(Ep.46) The Acquirers Podcast: Jose Ivan Garcia – Value Zone, Quantitative Value Investing In Spain And Europe

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In this episode of The Acquirer’s Podcast Tobias chats with Jose Ivan Garcia. He’s the founder and one of the partners in Zona Value. During the interview Ivan provided some great insights into:

  • Back-Testing The Performance Of The Magic Formula And The Acquirer’s Multiple
  • Paco Paramés – The European Warren Buffett
  • Value Investing In Spain
  • Finding Deep Value Investing Opportunities In Europe
  • Discovering Value Opportunities In The Technology Space
  • The Zona Value Club Of Investors
  • Special Offer For Subscribers Of The Acquirers Podcast

You can find out more about Tobias’ podcast here – The Acquirers Podcast. You can also listen to the podcast on your favorite podcast platforms here:

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Full Transcript

Tobias Carlisle: Hi, I’m Tobias Carlisle. This is The Acquirers Podcast. My special guest today is Jose Ivan Garcia. He’s the founder and one of the partners in Zona Value in Madrid, sorry, in Valencia, in Spain. Last time I caught up with Ivan we were in Madrid. I’ll be talking to him right after this.

Speaker 2: Tobias Carlisle is the founder and principal of Acquirers Funds. For regulatory reasons, he will not discuss any of the acquirers funds on this podcast. All opinions expressed by podcast participants are solely their own, and do not reflect the opinions of Acquirers Funds or affiliates. For more information, visit acquirersfunds.com.

Tobias Carlisle: Hi Ivan, how are you?

Jose Ivan Garcia: Hey, very good Toby. Excellent.

Tobias Carlisle: For folks in the US and around the world who don’t know about the Zona Value, can you please describe for me what it is?

Jose Ivan Garcia: Yes, for sure. Zona Value is a club of investors that we, because over the last years we have been involved in the research, that idea about research, academia, many things related with studying what we can do in the markets. So we also manage a few fans. We have consultant companies. So we wanted to create a club where people could use our knowledge and knowledge from another people out of the club, and we developed also tools for people to be the chance of backtesting strategies, screening a universe of stocks just in order to try to apply what they can learn from white papers, bots like yours for instance, and many things.

Jose Ivan Garcia: The idea is that in Spain, in Latin America, there are a lot of people that they are not way familiar with screenings, with this kind of possibility that we all have. And we wanted to develop that in a useful and simple way to be applied.

Tobias Carlisle: So Zona Value is, you manage four funds, you have a website tool that has a screener and a back tester built on some research, you published the Spanish translation of my Deep Value book just recently, which is why I was in Madrid, and you often have fund managers coming in and you interview them for your podcast.

Tobias Carlisle: So let’s start with the funds. What are the four funds and what’s the focus?

Jose Ivan Garcia: The idea is that we have a consultant company also. So through this company, we advise people and then we manage four funds. Two of them are funds our funds, and then another one is a technological one, and the other one is European equity normal one, European equity, the investments in that one. Those are products that we offer through our consultant company. And then, it’s true that through the club, we have many content that we can manage from our consultant company. So we can bring content for the users of the club. As you mentioned, we interview many great investors from Spain or abroad in order to fill up the club with great content regarding investments or philosophy, or many things in regards to investments. That’s the idea.

Jose Ivan Garcia: As funds, we use the vehicles to bring people, the people that want to invest with us through the consultant company, we could offer them a simple way to do it through the fund. Anyways, there are a lot of people that they prefer just managing themselves, so we can advise them how to do it depending on what they want. So that’s the idea.

Jose Ivan Garcia: And the funds, especially the technological one, well, it’s not going very good now, that’s the real thing. The European equity fund is truly good, I think. We see that in Europe, we can find a pretty good value now because, for instance in the US market, the expensiest one, very likely now, and in Europe, or emerging markets we can find value. So this one particularly is going pretty good. And the other ones are global portfolios managed through another funds. So we have different portfolios, and then for our clients, it’s quite interesting to build a portfolio with different funds through only one fund. So that’s the idea, especially for our clients.

Tobias Carlisle: Right. So the European fund, that’s a Value fund.

Jose Ivan Garcia: Well, yeah. It’s a Value fund, exactly. We have a part of the fund that we can invest in other places. So we invest also one little part in the United States and another places, but especially we have a lot of investments in European. That’s the idea.

Tobias Carlisle: So when I was in Spain, I understand that value investing communities is just getting started, just reaching critical mass. What is the value investing like in Spain?

