Stock Market Consulting – December 2019 (Value Investing FM) – Investment Academy – Learn value investing from scratch

Stock exchange consultation for December 2019 in which Adrián Godás and Paco Lodeiro answer questions from listeners.

On this occasion, we deal with topics such as how to diversify your investment portfolio at the beginning, the end of the year rally in the stock markets, why have several brokers, the weight of the microcaps in the portfolio, make automated valuation templates, stock taxation, interest rates, valuation books, the discount rate in valuations, Robin Hood apps, Flatex's acquisition of DeGiro and negative equity stocks.

We also talk about listed companies such as Virgin Galactic, IPCO, Antero Resources, Osisko Gold Royalties, Fluor, Técnicas Reunidas, Inditex, Fission Uranium Corp, Prosus (Naspers), YPF, Pampa Energía, Pelatro and Adriatic Metals.

Tabla de contenido

  • Contact Form.

    You can attach your question in audio by recording it through Vocaroo and attaching the corresponding link.

    General doubts of December 2019

    About the Madrid Grand Event

    • Are there gluten-free options for celiacs?
    • How many advance tickets are left?
    • My concern is that since I do not have as much investment knowledge, as most of the attendees will surely have, when there are those hours of "networking", I will not know very well what I can ask or the same questions I ask are too simple, and the truth is that "fear" is what paralyzes me a bit when it comes to deciding

    On how to diversify when starting your portfolio

    Last year I did the ADE TFG on Iberdrola's economic-financial analysis to find out if it was profitable to invest in the long term. The truth is that I fell on the subject by chance and I loved it, so I started researching Value Investing.

    I have done your free course and I have about € 5.000 saved that I would like to invest little by little but the question is how to do it. According to you, you have to invest in 20-25 companies which would be putting € 250 in each one that I find interesting.

    Would you advise me to put € 250 little by little to each company that seems good to me in the long term, even if it takes 1-2 years or more to find them all or invest something else at the beginning and when I diversify, match them in portfolio? It should be said that over time I will have more savings.


    On the end of the year rally in the stock markets

    Hi Paco and Adrian. Can you comment on the rallies in December? What is there and what do you think of this topic?

    (Carlos López Faces)

    On why have multiple brokers

    Congratulations on the 100 programs. for the next office you could tell -Paco- the reason for having 4 brokers.


    On the weight of the microcaps in the portfolio

    Hello, this has undoubtedly been one of the best podcasts we have had at VIFM (Marc's), congratulations !!!! very humble acknowledging investment mistakes that we ALL have and many are silent. The Castellón mining clan wants to know how much weight Paco's portfolio has in microcaps if it does (miners don't count Paco). By the way, the question I asked Lord about Cleveland Cliffs last month is straight out of Michael Burry's portfolio. Greetings pick and shovel to all.

    42,5% microcaps 19% non-mining microcaps

    (Member of the Castellón mining mafia)

    On how to make automated valuation templates

    I am starting and I have encouraged myself to make an "attempt" of the evaluation template in excel, little by little I am adding things to it, I remember hearing you talking about automated templates that fill in, I understand that it is something very complicated and expensive, but if you could give some idea of ​​how it is made, to go researching there I would appreciate it very much

    (William from Cardiff)

    On stock tax

    Is there an article on the tax treatment of trading profits?

    In which chapter or concept are they included?

    Trade by trade (only positives) or total profit and loss as of December 31?

    (José Manuel)

    About interest rates

    About interest rates. What do you mean when you talk about "interest rates rose" "interest rates fell" and what impact it has on investments.

    (Lautaro from Argentina)

    About valuation books

    Despite the fact that I have been linked to the world of finance for some time (I have a degree in Economics and have worked in a financial institution for 14 years) I had never been encouraged by the world of investing in the stock market. However, out of curiosity I became interested in the figure of Buffet a couple of months ago and I found all the meaning of what he said (I feel very identified when you talk about that "click"). From there I began to be interested in Value, I got a copy of "The intelligent investor" and another of "One step ahead" ... and there I continue. I've also gotten myself some Paramés and I'm devouring chapters from the podcast through which I've discovered you. My question is simple given that the great handicap that I find is the lack of knowledge to make a correct assessment (beyond PER) so: what books or material could you recommend? Thank you and congratulations on your work and your investment successes.


