2️⃣Charts of the Week

This week markets have been still shaped by the geopolitical tension around the Strait of Hormuz, which is taking more time than expectedd for all parties involbved.

Below, you can see the first chart which shows that this kind of event is not new for equities: typically, you see an initial dip right when the shock hits, but then returns tend to recover quite steadily over the following months.

All operators are concerned, however, this pattern is fairly consistent across events, which suggests that markets quickly absorb the uncertainty and move back to pricing fundamentals rather than staying anchored to the geopolitical noise 🌍📉

On the other hand, this ties quite well with what we see in the second chart, where the focus shifts from short-term shocks to the broader macro regime. The current setup looks like a reflation environment, with inflation still present and growth holding up, and that’s where the idea of a barbell comes in.

On one side, defensive value sectors benefit from inflation and stability, while on the other, cyclical value captures the upside from ongoing economic activity. It’s not a market dominated by one single style, but rather one where leadership is split depending on how growth and inflation evolve. 🧭⚖️

As usual, this is not about giving you a magic recipe, but rather sharing the key pieces so you can build your own forward-looking view as new events unfold. Despite the ongoing uncertainty, what we’re seeing is not new, as markets have gone through similar phases before and have eventually adjusted as the bigger picture became clearer. 🧠📈

3️⃣Articles of the Week

As every week, here there are a couple of articles that we found particularly interesting and constructive.

| @atomicmoat

• Marketplace dominance: the article explains how strong local network effects create category-leading platforms with pricing power and high recurring profitability

• Monetization depth: the article shows how growth is driven by increasing ARPU through product upgrades and deeper penetration in key verticals like real estate and auto listings

The Atomic Moat

Deep Dive: Baltic Classifieds Group (BCG.L)

If you read the Thesis Brief, you know the business. You know the flywheel, you know the Estonian tax shock, you know that a 78% EBITDA margin on a classifieds portfolio is genuinely extraordinary. You know the thesis…

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9 days ago · 5 likes

| @rochecapital

• Cash flow visibility: the article explains how Waste Management has highly predictable and recurring cash flows, driven by essential services and long-term contracts, enabling strong forward visibility on cash generation

• Capital allocation discipline: the article highlights how steady free cash flow is systematically deployed into capex, dividends and buybacks, reinforcing a compounding model with operating leverage and shareholder returns

Roche Capital

15.2# WM - Management target: cash flows!!

Alguien mucho más sabio que yo dijo una vez: “show me the incentives and I´ll show you the outcomes (muéstrame los incentivos y te mostraré el resultado…

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a month ago · Pedro Ortiz

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

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Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

2️⃣Charts of the Week

This week has been dominated by the escalation of the Iran conflict and its direct impact on oil and global markets.

The geopolitical event is now evolving into a structural macro shock, with Brent crude surging sharply as markets price supply disruptions in key routes like the Strait of Hormuz. We are facing a real repricing of global risk and inflation expectations.⏳📉

Source: Geopolitical Futures Graphic / Decision Tree

The first chart highlights a critical point: the conflict is not binary, but probabilistic, and most paths lead to continued tension. Even in moderate scenarios, disruption persists, while more adverse outcomes point toward a “massive oil shock” with high probability (~70%).

Markets are clearly aligning with this skew, pricing not peace but prolonged instability and energy stress. 🔍📊

The second chart reinforces this by showing how expectations of a quick resolution have collapsed, with probability shifting toward longer timelines. This matters because duration transforms a shock into a regime: a short conflict creates volatility, a prolonged one creates macro change.

The market is now pricing the latter.

As a result, stagflation is becoming the dominant narrative. Higher oil feeds inflation while simultaneously weakening growth, a combination already highlighted by institutional research . This environment is toxic for risk assets and explains the ongoing equity weakness, where selloffs persist without clear capitulation signals. 📉🔥

In this environment, capital is rotating decisively. Energy, commodities, gold and defensive sectors are leading, while cyclical and growth assets lag behind.

3️⃣Articles of the Week

Fianally, here you will find two articles I found particularly interesting and constructive for this week.

| @floebertus

• Core advantage lies in focusing on short-duration projects, enabling faster capital recycling, stronger margin control and higher flexibility compared to peers locked into long-term contracts.

• Resilience to inflation comes from its specific cost structure and contractual protections, showing that outcomes depend more on company fundamentals than on the sector itself.

Floebertus

OKP Holdings interview

Summary…

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14 days ago · 16 likes · 4 comments · Floebertus

| @slowcompounding

• Network effect moat is driven by increasing parcel density, which lowers unit costs and improves service, reinforcing dominance over time.

• Investment thesis shift from long-term compounder to a valuation and potential corporate action story, creating tension between intrinsic value and market pricing.

Slow Compounding

InPost: The Parcel-Locker Flywheel — and the Lowball Takeover

I originally planned to write a full Deep-Dive on InPost. But with the recent takeover offer, the setup has shifted from a classic compounder story to a more event-driven situation with the long-term upside being capped for long-term investors (sadly…

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a month ago · 8 likes · 1 comment · Alexander

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Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

We’ve just finished our UK Ideas Week, here’s the full market research.

