Value Spain 2019


4th April 2019

5th April 2019

Best Voted Ideas

In 2019 the audience voted for these speakers:

oroDaniel Abrahams –


PlataLuis Urquijo – Quálitas Aseguradora


BronceAndrés Allende – Samsung Electronics


Born in 1977 in Madrid, Andrés took a degree in business administration at his home city’s Universidad Complutense. He started his career in 2001 at Credit Suisse in Madrid. He later worked as portfolio manager for traditional and long/short funds in Madrid, Zürich, London and Edinburgh, with Credit Suisse, RAB Capital, Allianz Global Investors and Standard Life Investments. A keen tennis player and deerstalker, he likes to read widely and in depth, and finds his greatest enjoyment in family life.

Diogo Pimentel, CFA, is a follower of the value philosophy. Before joining Magallanes Value Investors he held positions of portfolio manager and analyst at BPI AM and Santander AM where he worked closely with Iván Martín. Diogo is an electrical and computer engineer by the Instituto Superior Técnico of the University of Lisbon, Portugal. He holds the Chartered Financial Analyst (CFA) certification and was voted Best Portfolio Manager 2013 and 2014 by the Deloitte IRG awards.

Stuart is the Managing Partner and CIO of S. W. Mitchell Capital and the Investment Manager of two funds; the S. W. Mitchell European Fund and the SWMC European Fund, as well as a number of managed accounts. Prior to founding SWMC in 2005, Stuart was a Principal, Director and Head of Specialist Equities at J O Hambro Investment Management (JOHIM, now Waverton Investment Management). At JOHIM he set up and managed the Charlemagne Fund, a long/short European fund, and the JOHIM European Fund, a long only European fund. The JOHIM European Fund rose by 133%, from inception in December 1998 until March 2005, compared with 8% for the benchmark index. It was rated number one within its sector by Micropal as well as awarded three stars by Standard & Poor’s.

Upon leaving university in 1987, Stuart joined Morgan Grenfell Asset Management (MGAM) and soon afterwards assumed responsibility for managing the continental European equity assets for MGAM’s British pension fund clients. Stuart was appointed a Director of MGAM in 1996. He subsequently took on the role of Head of European Equities and was responsible for $27 billion of equity assets. Whilst at MGAM he managed the Morgan Grenfell European Fund, which rose by 123% from January 1990 to June 1996, compared with 85% for the benchmark index. It was awarded first place in its sector in the Micropal Five Year awards in 1996. Stuart was born in Scotland and educated at the University of St. Andrews, where he read Medieval History. He is also a graduate of the Owner/ President Management programme at Harvard Business School. Stuart speaks English and French.

Daniel Abrahams is the Managing Partner at Alfreton Capital, where he invests in businesses alongside a group of long term co-investors. Daniel and team established Alfreton Capital in 2015 after spinning out from their previous firm, where Daniel had been a partner at launch in 2007. Earlier in his career, he worked in M&A at Deutsche Bank and he began his career at Arthur Andersen. 

He is a former co-chair of the Value Investing Special Interest Group of the UK CFA Society and he holds a Masters from the University of Oxford, where he graduated with First Class Honours in Economics and Management. 

Mr. Burguet is Portfolio Manager at Marlowe Capital and Research Associate at the Systemic Risk Centre of the London School of Economics. Marlowe Capital is a niche investor in the global banking sector following a fundamental approach in a macroeconomic context.

Mr. Burguet has previous equity research experience focused on the banking sector in London. Before starting his finance career at Societe Generale CIB in 2008, he completed the International MBA at the Instituto de Empresa, Madrid. On the Academic side, his fields of research specialisation at the Systemic Risk Centre are global banks equities, monetary economics, macroeconomy, boom and bust processes and financial history.

His interests outside his professional life include literature, running and cultural travel. Mr. Burguet earned a National Literature Award in Spanish language in 1993 awarded by Alfaguara Publishing House.

Thierry Flecchia, 57, is the founder of PREVAL, a Luxembourg based asset management company where he manages a global equity fund (PREVAL WORLD WINNERS). Previously, he founded Flinvest and served as its president from 2003 until 2013. During that time, he co-managed Entrepreneurs, the European equity fund ranked number 1 in the European Equities Flex Cap category over a 10-year period (as of end of 2013).

