Looking for companies that generate cash faster than I can waste it.
Madrid, Spain
Joined May 2025
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I like the idea of outperforming through concentration, but without fragility.
I want enough weight in my best ideas for being right to actually matter, while minimizing the chance that a single mistake permanently destroys capital.
That’s why I like 15-20 positions, mostly in cash-rich, cash-generative, shareholder-friendly businesses.
Recent FinTwit dynamics would probably call this basically a bond portfolio, but outperformance doesn’t have to come from extreme beta.
The stock market is even more concentrated than the usual “Magnificent 7 as % of the S&P 500” charts suggest.
The CAPEX decisions of just five companies increasingly determine the earnings outlook for half the Nasdaq and virtually affect every sector.
Many supposedly independent growth stories ultimately depend on the exact same spending cycle. A change in hyperscaler guidance can reprice entire industries overnight.
BTW that's neither inherently good nor bad
$YOU CLEAR+ members grew 14.5% to nearly 8.5 million in Q3. Also, operating margins expanded from 23.0% to 28.3%. So the current business keeps growing and becoming more profitable.
Looking ahead, I'm very optimistic about CLEAR1, its identity-verification platform for businesses beyond airports.
I'm convinced that AI will make impersonation a structural issue. Verifying that someone really is who they claim to be could become a very valuable service.
I’m bullish on Clear Secure $YOU
Just look at how crowded airport lounges have become. Demand for a better travel experience keeps growing:
1. A growing affluent population willing to pay for convenience.
2. A middle class increasingly desperate for anything “premium” as the standard experience keeps getting worse.
CLEAR offers exactly that: an annual subscription that helps travelers skip the airport ID-check queue. It is often covered by benefits from American Express cards.
Revenue compounded at ~37% annually from 2021 to 2025 and grew another 27% YoY in Q2 2026, while operating margins expanded from 3% in 2023 to 21% in 2025 and nearly 30% last quarter.
At ~20x estimated 2026 normalized FCF, I think there’s an opportunity here.
The opportunity could extend beyond airports. AI will make impersonation easier. CLEAR could play a growing role in cybersecurity by verifying the person behind an account.
If you’re using EV in your valuation, remember to include the Alclear units paired with Class C shares: around 32.4 million additional share equivalents. My calculation includes them.
Loot Compounder retweeted
1/ 🧵 Toya SA 🇵🇱 publica el 3T 2026 y es el mejor tercer trimestre de su historia.
🔸Ventas +22%
🔸margen bruto 36%
🔸 EBIT +54%
🔸BPA +74%.
Es la mayor posición en Attitude Small Caps (12%) y no vendemos ni una. Os cuento por qué 👇
Every AI/data-center company seems to have inventories and receivables going through the roof.
So you look at their suppliers, the companies supposedly benefiting from all that spending.
Turns out they also have inventories and receivables at all-time highs.
Then you look at their suppliers. Same story. And so on, all the way up the supply chain.
Is anyone actually collecting the cash?
Strong Q3 results from TOYA ($TOA), still trading at ~7.5x.
Revenue grew 22% and EBIT rose 54%. Exports drove most of the revenue growth, while gross margins improved across all four sales channels.
Some inventory build was to be expected ahead of the move to the new warehouse. It tied up PLN 75.5m in Q3 and weighed on operating cash flow.
I’d love to see some aggressive cash conversion going forward.
$SMCI trades at around 4x FY27E normalized FCF EXCLUDING working-capital movements.
My read: the market is pricing in a significant risk that much of its accounting profit will never become cash available to shareholders.
Working capital is precisely the issue. Receivables surged 58% QoQ to $ 9.7bn; inventories rose 17% to $ 15.1bn. Those gross balances combined represent 127% of its market cap.
Today, one of the few weak spots in the market is data-center stocks.
I seriously doubt Democrats will follow through on their populist rhetoric against data centers.
It's easy to campaign against them, and it may win some votes. However, no party will turn down billions in private investment, jobs and tax revenue once they are in office.
Wouldn't be surprised if they end up doubling down on attracting data-center investment instead.
Hola, Gabriel @gabcasla . Enhorabuena por el año. El alfa de Gamma Global está siendo espectacular frente cualquier benchmark comparable.
Gracias especialmente por ofrecer un producto que por fin me siento cómodo recomendando a familiares con aversión a la volatilidad, con la confianza de que puede superar a la renta fija gubernamental.
Sobre la reciente caída del 0,6% desde máximos, justo ahora con tipos relajándose y el HY corporativo recuperando algo de terreno, ¿hay alguna posición concreta cuya ampliación de spreads esté pesando especialmente en el fondo recientemente?
