7/28/2019 Value Investors: Francisco Garca Params

1/4

Vhbug Ldvgst`rs9 Frhdjlsj` Ohrjh Uhrhks 8

Vhbug Ldvgst`rs9 Frhdjlsj` Ohrjh Uhrhks

Frhdjlsj` Ohrjh Uhrhks9 Gb ldvgrs`r agja` h s klsk`.

ugs mlgd, Uhrhks d` gs dl ks dl kgd`s qug gb JL@(Jalgf Ldvgstkgdt @ffljgr) cg

Mgstldvgr, gs cgjlr, gb clrgjt`r cg ldvgrsl`dgs cg bh sumslclhrlh cgb j`dob`kgrhc` Hjjl`dh.Gd bh flrkh cgscg 8

7/28/2019 Value Investors: Francisco Garca Params

2/4

Vhbug Ldvgst`rs9 Frhdjlsj` Ohrjh Uhrhks =

\h clrlolgdc` gbp`rtf`bl cg bh j`kphh p`r s s`b` j`d gb mgdgpbjlt` y bh t`thb j`dflhdzh cg bh

fhklblh Gdtrgjhdhbgs, Uhrhks puc` p`dgr sus prldjlpl`s cg ldvgrsld h trhmhihr y jgdtrhrsg gd gb

bhro` pbhz`. Zhmh qug cgmh j`dstrulr ud mugdtrhjn rgj`rc(alst`rlhb cg ldvgrsl`dgs) phrh p`cgr

hs j`dstrulr hbo` kuja` ks orhdcg. Gs p`r gbb` qug hj`dsgih h bh ogdtg i`vgd gkpgzhr h ldvgrtlr

b` hdtgs p`slmbg, yh qug "sl bh boljh cg ldvgrsld gs sgdshth y gb alst`rlhb gs hjgpthmbg, sgrsrgj`d`jlc` j`d gb tlgkp`".

D` ldvgrtlr gd mhdj`schch bh "clfljubthc phrh gdtgdcgr gb dgo`jl` y gvhbuhr b`s hjtlv`s", hs

j`k` d` ushr hphbhdjhklgdt` yh qug "juhbqulgr j`sh pugcg lr khb", s`d c`s cg bhs bgjjl`dgs qug

hprgdcl gd sus ldljl`s j`k` ldvgrs`r j`kprhdc` hjjl`dgs cg Hjgrld`x y Zhdthdcgr. "B` qug

rghbkgdtg lkp`rth d` gs ahjgrsg rlj` pr`dt`, sld` pr`tgogrsg j`dtrh bhs prclchs, gdtgdclgdc`

qug gb iugo` cg bh ldvgrsld sg mhsh gd bh jhblchc y bh s`stgdlmlblchc". U`r gbb`, udh cg bhs bgjjl`dgs

ks vhbl`shs qug d`s hp`rth gs bh cg d` j`kprhr dgo`jl`s s`bhkgdtg p`rqug sghd mhrht`s, sld`

musjhr dgo`jl`s mugd`s. Wd dgo`jl` mhrht` pugcg "khthrtg", pgr` ud` mugd` dudjh b` ahr.

Gd 8

7/28/2019 Value Investors: Francisco Garca Params

3/4

Vhbug Ldvgst`rs9 Frhdjlsj` Ohrjh Uhrhks :

gkpbghc` (t`thb hjtlv` kgd`s phslv`s j`rrlgdtgs) hyuch h gdtgdcgr gb khrj j`kpgtltlv` gdtrg

gkprgshs y cgsjumrlr vgdthihs j`kpgtltlvhs. Ugsg h d` tgdgr udh jlfrh lcghb, yh qug vhrh cg h` h

h` y cg j`kphlh h j`kphh, Uhrhks rgj`d`jg qug ud ]`Jg p`r gdjlkh cg =5%sgrh mhsthdtg

mugd`.

Hudqug d` clrgjthkgdtg rgbhjl`dhc` j`d su jhrrgrh j`k` ldvgrs`r, ud hjjlcgdtg cg hvldgdKhrz` cg =556 tuv` ud pr`fudc` gfgjt` s`mrg Frhdjlsj` Ohrjh Uhrhks. V`bhdc` h Uhkpb`dh

phrh rgudlrsg j`d ud ldvgrs`r, gb hvld gd gb qug v`bhmh ja`j j`dtrh udh k`dthh y sg gstrgbb. Gb

j`plb`t` y gb clrgjt`r hckldlstrhtlv` cg Mgstldvgr j`d gb qug vlhihmh, kurlgr`d gd gb hjt` y b`s

cgks phshigr`s fugr`d orhvgkgdtg agrlc`s. Zlgdc` Uhrhks gb dlj` jhphz cg hdchr, rgj`rrl bh

k`dthh curhdtg udh a`rh gd musjh cg hyuch. Gstg hjjlcgdtg bg gdsg` qug thdt` gd bh vlch j`k`

gd bhs ldvgrsl`dgs, bh gsgdjlh cg b`s sgrgs aukhd`s gs gb ldstldt` cg supgrvlvgdjlh.

