Horos Asset Management 3Q18 Commentary: Value Stocks In Spain

Horos Asset Management commentary for the third quarter ended September 30, 2018. Q4 hedge fund letters, conference, scoops etc Dear co-investor, This month, we continue with the series of quarterly communications started last July (read letter). If in the last letter we devoted an extensive part to explaining what it is for us to be a value investor, on this occasion we would like to delve deeper into the concept of a “safety margin” and, more specifically, into two situations that substantially increase it: convexity and optionality. In addition, we will review the most noteworthy movements in the portfolios of…