Now we’re kicking off Switzerland Ideas Week, a market known for quality, resilience and world-class businesses.

2️⃣Charts of the Week

The week starts with shipping disruption. Despite fewer attacks, Red Sea traffic remains ~50% below normal, with vessels still rerouting via the Cape of Good Hope. This signals a shift from a temporary shock to a structural supply chain issue, reinforcing the idea that the conflict is becoming prolonged and entrenched, with no near-term resolution in sight. 🚢⚠️

From there, the story moves to Hormuz, which is where the real energy risk sits. A very large share of oil, LNG and other key commodity flows still depends on that corridor, and the alternative pipelines shown in the slide help, but they do not fully replace normal seaborne volumes.

That is the key market point. The issue is not just whether some cargo can still move, but whether the system can keep moving at the scale and speed the market needs. If disruption drags on, the next step is not just delays, but tighter physical supply, scarcity in some segments and eventually demand destruction. 🛢️🌍

On top of that, the latest attacks on refining and processing infrastructure add a second layer of pressure. The image of the smoke and the summary table make the point clearly. Damage to these assets is not just about a short lived fire headline, it can mean real capacity loss and long repair timelines. In the case shown, the estimated impact is around 17 to 20% of capacity, with a possible recovery window of 3 to 5 years. That tells you the market is now dealing with more than transport disruption. It is also dealing with the risk of lost processing capacity, which makes the whole supply chain even less flexible. 🔥🏭

That is why Brent is not the whole story. The more relevant signal is what happens to the actual regional crude benchmarks, especially Dubai, Oman and related Middle East barrels that price the oil Asia really buys. And that is where stress is showing up more clearly.

So even if governments talk about protecting shipping lanes or releasing strategic reserves, the market still sees a system under pressure. Put simply, flows are less reliable, infrastructure is taking damage, and physical tightness is building faster than policy reassurance can calm it. 📈⛽

Articles of the Week

This week we bring you, as always, several interesting creators.

| @gilescapital

• Market backdrop & opportunity set: explains how geopolitical tensions (oil spike, Hormuz disruption) are driving volatility and fear, creating pockets of mispricing where patient capital can find opportunities

• Core idea generation approach: curates multiple deep value ideas globally (e.g. low P/E, high FCF yield, asset undervaluation) showing a systematic process of finding mispriced companies with strong fundamentals and insider alignmen

Value Investing by Giles Capital

Giles Capital Weekly - Week 11

Welcome to another edition of Giles Capital Weekly. US strikes on Iran’s Kharg oil hub pushed crude above $90 last week, with a key UAE port suspending oil loadings after a drone attack. Strait of Hormuz transit remains …

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22 days ago · 14 likes · 1 comment

| @valuephilosopher

• Why he sold Spotify: explains how the thesis played out and the market fully recognised the business, with margins improving and valuation no longer offering clear upside

• Core investing lesson: buying mispricing and selling once normalisation occurs, stressing patience, discipline and capital reallocation once the easy returns are captured

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

2️⃣Charts of the Week

Markets remain volatile as investors react to the escalating geopolitical tensions around Iran and the Middle East. The key issue for markets right now is the potential impact on global oil supply and inflation expectations, which explains why macro desks and strategists are increasingly publishing scenario analyses to frame possible outcomes for energy prices and economic growth. 🌍📉

Mizuho EMEA, for example, outlines several potential paths depending on how the conflict evolves. Their base case assumes regime survival in Iran, with oil likely moving into the $75–95 per barrel range and only a short-lived inflation impulse, delaying central bank rate cuts. In more disruptive scenarios such as prolonged unrest or regime adjustment, oil could spike toward $95–110+, bringing a stronger and more persistent inflation shock and forcing central banks to remain cautious on easing. 🛢️📊

Bloomberg Economics, meanwhile, frames the situation through a slightly different lens, focusing on the probability of attacks on energy infrastructure. Their most likely outcomes currently point either to limited attacks on energy assets, which could push oil toward around $80 per barrel with a modest inflation effect, or a ceasefire scenario, which would keep oil closer to $65 and limit macroeconomic damage.⚡🛢️

At the same time, the broader financial market backdrop is being complicated by rising volatility in the private equity sector. As shown in the chart, a basket of major firms such as Blackstone, KKR, Apollo and Carlyle has experienced repeated drawdowns, recently falling around 36% from its high.

This divergence suggests investors are becoming more cautious toward leveraged and rate-sensitive financial models, particularly as uncertainty around interest rates and credit conditions persists. 📉🏦

Looking ahead, markets will remain highly sensitive to incoming geopolitical headlines. Recent reports about plans to deploy 2,500 U.S. Marines to the region suggest that tensions may persist rather than fade quickly. For now, we will be closely monitoring the situation and how it develops in the coming weeks. ⏳🧭

3️⃣Articles of the Week

| @idresearch

• Insurance industry and opportunity: The article explains how the insurance industry works, including underwriting profits, the importance of the investment float, and the cyclical nature of the sector, framing it as a massive market with structural inefficiencies.