Thierry is a graduate of HEC, holds a law degree and is a member of the French Society of Financial Analysts. He began his career at the Paribas group as a private equity fund manager for Paribas Affaires Industrielles (now PAI Partners). He joined the Oddo group in 1995 as a mid-cap fund manager and co-managed the funds Oddo Avenir (and Oddo Europe Mid-Caps). Both funds were ranked in top decile during his tenure.

Massimo is Founder and CIO of Bayes Investments, which acts as advisor to the Made in Italy Fund, a Luxembourg mutual fund entirely dedicated to Italian small caps.

Massimo started his portfolio management career in 1988 at JP Morgan Investment Management in London. He left JPMIM in 1999 to become Chief Investment Officer and Director General at Sanpaolo IMI Asset Management in Milan, where in 2000 he became Chief Executive Officer. He left the company in 2001 to start Horatius, an investment advisory and later asset management company in Milan. In 2012 Massimo left Horatius and went back to London, where in 2014 he founded Bayes Investments. Massimo graduated in Economics at LUISS in Rome and holds a Master’s Degree (M.Phil.) and a Doctorate (D.Phil.) in Economics from the University of Oxford. In 2012 he started the Bayes blog at, which has acquired popularity in the Value Investing community.

Charles co-manages the Kennox Strategic Value Fund with Geoff Legg. He has 25 years’ experience in global stock markets. Charles began his career with Brockhouse & Cooper in Montreal, Canada, becoming a CFA charter holder in 1995. In 1997, Charles joined the Emerging Markets and Asia Pac Ex Japan team at First State Investments (called Stewart Ivory at the time) and worked as a key member of this team before leaving to start a focused, independent, global value investment management company – Kennox.

David Kessler, is a Senior Asociate with Robotti & Company Advisors, LLC. Prior to joining Robotti & Company, David was a Research Analyst Consultant with Aquamarine Capital. He also held portfolio management roles with Rochdale Investment Management and Morgan Stanley, David received an MBA from Columbia Business School and was a member of Columbia’s Applied Value Investing Program.  As an MBA student, David co-launched Columbia’s first student-run investment newsletter, “Graham & Doddsville.” He also gained valuable experience as a summer intern with Ruane, Cunniff & Goldfarb (Sequoia Fund). David graduated from the University of Maryland with a B.S. in Finance and Marketing.

Francisco López Posadas is the Chief Investment Officer and Founder of LIFT Investment Advisors and has over 19 years of experience investing in public financial markets. LIFT Investment Advisors investment approach combines value investing principles with the team experience and the disciplined decision-taking process used in Private Equity.

Before establishing LIFT Investment Advisors, Francisco spent over 8 years working in leading Private Equity firms such as Investindustrial, Permira and Demeter Partners getting involved in more than 30 corporate transactions and worked closely with management teams of their portfolio companies.

Francisco holds an MBA from NYU Stern School of Business and a Bachelor degree in Business Administration from Universidad de Valladolid. He speaks English, Spanish and French.

Julián Pascual is President at Buy&Hold Asset Management, he began his career as an analyst at Morgan Stanley in 1997 and moved to Deutsche Bank in 1999 where he stayed until 2004. In 2003 he was voted second best Spanish analyst by “Institutional Investor “. Since 2004 he was an independent manager of a Family Office advising several SICAV and is currently member of the Board of Directors of companies in different sectors.

Julian graduated in Philosophy from the University of Navarra and won the Special Graduation Award. He also graduated in Law from the UNED and holds a MBA from IESE.

After working for DWS Investments and Credit Suisse, he joined Metagestión at the beginning of 2007 as an analyst and co-manager. In 2012 he became CIO until May 2018, when he joined Horos Asset Management as CIO and Partner. Javier holds a degree in Economics from the University of Salamanca and a Master’s Degree in Finance from the Pontifical University of Comillas (ICADE). In addition, he holds the title of Chartered Financial Analyst since June 2011 and is a professor of the “Master in Value Investing and Cycle Theory” at the Center for Advanced Studies OMMA and the “Title of Expert in Stock Exchange” of the University of Alicante. A voracious reader and a great basketball fan, Javier, along with his team, has managed to place the funds he has managed at the top of the 5-year profitability ranking.

