Once again, I bring you an interview with one of those value managers that I like so much. Today it is the turn of Fernando Bernad, one of the managers who remain for the moment in value investingOf another investment strategy?
Outstanding phrases from the interview with Fernando Bernad
I would like to highlight the following phrases from Fernando Bernad during the interview:
"Value investing tries to select a series of companies that fundamentally combine two things: good business and inexpensive."
"The market is not efficient in the short term."
"Value investing consists of taking advantage of those short-term inefficiencies to invest in the long term, assuming that in the long term the market ends up recognizing the merit of the companies."
“A good business is one that generates a good return on the capital invested in the business. Point."
"In a competitive market, extraordinary returns tend to dilute."
"A good company trading at 10, 11 and even 12 times profit which is very good still seems like a reasonable valuation."
"Perhaps we could have foreseen that company debt was going to become a kind of plague to be completely avoided and that credit was going to practically disappear."
"To the investor in spare time I would tell him to first honestly ask himself if he has time because it is necessary to dedicate himself to the analysis of companies in a circle of competition that he can find."