• Disruption thesis (AI-driven insurance): It argues that Lemonade aims to disrupt the traditional insurance model through a digital, AI-native platform capable of pricing risk more precisely and operating without the legacy agent-based distribution systems of incumbent insurers.

ID Research

Lemonade: Tesis de inversión (Parte 1)

Introducción…

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a month ago · 12 likes · 1 comment · ID Research | Sergio

| @matteroftimeresearch

• Business model and investment thesis: Broadly, explains how Games Workshop has built a highly profitable niche business around the Warhammer intellectual property, supported by loyal hobbyist customers, strong margins and efficient capital allocation.

• Competitive advantage and ecosystem: The article describes how the company’s moat comes from a unique hobby ecosystem of miniatures, lore and gaming that fosters a strong community and recurring spending from highly engaged players.

I hope you find the content useful.😀

May the investment be with you.

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

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⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments

2️⃣Charts of the Week

Markets started the week on edge after the escalation of the Iran conflict, which directly threatens global energy and trade routes. Around 20% of global oil shipments pass through the Strait of Hormuz, making any disruption there critical for both energy markets and global supply chains. Investors are now watching closely whether the conflict becomes prolonged, as this would keep pressure on inflation and central bank policy. 🌍🛢️

Source: U.S. Energy Information Administration (EIA), visualization by Anadolu Agency.

The immediate reaction has been in energy and shipping costs. Oil surged close to $90 per barrel, driven by fears of supply disruption and reduced production across Gulf exporters. At the same time, shipping routes and maritime insurance costs have spiked, with some insurers withdrawing coverage in the region and freight prices on certain routes doubling in a matter of days.

Source: www.drewry.co.uk

The first image (table) presents the latest data from the Drewry World Container Index (WCI), one of the main benchmarks tracking global container freight rates. The index measures the cost of shipping a 40-foot container across the world’s major trade routes. 📦💸

As of 5 March 2026, the composite index stands at $1,958 per container, with notable weekly increases on key routes such as Shanghai–Los Angeles (+10%) and Shanghai–New York (+7%).

These movements suggest that shipping markets are already starting to price in geopolitical risk, particularly as uncertainty grows around critical maritime routes and global supply chains. 🌍⚓

Source: Drewry World Container Index

On the other hand, the second image (chart) illustrates the recent evolution of freight rates across major routes, including Shanghai–Rotterdam, Shanghai–Los Angeles, Shanghai–Genoa, and Shanghai–New York.

The chart shows how freight costs surged during the global supply-chain crisis before gradually normalizing as logistics conditions stabilized, however, the latest data points reveal a renewed upward turn in several routes, indicating that freight markets are once again reacting to disruptions and rising risk premiums. 📦📊

Historically, these dynamics can escalate quickly. When maritime routes face disruptions or insurers raise risk premiums, freight rates can spike within weeks as carriers reroute vessels, transit times lengthen, and shipping capacity tightens.📈💸

Taken together, both images reinforce the same macro point: the current geopolitical shock is not only an energy story. Rising logistics costs are beginning to ripple through global supply chains, creating an additional inflationary channel via international trade and transportation costs. 🌐⚠️

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

3️⃣Articles of the Week

Below, as usual you will find two articles I found particularly interesting and constructive.

| @nikotes

• Software Darwinism in the AI Era: The article explains how AI is reshaping software markets, arguing that only the most essential, deeply embedded tools will survive while “good enough” software gets replaced.

• What Actually Survives: It highlights that software with strong customer lock-in, real mission-critical use cases, and constant improvement is far more likely to win in an AI-driven world.

Expanse Stocks

Software Darwinism

Thanks for reading Expanse Stocks! Join for free to get new articles and support my work…

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a month ago · 7 likes · Nikotes

| @caesarcapital

• Alphabet Beyond Search: The article frames Alphabet as much more than Google Search, breaking down how its ecosystem across ads, cloud, YouTube and AI supports long-term growth.

• AI and Cloud as the Next Engine: It explains why AI integration and Google Cloud are key to reducing ad dependence and driving the company’s next phase of value creation.

CAESAR CAPITAL

Alphabet, Inc

¡Muy buenas a todos! Bienvenidos al blog de inversión de Caesar Capital…

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2 months ago · 50 likes · 4 comments · CAESAR CAPITAL

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May the investment be with you.

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

2️⃣Charts of the Week

This week, markets have turned markedly volatile, trading with a clear risk-off bias as investors assess the implications of the recent escalation involving Israel, the United States and Iran. The geopolitical backdrop has injected a new layer of uncertainty into an already fragile macro environment.⚠️🛢️

Against this backdrop, broader structural signals are also flashing caution as two signals point in the same direction: record concern over excessive corporate capex and elevated financial leverage. The combination suggests we may be operating in a mature phase of the cycle, where optimism has already been largely priced in. 🌍📉

The BofA Fund Manager Survey shows a sharp rise in the net percentage of investors who believe companies are “overinvesting”. Historically, this shift occurs when confidence is high, financing is easy, and boards feel comfortable accelerating expansion. However, aggressive capital expenditure at cycle peaks often precedes periods of earnings normalization and multiple compression. 🏭📊

At the same time, margin debt remains structurally elevated relative to history and closely tracks equity market peaks (2000, 2007, 2021). Rising asset prices tend to encourage leverage; leverage, in turn, amplifies both gains and fragility. When valuations are extended and borrowing is high, the system becomes more sensitive to negative surprises.

