Last week, we hosted our 1st FatAlpha Value (LATAM) conference. As with all our in-person events, each financial institution must present an idea. We had 33 registered professionals from 25 institutions and thus 25 investment pitches! 11 out of the 25 were Brazilian names, and the rest were global🌎 Many thanks to our speakers (@evantindell , @TangibleIM , @stonescap , @THIAGOSALOMAO , etc) who did an amazing job🔥 It was the best 1st launch I've ever done🏅 Video highlights below. ✍ Sign up for our October online event, which is open to all investors. Early bird 🐤 @ EUR 99 expires June 30. 12 pitches - 2 days - Live & recorded to watch later. 🎁 Bonus 6 pitches from past events for early bird only 👉 fatalphavalue.com/online

Great point from @TidefallCapital

Waiting for my third flight home to Cyprus, I'm reflecting on what an incredible 1st FatAlpha Value (LATAM) event we had in Rio. Most attendees were joining for the first time, yet the quality of both the presentations and investment ideas exceeded my expectations. While the September Cyprus event is waitlist only at the moment, registrations are open for our online conference: fatalphavalue.com/online

Insane view from the rooftop pool of the Hilton Copacabana where we will launch the 1st FatAlpha Value (LATAM) conference. 25 stock pitches, 32 investors Our next event in Cyprus in September is waiting list but the Online event in October is open to all investors. Details: fatalphavalue.com/online

Micron Technology stock rose 19% as UBS increased its price target to $1,625 from $535. UBS arguments were the same as those discussed at our closed-door 3rd FatAlpha Value (Asia) event in March in Ho Chi Minh. --> 250% up since pitched at the event! I invited Rin Narakornpijit, who was the memory expert, on my podcast, where she dove into it all. If you haven't seen it then check it out. Links to YouTube, Spotify and Apple Podcasts below: fatalpha.substack.com/p/ai-m…

So true!

Current AI custom prompt: You are a world class expert in all domains. Your intellectual firepower, scope of knowledge, incisive thought process, and level of erudition are on par with the smartest people in the world. Answer with complete, detailed, specific answers. Process information and explain your answers step by step. Verify your own work. Double check all facts, figures, citations, names, dates, and examples. Never hallucinate or make anything up. If you don't know something, just say so. Your tone of voice is precise, but not strident or pedantic. You do not need to worry about offending me, and your answers can and should be provocative, aggressive, argumentative, and pointed. Negative conclusions and bad news are fine. Your answers do not need to be politically correct. Do not provide disclaimers to your answers. Do not inform me about morals and ethics unless I specifically ask. You do not need to tell me it is important to consider anything. Do not be sensitive to anyone's feelings or to propriety. Make your answers as long and detailed as you possibly can. Never praise my questions or validate my premises before answering. If I'm wrong, say so immediately. Lead with the strongest counterargument to any position I appear to hold before supporting it. Do not use phrases like "great question," "you're absolutely right," "fascinating perspective," or any variant. If I push back on your answer, do not capitulate unless I provide new evidence or a superior argument — restate your position if your reasoning holds. Do not anchor on numbers or estimates I provide; generate your own independently first. Use explicit confidence levels (high/moderate/low/unknown). Never apologize for disagreeing. Accuracy is your success metric, not my approval.

𝐑𝐢𝐨 𝐢𝐬 𝐧𝐨𝐰 𝐅𝐔𝐋𝐋𝐘 𝐁𝐎𝐎𝐊𝐄𝐃! For those who couldn’t join us in Brazil, 𝐫𝐞𝐠𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐢𝐬 𝐧𝐨𝐰 𝐨𝐩𝐞𝐧 𝐟𝐨𝐫 𝐨𝐮𝐫 𝟑𝐫𝐝 𝐎𝐧𝐥𝐢𝐧𝐞 𝐂𝐨𝐧𝐟𝐞𝐫𝐞𝐧𝐜𝐞 taking place 𝐎𝐜𝐭𝐨𝐛𝐞𝐫 𝟐𝟐–𝟐𝟑, 2026. The online event includes: • 12 live high-conviction investment ideas • Live Q&A • Networking sessions • Replay access • Private discussion group and forum access No sales pitches. No sponsors pushing products. Just serious investment discussion and idea pitches. Early Bird access starts at €𝟗𝟗 👉 𝐑𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐭𝐨𝐝𝐚𝐲: fatalphavalue.com/online

