We are Value Investors
The only investment strategy that puts grounds, risk of loss and margin of safety in the heart of the process is created by Graham & Dodd. So we believe that this philosophy, based on the purchase of company shares to valuations attractive, together with a long-term view, is the most consistently and averse to risk obtaining good absolute returns.
Focus & Long term
Our sole focus is to build a concentrated portfolio of high quality business, with valuations attractive – the public and private markets.
We employ a value investment strategy with the main objective to monetize, patiently, the capital in the long run.
Flexibility & Independent thinking
independent thinking and, in often, contrary nature. This means that we avoid fashion investments and exorbitant prices. Frequently, We have positions that make many people uncomfortable. Consequently, terms flexibility is crucial to take advantage of the best opportunities, of any size or sector, regardless of market conditions. We are always willing to sacrifice growth in assets under management in exchange for consistency, bargains, and an investor base that shares the same investment philosophy.
We are businesses analysts, no financial analysts
We are dedicated to understand business models and fundamentals, and not financial models as does much of the market . We dedicate resources to learn how a business works, how it makes money and, You are protected from competition. We have pride in creating cash flow models discounted complex.
We focus on understanding where the foundations will not narratives
We want to be a shareholder of companies whose free cash generation potential will tend to be much higher five years ahead and which would be happy to be shareholders if the stock market were to remain closed during this time, regardless of whether the narratives and market consensus are exciting. Besides that, large companies can become bad investments if the entry price is not suitable.
How would Ben Graham the market is there to serve us, and not the other way
We give up potential opportunities where we can not understand how a business works or if it does not meet our minimum return estimates.
We eat the same dish
Just as we like to invest in teams of executives who have skin in the game, we invest our resources in the same vehicles and business of our co-investors.