Viewed together, these charts describe the same dynamic: corporations are expanding balance sheets through capex, while investors are expanding risk through leverage. That dual expansion typically characterizes late-cycle phases rather than early bull markets. 🤝📉

The market’s uneasy tone this week reflects that reality, more than ever we face a reduced margin for error in an tough environment.

3️⃣Articles of the Week

As always, here are a couple of articles I found this week particularly interesting and constructive.

| @citrini

This article has gained massive traction this week across financial and macro circles.🔥

• The piece outlines a 2028 scenario where rapid AI adoption leads to large-scale white-collar job displacement, collapsing consumer demand, corporate earnings, and ultimately financial markets.

• It argues that extreme productivity gains from AI could destabilize the economy, as machine output replaces human income, triggering a negative feedback loop of layoffs, weaker demand, and systemic financial stress.

Citrini Research

THE 2028 GLOBAL INTELLIGENCE CRISIS

Preface…

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a month ago · 5838 likes · 83 comments · Citrini and Alap Shah

| @4interestingideas

• The piece presents a structured “multi-bagger checklist” applied to OLN (Olin Corporation), arguing that deeply cyclical companies can generate outsized returns when bought at cycle trough valuations with improving fundamentals.

• It highlights cost leadership, industry consolidation, balance sheet resilience, and cash flow normalization potential, suggesting asymmetric upside if earnings revert toward mid-cycle levels.

Interesting Ideas

$OLN Multi-bagger Checklist for a High-Quality Cyclical

Investing in cyclicals is very hard and calling bottoms is impossible. I usually don’t bother, unless everything lines up on my checklist…

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3 months ago · 19 likes · 2 comments · Interesting Ideas

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⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

2️⃣Charts of the Week

This week, markets once again reminded investors that uncertainty remains the only constant. Heightened geopolitical tensions between the United States and Iran have added a fresh layer of risk to an already fragile macro environment, specially in oil 🛢️📈. WTI futures are trading at $66.48 per barrel , a level that suggests the market is pricing a moderate geopolitical risk premium, but not a full-blown supply shock. Brent is also holding at higher levels than WTI, consistent with a cautious risk backdrop tied to Middle East friction 🌍⚠️.

Source: markets.businessinsider.com

Redarding the economic data, it continues to send mixed signals and valuations remain demanding, the internal structure of the market tells a much clearer story. The real driver right now is the divergence inside the AI trade. 🔎📊

The first image shows a clear parabolic move in AI Hardware relative to AI Services since 2025. Hardware suppliers, chips and equipment are outperforming sharply, driven by massive capex from hyperscalers. Meanwhile, AI Services lag because monetization is not keeping pace with investment. There is heavy capital expenditure, but revenue realization is slower. 💰⚙️

The second image connects this to history. In the late 1990s, Internet Hardware also surged relative to Internet Services. That relative outperformance peaked around 2000, before the collapse. The pattern was the same: infrastructure rallied first, services lagged, and the broader index followed the hardware boom higher before reversing. 📈📉

Today, we see a similar structure. The chart explicitly highlights a “parabolic move” in AI Hardware versus Services and even questions whether 2025 to 2026 could mirror 2000. The key element is the timing gap. Infrastructure spending accelerates immediately, but monetization takes longer. That lag creates distortions in valuations and expectations. ⏳⚠️

In short, both images tell one coherent story. First comes the buildout phase. Hardware leads. Services absorb costs. Then the market demands proof of returns. In 2000, that gap closed abruptly. Today, the same dynamic is forming again. The risk is the mismatch between capex and monetization.

3️⃣Articles of the Week

As usual, here are a couple of articles I found particularly interesting and constructive.

| @tridentopportunities

• Strategic reset thesis. The article argues Ampco-Pittsburgh has transformed itself by exiting loss-making businesses, simplifying operations and positioning for much improved profitability as EBITDA removes major drags.

• Catalysts ahead. It highlights that the remaining core segments, especially engineered products and Air & Liquid Processing, are structurally resilient and stand to benefit from industry dynamics and higher utilization, suggesting upside not yet priced in.

Trident Opportunities

Ampco-Pittsburgh Corporation ($AP): A good business bad business setup with catalysts ahead

First of all, the disclaimer: I am invested in Ampco-Pittsburgh ($AP). Nothing I write should be considered investment advice. I bought my first shares at USD 4.05…

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3 months ago · 39 likes · Christian Schmidt

| @robinresearch

• The article: presents CTT Systems as a small-cap aviation supplier mispriced by the market, arguing that temporary weakness masks a structurally attractive long-term setup.

