Too quiet? In our Q2-2023 letter we talk about the (self-inflicted?) challenge facing central banks to control inflation. Meanwhile, the market looks elsewhere and, with retail investor support, it is historically the most concentrated ever with dizzyingly high valuations. This is an extreme environment that could be very positive for…
Our letter for Q1-2023.
An article by our analyst Alirio Sendrea, CFA, published in elEconomista, regarding inflation. View article
Presentation by our analyst Javier Echevarria during the MOI Global event Best Ideas. VIEW ARTICLE
An article by our analyst Alirio Sendrea, CFA, published in elEconomista, offering an analysis of the implications of goodwill for investors, beyond mere accounting.
The importance of valuation. In our Q4-2022 letter we review the results of our investment vehicles and the markets in 2022 as a whole, with a special focus on the end of the year and our main defense against the uncertainties of the new year: invest rationally whilst paying attention…
Review of the book "7 Mistakes Every Investor Makes, and How to Avoid Them" written by our analyst Alirio Sendrea, CFA, and published in elEconomista. Text only available in Spanish.
Paradigm Shift . In our Q3 2022 letter we talk about inflation, which so many considered dead and then finally arrived, or was accepted, because it had been roaming freely for over a year. We address the impact on the markets, the forced return -at the worst possible moment- to…
Presentation by our analyst Alirio Sendrea, CFA, during the MOI Global event Best Ideas. VIEW ARTICLE
An article by our analyst Alirio Sendrea, CFA, published in Cinco Días, warning about the potential consequences of the European policy of persecution of the still necessary oil industry. Text only available in Spanish.
Our letter for Q2-2022.
Our letter for Q1-2022.
A review written by our analyst Alirio Sendrea - CFA, on the second edition of the book "Value Investing: From Graham to Buffet and Beyond", published in elEconomista.
In our Q4-2021 letter, we talk about inflation and some curiosities in 2021, such as the record sale of shares by executives and founders of large listed companies, who seem to suffer from the syndrome suffered by the captain of the Costa Concordia, while retailers borrow more than ever to…
Our partner Javier Echevarría gave a presentation at the event Best Ideas 2022, organized by MOI Global, the exclusive international community of value investors. Our investment thesis regarded Applus+, a Spanish company that is among the world leaders in the TIC sector.
Our letter for Q3-2021.
Our analyst Alirio Sendrea - CFA, gave a presentation at the European Investment Summit 2021, an event organized by MOI Global, the exclusive international community of value investors. Our investment thesis regarded Euronav, the world's leading crude oil transport company.
Our analyst Alirio Sendrea - CFA, summarises our observations, analysis and conclusions regarding different risk factors recently present in the financial markets.
Interview with our partner and investment manager, Javier Echevarría, where he deals with different market-related current affairs, with focus on the oil and gas sectors and electricity prices. View interview (available only in Spanish)
Our letter for Q2-2021, where we share our point of view on the inflation debate and we go further in our analysis on the current market’s situation. Download
Interview to our analyst Alirio Sendrea, CFA, who taught a course on Value Investing to EADA Business School’s participants of the International Master in Finance. View interview here.
Our letter for Q1-2021.
A review written by our analyst Alirio Sendrea - CFA, on the book "Capital Returns" by Edward Chancellor, published in the digital magazine Inversión a Fondo from elEconomista.
Our letter for Q4-2020.
Our partner Javier Echevarría gave a presentation at the event Best Ideas 2021, organized by MOI Global, the exclusive international community of value investors. Our investment thesis regarded the O&G sector and, specifically, Repsol, the leading integrated oil company in the Spanish market.
A review written by our analyst Alirio Sendrea - CFA, on the book "The Manual of Ideas" by John Mihaljevic, published in the digital magazine Inversión a Fondo from elEconomista.
Our letter for Q3-2020, where we comment on some noteworthy divergences we witness in the financial markets.
