Tips by Francisco García Paramés

We've found over the years that European markets are much less efficient than those in the U.S. Right now we have less than 5% of our portfolio in the...
I once heard someone say that for every 2X kilometers you are away from where you are investing, you should divide the quality of your assessment in...
Holding companies are particularly interesting now because for some odd reason the discounts to the sum of the parts usually increase in bad markets,...
Tags: value, companies
We rarely use discounted cash flow to calculate target prices. We just don't think it's worth the effort except for very stable businesses such as...
In probably 90% of the cases we use 15x as our target multiple of normalized free cash flow. That has been the average for American stocks over the...
We're avid followers of the Austrian school economists, who have done an excellent job of explaining economic cycles and how the expansion of credit...