Quarterly letter 3Q21
"Taking the time to understand why a company’s stock is trading at half of its value is a more strictly defined task with a smaller margin of error and is therefore a more profitable one. This is what we do at Azvalor to protect and enhance the savings of our co-investors."Read it here
Value investing: rewarding confidence (Expansion)
Although we have always told our clients that patience is the key to profitability, this advice must be tempered. [...] Perhaps profitability has less to do with patience than it does with confidence". Fernando Bernad and Álvaro Guzmán de Lázaro's article published in Expansión (Sept 4, 2021).Read full article
The spirit of the companyTo develop our true vocation as long-term investors, applying fundamental criteria and common sense to our valuations, studying each of our investments in depth and making decisions independently, all with the aim of aligning the interests of our co-investors with our own.
With experience, professionalism and total dedication, we invest our clients’ savings as well as our own, in quality companies led by honest and capable business people, enabling us to increase our purchasing power over time.
Another key part of our mission is the desire, through our work, to give back to society what we have so generously been given.
We invest in real assetsAt Azvalor we invest in real assets, not in stock tickers. We invest in quality companies with good businesses and sustainable competitive advantages, led by capable and honest management teams that have shareholders’ best interests at heart, and whose intrinsic value is not reflected in their stock price.
Patience means more than the ability to wait.
It means knowing what to do while you wait. A well-managed investment is a marathon, not a sprint. Driven by conviction and perseverance. With the stamina to perform over the long term. With level heads that mark us out from the rest, our value investing approach refuses to deviate when faced with the ups and downs that are inevitable on the path to profit. The reward lies in knowing and demonstrating that the results of an investment are gathered in time.