"Bh vgdthih j`kpgtltlvh cg Mgstldvgr gs su a`rlz`dtg cg ldvgrsld h bhro` pbhz`, pgr` d`

rgflrldc`d`s h : ` 3 h`s, sld` h =5 ` :5 h`s vlsth". "Hboudhs ogst`rhs cg bhro` pbhz` khrjhd ud

pgrl`c` cg tgdgdjlh cg hjjl`dgs cg : ` 3 h`s, klgdtrhs qug d`s`tr`s p`cgk`s gsthr ahsth 85h`s j`kprhdc` udh hjjld". Gsth jhrhjtgrstljh clfgrgdjlhc`rh gs bh qug ah pgrkltlc` h Mgstldvgr

`mtgdgr ud`s rgt`rd`s gspgjthjubhrgs gd gb bhro` pbhz`, xlt` qug alz` h Uhrhks dgjgslthr cg

j`bhm`rhc`rgs. Gd =55: sg ldj`rp`r bvhr` Ouzkd cg Bzhr` Khtg`s, y gd =556 fugFgrdhdc`

Mgrdhc Khrrhsgqulgd sg udl hb gqulp` gd su msqugch cg vhb`r. Hcgks, rgjlgdtgkgdtg

j`dtrhthr`d h ud hdhblsth Shlwhds, qug gst sltuhc` gd Jaldh y bgs pr`p`rjl`dh ldf`rkhjld ld

sltuphrh ud khy`r j`d`jlklgdt` cgb j`dtldgdtg hsltlj`. B`s yh ks cg 85 f`dc`s cg Mgstldvgr,

gstd mhshc`s gd dljhkgdtg c`s jhrtgrhs cg hjjl`dgs9bh jhrtgrh ob`mhb y bh jhrtgrh lmrljh. S`c`s

b`s f`dc`s s`d j`kmldhjl`dgs cg gsths hjjl`dgs f`rkhdc` pr`cujt`s hcgjuhc`s h bhs clstldths

dgjgslchcgs cg b`s jblgdtgs.

Gd j`dtrhstg cg b` qug pugch phrgjgr, bh r`thjldcg bhs hjjl`dgs cg sus f`dc`s gs kuy hbth, pgr`

d` cgmlc` h jhkml`s gd bhs gbgjjl`dgs cg ldvgrsld, sld` h bh gv`bujld cg bhs klskhs

hjjl`dgs. J`kprhd y vgdcgd frgjugdtgkgdtg, pgr` slgkprg bhs klskhs hjjl`dgs. Gsth

kgt`c`b`oh sg mhsh gd qug sl udh hjjld yh ah sumlc` ud =5% ` :5%, gs ud =5% ` :5% kgd`s

htrhjtlvh phrh gbb`s, y p`r gs` cgjlcgd rgcujlr su pgs` gd bh jhrtgrh phrh crsgb` h `trhs qug

t`chvh jugdthd j`d khy`r p`tgdjlhb.

"Bh khy`r shtlsfhjjld sg ch juhdc` gdjugdtrhs udh ldvgrsld qug gst ldfrhvhb`rhch. Juhdc`

gdjugdtrhs udh `p`rtudlchc cg gstg tlp`, h kgduc` plgds` qug d` pugcg sgr p`slmbg. Klr` `trh

vgz, y sl gs rghbkgdtg jlgrth, kg slgdt` thd gxjlthc` j`k` sl aumlgrh gdj`dtrhc` ud tgs`r`, bh

hbgorh qug sg slgdtg d` sg pugcg cgsjrlmlr". Gb xlt` cg Mgstldvgr gs gb xlt` cg Frhdjlsj` Ohrjh

Uhrhks. b ah k`strhc` gb jhkld` cg jk` ud ogst`r pugcg hp`rthr vhb`r hhclc`(hbfh) h ud

f`dc` cg ldvgrsld. Ah k`strhc` qug udh flrkh ldcgpgdclgdtg pugcg supgrhr h bh ldfbhjld, h bh

rgdthmlblchc cg b`s m`d`s cgb Gsthc`, hb rgt`rd` cgb dcljg cg rgfgrgdjlh g ldjbus` h bh khy`rh cg bh

mhdjhrlzhch ldcustrlh cg f`dc`s gur`pgh.

7/28/2019 Value Investors: Francisco Garca Params

4/4

Vhbug Ldvgst`rs9 Frhdjlsj` Ohrjh Uhrhks 3

Gsth lbusld y phsld qug b tlgdg phrh ldvgstlohr y hdhblzhr gd musjh cg tgs`r`s pgrclc`s, gs bh qug

qulgrg trhdskltlr h sus c`s ali`s y trgs alihs, "sl d` b`s gdjugdtrhs, hud hs pugcgs clsfruthr cgb

vlhig, pgr` sl b` ahjgs, ahmrs cgsjumlgrt` gb vgrchcgr` vhb`r cg bh vlch"

Hrtur` Mhbbgstgr