Jose Ivan Garcia: Well, this is a great question. Well, I think now maybe it’s something that happens everywhere. I don’t know. But value is quite simple. You want to buy something way cheap, and that the real worth is a higher than that. So that’s the simple idea. But because of that; because it’s something simple, a lot of people use that kind of a mark to say, “Okay, I’m a value investor, so my fund is a fund that we use value investing.” Yeah, that’s true. But they are blending many factors. They are blending many ideas at a time: quality, size, they are blending maybe a value or maybe growth. It doesn’t matter. So they can say that this is a value fund because it’s what they happen to use to sell, but actually the real thing is if you study the managers do, actually maybe they are focused on growth or something like that.

Jose Ivan Garcia: So, in here I think value investment is a mark. It’s something that is not what it used to be. And so many of the independent managers, they say that they use this style and, okay, this is true in one part, but they’re actually using many things at a time. I think that’s the real thing.

Jose Ivan Garcia: For us, value means buying things really, really undervalued. And then at a time, okay, maybe you can use some quality or some other thing, but just behind the first screen, the first filter, if you don’t look for really cheap stocks, maybe you are not doing value. But anyways, this is a manner of speak. So I don’t know.

Tobias Carlisle: You’ve built a tool for screening for stocks in Europe, and it includes a US component as well. Do you want to demonstrate that tool now?

Jose Ivan Garcia: Yes, that’s okay. For sure. Let’s do it. It’s a good idea.

Jose Ivan Garcia: Look, I’m going to share the screen with you, and then through the camera you will see the website. Actually we had an idea for you and for your audience that, if your audience want to use this screen or this backtesting tool, they can use it with a very, very great discount. I’ll tell you later on, okay?

Jose Ivan Garcia: This is the home. We have many things here. Of course this is in Spanish, so this is not going to be worthy for your audience, but if we go to tools. Notice I’m going quite slow.

Jose Ivan Garcia: So for instance here, what we have is a backtesting tool and a screening tool. I think this could be very interesting for your audience, especially because your audience understands pretty good what the Aquarius Multiple is for instance, I take it. So now we are going to try to demonstrate what happens, for instance, when you study such strategy in different countries, and if you blend the markets on such a thing for instance. In this case we can test, I think from 30 years, something like that. We are going to use 15 years. For instance, we are going to check-

Tobias Carlisle: And that’s every market that you’ve just clicked there, [Marketoros 00:10:32].

Jose Ivan Garcia: Exactly. Marketoros means every market. So now everything is clicked. So we can study German, Austria, United States, Spain, France … many, many markets. Now, if we mark every single sector also, and for instance we are going to study, we’re going to play a little bit before. For instance, we could test the magic formula in a way that is for us, I think is what makes sense. And then we’ll see what happens if we confer the magic formula.

Tobias Carlisle: So what you’re doing just for folks who are listening, you’ve selected return on invested capital and EV/EBIT, and you’re going to backtest from 2004 to 2018, in all the developed European markets and the US and in every sector.

Jose Ivan Garcia: In Canada also, exactly.

Tobias Carlisle: And Canada as well.

Jose Ivan Garcia: And Canada, exactly. So why? In this case we are going to follow this magic formula. Magic formula is Joel Greenblatt’s formula, and he tried to explain how to look for high quality companies at a very, very low price. So we are just using the same ratios he was explaining to all of us.

Jose Ivan Garcia: So in this case, we are going to use also a minimum market cap above 50 million as he says, for instance in The Little Book That Beats the Market. So now we are going to test this. Now I’m going to explain also the way it works, because this is not exactly the way Joel Greenblatt explained the magic formula. In [inaudible 00:12:26] also, when you read many papers, you can read for instance, Joseph Piotroski paper, or if you like, for instance, AQR. Cliff Asness explains many things and they study many things, but very often, the problem is that this kind of papers happen to analyze the first decile or the first quintile, something like that. So if you have a very, very big universe of stocks, that study shows their performance, backtesting of course, the performance that that strategy has achieved by choosing the first decile for instance. So it means many, many, many stocks.

Jose Ivan Garcia: That’s not real. That’s not we do actually when we invest. We don’t invest in maybe 500 stocks. So this backtest is meant to study the top 100, and then if you use another ratio, what it does is this tool sort out again the top 100 stocks by using the second ratio, for instance. And if you use only one ratio, it is going to take into account only the first 30 stocks as you did in your book. Only 30 stocks, that is something that is close to real, close to something that you can do.

