Javier Gazulla, gives his opinion on Value Management in the magazine Inversión & Finanzas.
It states that a value manager has to be an individual manager or at most a small group of managers who have been particularly well integrated for many years. Because it is very difficult to share with synergies the extensive knowledge that this type of investment requires. For this reason, a value manager can not “follow” or know by heart more than 50 – 100 shares, and consequently doubt those with portfolios whose exposures are less than 4 percent. So, Javier points out, he is not totally convinced that this company is cheap and good.
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