This was fast! Clearly amazing results and the stock $YOU is up 30% on the day.
I’m bullish on Clear Secure $YOU
Just look at how crowded airport lounges have become. Demand for a better travel experience keeps growing:
1. A growing affluent population willing to pay for convenience.
2. A middle class increasingly desperate for anything “premium” as the standard experience keeps getting worse.
CLEAR offers exactly that: an annual subscription that helps travelers skip the airport ID-check queue. It is often covered by benefits from American Express cards.
Revenue compounded at ~37% annually from 2021 to 2025 and grew another 27% YoY in Q2 2026, while operating margins expanded from 3% in 2023 to 21% in 2025 and nearly 30% last quarter.
At ~20x estimated 2026 normalized FCF, I think there’s an opportunity here.
The opportunity could extend beyond airports. AI will make impersonation easier. CLEAR could play a growing role in cybersecurity by verifying the person behind an account.
If you’re using EV in your valuation, remember to include the Alclear units paired with Class C shares: around 32.4 million additional share equivalents. My calculation includes them.
The market is punishing Big Tech for massive AI capex, deteriorating FCF and growing concerns about funding the gap with increasingly expensive debt.
But it’s also selling off the companies on the receiving end of that very spending.
If you expect financing constraints to force spending cuts, that would be a cohetent argument. But with capex guidance still moving higher, some of this is obviously indiscriminate selling.
Loot Compounder retweeted
basically this
The White underclass is a miracle, and probably why the West has succeeded.
Thomas Frank wrote “What’s the Matter with Kansas” to explore why poor Whites don’t vote for socialist policies that would (narrowly, in the short-term) benefit them. Of course he concluded it was about racism, as he was predetermined to do by his ideology.
But I actually think he highlighted an incredibly important fact: poor White Americans, uniquely among underclasses globally, don’t vote for socialism.
The typical dynamic is rich people trying to keep what they have and poor people trying to take it. But the American lower-class White does not behave this way, because he has a deontological aversion to government interference. The collection of attitudes and beliefs described as “rugged individualism” are often assessed in terms of how they impact the individual, but I think it’s much more important to consider how they impact a nation.
(White) America has the world’s least resentful or grasping underclass. This is a treasure. They should be preserved and rewarded. Many might be net-negative fiscally in a narrow sense, but they are hugely net-positive if you consider their votes. Trump famously said “I love the poorly educated.” He was right to say this. Every nation has an elite. No other nation has such a high quality of virtuous common people.
I’m convinced London-bashing has become more of a meme than an honest assessment of the city.
It’s a much better city than it was ten or fifteen years ago. More energy, more life, far less of that gloomy, miserable atmosphere.
Still comfortably Europe’s financial capital. Still one of the few cities that makes you feel like you’re at the centre of everything.
Scroll through X, though, and you’d think the place was finished.
Loot Compounder retweeted
At least 85 people this year died from Spanish train accidents, and likely it will grow to 100 at the end of this day
Very tragic and this makes Spanish trains one of the most dangerous modes of transport now
~100x more dangerous than flying commercial
~40x more dangerous than non-Spanish trains
And every trip is nopw as dangerous as jumping from a plane and skydiving
Two highly deadly train accidents in one year, that's so extreme and unlikely that it makes it at as dangerous as flying one of the most deadly airlines in the world, the Nepalese Yeti Airlines that keeps crashing due to the mountainous terrain
Pretty exceptional in a bad way
One interesting detail from EssilorLuxottica $EL Q3 earnings call.
Around one-third of its smart and hearing glasses incorporate prescription lenses. And in its own stores, around 60% come with lenses that automatically darken in sunlight, up from 40-50% last year.
This suggests that as smart glasses become more widely adopted, they could actually strengthen the company's traditional optical business.
My opinion is that AI might be reinforcing the existing moat
Well, almost +17% since this post 3 days ago
Didn't have time to build a full position (due to ongoing analysis, I'm not big money), but happy enough with what I bought.
In reality, Q3 wasn't spectacular. The core business just kept growing, and wearables didn't do anything crazy.
I guess pessimism around $EL had reached a point where simply delivering a solid quarter was enough.
Loot Compounder retweeted
BREAKING: Brazil's -19.8% stock market crash on Monday was one of the rarest market events in the last two decades, according to our analysis.
Brazil's EWZ ETF plunged -19.8% on October 26th, marking an 8.4 standard deviation move.
For context, the ETF's average daily move over the last 20 years has been just +0.04%, with a standard deviation of 2.36%.
Under a normal distribution, the probability of a decline this extreme is approximately 1 in 58 quadrillion.
In other words, this event should be virtually impossible under conventional statistical models.
What just happened in Brazil was *almost* impossible.