• Earnings setup: It walks through how recent softness was driven by short-term factors, while production ramp-ups and recurring revenue could drive a meaningful earnings rebound over the next two years.

Robin’s Substack SME

CTT Systems AB (SE:CTT)

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2 months ago · 11 likes · 2 comments · Robin Research

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Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

2️⃣Charts of the Week

Markets remain clouded by elevated uncertainty, and capital continues to rotate defensively, moving away from crowded growth exposures toward safer assets and traditional hedges such as gold. 🛡️📉

This valuation chart reinforce this context. On a 12-month forward P/E basis, the U.S. trades toward the upper end of its historical range, while several international and emerging markets sit closer to or below long-term medians. These charts do not predict outcomes, but they highlight a key point: relative valuations matter, and the U.S. is no longer inexpensive. 📊⚖️

At the same time, we should keep in mind that the long-term dominance of U.S. equities over international markets has lasted more than a decade however by the same logic history reminds us that leadership rotates.

There have been prolonged periods when international markets outperformed, and today’s U.S. dominance should not be seen as permanent or guaranteed for the decades ahead.. ⏳🌍

3️⃣Articles of the Week

Here are a couple of articles I found particularly interesting and constructive.

| @altaycap

• Mispriced as a cyclical graphite producer ,not an aerospace asset. The market values Nippon Carbon as a mature industrial, overlooking its strategic stake in a GE/Safran JV supplying critical SiC fibers for next-generation aircraft engines.

• Asset-backed downside, aerospace-driven upside. Trading near book value with balance sheet support, the company offers asymmetric re-rating potential if aerospace production ramps and industrial demand normalizes.

Altay Capital - Mostly Value Investing

Nippon Carbon (TYO 5302): A 120 Year Old $350 Million Japanese Carbon Manufacturer Trading at 1x Book, Net Cash, and 4.2% Dividend with a Growing Aerospace Materials Division (JV with GE / Safran)

Share Price: ¥4,815…

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2 months ago · 28 likes · AltayCap

| @a16z

• AI doesn’t kill software , it multiplies it. The article argues that easier software creation (via AI) increases supply and demand, expanding the surface area of what gets built rather than shrinking the industry.

• Tech shifts expand markets, not erase them. Just as past platform transitions created more software and new winners, AI changes the form factor and builders — but strengthens software’s central role in the economy.

a16z

Death of Software. Nah.

| America | Tech | Opinion | Culture | Charts …

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2 months ago · 217 likes · 14 comments · Steven Sinofsky

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Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

2️⃣Charts of the Week

This week has been marked by a sharp correction in gold and silver, following one of the most extended and vertical bull phases in modern history. What initially looks like a sudden pullback is, in reality, the natural consequence of extreme positioning, elevated confidence, and excessive leverage accumulated over time.⏳📉

As we can see in the first image, gold’s long-term history shows that major bull markets have consistently been accompanied by deep and abrupt corrections once positioning becomes crowded. The current cycle, with prices up approximately +278% from the 2015 lows and more than +130% since the 2022 correction, clearly fits this late-stage pattern. At such advanced levels, even minor catalysts can trigger rapid deleveraging events.

In the second image, we observe the key factor that amplified the sell-off: a severe lack of downside protection. The CBOE Equity Put/Call Ratio near 0.58 highlights a market heavily tilted toward calls, signaling high directional exposure and minimal hedging. When prices started to fall, investors had little protection to monetize, forcing them to sell the underlying assets directly and accelerating the decline. 📊⚠️

Finally, the last image reinforces this diagnosis, showing bubble-like dynamics in precious metals compared to other asset classes. This aligns with institutional data indicating historically low hedge levels, as confirmed by recent global fund manager surveys.

In summary, this was not a fundamental breakdown, but a classic late-cycle correction driven by complacency, crowded positioning, and insufficient hedging. Such moves tend to be fast, violent, and mechanical, reminding investors that even defensive assets are vulnerable when positioning becomes extreme.🛡️❌

3️⃣Articles of the Week

As every week, here there are a couple of articles that we found particularly interesting and constructive.

| @tridentopportunities

• Explains a turnaround driven by structural simplification, where exiting loss-making operations unlocks EBITDA and cash flow.

• Shows underappreciated industrial exposure to long-cycle demand, creating upside not yet reflected in the stock’s valuation.

Trident Opportunities

Ampco-Pittsburgh Corporation ($AP): A good business bad business setup with catalysts ahead

First of all, the disclaimer: I am invested in Ampco-Pittsburgh ($AP). Nothing I write should be considered investment advice. I bought my first shares at USD 4.05…

Read more

3 months ago · 40 likes · Christian Schmidt

| @gilescapital

• Explains how increasing market dispersion is reviving value opportunities, combining disciplined stock selection with macro awareness to identify mispriced assets.

• Shows concrete investment ideas with catalysts and downside protection, focusing on valuation gaps rather than narrative-driven trades.