Jose Ivan Garcia: So this is what we want it to do, and this is what it does. In this case, for instance, we have, every single year, so the portfolios formed every single year in this case, 30 stocks per year, and the profitability of the magic formula is 15%.

Tobias Carlisle: So the compound annual growth rate is 15.05% and volatility 29.5 rounding. So sharp ratio is 0.5, Sortino ratio is 0.39, so those are all good. Those are good metrics. So it’s done very well. You want to run just the Acquirer’s Multiple there?

Jose Ivan Garcia: Of course. Now, what we’re going to do is we’re going to test just the Acquirer’s Multiple by itself. The same universe of stocks, same sectors, everything all the same, but we are going to use, instead of the magic formula, we’re going to use only the Acquirer’s Multiple.

Tobias Carlisle: And that was 30 holdings before?

Jose Ivan Garcia: Exactly. 30.

Tobias Carlisle: Which is a pretty close approximation to a real portfolio. That’s the number that I recommend.

Jose Ivan Garcia: Yeah, that’s the idea. This is what we thought because there are many other tools that you can use, but the problem is that they can’t sort by using two ratios at a time. This is not normal. And you can use conditions, additional conditions, but if you want to sort the ranking by using only one ratio or two ratios, many of the tools that you can find out there, they allowed you to use only one ratio. In this case now we are going to use one, but in the previous one we were using two.

Jose Ivan Garcia: So now in this case, we have chosen the Acquirer’s Multiple, and-

Tobias Carlisle: Did you select all the sectors there?

Jose Ivan Garcia: Yeah. I think it goes anyways, if you don’t select any one but anyways, done, just in case. And then we are going to use-

Tobias Carlisle: Some $50 million market cap cutoff.

Jose Ivan Garcia: Exactly. Let’s see, Toby, if it works. We’ll see.

Jose Ivan Garcia: Okay. I think it’s everything is done.

Tobias Carlisle: I gave a seminar when I was in Madrid, and we had about 20, 25 people in the room. And you ran this test and I was a little bit nervous before we ran it because it’s only 15 years, and I know how the magic formula and the Acquirer’s Multiple, were performed the last 10. But then in addition to that, it’s in an unusual universe because it’s combining the US, Canada and Europe. So anything could happen. So I was a little bit nervous, but now I know, that because we prepared this one earlier. I do know about it. I do know this is a good outcome.

Jose Ivan Garcia: This is the good outcome, yeah, exactly. We have it here. So in this case, it looks like the compound profitability and annual profitability is much better in this case.

Tobias Carlisle: So the compound annual growth rates, 19.1% for using just the Acquirer’s Multiple and you get a little bit more volatility at 33.4, sharp ratio gets up to 57.57, Sortino ratio is at 0.42 so it’s a better raw performance and a better risk adjusted performance, which is what I always say. Thanks very much for demonstrating that, Ivan.

Jose Ivan Garcia: No, my pleasure, man. My pleasure.

Tobias Carlisle: I’m so glad it worked out.

Jose Ivan Garcia: It works out. That’s a good thing. But the important thing for your audiences that in this case, I think, they can study. That was her idea when we developed all of this, because the data is pretty simple. If you can study what is happening, look, in this case, 2004 for instance to 2018, so you can have the portfolios, you can have the metrics. I don’t know in this case for instance, if we go in so we can study the metrics, there are many metrics around the analysis. So I think it’s a good tool for …

Tobias Carlisle: So what your tool allows people to do is they can click on each year and they can see the portfolio of stocks that was selected and the ratios for those stocks and why they were selected.

Jose Ivan Garcia: Exactly. That’s the idea. So I think in this case, when it comes to invest, what I find is that a lot of people have many problems because they don’t quite understand what they’re doing. So you can copy another manager’s, or you can try to analyze many companies, maybe you use the companies that you can read in social media, that you can find in newspapers, whatever, so you have a pretty tiny universe of stocks to invest. If you want to go through different strategy, you want to open little bit your mind and you want to try to look for value where no one looks, that’s the idea, is you got to use these kind of tools.

Jose Ivan Garcia: And of course if you want to do that, you need a good tool, you got to study before what you are going to do. You’re going to understand properly the ratios that you are using, why are you choosing those ratios and how to combine them, and what type of company you are going to find by using these kind of screeners. And then when you have them, of course you can go further if you want and try to analyze a little bit deeper every single stock. But I think it’s quite important to look for companies that no one is just taking care of them. And this is, from where I’m sitting, a great tool to use, of course, this kind of screening.

