Excellent Translation


Francisco García Paramés, Álvaro Guzman de Lázaro and Fernando Bernad of Spain’s Bestinver Asset Management describe how they value beaten-down cyclicals, why they don’t invest too far from home, the “two layers of undervaluation” they see in holding companies, and why they see mispriced value in BMW, Repsol, Alba, Cofide and Esprinet. 

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