Our founder’s life isn’t a story of either/ors. It’s a story of ands. Numbers and words, art and science, nature and technology. Gifted in all these things and passionate about most, Alejandro H. Garza taps them for inspiration in both his professional and personal endeavors.
Alejandro shares his story – the abbreviated version – here.
When I began to map out my career path in college, investment management wasn’t on my radar. I was studying art and chemical engineering at the time and convinced that one or both were my calling. My first job ended up being as a chemical engineer, but art was still a passion – so much so that, a few years into my career, when offered an internship with an investment banker whose wife owned a gallery in New York City, I resigned and moved to New York. I secretly hoped the opportunity might open doors for me in the art world. Instead, I developed a new passion: investment banking. It was the first of several unexpected turns and detours that led to a career in finance and also entrepreneurship.
“I secretly hoped the opportunity might
open doors for me in the art world.”
When I think about the choices that led me to where I am today, I realize just how influential my family and upbringing were. My parents are from blue collar families that emigrated from rural life to the industrial city of Monterrey in northern Mexico. Their families shared similar views that education and hard work are key family values required in the pursuit of happiness and progress.
My mother’s grandparents were first-generation immigrants, moving to Mexico from Europe at the turn of the 20th century during the Mexican Revolution. My great grandmother would often share fascinating firsthand experiences and stories from this period.
I admire both my parents. But in terms of professional influence I think my dad was fundamental in orienting me toward a career in finance. His journey from being the first college graduate in his family (he earned a degree in mechanical engineering) to attaining multiple post-graduate degrees, including an MBA from Monterrey Tech, an MBA from Wharton Business School, and a PhD in organizational psychology from Pepperdine University, made a serious impression on me.
When my dad was attending Wharton and I was five and six years old, we lived in Philadelphia. He was on a scholarship, so he had to study hard and was extremely disciplined with his time. From my earliest memories, I remember the house library with hundreds of books and my parents always studying. My mother is a psychologist and psychoanalyst and former member of the Lacanian School of psychoanalysis in Paris. Sundays, however, were almost sacredly reserved for family.
“From my earliest memories, I remember the house library
with hundreds of books and my parents always studying.”
My dad had to learn English before even applying for admission to Wharton. And my mom navigated the complexities of taking care of us three kids (I’m the eldest) without knowing a single word of English at the time. The courage and risks required for them to pursue their personal and professional dreams during that phase of their lives is astounding.
There’s a quote in Spanish from Cervantes’s Don Quixote that I think captures the essence of my parents’ courage. The quote is widely popular, yet nowhere to be found in the novel, which I read for a second time as an adult for the sole purpose of finding the quote. My translation is poor, but it’s something along the lines of “If the dogs are barking loudly as we pass by, it’s because we are advancing and making progress, Sancho.” It conveys the idea that, to gain something valuable, one must not only put in significant effort but often also endure some pain along the way. I love and agree with the meaning.
Throughout my career, and as an entrepreneur, I’ve come to realize that difficulties are inherent in achieving worthwhile goals. But there’s a tremendous sense of accomplishment that comes from overcoming those challenges.
Most entrepreneurs hit a few bumps along their career path. For me, the catalysts that led to the launch of AZTLAN were my rebellious inner voice and my conviction that there is a better approach to investing globally.
“The catalysts that led to the launch of AZTLAN were my rebellious inner voice
and my conviction that there is a better approach to investing globally.”
Early in my career as an analyst researching international stocks, I was taught to use a top down, macro-based country allocation model to analyze companies. It didn’t compute for me. I wasn’t convinced a model that tracks macro variables like inflation effects and GDP growth could accurately and effectively analyze companies with business fundamentals independent of macro variables. So I developed a different model that combined fundamental bottom-up analysis of companies with a top-down view. My belief was, and still is, that a combination of quantitative and fundamental analysis (art + science) can lead to a competitive advantage. The investment team at the firm I was working for at the time, Emerging Markets Management, saw the value of this model and incorporated it into their research process. Emerging Markets Management was later acquired by Ashmore Equities, which led to an evolution of the firm’s investment process and the reversion back to a more rigid way of investing. It was then that my vision for AZTLAN began to take shape.
I think you have to be a little bit crazy to take an entrepreneurial leap. Even when you have a good track record, come from a large investment management firm, and have years of experience, it’s still super difficult to build a team, crystallize your vision for an investment strategy, and put it all together in a way that convinces investors to trust you with their assets.
“I think you have to be a little bit crazy to take an entrepreneurial leap.”
I didn’t take the leap alone. I’ve worked with some amazing mentors, two of whom currently are managing partners or collaborate with AZTLAN, Othon Ruiz and Ramón Leal. Othon was the investment banker who offered me the internship in New York early in my career. Among other things, he taught me investment banking and negotiation skills. He introduced me to Ramon, who hired me at Vitro SAB de CV and tasked me with several divestitures, and a business venture in China in the early 2000s that included evaluating and negotiating for what was then the first industrial site investment in China by a Mexican corporation.
Another mentor—introduced to me by Ramón—is Alvaro Rodriguez, at the time Vitro’s CFO. He then founded a successful VC firm in Monterrey in 2007 and now teaches entrepreneurship at Harvard Business School. I still have a crystal trophy he awarded me after I delivered a very intricate company financial model that other internal analysts and external advisors couldn’t hack. Alvaro ended up recommending me to Felicia Morrow in 2007 for an equity analyst position she was hiring for at Emerging Markets Management LLC (EMM). Despite having absolutely no experience in investment management, she took me on and taught me (among other things) how to analyze banks, something I had never done before. I clearly remember the day that Felicia first presented me to the team and investment committee at Emerging Markets Management. She introduced me as if I were some sort of analytical machine. I recall a feeling of panic, knowing my absolute ignorance relative to investment management. Fortunately, my poker face worked and I learned quickly.
Beyond the world of finance, I have many passions. Spending time with my family is number one. In Spanglish, my daughters and I coined the term “hangautear,” which means to simply hang out together in the kitchen cooking for the family, driving around, or watching a movie.
Then there’s painting. During my formative years, I went through formal academic training with Antonio Pruneda, the Mexican artist that created the “made in Mexico” logo and was renowned for his wonderfully colorful impressionist pastoral landscapes. Although my career took me in a different direction, I’ve never stopped producing art and experimenting with new materials and have had my own studio for more than 30 years.
“I’ve never stopped producing art and experimenting with new materials...”
Astronomy is also very important in my life. I have several telescopes and instruments and would like to spend more time on astrophotography. I also love to read and just started Haruki Murakami´s Men without Women, which is a set of 7 short stories, and Michael Lewis’ Going Infinite: The Rise and Fall of a New Tycoon, a book recommended by my friend, colleague, and AZTLAN’s Director of Quant Research, Gerred Howe.
And finally, triathlons! I’ll launch my tri season in Campeche, Mexico, and train hard throughout the year to complete the full circuit of 10 competitions in 2024.
I’ve learned a lot over the years, not the least of which is that that life is a series of interconnected experiences and people. Like art, each adds depth, texture, and color to our lives. With so many wonderful opportunities and influences in my life, I’m confident I’m well on my way to creating a masterpiece