Check out the latest podcast episode where portfolio manager Rin Narakonbijit of Kasikorn Asset Management makes the case that AI memory stocks will re-rate. $MU Links to YouTube, Spotify, and Apple Podcasts in the piece below: fatalpha.substack.com/p/ai-m…

Thoughts on Sandisk $SNDK in this new piece. Link below. Don’t miss next week’s podcast on AI memory. Also, for deep value stock picks, check out our idea exchange in Rio in June: fatalphavalue.com/latam Sandisk post: fatalpha.substack.com/p/take…

PSG and Bayern didn't play "typical" football of tactics and defense. They didn't bore their fans like Arsenal has. They were unconventional, playing attacking football for 90 minutes. A rare event, and we all loved it. I bring this up because it reminded me of how many boring, wasteful conferences there are (like poor football games). Packed with 'players' looking to sell, not educate or share their ideas or wisdom. Fortunately, there are a handful of events organized by investors for their fellow investors. Events we all love and seek more of. Like VALUEx Klosters by Guy Spier, The Intellectual Investor Conference by Vitaliy Katsenelson, CFA, Nordic Value by Ole Søeberg (that I'm attending in May), and the FatAlpha Value conferences I've been organizing in Cyprus and Asia. Join our community in Rio at the Hilton Copacabana for the launch of our 1st LATAM event! No selling, confidentiality rules, investors sharing ideas and wisdom. 𝐌𝐨𝐫𝐞 𝐢𝐧𝐟𝐨 𝐀𝐩𝐩𝐥𝐲: FatAlphaValue.com/latam And if you missed last night's football game, then here are the highlights: youtube.com/watch?v=JxzqIzEV…

𝐁𝐫𝐚𝐳𝐢𝐥 𝐢𝐬 𝐨𝐧𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐛𝐞𝐬𝐭-𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐰𝐨𝐫𝐥𝐝 𝐫𝐢𝐠𝐡𝐭 𝐧𝐨𝐰. Up roughly 20% year-to-date, while the S&P 500 has gained just 4%. The Bovespa hit a new all-time high earlier this month! The rally was driven by gains in financials, energy, and utilities, and a strengthening BRL that's drawing in global investors. Petrobras just announced its biggest cash payout of 2026. The presidential election in October is a visible catalyst. Will the BRL continue to appreciate? Will rates come down? There's a lot to talk about, which is exactly why we're excited about heading to Brazil in June. With both local and international investors, there will be some real opinions from people with skin in the game. Note: The event is NOT open to the public. Only investors who are willing to share their views and pitch their best idea. This is an idea exchange. More info at the link below. Attendance capped. We only have a few seats left. 𝐉𝐮𝐧𝐞 𝟐–𝟑, 𝟐𝟎𝟐𝟔 · Hilton Copacabana · By invitation only 👉 𝐀𝐩𝐩𝐥𝐲: fatalphavalue.com/latam

🎙️ 𝐒𝐩𝐞𝐚𝐤𝐞𝐫 𝐀𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐦𝐞𝐧𝐭 | 𝐅𝐚𝐭𝐀𝐥𝐩𝐡𝐚 𝐕𝐚𝐥𝐮𝐞 𝐋𝐀𝐓𝐀𝐌 We're delighted to welcome Jonathan Y. Tanne of Tangible Investment Management to Rio de Janeiro. Jonathan has been running the same mandate with the same philosophy for 14 years. And it shows through the quality of his ideas and their subsequent performance. Born in South Africa, qualified as a Chartered Accountant at Deloitte in Australia, and moved into asset management for a family office in 2012. He then opened the same strategy to external investors through a Cayman fund in 2018. He runs a concentrated, long-only, listed global equity strategy that focuses on undervalued and under-researched companies. Jonathan is known for his deep fundamental research, a long-term owner’s mindset, and a differentiated perspective. Jonathan is based in London and is also a CFA Charterholder. 𝐉𝐮𝐧𝐞 𝟐–𝟑, 𝟐𝟎𝟐𝟔 · Hilton Copacabana · By invitation only 👉 𝐀𝐩𝐩𝐥𝐲: fatalphavalue.com/latam

