Husband. Catholic. Investor & writer at AAGresearch. Guided by curiosity, kindness and honesty. Spanish in Andorra. Mountains, history and books.
Andorra la Vella
Joined August 2021
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I went all in on uranium in 2017. By 2020 I was down 50%. I held through it and exited in 2022 with my entire investment portfolio up about 1,000% (Boss Energy +1,452%).
That let me quit my job and invest full time.
Now I share my highest conviction deep value ideas ↓
It turns out that in Spain you are upper class if you make €30,400 or more per year
That is around $34,000 or more per year
For context: Mississippi consistently records the lowest median household income of any U.S. state, around $59,346 per year
Lula to have 40 ministries (federal executive departments)
When Ministry of Truth?
🇧🇷 | CASTA TOTAL: LULA TENDRÁ 40 MINISTERIOS EN SU PRÓXIMO GOBIERNO
Mientras les pone impuestos a la Coca-Cola y a la cerveza, Lula sigue sumando ministerios y pasará de 38 a 40 en su próximo mandato:
1. Ministerio de la Casa Civil.
2. Ministerio de la Secretaría General de la Presidencia.
3. Ministerio de Relaciones Institucionales.
4. Ministerio de Comunicación Social.
5. Ministerio de Seguridad Institucional.
6. Ministerio de la Abogacía General de la Unión.
7. Ministerio de la Contraloría General de la Unión.
8. Ministerio de Agricultura y Ganadería.
9. Ministerio de las Ciudades.
10. Ministerio de Ciencia, Tecnología e Innovación.
11. Ministerio de Comunicaciones.
12. Ministerio de Cultura.
13. Ministerio de Defensa.
14. Ministerio de Desarrollo Agrario y Agricultura Familiar.
15. Ministerio de Desarrollo y Asistencia Social.
16. Ministerio de Desarrollo, Industria, Comercio y Servicios.
17. Ministerio de Derechos Humanos y Ciudadanía.
18. Ministerio de Educación.
19. Ministerio de Emprendimiento y Pequeñas Empresas.
20. Ministerio de Deportes.
21. Ministerio de Hacienda.
22. Ministerio de Gestión e Innovación en los Servicios Públicos.
23. Ministerio de Igualdad Racial.
24. Ministerio de Integración y Desarrollo Regional.
25. Ministerio de Justicia.
26. Ministerio de Medio Ambiente y Cambio Climático.
27. Ministerio de Minas y Energía.
28. Ministerio de las Mujeres.
29. Ministerio de Pesca y Acuicultura.
30. Ministerio de Planificación y Presupuesto.
31. Ministerio de Puertos y Aeropuertos.
32. Ministerio de los Pueblos Indígenas.
33. Ministerio de Seguridad Social.
34. Ministerio de Relaciones Exteriores.
35. Ministerio de Salud.
36. Ministerio de Trabajo y Empleo.
37. Ministerio de Transportes.
38. Ministerio de Turismo.
39. Ministerio de Seguridad Pública.
40. Ministerio del Adulto Mayor.
LA COMPARACIÓN ES BRUTAL:
🇦🇷 Argentina: 8 ministerios.
🇧🇷 Brasil: 40 ministerios.
Brasil tendrá CINCO VECES más ministerios que Argentina.
The AI complex just had one of its worst days in years
Nasdaq -5.5%, semiconductors more than -10%, $2.5T wiped in a single day
The largest one day value destruction in Nasdaq history
The Dow’s second session after the midterms was its worst since 1896
Hyperscalers have issued roughly $570B in debt this year while free cash flow is compressed
Creditors are getting nervous. If capital markets tighten, the pace of new builds slows and semiconductor demand takes a hit
Alberto Álvarez retweeted
We've got another production downgrade for a major copper mine, plus soaring costs. ⚠️
Alberto Álvarez retweeted
JUST IN: ITALY EXIT TAX
🇮🇹 Italy proposes a 26% exit tax on unrealized investment gains for people leaving the country from 2027.
It’d apply to those with €800k+ in relevant assets who were tax residents for at least 6 of the last 10 years.
I've been warning you: European countries are bankrupt and will try to seize your assets.
The exit is closing.
Alberto Álvarez retweeted
In August I rotated back out of miners, after a rebound, into energy stocks.
Now I’m rotating out of energy into miners. Gold and copper in particular. I think gold defended these levels before and it will again. The setup into 2027 is perfect.
Copper is trading near all-time highs and Chinese premiums are surging. Yet the equities are a bargain. Why? Because of an AI growth scare that never mattered anyways. Copper is a supply story.
When everyone panic sells I buy. This is the way.
Alberto Álvarez retweeted
Sat down with my buddy @lorenz_swen to discuss how to seek out original and differentiated investment ideas. We cover everything from macro to dinosaurs. No stock picks, just a focus on process. Think you’ll enjoy👇👇
How to generate outlier investment ideas – interview with Harris Kupperman
How do you find stocks delivering 9x returns – and quickly dismiss flawed ideas?
Hedge fund manager @hkuppy shares his secrets.
📹 Watch: youtube.com/watch?v=HBKaI4sQ…
🗒️ Read: undervalued-shares.com/weekl…
ALT A masterclass in idea generation - interview with Harris Kupperman
Alberto Álvarez retweeted
The Copper Squeeze is here
Copper is "sold out everywhere."
China's Yangshan premium just hit a record $200+/ton. Buyers are scrambling for metal with LME prices near all-time highs.
Inventories thin. Smelters cutting output. Demand not budging.
#Copper
These are the computers the Spanish government uses to run it's train system
$XP perhaps a 76.5% annualized return was not sustainable or even real?
Returns of the Gladius fund managed by $XP
Either these guys are the new Warren Buffett or they are faking the returns
I bet on the latter, that’s why I am short $XP
All credit to @ResearchGrizzly
Alberto Álvarez retweeted
$GDXJ : -18% in a month
The world mines 118M oz of gold per year
Demand: 161M oz
Yet we haven’t had a discovery year cohort large enough to replace one year of current mine production since 2006
