The craft of investing

Economic rebound still and concerns about inflation and monetary policy. In the markets, the growth of the stock markets, the decorrelation between fixed and variable income and the valuation risks in shares stand out.

Once again, the Spanish stock market regains its allure for investors. In 2023, it obtained higher returns than the main European indices, with better relative results for the second year in a row.

We begin fiscal year 2024 with divergences regarding growth in the large economic areas. Even so, the good data at the end of the year have favored a continuation of optimism in the markets.

EDM Strategy’s superior performance, relative to the index, is attributable to having, once again, avoided grave stock-picking errors.

These 2023 markets have refocused on company fundamentals.

Investing in top-quality companies with a long-term horizon proves a profitable strategy, enabling us to obtain very good returns in 2023.

Charlie T. Munger is the key person to understand the evolution of Buffett's investment style.

As 2023 draws to a close, we see the importance of adhering to a sustained, long-term investment style; and don't get carried away by emotions.

October data confirms inflation is easing in both the US and the European Union: welcome news.

The fund’s portfolio consists of very strong, established companies with high credit ratings.

We remain confident that our selection of quality shares will achieve sufficient asset appreciation to beat inflation.

The book is a wonderful resource for both small savers and experienced managers.