Stock Market Consulting – January 2020 (Value Investing FM) – Investment Academy – Learn value investing from scratch

Stock exchange consultation for January 2020 in which Adrián Godás and Paco Lodeiro answer questions from listeners.

On this occasion, we deal with topics such as circle of competition, the calculation of indebtedness, investment and the economic cycle, investing in companies without catalysts, finding cheap flats, starting to invest with 40 years, creating an SL to invest, universities to study finance and the taxation of individual investors.

We also talk about listed companies such as Neo Performance Materials, Neometals, Rockrose Energy, Constellation Software, Renault, Filo, Josemaria Resources, NGEx, Alphabet, Africa Oil Corp, ShaMaran Petroleum Corp, Denison Mines, United Oil & Gas, Minera Álamos or Energy Transfer and sectors such as mining in general or phosphates in particular.

Tabla de contenido

  • Contact Form.

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

    General questions for January 2020

    More questions about the Grand Event

    Do you think it might be possible to arrive a little later?

    I'm going from Barcelona and I would arrive around 10:00 a.m.


    Are you going to organize something after the event?


    Notice from

    Hello Paco and Adrián, I hope you are well:

    I know that it does not depend on you, but I warn you that Ivoox at the time of listening to the podcast passes an advertisement of ... I am warning you because there will be no shortage of people wondering why a forex advertisement appears in a program where this market is not supported .

    In my case, I am a podcaster and I know that the advertisements do not depend on one, but it would still be convenient for them to make a warning ... to avoid comments from those who do not know how the system works.

    (Francisco Bravo)

    About the circle of competence

    Question in audio.

    It has been decided by a circle of competition of hotels and travel agencies.

    What to do?

    They all say they are doing very well.

    Why don't we like the sector?

    Ask for a special program from hotels and travel agencies

    (Mario Arias from Seville)

    On the calculation of indebtedness

    First of all I would like to congratulate you and Lord Excavadora for your podcast, I am listening to all the chapters from the beginning, so I do not know if you have answered this question already. When you mention that a company has no debt, what type of debt do you mean? I say this because Lynch says that he only looks at long-term debt and every time I hear the term “debt” I don't know if they generally refer to the entire liability, long-term debt, etc.

    (Sergio Castillo Ortiz from Malaga)

    On investment and the economic cycle

    I understand that it is impossible to know when the cycle will change but I understand that after more than 10 years the cycle is quite mature. Thus, it gives me respect to enter a bad moment. Since they say that patience is one of the virtues of value, what do you think of waiting for the market to turn around and thus enter cheaply? Or, could it be possible to enter already given the impossibility of knowing the moment when the cycle will change? If this is the case, what would be your option to reduce this risk?

    (Victor García)

    On investing in companies without catalysts

    I've been watching Guzmán's presentation at the AZ summer course on YouTube. I understand the idea behind the investment in Cameco for example, however, I see that it is unpredictable to know when this market will really explode, it could even be many years. Being one of the main positions of the fund, I believe that this bet, despite having a safety margin as it is a depressed market, could be representing an opportunity cost by leaving aside other undervalued options that could be profitable in a shorter term. For example, the performance of the AZ Intnal compared to other comparables or the index in a year as favorable as 2019 has been somewhat disappointing. What do you think about it?

    (Victor García)

    On how to find cheap apartments

    I found out that you bought your apartment at a very good price. How can I find this type of offer in my city: the beautiful Logroño?

    (Alicia from Logroño)

    On what to invest € 6.000

    If you started investing now and had € 6000, after an analysis, which would be your favorite companies to deposit this amount? This question is not for you to recommend, but as a personal opinion.

    (Fernando Rico from Valencia)

    About starting to invest at 40 years old

    I've been listening to your podcasts for a few months when the little time I have allows it and my New Year's resolution is to train and start pumping up my savings so that they give me something now that I'm not working (I am fully dedicated to motherhood ). I just finished lesson 1 of your course and I am a bit discouraged, as you stress that you have to start investing as soon as possible. I just turned 39 years old and, honestly, until very recently, the world of investment had never interested me and I would even say that I had a relationship of little respect towards money, in the aspect of being very saving (yes), but not even consider the loss of its value, etc.

    Anyway, I stop rolls. I simply wanted to expose that concern that arises in me about whether you think it will be worthwhile to start investing with 40 years and without knowing almost anything (although I am full of your lessons and with the firm decision to train).

    I take this opportunity to send you a greeting and thank you for this fabulous training work that you do by using simple terms that make your courses understandable to everyone (even me!).


    On creating an SL to invest

    I really like your Value Investing FM program!

    I am writing to you because I have a question, when would the money be necessary for it to be profitable to create an SL to buy shares or funds and thus pay less taxes? Surely you have raised it, although I do not know if you know the answer.

    (Eduardo Garcia from Edinburgh)

    About universities to study finance

    What university do you recommend to study finance?