    About the discount rate in the valuations

    In the last consultation I asked you about the method of valuation by multiples applied by some that did not convince me much. I think you have ever commented that really all valuation methods are approximations to the only correct one, which is the discount of cash flows to infinity of the company. My question for this office is about what type of discount you apply in that analysis. Do you apply, as it seems that Buffet does, 10% or similar to everything and that's it (my favorite method, although I apply 10% + inflation)? Or maybe you do like Paramés who applies the expected profitability of the rest of his portfolio, to be able to compare? Or do you apply the long-term bond rate + a risk spread (this doesn't make sense to me)? And do you apply the same type of discount to all companies or do you change from one to another?

    (Daniel Gavela)

    About the Robin Hood App

    Good morning, Paco and Adrián. Congratulations on the program. I wanted to ask your opinion on the Robin Hood app. Greetings and thank you


    About the acquisition of DeGiro by Flatex

    Hello Merry Christmas, what do you think about buying Flatex from Degiro, you know how Flatex works.

    (Alfonso Garcinuño)

    About negative equity

    How normal is negative equity in companies like Domino's (due to retained earnings) or kimberly Clark and colgate (common stock).

    (Laido desde Twitter)

    Doubts about companies and sectors of December 2019

    About Virgin Galactic

    Good afternoon.

    I'm writing to ask you for an analysis of the Virgin Galactic company (SPCE) at the next value investing FM office.

    I have bought shares after their IPO.

    What do you think of companies focused on space tourism?

    Greetings and thank you for sharing with us your experience in value investing.

    (Nicanor Prieto Iglesias)

    Sobre el fondo DWS Invest Gold and Precious Metals Equities

    What do you think of the DWS Invest Gold and Precious Metals Equities LC fund? thanks, good podcast best people;)

    (Dani de Málaga)

    About IPCO

    Question regarding the IPCO company, has the pipeline that would connect Canada with the USA where they would transport the oil they extract? Any update regarding that company? Regards.


    About Antero Resources

    I wanted to know your opinion on the Antero Resources shares. Like many companies. US gas companies are struggling due to low production prices. You have recently taken actions to reduce expenses and the burden of your debt. However, it trades at very low valuations.

    What can you tell me? Can it be a good investment at current prices? Should we run?

    Congratulations on your podcasts, of which I am a regular listener and whom I like.

    (Héctor Gómez)

    About Osisko Gold Royalties

    Adrian Do you see Bryan Coates leaving Osisko as positive or negative for the company?

    (Juan Carlos Carrera Ruiz)

    About Fluor and Técnicas Reunidas

    Congratulations on the Podcast, I follow you religiously every Sunday and I can't stop learning.

    Next year I start my career in a new service provider company in the EPC sector, I would like Adrián to comment a little on his vision of the sector and his opinion of two Fluor companies and our national jewel Tecnicas Reunidas, it seems that they are in the get off the cycle and it may be a good time to enter. A hug and thank you very much, when you make a stay in Donosti !!

    (Iñaki des de Donosti)

    About Inditex

    In the last podcast, Marc Garrigasait comments as an error of omission not having invested in Inditex despite being a close company. I immediately thought of you, because despite being good Galicians, you hardly talk about Inditex, compared to how you do about Facebook or Alphabet, why? I remember that on some occasion you said that you had visited Arteixo… What do you see in Inditex so as not to invest in it and sell it a little on the Doing Homeland podcast? XD

    (Iván Muñoz)

    Sobre Fission Uranium Corp

    Hello, I would like to know your opinion about Fission Uranium Corp.

    Greetings and thanks for everything I have learned.


    About Prosus (Naspers)

    What do you think of Prosus? It is a holding company whose stake in tencent is higher than its share price.

    (Laido desde Twitter)

    About YPF and Pampa Energía

    Adrián, Paco! What do you think about Vaca Muerta, and the companies YPF and Pampa Energía? As always, a pleasure.

    (Lautaro Lacoste from Argentina)

    About Pelatro

    Question for Paco Lodeiro. After the last increases in Pelatro these last weeks as a result of the contract, he has taken the opportunity to decrease / increase the small position or maintains it in its entirety. Congratulations on the program. Happy New Year.


    About Adriatic Metals

    Congratulations once again from an unconditional! I wanted to ask Adrián about the comment he made about Adriatic Metals PLC, it keeps coming up. Would it be a good investment to catch it at these prices? What future awaits you? Have you been able to investigate anything about her? Have you already opened a position or do you not see it clearly? Thanks for the excellent program and sharing so much wisdom.

    (Fex Chart from Valencia)

    Good. Since I have ADT, all mining projects seem to me to have low IRR. How do i remove this bias?

    (Albert Mendoza)