Value Investing by Giles Capital

Giles Capital Weekly - Week 5

Welcome to another edition of Giles Capital Weekly. Markets closed the week mixed as investors reacted to President Trump’s nomination of Kevin Warsh to lead the Federal Reserve, sending the dollar to its biggest rally since May. Meanwhile, gold and silver experienced wild swings after touching record highs above $5,500…

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2 months ago · 23 likes · 4 comments · Giles Capital

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Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

I hope you find the content useful.😀

May the investment be with you.

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

The market still values Water Intelligence plc ( $WATR ) as a small water services company. Quietly, it is becoming a more scalable business with revenue recurrence, long-term partnerships and healthy balance sheet. 💧🛠️

Would you own this business for the next 5 years? Why not?⏳📈

Please, let us know in the comments.👇

2️⃣Charts of the Week

This week was marked by a continuation of the same underlying trend that has defined markets for years: U.S. equities, and especially U.S. Tech, continue to do the heavy lifting. As the first chart shows, returns since 2006 remain overwhelmingly concentrated in U.S. Tech, while Europe, emerging markets and the U.S. market excluding tech lag significantly behind. As usual and everybody hilights; only a narrow part of it is really driving returns. 📈

Source: Goldman Sachs via Daily Chartbook

As you noticed, when we strip out technology, the picture becomes less convincing. U.S. equities ex-Tech look far closer to the rest of the world, highlighting how dependent recent performance has been on a small group of mega-cap winners.

This raises an important point for investors: headline index strength can mask growing fragility underneath, especially if expectations around growth and margins begin to slip. ⚠️📊

Source: @Charliebilello / X

At the same time, risk is quietly being repriced elsewhere. As shown in the second chart, precious metals have surged over the past year, with silver, platinum and gold clearly standing out. This is not a broad commodity boom. Instead, it reflects rising geopolitical uncertainty, demand for hard assets, and early hedging against financial and currency risks. 🪙🌍

Certainly, the sharp move into metals suggests caution rather than euphoria. For now, markets remain constructive, but the balance between confidence and risk is becoming more delicate. ⏳🔍

3️⃣Articles of the Week

As usual, there are a couple of articles that we found particularly interesting and constructive.

| @sergeycyw

• Reviews recent earnings to assess how AI investment is impacting business performance, beyond headline results.

• Highlights increasing dispersion across companies, with software platforms benefiting from recurring revenues and pricing power.

Compounding Your Wealth

Meta, ServiceNow, Tesla, Microsoft Earnings & IBM, FICO Q4 2025 Snapshot

Table of Contents…

Read more

2 months ago · 7 likes · Sergey

| @inversionindependiente

• Presents a list of airport-related stocks, focusing on infrastructure operators with long-term traffic growth, pricing power and regulated cash flows.

• Explain airports as resilient, asset-heavy businesses, benefiting from post-pandemic travel normalization, inflation-linked revenues and high barriers to entry.

Inversión Independiente

10 acciones para invertir en AEROPUERTOS

El sector de gestión de aeropuertos es uno de los mejores que me he cruzado durante mi carrera como inversor. Me encanta invertir en estas compañías, por varios motivos que comentaré durante el artículo…

Read more

2 months ago · 18 likes · 5 comments · Inversión Independiente 📊

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I hope you find the content useful.😀

May the investment be with you.

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

The market sees TOYA S.A. ($TOA) as a cyclical, low-end Polish tools distributor. Quietly, it is expanding its professional and international footprint. 🛠️🌍

Would you be comfortable owning this business for the next 10 years? ⏳📈

Do you hold this company in your portfolio already?

Please, let us know in the comments.👇

Share

2️⃣Charts of the Week

This week’s market narrative has been shaped again by the called “Taco trade” headlines, derived from Greenland negotiations to revived tariff rhetoric.🌍📉

It reinforces how quickly geopolitical noise can resurface even in risk-on markets, and how rapidly underlying conditions can shift. ⚠️

How is the market positioned amid all of this? 🤔📊
This chart shows global fund managers’ cash levels at a record low of ~3.3%, indicating portfolios are nearly fully invested.

Historically, such extremes have coincided with crowded positioning, limited incremental buying power, and weaker short-term equity returns, as liquidity buffers all but disappear.

On the other hand, and impresively, this picture shows us that, despite elevated valuations and macro uncertainty, most managers have not put on downside protection.🛡️❌

Hedging activity sits near cycle lows, signalling complacency and leaving portfolios exposed to abrupt drawdowns.

Together, these charts depict a market that is fully deployed and largely unprotected , highly dependent on continued benign conditions, and increasingly vulnerable to negative surprises.🎯💥

3️⃣Articles of the Week

As usual, there are a couple of articles that we found particularly interesting and constructive.

| @kairosresearch

• Reframes ContextLogic as a capital allocation platform underpinned by substantial NOLs, rather than a failed e-commerce asset.

• The investment case hinges on disciplined redeployment of excess cash into cash-generative assets, with tax shields enhancing long-term FCF per share.

