Fernando Bernad holds a degree in European Business Administration (summa cum laude, jointly from ICADE, Madrid, and Northeastern University, Boston) and is a CFA charterholder. He began his career as an investment analyst in 1998 at Value Management & Research (Frankfurt), where he worked for two years with Álvaro Guzmán de Lázaro. In 2000 he returned to Spain to work in the private equity sector as an associate at BNP Paribas “Leveraged Finance”. He then worked for Banesto as a sector analyst for cyclicals (steel, oil) and, after thar, he formed and led the research team at Interdin, whose strategy focused on developing investment ideas based on the theory of value investing.