by Cobas Asset Management | 30/01/2025 06:07 AM | Blog
♻️ Denise is a vertically integrated metal recycling company involved in collecting, processing, and selling recycled metals.
🛡️ The company benefits from regulatory support and high barriers to entry, making it difficult for competitors to emerge.
💰 Denise generates cash throughout the economic cycle and has a strong balance sheet.
✅ The management team is considered sensible and effective, with a founder still heavily involved as the main shareholder.
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by Cobas Asset Management | 27/01/2025 09:00 AM | SPY
🇺🇸 The S&P 500 includes the 500 largest companies in the United States since 1957.
📈 It has provided an average annual return of over 10% since its inception.
💰 The real average annual return, adjusted for inflation, is between 7% and 8%.
✅ It reflects the overall performance of the U.S. stock market.
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by Cobas Asset Management | 27/01/2025 09:00 AM | Blog
🇪🇸 The IBEX 35 includes the 35 most important companies in Spain since 1992.
📈 Its average annual return exceeds 8.7%.
💰 After subtracting the average annual inflation of around 2.7%, the real average annual return is 6%.
✅ It represents the performance of the Spanish stock market.
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by Cobas Asset Management | 27/01/2025 09:00 AM | Blog
🌍 The MSCI World index includes large and mid-cap stocks from developed markets globally.
📈 Since its inception in 1986, it has shown an average annual return of 8.65%.
💰 After adjusting for inflation, the real return is approximately 6%.
✅ It serves as a benchmark for global equity performance.
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by Cobas Asset Management | 20/01/2025 09:00 AM | Bonds
⚠️ Bond values decrease when interest rates rise due to new bonds offering higher yields.
📈 Conversely, bond values increase when interest rates fall, making older bonds with higher coupons more attractive.
💰 Investors often prefer newer bonds with higher returns when central banks increase interest rates.
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