Christian Ryther founded Curreen Capital in June 2013. He has been passionate about investing since he read Peter Lynch’s “Beating the Street” in his early teens. He loves hunting for unexpectedly beautiful businesses, and competing with the entire world in an endlessly shifting environment.

Like many investors, Christian earned his MBA at the Columbia Business School and went through its value investing program. Unlike many investors, Christian was a Peace Corps Volunteer in Morocco.

Christian also runs, a lot. He ran the Boston Marathon in under three hours before embracing ultramarathons. It took more than 25 hours through 90 degree heat, but he earned second place in the Black Hills 100 mile race.

Ole Søeberg has more than 30 years investment experience. 15 years at investment banks Carnegie and Alfred Berg as analyst, sales and fund manager. Afterwards Ole was for years Investor Relations in TDC  and Tryg Insurance with the latter including the investment committee, followed by 6 years CIO and fund manager in Skagen Funds, Norway.

Aditionally, Ole brings 20 years Board experience in family trusts and 9 years as a Board member in Carnegie World Wide AM and Skagen Funds, before joining operations in 2011. Since 2017 he is an independent investor and advisor and opened the Advice Capital Vision Fund (Danish FSA regulated) in late 2018.

Recently he was appointed Chairman of the Danish Shareholders Association in 2019 – a non-profit organization with 13.000 active investors founded in 1984.

Born in 1980, he is a  portfolio manager with over 15 years of experience. Javier’s investment approach at Fimarge is long-term, value-based and focused, ideally looking for great and asset-light businesses with high returns on capital employed.  He also likes under-researched and unloved companies, typically controlled by families under which capital allocation tend to be highly conservative and broadly in line with shareholders interest. He holds a Master’s Degree in Financial Markets from the University of Barcelona and a Diploma in Business Administration from the Autonoma’s University of Barcelona. In addition, he holds the Certified International Investment Analyst (CIIA) certification, having also participated as professor and speaker at different masters and financial events. He joined Fimarge in 2008 as Senior Equity Analyst and Portfolio Manager, co-running Investment Funds and managed accounts through blend strategies in which fixed income and corporates approach tend to be similar to what he looks for in equities. Before joining Fimarge, he worked at Renta 4 Banco as Portfolio Manager. 

Luis Urquijo CEO at Muza Gestión de Activos SGIIC, an independent value oriented Asset Management firm based in Madrid. His financial expertise spans over 20 years having worked as equity analyst and portfolio manager. In 2010, he became CIO of La Muza Inversiones SICAV, a 20 year old “long-only” fund with some €170 of AUM with compound returns above 10%. The SICAV invests globally with a “Value” approach.
He holds an Executive MBA from IESE, a Master Degree in Finance from Instituto de Empresa and attended the Value Investing Course at University of Nebraska and a Value Investing Program from the Ben Graham Center.

He has been Speaker in different investment seminars like Trani´s Value Investing Seminar and Value Spain.

Throughout his career he has been linked to portfolio management and analysis of listed companies, both Spanish and European, always under the philosophy of “value creation”. Recently, he has set up the Asset Management firm, Augustus Capital. Since October 2013, he has been exclusively dedicated to the commercialization and management of Lierde, a directional open-ended investment fund with family origin. Previously (from 2007 to 2013) he was member of the management team of Augustus fund and Augustus Neutral Plus, a total return fund. During 2002-2007, he worked as Investment Manager in Ibercaja Gestión, with over Mn 1,300 EUR in assets under management. Currently he is co-founder of Augustus Capital AM.

Carlos holds a bachelor´s degree in Business Administration Management  from the University of Zaragoza and a master’s degree in finance by the ICMA Centre, University of Reading, United Kingdom. 

Mr. Vanderveer is a Managing Partner of Vanshap Capital and currently serves on the Board of Directors of Detrex Corporation, one of the Fund’s largest holdings. Vanshap Capital is a deep value, globally oriented investment management firm, minority owned by Markel Corporation. Vanshap employs a research-intensive process to identify businesses run by disciplined management teams trading at low multiples of tangible book value or cash earnings. Prior to launching Vanshap, Mr. Vanderveer was an analyst at deep value manager, Aegis Financial Corporation.

Mr. Vanderveer is a graduate of The George Washington University, where he earned a Bachelor of Business Administration degree, with a concentration in finance.

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