\ud83c\udde6\ud83c\uddf7\u00a0OPPORTUNITIES IN ARGENTINA<\/strong><\/h2>\nFirst up, a quick invitation\u2026<\/p>\n
Later this week, Chris will be speaking at the\u00a0Crisis & Opportunity at the End of the World<\/em>\u00a0online event \u2014 together with George Gammon and Charles Sizemore and host Joel Bowman, who\u2019s based in Buenos Aires.<\/p>\nThe focus of the event will be on the opportunities in Argentina.<\/p>\n
\n![\"\"](\"https:\/\/capitalistexploits.at\/wp-content\/uploads\/2025\/04\/image-6.jpeg\")
<\/a><\/figure>\n<\/div>\nHere at Capitalist Exploits, we\u2019re no strangers to the \u201cLand of Silver\u201d.<\/p>\n
We started buying Argentinian equities back in late 2021. That was pre-Milei, when 99.99% of investors wouldn\u2019t dare so much as look at Argie stocks, let alone buy them (in fairness, with a decades-long track record of Peronists-in-charge taking a wrecking ball to the local economy, can you really blame them?).<\/p>\n
Since then, our trades are up anywhere between 2-10x, and we\u2019ve also been poking around private equity plays in the country with our Mavericks network.<\/p>\n
Having spent some time on the ground there over the past couple of months, our belief is that the local economy is just starting to hum along and that Argentina will play an important role in the geopolitical arena \u2014 certainly more important than up until recently, especially with the North-South alliance now quickly shaping up (something we highlighted a few weeks ago).<\/p>\n
It\u2019s no coincidence that Milei was the first foreign political leader to visit Trump after his 2024 re-election and that Milei\u2019s government is supposedly already at the negotiating table to get Trump\u2019s tariffs dropped.<\/p>\n
\n![\"\"](\"https:\/\/capitalistexploits.at\/wp-content\/uploads\/2025\/04\/image-5.jpeg\")
<\/figure>\n<\/div>\nMore importantly, we believe there\u2019s still a lot of asymmetry in Argentina. Many stocks with exposure to the local economy are still attractively valued, and \u2014 especially given the macro tailwinds \u2014 having a modest allocation to Argentine investments could go a long way.<\/p>\n
Chris will discuss his perspective on Argentina and the most exciting opportunities he\u2019s seeing there right now at the upcoming\u00a0Crisis & Opportunity at the End of the World<\/em>\u00a0event.<\/p>\nThe event is on Wednesday, 9 April at 3PM EST (8PM London time \/ midnight Dubai time \/ 6AM the following day Sydney time).<\/p>\n
It\u2019s virtual and free to join for Capitalist Exploits readers. You can\u00a0sign up here<\/a>. It promises to be a good one!<\/p>\n\ud83d\udcb0\u00a0INVESTING VS SPECULATING: A MASTERCLASS<\/strong><\/h2>\nThis video<\/a>\u00a0with investing legend Seth Klarman is a masterclass in value investing.<\/p>\n\n![\"\"](\"https:\/\/capitalistexploits.at\/wp-content\/uploads\/2025\/04\/image-4.jpeg\")
<\/a><\/figure>\n<\/div>\nThe following part (emphasis ours) is particularly relevant right now, when just about every possible market and asset class (with the exception of gold and bonds) is coming unglued:<\/p>\n
\nI think we all know that people, maybe at a cocktail party, will talk about that great new investment that they made, that they\u2019re very excited about.\u00a0The goal is not your personal excitement. The goal is to make money safely and predictably over a period of time.<\/strong>\u00a0The strategy of going after the hot new thing has some serious disadvantages.<\/em><\/p>\nFirst of all, the hot new thing \u2014 because everybody can see it\u2019s the hot new thing \u2014 tends to be priced a little bit for perfection. People have already built lofty expectations into it, so sometimes even the slightest disappointment will cause a rather severe loss.<\/em><\/p>\nThe place where the difference between investing and speculation becomes clear is when you think about downside.<\/em><\/p>\nSpeculations tend to be focused all on upside. How much can I make? But investment is focused both on upside and on downside.