle
We can use cycles in a myriad of sectors to invest in quality businesses and assets, run by outstanding managers, at bargain prices.
25 · 03 · 2019
Artificial intelligence and investment
Despite the technological disruptions to the asset management sector, in the world of value investing it will be difficult to replace an experienced manager who is able to find value in a sea of opportunities.
07 · 03 · 2019
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 that after a storm comes a calm.
18 · 02 · 2019
Japan and Korea, two very interesting markets
Cobas already has two analysts in Asia to approach investments in that area
11 · 01 · 2019
Value School, making knowledge sharing fun
Value School, a project whose over-arching goal is to help people gain financial knowledge so they can take the best saving and investment decisions, recently had celebrated first anniversary.
26 · 12 · 2018
Experience is the father of wisdom, and memory the mother
It takes years to test the robustness of an investor´s investment process and risk management
26 · 11 · 2018
Euphoria and panic
In recent years, we have become accustomed to seeing our savings grow. But history is full of dramatic circumstances and, when that time comes, it is essential that you remain faithful to your investment philosophy.
12 · 11 · 2018
Fear, a value investor’s worst travelling companion
When talking investments, the dread of losses is the worst enemy of value investors. Retreat is by no means cowardly, but it does mean the loss of a great opportunity to recoup expected returns.
25 · 10 · 2018
How I came to value investing
A small university finance club introduced me to the philosophy of value investing, a philosophy that has changed my life, and if things go well, will change the life of those around me.
10 · 10 · 2018
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 meticulous work, character (stamina and humility) and patience do.
24 · 09 · 2018
Saving as a reward for effort
The excitement and effort expended by children when they practice sport can be rewarded through a scheme that also fosters a long-term saving mindset, as shown by the author of this post.
07 · 09 · 2018
Always take care of the shareholders
Peter Drucker stated that the purpose of a business is “to create customers”. Our purpose at Cobas is not to create but rather to take care of our customers.
20 · 08 · 2018
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" - Bertrand Russell
24 · 07 · 2018
Investing against the consensus
Deviating from the investment thesis of the majority, with their convictions and prejudices, is a complicated affair. However, if we come up with contrary – yet correct – ideas, they will be cheaper and offer greater potential.
09 · 07 · 2018
The solution for my five investment mistakes: Value investing
Before I turned 35, I’d made five investment mistakes due to my lack of knowledge and failing to seek good advice, diversify and think long-term. I’m outlining my experiences here to help others avoid the same pitfalls.
21 · 06 · 2018
Berkshire “restaurant”: Open Buffett in Value
First, I was impressed by Zinedine Zidane. Then, I started playing basketball and moved to Ray Allen. Now, I'm 20 and studying Economics and Finance and my idol is, naturally, Warren Buffett.
07 · 06 · 2018
Value: Uncontrolled Designation of Origin
True value managers work full time to come up with original ideas. They look for the gold nugget, the one that's hard to spot and identify.
21 · 05 · 2018
Spanish funds or Luxembourg funds?
We investors often wonder why an asset manager offers funds subject to Luxembourg law and others subject to Spanish law. What’s the difference between them? What are the advantages of each? This post aims to answer these questions.
07 · 05 · 2018
Thanks to our 22,500 shareholders
We have just held our Annual Investor Conference in Madrid and Barcelona, with the attendance of more than 1,800 shareholders and 3,000 others following along via streaming.
23 · 04 · 2018
“The art of knowing how to wait”, but with a positive attitude
This post is especially important at this time of volatility for all those of us who are “value” investors and who have savings invested in equities.
05 · 04 · 2018
Selection, diversification, prudence, patience and perseverance
Some foundations invest their assets in equity funds too. One such example is Fundación Carmen Gandarias. Over the last 24 years, this Foundation has been able to use its yield of 489% to advance its social projects.
21 · 03 · 2018
The importance for an Asset Management Company of having a presence in London
Why is there an American, living in London, working with Madrid-based Cobas Asset Management?
07 · 03 · 2018
Volatility – Mind the Gap
Volatility has reared its ugly head again, panic (and blood) has struck wall street and Bitcoin-land. What should you do? Run? Fight? Play dead?
21 · 02 · 2018
Ingenious initiative for family savings
Promoting savings in the form of long-term investment is a core principle at Cobas and there are different ways of doing so. One of our investors tells us about an ingenious initiative he has developed to introduce the youngest members of his family to this line of thought.
01 · 02 · 2018
Value Investing, a work method
"Investing is fun, exciting and dangerous if you don't do your homework". Peter Lynch.
15 · 01 · 2018
Post from Japan: Why we invest in Asia
A few weeks ago, Francisco García Paramés and Mingkun Chan travelled around Japan to meet with several companies and investors in the country. As a result, in this post Mingkun explains why Cobas Asset Management invests in Asia, and what benefits it gives us to have a personal presence in that continent to thoroughly analyse their markets.
02 · 01 · 2018
A Christmas present that goes on giving
Every year around this time we think about a gift we should ask the Three Kings to bring our children which they'll be able to enjoy for a long time and that's also useful. Some time ago I opted for a long-term value investment for my daughters. They didn't understand it at first and called me a weirdo, but now they're more and more grateful with each passing day.
15 · 12 · 2017
The evolution of contrarian thinking
"I have known no wise people who didn't read all the time". Charlie Munger
04 · 12 · 2017
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.
16 · 11 · 2017
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.
02 · 11 · 2017
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.
15 · 10 · 2017
Qui resistit, vincit
Perseverance, patience and commitment to an investment philosophy are the indispensable cornerstones of value investing
01 · 10 · 2017
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.
15 · 09 · 2017
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.
01 · 09 · 2017
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.
14 · 08 · 2017
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.
13 · 07 · 2017
Cobas AM launches a savings and investment book series
Cobas Asset Management ha alcanzado un acuerdo con la editorial Deusto para financiar una parte de la traducción y publicación en castellano de libros considerados importantes en el mundo de la inversión y del ahorro.
07 · 06 · 2017
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”.
23 · 05 · 2017
Refinement
Refinement is the fruit of time, dedication, intelligence, a deepening of knowledge and maximum self-rigour
03 · 05 · 2017
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.
03 · 05 · 2017
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
18 · 04 · 2017
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.
04 · 04 · 2017
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.
21 · 03 · 2017

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