Tobias Carlisle: Yeah, I agree. I think it’s a fantastic tool. Spain has a very famous value investor, Paco Paramés. How would you explain his strategy?

Jose Ivan Garcia: Paramés is a great investor. He’s a great investor. This is a real thing. Over the last, maybe 25 years, he’s been demonstrating a great, great, great capability to make money. And he was managing a fund that is called Bestinver, and at the beginning of his career, maybe the first 15 years, something like that, he was a very deep value investor, very, very deep value investor.

Jose Ivan Garcia: And then there’s a moment in his life, when he, this is quite interesting because it’s something that you are going to like, I guess, he met Joel Greenblatt specifically. And then he was walking, he tells the story, he was walking in New York over there, strolling over there and he came up with a library, and he bought The Little Book That Beats the Market. And just by reading that book, he decided to use the quality factor one way or another. So he’s not using a quantitative approach. No. So he’s analyzing every single company. But anyways, the point is that he was adding to his approach the return on capital to evaluate the quality of the companies.

Jose Ivan Garcia: From then on, he was making a lot of money, of course, it was five, eight years originally that he was making a lot of money, and then what happened is that he decided to quit the job in Bestinver and he went to UK, he stayed there two years, I think, three years. And then he came back and he built his own asset management company.

Jose Ivan Garcia: The problem is that, I don’t know, this is only my guess, but the, what I see is that that approach, the minute he started to use that approach, there were few years that it was working pretty good. But then it started to underperform, underperform, underperform, underperform. And then now it’s over the last two years, it’s working pretty bad, actually. What I see now when I study his portfolios is that he’s now, but now just recently looking for really, really, really cheap stocks again.

Jose Ivan Garcia: So I think he has gone again through deep, deep value. But the point is that he’s still saying that he likes high quality companies and very cheap. This is what I meant before. That actually he’s saying the same speech. But actually the real thing is that you study the portfolio in this portfolio is a very, very, very a undervalued company with no quality at all.

Jose Ivan Garcia: So I think he’s looking for, very likely from now on, because the last two years was pretty bad for him, this mean reversion effect. Very likely expecting something like that, for the next years coming.

Tobias Carlisle: That’s my impression too, that the portfolio right now is very much deep value portfolio with out of favor cyclicals so he holds, I think he’s got some energy and he’s got some steel, and I think that he’s preparing for more of an upswing in value, whereas I think the last few years that have been very difficult for pure value. You’ve done better if you’ve had more of an exposure to more growth or more return on invested capital.

Tobias Carlisle: So how did you become interested in value investing? What was the path for you?

Jose Ivan Garcia: Well, it was a rough path, very likely. I think so. I think in this case I have to thank my associate, Lorenzo. I’m going to tell a little bit about the story. At the beginning I was working in a consultant company also, this is 20 years ago, and I was working there maybe, I think eight years or something like that, and I didn’t like what happened there. That’s the real thing. It was a consultant company, but they were taking care for their profits and not exactly their ability to get the clients making money, so it was complicated for me, because I wanted to do the right thing, and this market is complicated. You can find a lot of people that they are not doing right.

Jose Ivan Garcia: So, I decided to quit that company. It was a big decision because I studied from the scratch and I ended up managing the company. So in that point, when I got that point was just the moment when I say, “Okay, I quit.” Because I could do it in that moment, that was the point. I could do it in that moment. I wanted to change everything and I tried to do my best to get just till the top. And then, when I was there, I wanted to change everything, but I couldn’t. I wasn’t allowed to do it. So I decided, “Okay, I’m going to quit.”

Jose Ivan Garcia: So I quit. And then my dear friend and associate Lorenzo Serratosa, we were practicing Aikido, it’s a martial art over the last, I don’t know, maybe 30 years, something like that, we were practicing Aikido. And so we knew each other very, very well. And he’s a great investor also. He has a family office.

Jose Ivan Garcia: So I came in and we decided to create a company, a consultant company based on our point of view. So, I became the CIO of the company, and he is the CEO. And so from then on we were doing what we wanted to do. And for me at least, it was a great thing. Over that rough period of time, I started advising what I could at the beginning, because I wasn’t allowed to analyze and to put my own thoughts. Later on, I was allowed, so I was trying to do what I wanted to do. And my own investments came from a very rough and complicated kind of things that we trade a lot and we do many things till the idea that no, no, this is not a way. We have to focus on buying good companies and to stick on the strategy knowing what we want to do.

