Illustration: Iván Mata

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.

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Illustration: Iván Mata

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.

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Illustration: Iván Mata

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.

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Illustration: Iván Mata

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.

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Illustration: Iván Mata

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

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Ilustration: Iván Mata

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.

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Ilustration: Iván Mata

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.

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Ilustration: Iván Mata

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.

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Ilustration: Iván Mata

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.

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Ilustration: Iván Mata

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.

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Ilustration: Iván Mata

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.

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Ilustration: Iván Mata

“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.

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Ilustration: Iván Mata

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.

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Ilustration: Iván Mata

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?

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Ilustration: Iván Mata

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?

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Ilustration: Iván Mata

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.

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Illustration: Iván Mata

Value Investing, a work method

"Investing is fun, exciting and dangerous if you don't do your homework". Peter Lynch.

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Illustration: Iván Mata

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.

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Illustration: Iván Mata

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.

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Illustration: Iván Mata

The evolution of contrarian thinking

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

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Illustration: Iván Mata

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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Illustration: Iván Mata

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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Illustration: Iván Mata

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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Illustration: Iván Mata

Qui resistit, vincit

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

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Illustration: Iván Mata

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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Illustration: Iván Mata

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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Illustration: Iván Mata

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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Illustration: Iván Mata

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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Illustration: Iván Mata

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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Illustration: Iván Mata

Refinement

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

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Illustration: Iván Mata

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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Illustration: Iván Mata

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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Illustration: Iván Mata

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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Illustration: Iván Mata

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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