We believe patience is the most important skill an investor can have along with time, not timing.
The name Mundoval is derived from the Spanish words mundo and valor, which mean world and value. More than one-half of the world’s stock market capitalization is located outside of the United States and international stock markets have historically performed independently of the United States and one another over time. Investing globally provides a greater number of opportunities to select from and the potential to reduce risk and enhance rates of return through the ownership of businesses throughout the world.
The Mundoval Fund adheres to a value oriented investment philosophy by investing in businesses throughout the world that are believed to be selling at less than our estimate of their worth or intrinsic value. We believe that buying businesses at a discount may provide for a “margin of safety” against the risk of further price declines and loss of principal. First and foremost, we are business owners not speculators. The fund is typically invested in no more than 30 businesses because we believe that concentration limits the portfolio to our best ideas and has a more meaningful impact on our results once the market recognizes intrinsic business value.
Thank you for your interest in and continued support of the Mundoval Fund.
Arthur Q. Johnson, CFA