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Horos Asset Management Letters & Research Archive

Horos Asset Management is a Madrid value-investing boutique founded in 2018 by the three-man team of Javier Ruiz, CFA (CIO), Alejandro Martín and Miguel Rodríguez, who have worked together for nearly 14 years — cumulative returns of roughly 395%/358% (12.3%/11.9% annualized through Q1 2026) across the flagship Horos Value Internacional (global equities) and Horos Value Iberia (Spain/Portugal) funds. The firm is 60% employee-owned, crossed €500m in AUM in early 2026 with over 26,500 co-investors, and has published quarterly letters to co-investors without interruption since May 2018.

31 pieces · 2018–2026 · updated every Monday

2026

04-22Letter to our co-investors 1Q26In the first quarter of 2026, the overall market only dipped slightly (S&P 500 -4.4%), but beneath the surface, sectors diverged sharply — energy stocks soared nearly 40% while software and IT consult…→01-14Letter to our Co-investors 4Q25A top-performing Spanish fund manager warns that the 2025 rally in US stocks and gold is a red flag. They say US markets are overvalued, especially AI companies with no products getting billion-dollar…→

2025

10-14Letter to our Co-investors 3Q25This report warns that US tech giants are pouring enormous amounts into AI, with spending rivaling national budgets. The author compares it to the 1999 dot-com bubble, saying valuations are unsustaina…→08-05Letter to our Co-investors 2Q25This report looks at how global stocks bounced back quickly in mid-2025 after a big drop, even though the economy had problems like high debt and rising credit card defaults. Why? Because regular inve…→04-23Letter to our Co-investors 1Q25This letter from an investment firm explains why global markets fell in early 2025, mainly due to US tariffs (import taxes) and a shock from Chinese AI company DeepSeek, which made a powerful model fo…→01-09Letter to our co-investors 4T24This investment letter warns that the US stock market is like the late 1990s dot-com bubble, with a few big companies at sky-high prices. The authors see many investors chasing trends instead of funda…→

2024

10-29Letter to our co-investors 3Q24This report explains why Asian markets saw extreme swings in 2024—Japan's worst crash since 1987 and Hong Kong's biggest weekly rally in two decades. The root cause: too many investors using the same…→08-06Letter to our co-investors 2Q24This report warns against blindly chasing the AI-driven tech rally. The authors argue it's unsustainable because markets are not 'normal' (extreme crashes happen more often than models predict). The k…→05-09Letter to our co-investors 1Q24This letter from Horos Asset Management tackles the debate between active funds (where managers pick stocks) and passive index funds (which automatically track the market). Data shows most active fund…→01-29Letter to our co-investors 4Q23This article explains how 2023 turned from a terrible year for markets into a surprisingly good one, but warns of hidden risks. Tech stocks drove most of the gains, but many are overpriced. Meanwhile,…→

2023

10-09Letter to our co-investors 3Q23This letter explains how investors are crowding into tech stocks, creating a bubble-like pattern, while ignoring markets like Spain and China where bargains exist. The author warns that our brains are…→07-25Letter to our co-investors 2Q23This article explains how tech stocks, especially the 'Magnificent Seven' (big US tech firms like Apple, Microsoft), surged in early 2023 driven by AI hype (e.g., ChatGPT). But the author warns this l…→04-23Letter to our co-investors 1Q23This report explains why Silicon Valley Bank, Signature Bank, and Credit Suisse collapsed in early 2023. The author argues that rising interest rates were just the trigger; the real problem is banks'…→01-17Letter to our co-investors 4Q22This is a letter from Horos Asset Management to its investors for Q4 2022. The main idea: central bank interest rate hikes were the key driver of market losses last year, causing almost all assets (st…→

2022

10-27Letter to our co-investors 3Q22This letter from a fund manager explains why market panics can be good opportunities, even though their funds lost money (7-13%) in 2022. The author shares hard lessons from past crises: buying bank s…→07-29Letter to our co-investors 2Q22This report explains that value investing isn't just about buying stocks and holding them forever. It's about actively managing your portfolio—selling stocks that have run up and buying cheaper ones,…→05-05Letter to our co-investors 1Q22This report covers the messy start of 2022: China's slowing economy, the Russia-Ukraine war, and central banks raising interest rates. Despite all this, the authors argue that chaos creates opportunit…→01-31Letter to our co-investors 4Q21This report argues the energy crisis isn't temporary—it's caused by underinvestment in fossil fuels due to a rushed green transition, leading to volatile prices. The author shows that buying undervalu…→

2021

10-26Letter to our co-investors 3Q21This report explains China's intense regulation since late 2020, which hit tech, education, and real estate stocks hard—Alibaba lost over 50%, and some tutoring firms dropped 70% in two days. The auth…→07-22Letter to our co-investors 2Q21This report explains why value investing often underperforms in the short term to deliver big returns over the long haul. It shows that most top-performing funds had periods of 1–3 years of poor resul…→04-13Letter to our co-investors 1Q21This report explains why value investing is so hard to stick with. After the COVID vaccine news in late 2020, the market flipped: smaller, riskier stocks suddenly beat big safe ones. The author's fund…→01-13Letter to our co-investors 4Q20This report explains that commodities like copper and oil are in a 'pessimistic' phase—prices are low, investment is scarce, but a rebound may be ahead. For regular investors, it suggests buying when…→

2020

10-25Letter to our co-investors 3Q20This report says that in 2020, money flooded into big companies like Microsoft and PayPal, pushing their stocks too high—Microsoft rose 60% to 34 times free cash flow, PayPal over 100% to 42 times. Th…→07-08Letter to our co-investors 2Q20This report explains how Horos fund navigated the stock market chaos after COVID-19. Their key idea is using 'upside potential' (an estimate of how much stocks might rise) as a compass, not short-term…→04-02Letter to our co-investors 1Q20This is a letter from Horos Asset Management to investors in April 2020, during the COVID-19 market crash. The fund lost over 30%, but instead of panicking, they bought more of beaten-down stocks like…→01-27Letter to our co-investors 4Q19This report argues that investors can't stick to old rules like 'avoid tech stocks.' Technology is changing so fast that even Warren Buffett bought Apple, and Charlie Munger regrets missing Google. It…→

2019

10-16Letter to our co-investors 3Q19This report explains how in 2019, investors piled into 'safe' big companies like Procter & Gamble and Nestlé, pushing their stock prices way up even though their profits barely grew. Meanwhile, cyclic…→07-16Letter to our co-investors 2Q19This report explains that fear is driving investors to pile into 'safe' big-name stocks, making them overpriced, while many small and cyclical companies are sold off to crisis-level lows. The author a…→04-25Letter to our co-investors 1Q19This report explains why AerCap, the world's largest airplane leasing company, is a good investment. AerCap buys planes from Boeing and Airbus, then leases them to airlines. The report argues that eve…→01-16Annual letter to our co-investors 4Q18This is a letter from Horos Asset Management to its investors, focusing on learning from mistakes. The key idea: judge investments by the quality of your decision-making, not just whether you made or…→

2018

10-23Letter to our co-investors 3Q18This letter explains that you don't need to take big risks to make good returns. The key idea is 'margin of safety'—buying assets with a big cushion so you won't lose much if you're wrong. The author…→