Core Thesis - YPF Sociedad Anónima is positioned as an asymmetric asset rather than a simple proxy for Brent crude oil prices, focusing on three main vectors: Argentina's macro normalization, operational execution in shale, and a long-term option [1] Group 1: Investment Thesis - The investment thesis for YPF is anchored in Argentina's macroeconomic stabilization, which is expected to enhance the company's operational environment [1] - Operational execution in shale is a critical factor for YPF, indicating the company's focus on improving efficiency and production in this sector [1] - YPF also presents a long-term option for investors, suggesting potential future growth opportunities beyond immediate market conditions [1]