Jose Ivan Garcia: And that path, at the beginning, it cost me a lot of money, of course, and then later on I could recover that money and I could make money and I’m pretty glad, actually, about what I do. That path was value investing where investing was the thing, that’s clear and also an idea that I’ve learned, especially from American investors, that is the long short idea. For me it was a great, great possibility to understand that it could be long, another time, be short, but managing portfolios, not to bet on ideas crazy, but trying to control the downside of the market. And it was for me, a really, really great approach, and I did it by myself and then we advise in these things in Spain. Very likely, we are the only ones that we do this in Spain. Very likely.

Tobias Carlisle: So how big is the Spanish market? Do you have any sense of that?

Jose Ivan Garcia: Well, it’s not that big actually. Actually, I have no idea now. No.

Tobias Carlisle: But you don’t invest purely in Spain. You look in Europe.

Jose Ivan Garcia: Yes, for sure. For sure. The market per se, it’s a very tiny market. Quality companies, maybe we have 300, something like that. It’s a pretty tiny market. Of course, we invest in Europe, we invest in the United States, in Canada, wherever we can invest for sure. And we are advised to do that, actually because Spain, if you test, for instance your [inaudible 00:30:28] only in Spain, it doesn’t work at all, because the market per se is a bad market to invest. And this is a country bias, very likely in here. Many, many investors try to invest in Spain because they know the companies, but actually that’s not a good thing.

Tobias Carlisle: So what are some of the bigger companies in Spain that folks might know the name of?

Jose Ivan Garcia: That you could know? Of course, for instance, Banco Santander is a very big bank, Telefónica, Inditex for instance, stores, Inditex is a very, very big company, it’s the biggest company. Telefónica also, it’s very, very big, so yeah, those are the big companies in here. That’s it. All of them but Inditex, they are crap, not good companies.

Tobias Carlisle: Is that the index Inditex?

Jose Ivan Garcia: Yeah. You know Zara?

Tobias Carlisle: Yes.

Jose Ivan Garcia: Of course. That’s their company, Inditex. Amancio Ortega is one of the big billionaires in the world. That guy.

Tobias Carlisle: And Zara is the very fast fashion. They make a limited run, they take a lot of information from their customers to work out where the trends are going, produce something on the ground and it’s been very successful.

Jose Ivan Garcia: Yeah. Very successful. Exactly. Here, you go to a mall for instance, and everything it’s Inditex, because you have many different brands, but actually all of them belongs to Inditex, actually.

Tobias Carlisle: There’s a lot of it in the US too. Lots of Zaras.

Jose Ivan Garcia: Yeah, sure.

Tobias Carlisle: So, when you’re looking outside Spain, when you’re looking throughout, has value worked over the last decade or have you needed to be a little bit more growth oriented? What’s been the strategy that’s worked?

Jose Ivan Garcia: I think value in as in general has not worked properly anywhere, so no worries. So very likely in value in Europe, if you want to invest in Europe, you have to look for deep value companies, very likely. This is one thing. There’s another thing that is, from my perspective, a bias also because you can study, I don’t know, you mentioned that you study the Russell Value Index for instance, and you can say that the Russell Value, relative to growth value, value has not worked over the last decade. But if you go to look for very small companies, value could work very good, even the previous decade.

Jose Ivan Garcia: So in Europe there are many tiny companies, small companies, small cap that you can buy, and they can be very, very undervalued in this case. So you can look for deep value. And from my point of view, you could add here, something like operative flow positive, something like that, or even some little quality ratio. But after the filtering, my perspective, and it has worked pretty good, actually. If you look for, for instance, very, very deep value companies. And then at a time you sort again by using operative cash flow, for instance, positive or high-quality, but within the top 100 value companies, then it works pretty good. Not just blending both ranks at a time, but just one and then the other one.

Jose Ivan Garcia: And it works pretty good, in Europe has worked pretty good, actually. And I think that’s the focusing here. Of course growth has worked pretty good, but growth, there’s a bias also because in the United States there are many growth companies, many, many technical companies. Growth is something that is a lot much developed than in Europe. Of course in Europe there are many things, but the universe is tinier. So I think in this case it’s better to look for and stake on deep value, very likely.

Tobias Carlisle: So you run a technology fund as well, you have a technology fund. What does the technology fund own?

Jose Ivan Garcia: Well, the technology fund, in this case, we use a specific screen first of all, within the technological market, the technological niche, I mean, looking for companies with very, very, very high operative cashflow. This is the first thing that we filter. And then later on we start-

Tobias Carlisle: Relative to market capital, enterprise value?

