Better businesses at lower prices. One of the biggest mistakes investors make is allowing price action to dictate their view of fundamentals rather than the other way around. Even after the recent pullback in metal prices, miners continue to generate margins that would have seemed extraordinary just a few years ago. Yet many of these companies are trading as if the economics of the business have materially deteriorated. They haven't. tavicosta.substack.com/p/fol…

FREE TO READ: The top-10 reasons why oil prices are below $100 a barrel. 1) China, China and China 2) Demand destruction 3) Lots of oil bypassing/leaving the Strait of Hormuz 4) The original oversupply 5) Huge SPR release / commercial stocks draw 6) Refinery flexibility 7) Trump's jawboning 8) Options market development 9) The fog of war is thinner 10) Soaring Americas oil output bloomberg.com/opinion/articl…

Oil prices enter bear market territory. The futures curve points to faster disinflation in the front and back parts. Geopolitical risk events create smaller highs and easing generates deeper lows. Things may change, but the trend is evident. via Bloomberg

Es muy importante que la gente entienda que la volatilidad es el precio a pagar por buenos retornos a futuro, y que es siempre amiga de quien realmente comprende el valor de un activo a través de una tesis de inversión coherente y probable.

🛢️The world burns 103.5 million barrels of oil every single day. A few things to notice before you scroll past it: 🔸 Non OECD demand (58.5 mb/d) is now 13 mb/d larger than OECD demand (45.0 mb/d). The center of gravity of the oil market left the West years ago and it's not coming back. 🔸 Asia/Pacific alone is 39.1 mb/d the largest single block on the map. The marginal barrel of global demand lives there. And inside that block sits 1 buyer big enough to move the entire market by itself: China🇨🇳 Shell's CEO just said the market is missing 1.2 billion barrels about 12 days of everything you see in this image,over 10% of global production is offline. OECD inventories are heading to their lowest level since 2003. Demand 103.5 mb/d and structurally growing in exactly the regions that can least substitute away from oil. The chart's single biggest buyer has changed its behavior in a way most desks are misreading as bearish. Its imports are at 8 year lows. That's a strategy and it has an expiry date. My latest edition is a deep dive on exactly this the 1.2 billion missing barrels, what China is actually doing with its imports and its tanks, why that's the only thing standing between $95 and ExxonMobil's $150–160 scenario and the specific signals that will tell you when the buffer breaks. 🔗 Link for the full article is in the comments👇

Brent crude oil is down to ~$88 a barrel, its lowest in nearly 3 months. As flat price decline, backwardation is tumbling, with the 2nd to 3rd month Brent time spread (⤵️📉) down to its lowest since Mar 2.

$DBO.TO CEO buying 20k shares at $1.00 in the open market

$ATEX Anterix 22% hoy. 250% en 2026. Cuando Equity Small Caps FI invirtió en la compañía nadie hablaba de ella. No era IA. No era una minera. No era una productora de petróleo y gas. No estaba en el consenso. Era una small cap con una situación especial y un activo oculto que el mercado estaba ignorando. La mayor parte del alpha no suele aparecer en las compañías que todo el mundo conoce. Suele aparecer donde casi nadie está mirando. Y este es el objetivo de Equity Small Caps FI. ¡Felicidades a todos los partícipes!

Liquidia. Valueproject Atención, se cumple nuestro segundo precio objetivo en Liquidia fijado en 70 $. Desde que colgamos la tesis de inversión de Liquidia en Valueproject.es, esta sube un 450% y ha multiplicado x5.5. En los próximos días subimos una nueva tesis !!