A few months ago, I wrote “ Time to Buy Brazil ”, and so far, the trade has performed well—despite (or perhaps thanks to) the Trump-driven trade headwinds. I continue to research undervalued equities that could help surf this wave: BRF S.A. (Hello! I am a Latin-American fundamentalist investor searching for discounted stocks across the region, but also worldwide. I have worked as a Portfolio Manager at a large financial institution and previously in invesment banking and economic journalism. I have experien ...

• Trades we like: ° Large over small caps: Better pricing power and operational efficiency should continue to benefit large caps on a relative basis late in the cycle. Small caps have more economic sensitivity and more rate sensitivity. Given the slowing macro backdrop, a Fed that's on hold and sticky back- end rates, large caps should continue to see relative outperformance. ° Healthcare over Staples for defensive hedges: Large cap healthcare trades at a 4 turn discount to the broader S&P and a 6 turn disc ...

Group 1 - The Pragmatic Investor focuses on global macro, international equities, commodities, tech, and cryptocurrencies, aiming to guide investors of all levels [1] - The platform offers features such as a portfolio, weekly market updates, actionable trades, technical analysis, and a chat room for investor engagement [1] - James Foord, an economist with a decade of experience in global market analysis, leads The Pragmatic Investor, emphasizing the creation of diversified portfolios to preserve and increase wealth [1]

Core Insights - Noor Darwish, a former management consultant at BCG, has shifted his investment strategy to focus on companies trading at significant discounts to their net asset value or liquidation value, as well as crypto-related equities [1] - In February 2023, Noor fully rotated his portfolio into crypto, investing in GDLC at $6 per share and selling at $21, achieving a 250% portfolio gain, which outperformed both Bitcoin and the broader market [1] - Noor has also transitioned into other Grayscale private placements, which yielded an 80% gain in 6 months, and relocated to Puerto Rico to benefit from a 0% capital gains tax rate under the Act 60 program [1] Investment Strategy - The investment focus is on companies with substantial discounts to net asset value or liquidation value, indicating a value-oriented approach [1] - The strategy includes a significant allocation to cryptocurrencies, reflecting a trend towards digital assets [1] - The decision to move to Puerto Rico is aimed at optimizing tax efficiency for capital gains, particularly in anticipation of future gains from crypto investments [1] Company Operations - Noor runs OverApply, a job application service that automates the job search process for clients, having applied to over 300,000 jobs resulting in more than 4,000 interviews and 500 job offers [1]

Core Insights - Noor Darwish, a former management consultant at BCG, focuses on investing in companies trading at significant discounts to their net asset value or liquidation value, as well as crypto-related equities [1] - In February 2023, Noor fully rotated his portfolio into crypto, investing in GDLC at $6 per share and selling at $21, achieving a 250% portfolio gain, which outperformed both Bitcoin and the broader market [1] - Noor has also transitioned to other Grayscale private placements, which yielded an 80% gain in 6 months, and relocated to Puerto Rico to benefit from a 0% capital gains tax rate under the Act 60 program [1] Investment Strategy - The investment strategy includes focusing on substantial discounts to net asset value and liquidation value, alongside crypto investments [1] - The successful rotation into crypto and subsequent sales highlight a strategy that capitalizes on market volatility and growth potential in the crypto sector [1] - The move to Puerto Rico is a strategic decision to maximize tax efficiency on capital gains, particularly in anticipation of future gains from crypto investments [1] Job Application Service - Noor operates OverApply, a job application service that allows clients to outsource their job search, resulting in over 300,000 job applications, 4,000 interviews, and 500 job offers [1]

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Investment Rating - The report does not explicitly provide an investment rating for the industry or US equities Core Insights - Recent declines in US stocks, bonds, and the dollar have raised concerns about foreign investor selling, with an estimated $60 billion in US stocks sold since March 2025 [2][3] - Foreign investors held a record 18% ($17 trillion) of US equities at the start of 2025, indicating a significant potential for further selling [4][5] - Historical data shows that previous episodes of foreign selling have lasted an average of 11 months and accounted for approximately 0.6% of US equity market cap, translating to about $300 billion today [2][15] Summary by Sections Foreign Investor Activity - High-frequency fund flow data indicates that European investors have primarily driven the recent selling of US equities, while other regions have continued to buy [11][21] - The recent episode of foreign selling is shorter and shallower compared to historical averages, with only $63 billion sold over the last two months [15][21] Market Performance - Since early April 2025, the S&P 500 has declined by 4%, the trade-weighted US dollar has fallen by 3%, and the 30-year US Treasury yield has increased by 18 basis points [3][9] - In contrast to past episodes of foreign selling, where US stock prices generally continued to rise, the current situation has seen a decline in both stock prices and the dollar [16][21] Historical Context - The report highlights that in previous instances of foreign selling, the S&P 500 rose in 7 out of 10 episodes, while the dollar typically appreciated by an average of 5% [16][21] - The most recent significant foreign selling occurred from mid-2023 to early 2024, totaling $260 billion, which contrasts with the current estimated selling of $63 billion [15][21]

I have been a long-term bull on Vale S.A. (NYSE: VALE ) throughout my last few articles , based on the investment thesis that the iron ore giant is one of the leading global producersAs a researcher and operations manager at DM Martins Research, I leverage my deep understanding of global markets to provide valuable and actionable insights. Previously, I contributed to TheStreet and currently write for platforms such as TipRanks and GuruFocus. At Seeking Alpha, my focus is on delivering in-depth analysis of ...

Company Overview - DocuSign, Inc. (NASDAQ: DOCU) is a leading provider of electronic signature and agreement cloud solutions, gaining recognition during the COVID-19 pandemic due to increased demand for digital workflows [1] Financial Performance - The company experienced a significant increase in valuation during the peak of the pandemic, reflecting the surge in remote work and digital solutions [1] Investment Insights - Noor Darwish, a former management consultant, has successfully rotated his portfolio into crypto-related equities, achieving a 250% gain on GDLC shares, which he purchased at $6 and sold at $21 [1] - Darwish's investment strategy includes focusing on companies trading at substantial discounts to their net asset value or liquidation value [1] - He has also engaged in Grayscale private placements, yielding an 80% gain in six months [1] Tax Strategy - Darwish relocated to Puerto Rico to benefit from a 0% capital gains tax rate on equities and cryptocurrencies under the Act 60 program, allowing him to avoid taxes on his significant gains [1] Job Application Service - The company OverApply, run by Darwish, has applied to over 300,000 jobs on behalf of clients, resulting in more than 4,000 interviews and 500 job offers [1]