The Jaws of Idiocy $WMT vs $WALMEX

In 2022, at an event I organized, Petrobras was pitched. The manager was not Brazilian but nonetheless shared his high conviction idea with a room of serious investors. Since Petrobras preferred rose 𝟐𝟎𝟗%, while the S&P 500 ETF rose only 98%. That's what happens when you put a small room of switched-on investors together and make them actually share their best idea. This June, we're taking FatAlpha Value to Rio for the inaugural 𝐋𝐀𝐓𝐀𝐌 𝐞𝐝𝐢𝐭𝐢𝐨𝐧. The room will include Brazilians, South Americans, Europeans, and North Americans — 𝐚𝐥𝐥 𝐭𝐡𝐞𝐫𝐞 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐬𝐚𝐦𝐞 𝐫𝐞𝐚𝐬𝐨𝐧: 𝐭𝐨 𝐡𝐞𝐚𝐫 𝐢𝐝𝐞𝐚𝐬 𝐭𝐡𝐞𝐲 𝐰𝐨𝐮𝐥𝐝𝐧'𝐭 𝐟𝐢𝐧𝐝 𝐚𝐧𝐲𝐰𝐡𝐞𝐫𝐞 𝐞𝐥𝐬𝐞. Sharing, discussing, learning. Knowing that everything said will remain in the room The format is simple: 1) Everyone attending presents. 2) 𝐒𝐭𝐫𝐢𝐜𝐭 𝐜𝐨𝐧𝐟𝐢𝐝𝐞𝐧𝐭𝐢𝐚𝐥𝐢𝐭𝐲 𝐫𝐮𝐥𝐞𝐬. 𝐉𝐮𝐧𝐞 𝟐–𝟑, 𝟐𝟎𝟐𝟔 · Hilton Copacabana By invitation only · 25-person cap 👉 𝐀𝐩𝐩𝐥𝐲: fatalphavalue.com/latam

🎙️ 𝐒𝐩𝐞𝐚𝐤𝐞𝐫 𝐀𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐦𝐞𝐧𝐭 | 𝐅𝐚𝐭𝐀𝐥𝐩𝐡𝐚 𝐕𝐚𝐥𝐮𝐞 𝐋𝐀𝐓𝐀𝐌 We're delighted to welcome Marcel Gozali, CFA, Founder & Portfolio Manager of Stone Sentinel Capital, to Rio de Janeiro. Most managers talk about concentration; Marcel actually does it, and the numbers reflect what that kind of selectivity looks like when paired with a large margin of safety and the patience to hold cash when nothing qualifies. ▪ Runs a 𝟒–𝟔 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 global book from Singapore ▪ 𝟑𝟎.𝟎% 𝐢𝐧 𝟐𝟎𝟐𝟒 · 𝟓𝟎.𝟕% 𝐢𝐧 𝟐𝟎𝟐𝟓 ▪ Prior investment partnerships (2017–21): 500% returns ▪ 𝐂𝐨𝐥𝐮𝐦𝐛𝐢𝐚 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐒𝐜𝐡𝐨𝐨𝐥 MBA · Value Investing Program ▪ Background across BNP, Fitch Ratings, hedge funds, and family offices ▪ Author of "Wisdom: How to Think and Judge Well in an Uncertain World" Want to hear Marcel's next idea? It won't be anything like the typical stereotypical ideas that come from large institutions. 𝐉𝐮𝐧𝐞 𝟐–𝟑, 𝟐𝟎𝟐𝟔 · Hilton Copacabana By invitation only · 25-person cap 👉 𝐀𝐩𝐩𝐥𝐲: fatalphavalue.com/latam

