Sociedad Química y Minera (SQM, Financial) is a producer of specialty fertilizers and lithium. It has a healthy balance sheet, a great management team and we have acquired its shares at an average price of less than USD 30 per share, after a 50% drop from the USD 62 per share it reached only two and a half years ago. Its competitive position is very strong, and its end markets are in the low phase of the cycle. We believe it will be an excellent investment in 5 years' time.
From azValor Asset Management's third-quarter 2020 letter.
