• Two Decades of Finding European Value, Alvro Guzman de Lazaro, Bestinver Asset Management

Plain Vanilla investors.  Incorporated in 1987.  3 fund managers and 3 analysts. $e6 billion AUM.  Focused on returns not volumes AUM. We do not know how short.  We do not use derivatives.  We are not activists.  Very good investment track record.


Companies with – High and sustainable ROCE businesses.  Good ability and opportunity set to invest cash

Good Price- family owned, long term projects, geography, unnoticed by market, asset organization

Austrian Concepts – Markets are never in equilibrium, human behavior, growth is based on division of labor via productivity and savings to finance it.  Worried about inflation.   Euphoria/Panic, Non-predictable consequences in stocks

Time – Patience, psychological preparation and COMMON SENSE.

China’s economic growth is sustainable.  It will help drive growth across the world.  Chinese growth is being driven by savings vs. just credit.  Debt to GDP is low.

Europe is less efficient that USA

Idea:  Past is able to define the future.

EXOR – Holding company located in Italy.  The stock trades at a large discount to the sum of its parts. The individual assets also trade at a discount to a reasonably conservative estimate of value. Agnelli Family are also founders of Fiat. 200% projected upside by Bestinver, 100% upside given by market



Special discount for our  followers, October 4th, 2012  New York City value Investing congress: Save $2,200 Code: N12VW1 Expiration: 6/5/12  VIC Landing Page