  Kairos Research

  ContextLogic

  Summary…

  Read more

  3 months ago · 26 likes · 2 comments · Kairos Research

| @hatedmoats

• Positions Mo-Bruk as a regulated waste treatment business with structural entry barriers and durable cash flow visibility.

• Argues the market is over-penalising one-off accounting adjustments, overlooking resilient margins and long-term FCF compounding potential.

Hated Moats

MO-BRUK: DCF Valuation

Date of Analysis: December 27, 2025 - January 2, 2026…

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3 months ago · 26 likes · 12 comments · HatedMoats

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

I hope you find the content useful.😀

May the investment be with you.

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

What if short-term noise is masking long-term value❓

Thermador Groupe ( $ THEP ) has seen growth slow but its surface lies a resilient, cash-generative, asset-light business quietly upgrading its industrial mix.🛠️📊

What do you think? Would you invest in this company?

Do you hold this company in your portfolio already?

Please, let us know in the comments.👇

Leave a comment

2️⃣Charts of the Week

This week opens with U.S. equities holding near highs, but the underlying signals suggest a market that is increasingly priced for perfection. While headline indices remain supported by a narrow group of large-cap leaders, sentiment ( 7 magnificent) positioning and fund flows are flashing warnings that forward returns may become more and more asymmetric.🧲📊

The key message going into this week is not one of imminent downside, but of fragility. Investor confidence has risen rapidly, yet capital allocation patterns reveal a growing reluctance to embrace broad-based risk. This tension between optimistic sentiment and defensive behavior is the defining feature of the current market setup.

The Bull & Bear Indicator has moved decisively into sell territory, highlighting an increasingly crowded long positioning. Historically, such sentiment extremes have coincided with lower forward returns and rising volatility, suggesting that upside from here may be more limited unless fundamentals re-accelerate. Importantly, this reflects positioning and optimism rather than stress, leaving markets more exposed to possible disappointments. 🧠⚠️

In contrast to elevated sentiment, US small cap funds are experiencing record outflows, pointing to broad-based derisking rather than incremental rotation. While this weighs on near-term small cap performance, flows of this magnitude have often marked late-cycle risk reduction phases, as investors retreat toward liquidity and balance sheet strength. Historically, such extremes can eventually set the stage for selective mean reversion once macro uncertainty stabilizes.🔄🧭

Putting both charts together, the message is clear: confidence at the index level is masking growing internal strain. Sentiment is stretched, participation is narrowing, and capital is becoming more selective. Markets can remain elevated under these conditions, but returns tend to become harder-earned and volatility less forgiving.

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3️⃣Articles of the Week

Below are a couple of articles that we found particularly insightful and constructive.

| @amsterdamstocks

• Analyzes Gullewa as a high-margin gold royalty business with stable cash flows and significant valuation upside.

• Highlights asymmetric returns driven by royalty income, conservative balance sheet, and leverage to higher gold prices.

AmsterdamStocks

Gullewa (GUL.AX): A Gold Royalty Cash Flow with 286% upside

Gullewa Limited (ASX: GUL): The Market’s Most Mispriced Royalty…

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3 months ago · 8 likes · AmsterdamStocks

| @ideasbykreuzmann

• Explores how founder passion, strong culture, and disciplined capital allocation can translate into superior long-term investment returns.

• Focuses on identifying high-quality growth businesses where intrinsic value compounds through execution and management alignment.

Kreuzmann’s Ideas

Where Passion Meets Profits..

Hello all…

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3 months ago · 28 likes · 8 comments · Jakub Kreuzmann

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

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I hope you find the content useful.😀

May the investment be with you.

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

I hope you had a great week.

In order to improve the newsletter, we have introduced a new section where we share some of the most interesting investment ideas we came across.

From now on, you will also receive an investment case highlighting the key insights behind the analysed company.🧠📊

See the first edition below. 👇

1️⃣Investment idea of the week

2️⃣Charts of the Week

What can we expect from the 2026 beginning?

This chart highlights the historical tendency for U.S. equities to post positive returns during the so-called Santa Claus Rally period, defined as the days from Christmas through the second trading session of January.

The shown chart suggests that this short window has delivered positive returns significantly more often than other comparable periods, regardless of prior market performance. While not a trading signal, it highlights the impact of seasonal positioning and year-end sentiment.

According to daily closing data from the Federal Reserve Bank of St. Louis (FRED), the Dow Jones Industrial Average (DJIA) has climbed from approximately 48,382 at the close of January 2, 2026 to about 49,266 on January 8, 2026. 🏦⚖️

That implies a gain of roughly:

~1.8%–2.4% in the first week of trading in 2026

However, this is not an extreme Santa Claus Rally we can say that it’s a positive, constructive early-year advance.

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What follows?

On the other hand, the second chart shows average monthly equity mutual fund purchases as a percentage of assets under management since 1984, revealing a clear and persistent seasonal pattern in investor behavior.

