Álvaro Guzmán de Lázaro is a renowned Spanish investment manager and co-founder of Azvalor Asset Management. With extensive experience in asset management, he is highly regarded for his deep insights into the financial markets, particularly in differentiating between fixed income (renta fija) and equities (renta variable). In his explanations, he highlights the relative stability and perceived safety of fixed-income investments like government bonds, contrasting them with the inherent risks and potential rewards associated with investing in equities, which represent ownership stakes in businesses subject to economic and market fluctuations.