    (Another Iker)

    On the taxation of individual investors

    Taxation: are we individual investors at a disadvantage with respect to the funds ??? Composing capital is very difficult if you pay taxes with each sale. Is there no way to not pay taxes if you are going to reinvest it? It is an insurmountable disadvantage that makes you have no choice but to opt for funds ... 20% has a brutal long-term effect.


    Doubts about companies and sectors of January 2020

    About phosphates

    The other day on the BBC they talked about the issue of phosphates, its importance in agriculture and how almost everything is produced in Morocco and Western Sahara, and is in the hands of a Moroccan public company, OCP Group.

    I've been looking and I don't see that it can be invested in it, there seems to be no free float. Do you have information about it? On the other hand, it seems that it will be increasingly important in agriculture, which can be a good investment in the long term. Do you know other mining companies, or phosphate recycling companies?

    Congratulations on the podcast and greetings.

    (Alejandro Pérez)

    On monitoring mining companies

    Adrian, how do you keep track of the miners?

    (Lautaro Lacoste from Argentina)

    On Investing in Rare Earths with Neo Performance Materials

    At the risk of abuse, and since I have been looking at this company as an "intellectual" exercise, I would like to know, if possible, your opinion in the following office, it is Neo Performance Materials Inc, https: //www.neomaterials. com/ . It is a rare earth miner / processor, with a lot of R&D, supposedly. In addition, it has a section on water treatment that could be interesting in the future, as more and more drinking water is needed.

    (Alejandro Pérez)

    About Neometals

    What do you think of Neometals?

    (Spanish Stevia)

    About RockRose Energy and Constellation Software

    First of all, congratulate you and Adrián for the informative work that you are doing

    A question for the next stock exchange practice. I'm just starting out in the investment world and I wanted to ask you about two regular companies on your podcasts: Constellation Software and Rockrose. Seeing the great revaluation of both companies in recent years, do you consider that they are still attractive companies to invest in? In the case of Constellation, I see an excellent company but with a very high PER and EV / FCF. Does it deserve to enter with these evaluations? In the case of Rockrose, do you see it possible that it will continue to increase its Free Cash Flow capacity in the coming years and that it will continue its spectacular revaluation?

    (Javier V)

    About RockRose

    I am a shareholder of La Rosa. I would love to see how Adrian comments on the TAQA message where they call Rockrose members "Total wideboys". On the other hand, the other day I wondered how much Rockrose would be if the IOG purchase had taken place. Greetings, I love your program, especially when you start to go around the bush and spit out some marine joke.

    (Lucia from Lanzarote)

    About Renault

    I wanted to see if you could please comment in the brokerage office about the opportunities at Renault, with such an apparently low current price from the company.

    (Javier Godar from Sweden)

    About the developers Filo, Josemaria Resources and NGEx

    I am also a shareholder of Filo, Josemaria Resources and NGEx, all with a similar profile but at different stages of development. How do you see the valuation of these companies and their current price, and the possibility of acquisitions of these small developers by large companies?

    (Javier Godar from Sweden)

    About BRF

    Finally I am recently invested in BRF, seeing the change of managers, the punishment that the action has received in recent years, and especially the fact that the swine fever in China has increased pork imports and their price enormously (in addition that chicken consumption does not stop growing). In general I think there are many opportunities in large agricultural commodities companies, which are trying to improve their margins with acquisitions and trying to be more effective. Historically they have been considered as bad businesses but it may be that they have a good future given the population increase and the global stagnations in agricultural productivity and growing area. Do you share this idea?

    (Javier Godar from Sweden)

    About Alphabet

    I also follow Alphabet but until now I couldn't think of investing. Now I could consider it but I think it is already somewhat expensive. Although I see potential, what do you think? In the long term does it still have attraction to enter?

    (Fernando Rico from Valencia)

    About the Lundin family companies

    Have you studied the rest of the Lundin portfolio of companies, in addition to IPCO? What is your opinion of Africa Oil Corp and ShaMaran Petroleum Corp?

    (Raúl Higuera)

    About Denison Mines

    Hello, I wanted to ask Adrián what his opinion is about Denison Mines today, if there is something in the future or if they are still idle


    About United Oil & Gas

    ¿Qué os parece United Oil & Gas PLC?


    About Minera Álamos

    Congratulations on the podcast. I am a totally assiduous listener

    I would like to ask both of you (although perhaps something else to Adrián), how do you assess the financing agreement of Minera Álamos (MAI) with Osisko? Could you please explain the "variable or additional part"? Do you see it positive for MAI?

    (Miguel Ramos from Madrid)

    About investing in physical gold

    Good evening from Malaga, do you recommend investing in physical gold buying on websites like “coininvest”?

    (Abel desde Málaga)

    About Energy Transfer

    Hi, I love your programs, what do you think of Energy Transfer LP? Or if you don't know it, what do you think of the Natural Gas sector?