Cartas trimestrales

Show me the incentives and I will show you the outcome.  Charlie Munger, 1995   If I had more time, I would have written a shorter letter. Blaise Pascal     Adjunto pueden leer el INFORME DE GESTION 1º TRIMESTRE 2026 Atentamente Christian Freischütz Ennos Value EAF, S.L. (#228 CNMV)

In economics, things take longer to happen than you think they will, and then they happen faster than you thought they could. Rudiger Dornbusch   The idea that the market is always right is crazy.  Howard Marks   The limiting factor for AI is electricity. You can’t build the compute

Even the mighty God would get fired as an Active Investor! Mr. Wes Gray, Alpha Architect     Know what you want to accomplish and focus on the process rather than the outcome. Nick Saban, coach University of Alabama football team   Adjunto pueden leer el INFORME DE GESTION 3º

Stability is a global public good that must be provided. It is not a naturally occurring equilibrium. Charles Kindleberger   Hay que comprar cuando suenan los cañones y vender cuando suenan las trompetas. Barón Nathan Rothschild (1777-1836)   Don’t try to buy at the bottom and sell at the top.

As a rule, panics do not destroy capital, they merely reveal the extent to which it has previously been destroyed by its betrayal into hopelessly unproductive works. Edward Chancellor For decades prudence was a virtue in asset management, these days it is a liability. Bob Elliot There is nothing wrong

What gives you opportunities is other people doing dumb things. Warren Buffett Information cannot serve as an effective substitute for thinking. Bernard M. Baruch There are old investors and there are bold investors, but there are no old & bold investors. Howard Marks   Adjunto pueden leer el INFORME DE