Jose Ivan Garcia: Enterprise value. That’s it.

Tobias Carlisle: Right. Related to enterprise. So you’re looking for a very high cash flow. Got it.

Jose Ivan Garcia: Yeah. In this case, it’s important because technological companies, they need a lot of cash, very likely if they want to trade properly. So this is one thing, but then in this case especially, we have to analyze the company. It’s something that we have to do because technological company are quite a specific businesses. So it’s important to understand the business property. In this case, we have an analyst actually, that is Diego Porto. Diego Porto is an analyst that we have in house, and his is great specialists analyzing this kind of companies. He has been investing in China a lot. We have been investing also in cloud, what was a very bad bet over the last months, actually. But in this case is a very, very global fund, and the idea is looking for a 26, 25, 30 ideas as much, and the fund is very volatile, so this is something that you have to know before. But we think that we can stick on those ideas for the coming five, 10 years, making a good profit. That’s the idea.

Tobias Carlisle: Sure. So you screen on free cashflow and then you look to hold for a period of five to 10 years. What’s the biggest holding at the moment, Alibaba, did you say?

Jose Ivan Garcia: We have Alibaba for sure. We have the big names, because there’s another thing with managing funds. When you manage a fund, you have your own ideas and then you can have a few ideas to try to do it better than the index. But you can be totally … I don’t know how to put this.

Tobias Carlisle: You have tracking error. You just don’t track the index.

Jose Ivan Garcia: Exactly. So you have to do at least as the index and then try to beat the index. So in this case, we invest in the big tech companies. This is one thing that we do, and we have a tiny ideas, little tiny ideas, especially Diego is the one that manages that. So actually, I have no idea about it, because in this case we totally trust on him to select those companies. But they are, especially in these cases, companies in China, this is the first thing, in China, it’s quite complicated to understand a company in China, it’s quite complicated because there are many things around. And then companies that invest a lot of cloud, a lot of semiconductors, something like that. That’s the idea. In that tiny bet that we used to try to beat the market, to beat NASDAQ for instance. So that’s the idea. This is what I said before. When managing a fund, you can’t be totally out of the general idea, because otherwise no one’s going to believe in you. At least if you don’t do it very good from the beginning. This has to be something complicated.

Special Offer For Subscribers Of The Acquirer’s Podcast

Tobias Carlisle: So, Ivan, you’ve got an offer for folks, if they want to use the zonavalue.com website.

Jose Ivan Garcia: Yeah, that’s it. We’ve thought about that, my associate and I, about giving to your audience the chance to use the back test tool and the screening tool, in this case for one year for free. This is a club as you know, and this club has the gold membership. So this membership, if you want to get it, you have to pay a $1000 first year, and then the following ones, $250. But in this case we’re going to give to your audience full access for free the first year. And then if they like they can pay second and followings.

Jose Ivan Garcia: So let me show you, Toby, the way they should do it. Okay. I’m going to share a screen.

Tobias Carlisle: So you just need to go to Zona Value.

Jose Ivan Garcia: Exactly. They have to get to:

1. Zona Value here.

This is zonavalue.com. First of all, they have to get here. And then they have to:

2. Click here to register for free access.

So they have to register for free first of all. They will register for free, and then when they have already the silver account, that is the free access, when they have already the free access, they have to send us here in the bottom of the website, they can contact us here. They can contact here by using this form:

3. [Click on the word ‘CONTACT/CONTACTO’ at the bottom of the homepage]

And they have to enter the name, surname, the same email that they have used to register, and then in the message they have to drop us the code:

4. The Acquirers Multiple Podcast

If they put up there that code, we will be able to get in touch with them to change their type of membership. So for us it’s something pretty simple. We verify them through the code, and then we will change their membership. So they have nothing to do but register for free and drop us here the code:

The Acquirers Multiple Podcast

Tobias Carlisle: That’s great. So register for free then drop you in telling you that they have come through The Acquirers Multiple website. Thanks very much for showing us that, Ivan. If folks want to get in contact with you, there’s a Zona Value Twitter account?

Jose Ivan Garcia: Yeah. It’s @zonavalue is the Twitter account. Exactly.

Tobias Carlisle: And your own personal Twitter account is @J_Ivan_Garcia, and I’ll also put a link to both of those in the show notes that people will be able to get in contact with you.

Tobias Carlisle: Ivan, thank you so much for spending some time with us today telling us about value investing in Spain.

Jose Ivan Garcia: Thank you, Toby. It’s my pleasure, man, has been a pleasure.

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