The chart shows that January remains the strongest month for equity fund inflows, and this pattern is once again playing out at the start of the year.📈

For instance, the S&P 500 has climbed about +1.1 % in 2026 so far, reflecting a constructive start to the year. This aligns with the positive early-year seasonal tendency suggested by historical patterns. However, taking both charts into account, it remains too early to conclude the emergence of a sustained rally.⏳

3️⃣Articles of the Week

Below are a couple of articles that we found particularly insightful and constructive.

| @rockandturner

• Explores Fairfax India as a possible long-term vehicle for accessing India’s structural growth through high-quality infrastructure assets.

• Highlights valuation upside and patient capital catalysts, focusing on compounding over time.

Rock & Turner Investment Analysis

Gateway To The Sub-Continent | Fairfax India

Read more

4 months ago · 17 likes · 9 comments · James Emanuel

| @theaiarchitects

• Argues that the next AI cycle will be driven by inference demand, power availability and also data-centre infrastructure.

• Positions IREN as a potential beneficiary due to its scalable, energy-backed compute capacity.

Share 𝗠𝗔𝗚𝗡𝗢 𝗜𝗡𝗩𝗘𝗦𝗧𝗠𝗘𝗡𝗧𝗦 𝖱𝖤𝖲𝖤𝖠𝖱𝖢𝖧

Subscribe now

I hope you find the content useful.😀

May the investment be with you.

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️

Magno investments is not an entity authorised or supervised by any financial authority and does not provide investment services or regulated financial advice.

All material provided (articles, presentations, theses, ideas, opinions and analyses) are for informational and educational purposes only and does not constitute a recommendation to buy, sell or hold financial instruments, nor does it constitute personalised advice

Magno Investments Research are not responsible for the use made of this information or the veracity of its sources.

Magno Investments and/or its writer and contributors may hold, directly or indirectly, positions in the securities mentioned in the content. These positions may be changed at any time without prior notice.

Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it. Magno Investments is not responsible for the use that members make of the information or for any losses arising from their investments.

Welcome to the first edition of our Weekly Investment Newsletter;

From now on, every Sunday you will receive a concise and structured overview of the key macroeconomic trends and global market dynamics💼📈

Our focus will be on fundamentals, tools, content, and real economic drivers that ultimately create sustained long-term value. 🏦🌍

This newsletter is designed to support you in making clearer, more confident and more deliberate investment decisions at the start of each week. 🧠⏳

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1️⃣ 2025 End-Market Summary

This year was marked by a clear shift in leadership across markets and asset classes, reinforcing the importance of diversification and global exposure. Performance patterns highlighted both cyclical rotation and long-term structural trends.

Equity returns were highly dispersed, with Europe and several emerging markets strongly outperforming, while the US lagged behind. The year clearly reflected a rotation away from US-centric leadership.

Over the long term, risk assetsparticularly US equities whic remain dominant, but 2025 illustrates how leadership rotates across cycles. Short-term outcomes can differ meaningfully from long-term winners.

2️⃣Charts of the Week

Cumulative Losses Before Profitability – Big Tech vs AI Labs
The starting point is the nature of today’s growth engine. Unlike previous technology cycles, frontier AI development requires unprecedented upfront investment, with leading AI labs absorbing large and prolonged losses before reaching profitability. This extends largely the payback periods and raises the importance of funding conditions and long-term capital commitment.

US Data-Center Power Demand Outlook
That capital intensity is not abstract as it translates directly into physical demand. The rapid expansion of AI and cloud infrastructure is driving a sharp increase in US data-center electricity consumption, turning energy availability and grid capacity into binding constraints on digital growth.

Bitcoin, Gold, Money & Debt (Market Value, USD tn)
On the other hand, this chart provides scale and context: even transformative assets remain small compared with global money supply and, especially, global debt. In a cycle defined by heavy AI investment and rising infrastructure demand, this level of leverage means growth expectations matter more because in a highly indebted system, disappointment can be huge amplified.

S&P 500 Valuations vs Future Real Returns
And what about the current valuation? A system rich in capital and optimism has pushed equity multiples to elevated levels, and history shows that high starting valuations tend to compress long-term real returns. The growth story may persist, but the margin for error narrows as expectations rise.

Conclusion
All the provided information leads us to know that the challenge ahead is not a lack of growth, but its cost and its price. In a world of capital-hungry innovation, real-world constraints, and stretched valuations, future returns are likely to depend less on market direction and more on selectivity, discipline, and realistic assumptions.

3️⃣Video of the Week

I am big fan of this youtube channel, here one of his last videos:

You’re Not Going to Predict the Next Market Crash

I hope you find the content useful.😀

May the investment be with you.

Magno Investments Research

⚠️ DISCLAIMER | LEGAL ADVICE⚠️
Magno investments does not represent a financial advisory service or investment service. All information provided and given by Magno Investments is of an educational and informative nature and in no case implies any kind of recommendation to buy or sell any securities. Carlos Chaume and Magno Investments Research are not responsible for the use made of this information or the veracity of its sources. Before investing in a real account, it is necessary to have the appropriate training or otherwise delegate this task to a professional duly authorized to do it.