🏨 𝐓𝐡𝐞 𝐕𝐞𝐧𝐮𝐞 | 𝐅𝐚𝐭𝐀𝐥𝐩𝐡𝐚 𝐕𝐚𝐥𝐮𝐞 𝐋𝐀𝐓𝐀𝐌 · 𝐉𝐮𝐧𝐞 𝟐–𝟑, 𝟐𝟎𝟐𝟔 We'll be at the 𝐇𝐢𝐥𝐭𝐨𝐧 𝐂𝐨𝐩𝐚𝐜𝐚𝐛𝐚𝐧𝐚 on 𝐀𝐯𝐞𝐧𝐢𝐝𝐚 𝐀𝐭𝐥𝐚̂𝐧𝐭𝐢𝐜𝐚. Directly across from the beach, with ocean views from the pools, the restaurant, and most rooms. The iconic black-and-white wave mosaic promenade, designed by Roberto Burle Marx Caminhos, runs right outside. A few fun facts: 𝐒𝐩𝐨𝐫𝐭𝐬. Copacabana has hosted the 𝐅𝐈𝐅𝐀 𝐁𝐞𝐚𝐜𝐡 𝐒𝐨𝐜𝐜𝐞𝐫 𝐖𝐨𝐫𝐥𝐝 𝐂𝐮𝐩 10 times since 1995. During the 2014 World Cup, the Fan Fest here drew 937,000 people. It was the most popular of all 12 host cities across Brazil. In 2016, it hosted Olympic beach volleyball with Sugarloaf Mountain as the backdrop. 𝐌𝐮𝐬𝐢𝐜. Rod Stewart, New Year's Eve 1994: 4.2 million people. The largest concert crowd in history at the time. Lady Gaga also drew an estimated 2.5 million in May 2025 for the largest crowd ever for a female artist. 𝐅𝐚𝐦𝐨𝐮𝐬 𝐂𝐚𝐫𝐢𝐨𝐜𝐚𝐬. João Havelange, FIFA president from 1974 to 1998 Wikipedia, was born here. So were Romário, World Cup winner, ninth-highest goalscorer in football history with 784 goals and Paulo Coelho, whose books have been translated into 83 languages. And now in June, 25 investors will sit in a room at the Hilton Copacabana and exchange their best investment ideas in a closed setting. No panels. No spectators. 𝐉𝐮𝐧𝐞 𝟐–𝟑, 𝟐𝟎𝟐𝟔 · 𝐁𝐲 𝐢𝐧𝐯𝐢𝐭𝐚𝐭𝐢𝐨𝐧 𝐨𝐧𝐥𝐲 👉 𝐀𝐩𝐩𝐥𝐲: fatalphavalue.com/latam

🎙️ 𝐒𝐩𝐞𝐚𝐤𝐞𝐫 𝐀𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐦𝐞𝐧𝐭 | 𝐅𝐚𝐭𝐀𝐥𝐩𝐡𝐚 𝐕𝐚𝐥𝐮𝐞 𝐋𝐀𝐓𝐀𝐌 We're delighted to welcome Sam John, CFA, Managing Member & Portfolio Manager of Phronimos Capital, to Rio de Janeiro. Sam has spent 25 years finding overlooked value where most institutional capital doesn't look: global micro-cap deep value and special situations. ▪ Equity research associate, 𝐂𝐫𝐞𝐝𝐢𝐭 𝐒𝐮𝐢𝐬𝐬𝐞 (2000–04). Finished 𝟏𝐬𝐭 𝐢𝐧 𝐭𝐡𝐞 𝐟𝐢𝐫𝐦-𝐰𝐢𝐝𝐞 𝐬𝐭𝐨𝐜𝐤-𝐩𝐢𝐜𝐤𝐢𝐧𝐠 𝐜𝐨𝐧𝐭𝐞𝐬𝐭 ▪ Senior Research Analyst, 𝐏𝐞𝐫𝐬𝐢𝐬𝐭𝐞𝐧𝐜𝐲 𝐂𝐚𝐩𝐢𝐭𝐚𝐥. Generated average annual returns in excess of 𝟐𝟓% on a $300M global fund, with early EM calls in India, China, and Brazil (built 2005, reduced late 2007) ▪ Investor, 𝐓𝐞𝐫𝐫𝐚 𝐅𝐢𝐫𝐦𝐚 𝐕𝐚𝐥𝐮𝐞 𝐀𝐝𝐯𝐢𝐬𝐨𝐫𝐬 (2010–14) ▪ 𝐏𝐡𝐫𝐨𝐧𝐢𝐦𝐨𝐬 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 since 2014. Focused on global deep value and special situations The 2005–2007 EM sequence is worth noting. He built exposure to India, China, and Brazil when few were, then cutting before the crash. 𝐉𝐮𝐧𝐞 𝟐–𝟑, 𝟐𝟎𝟐𝟔 · Hilton Copacabana By invitation only · 25-person cap 👉 𝐀𝐩𝐩𝐥𝐲: fatalphavalue.com/latam