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.


Illustration: Daniel Gete

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

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Illustration: Daniel Gete

Navigating in uncertainty

At Cobas we work with wide safety margins and that gives us a great deal of peace of mind

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Illustration: Daniel Gete

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.

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Illustration: Daniel Gete

Don’t panic, it’s time to reflect

Irrationality and unjustified falls are always an opportunity to buy at very attractive prices.

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Illustration: Daniel Gete

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.

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Illustration: Daniel Gete

Trust and belief

In 2019, we welcomed 2,528 new unitholders and ended the year with over 2 billion euros under management.

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Ilustración: Daniel Gete

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.

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Illustration: Daniel Gete

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.

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Illustration: Daniel Gete

Life Energy

Indeed the oil and gas industry complex is so out of favor these days.

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Illustration: Daniel Gete

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.

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Illustration: Daniel Gete

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”

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Illustration: Daniel Gete

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.

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Illustration: Daniel Gete

Appraisal Masters

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

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Illustration: Daniel Gete

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

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Illustration: Daniel Gete

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.

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Illustration: Daniel Gete

Welcome to Cobas AM

Quality, empathy and transparency are the clear objectives of the Investor Relations Department.

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Illustration: Daniel Gete

Know yourself before investing

You need to think long and hard before investing in stocks, because there's no room for promises or guarantees

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Illustration: Daniel Gete

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.

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Illustration: Daniel Gete

Impressions of Omaha

Very good Value!

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Illustration: Daniel Gete

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.

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Illustration: Daniel Gete

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.

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Illustration: Daniel Gete

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.

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Illustration: Iván Mata

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.

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Illustration: Iván Mata

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.

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Illustration: Iván Mata

Japan and Korea, two very interesting markets

Cobas already has two analysts in Asia to approach investments in that area

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Illustration: Iván Mata

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

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Illustration: Iván Mata

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.

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Illustration: Iván Mata

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.

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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

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

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

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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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

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

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

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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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.

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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

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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