Mi Camino Hacia la Gestión Indexada
Unai Ansejo holds an unusual credential for writing about index investing in Spain: he is co-founder of Indexa Capital, the country's largest robo-advisor by assets under management, which gives his account far more weight than a standard popularizing essay.
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Written by Unai Ansejo, co-founder of Indexa Capital, Spain's largest robo-advisor, this book narrates his personal journey toward low-cost index investing and dismantles common myths about active management. Combines practical experience managing real investor portfolios with academic theory on efficient markets and behavioural finance.
Unai Ansejo holds an unusual credential for writing about index investing in Spain: he is co-founder of Indexa Capital, the country's largest robo-advisor by assets under management, which gives his account far more weight than a standard popularizing essay. The book traces his personal journey from traditional active management to the conviction that costs are the only factor investors can control with certainty — and that minimizing them is the most reliable lever for improving long-term net returns. Ansejo dismantles several persistent myths with historical data: that active managers systematically beat their benchmark, that market timing is predictable, or that product complexity is a proxy for better performance. The tone is conversational and autobiographical rather than academic, which aids readability but limits rigor in certain sections. Technically sophisticated readers familiar with Bogle or Fama will find familiar arguments. Where the book delivers genuine added value is in its Spanish contextualization: comparative fee analysis across domestic fund managers, the tax treatment of index funds in Spain, and the story of building a robo-advisor in a CNMV-regulated market are perspectives hard to find in Anglo-Saxon literature.
For Spanish investors wanting to understand why costs matter more than asset selection, with local market context and examples; not the right book for those already familiar with classic index investing literature.
FactIndexa Capital, co-founded by Ansejo in 2015, surpassed €2 billion in assets under management before 2023, making it the largest robo-advisor in Spain.