The Manual of Ideas (MOI) has published an interview with our analyst Alirio Sendrea, CFA, in a special issue in which several Spanish-speaking investors comment on investment opportunities and risks in recent weeks. In the interview, Alirio reviews our investment theses in Anheuser-Bush InBev (the world's largest brewer), IWG (the…
Our letter for Q2-2020, where we comment on some noteworthy divergences we witness in the financial markets.
The world financial markets have ended the first quarter of the year with strong general decreases due to the impact that the coronavirus will have on the world economy, and we have been no exception. Available in Spanish.
Hoping that our co-investors, friends and their families find themselves in the best possible state of health, we share this letter in which we explain our perspective and action in the current situation caused by COVID-19. We continue to look to the future with optimism, as together we will succeed.…
Our partner Javier Echevarría has presented in Best Ideas our investment thesis on Gestamp, a Spanish family business, and supplier of parts for the main automobile brands, with a global presence. Its business is little affected by structural changes in the industry, and even benefited from them. We consider the…
Our Analyst Alirio Sendrea, CFA has shared with MOI Global our view on current developments and the cycle dynamics of the Oil Tanker Industry. Read summary
Our Analyst Alirio Sendrea, CFA has presented in Best Ideas en Español our investment thesis in Unicaja, a well-managed bank, with significant hidden value. Read Summary
Alirio Sendrea, Head of Research, in collaboration with Invexcel’s team, has shared with MOI Global a summary of several investment ideas in Spanish companies. Read summary.
Our CIO, Javier Echevarría, has participated as an instructor at Best Ideas 2018, a MOI Global event, presenting a deep analysis of one of our investment ideas, the Irish cider and beer company C&C Group.
Alirio Sendrea, CFA, member of Invexcel Patrimonio’s team has been interviewed by MOI Global (Spanish version only).
José María López de Letona, President of Invexcel and Vice-President of the Círculo de Empresarios, shares an analysis based on objective data on Corruption in Spain. Published in Expansión. May 3, 2017.
José María López de Letona, President of Invexcel and Vice-President of the Círculo de Empresarios, writes on the occasion of the fortieth anniversary of the Círculo de Empresarios, an organization that has dedicated great efforts to contribute to the development of Spain. Published in ABC. April 9, 2017. [minti_button link="http://circulodeempresarios.org/sala-de-prensa/espana-circulo-la-corona/"…
Interview to our advisor Alirio Sendrea, CFA, opening a new section dedicated to asset managers and advisors in Spain on La Vuelta al Gráfico blog, published in Rankia last Sunday January 29, 2017.
Our President reflects on the role of medium-sized enterprises in favor of the Spanish economy and society. December 2, 2015.
José María López de Letona, President of Invexcel writes in Expansion about legal certainty and stability in our country. December 22, 2015.Expansión 21 de diciembre de 2015.
Our President, José María López de Letona, analyzed in an article published in the Spanish newspaper ABC, the myths that, as a result of ignorance or demagogy, certain political parties have spread on SICAVs, leaving aside their real value for Spanish savers. December 22, 2015. [minti_button link="http://circulodeempresarios.org/es/blog/entrada/seguridad-juridica-y-demagogia-el-mito-de-las-sicavs" size="small" target="_blank" lightbox="false"…
José María López de Letona, President of Invexcel and Vice-President of the Círculo de Empresarios, calls for an effective reform of the Spanish educational system to prevent young people failing to integrate in the labor market being then attracted by populist promises. Published in Expansión. May 5, 2016. [minti_button link="http://invexcel.com/wp-content/uploads/2016/05/Articulo-Jose-Maria-Lopez-de-Letona-Expansion-05-05-2016-Nacional-Op....pdf"…
Jesus Sainz, Secretary General of the Círculo de Empresarios, reflects on the economic costs of the secessionist approach of a territory through the example of Quebec, Canada. December 28, 2015.
We recommend Fernando del Pino Calvo-Sotelo’s analysis as to how some countries are on their way out from the crisis. December 10, 2015.
Interesting opinions by Fernando del Pino Calvo-Sotelo on our "welfare state". December 2, 2015".