<\/em><\/p>\nThe challenge is that if you look to the market as a source of advice, you\u2019re getting drawn into short-term thinking. But if you look to the market as a source of opportunity, you\u2019re on the track to being a value investor.<\/em><\/p>\nAnd that\u2019s my mindset, that the market, it gyrates a lot, and sometimes it gyrates for good reason. But because you can apply discipline and analysis and logic, you might be able to find times when the market has irrationally reacted. And that creates opportunity, but only if you\u2019re willing to go outside the box and against the grain.<\/em><\/strong><\/p>\n<\/blockquote>\nReading this, you might be thinking something along the lines of \u201cbut, this time is different \u2014\u00a0Trump seems to be hellbent on taking the entire global economy<\/em>.\u201d<\/p>\nAnd you\u2019re probably right. It is different in that every market crash seems unique \u2014 especially as we find ourselves in the thick of it.<\/p>\n
Today\u2019s tariff turmoil is different from the 2020 COVID crash\u2026 just like that one was different from the GFC ishtshow\u2026 and once again, that one was in many respects different from the dot-com bust.<\/p>\n
And yet, every crisis has one thing in common \u2014 people. Sure, there are algos, T-0 trading, AI, etc. But at the end of the day, it\u2019s still us bipeds driving market action. And our wiring today is still the same as when Hendrik and Willem were trading shares of the Dutch East India Company in the 17th century.<\/p>\n
While we weren\u2019t around to trade through the Dutch Golden Age, we figured it would be helpful to dust off\u00a0Insider Newsletter<\/em><\/a>\u00a0issues from the COVID crash days and reflect on what it was like to navigate the markets when the world was collectively losing its mind over corona. This is what Chris wrote in March 2020:<\/p>\n\nEveryone now is fearful. They feel like they need certainty. They feel like they need to have it right before they move. That works most of the time. Probably 99% of the time.<\/em><\/p>\nThat other 1% of the time, speed matters more than obtaining perfection. I believe speed right now trumps perfection.<\/em><\/p>\nWhen I look at our portfolio, it is quite literally built for what\u2019s coming out at the end of this. That it\u2019s taken a beating along with everything else is painful yet understandable due to the fact that liquidity comes first in such a shock.<\/em><\/p>\n<\/blockquote>\nWhile these periods are never pleasant (even for finance types like ourselves), coming out on the other side ultimately makes you a better investor \u2014 as clich\u00e9 as that sounds.<\/p>\n
Now, speaking of opportunities amidst the rubble\u2026<\/p>\n
\ud83e\udd47\u00a0GOING FOR GOLD<\/strong><\/h2>\nWith every other market in full meltdown mode, gold sits firmly above $3,000 per ounce. It\u2019s up almost 30% over the past year, which is pretty impressive, especially when you compare it to other asset classes.<\/p>\n
\n![\"\"](\"https:\/\/capitalistexploits.at\/wp-content\/uploads\/2025\/04\/image-3.jpeg\")
<\/figure>\n<\/div>\nBut it\u2019s not just in dollars. Gold has been running like the police are after it in every major currency.<\/p>\n
It\u2019s up 40% in euros, 50% in yen, and more than 60% when measured in Indian rupees.<\/p>\n
We\u2019re witnessing a global flight into the \u201cshiny pet rock.\u201d But it\u2019s not retail and\/or institutional investors leading the way. No, gold has been moving on the back of record global central bank buying.<\/p>\n
\n![\"\"](\"https:\/\/capitalistexploits.at\/wp-content\/uploads\/2025\/04\/image-2.jpeg\")
<\/figure>\n<\/div>\nFor now, retail and institutions couldn\u2019t care less. The following chart (h\/t @GarrettGoggin) shows how most investors feel about gold right now.<\/p>\n
\n![\"\"](\"https:\/\/capitalistexploits.at\/wp-content\/uploads\/2025\/04\/image-1.jpeg\")
<\/figure>\n<\/div>\nBut this could change very quickly, especially with stocks now in freefall and gold creeping higher.<\/p>\n
What that means is that the\u00a0real<\/em>\u00a0bull market in gold still lies ahead.\u00a0Insider<\/em><\/a>\u00a0member Claus pointed out something curious:<\/p>\n\nWhen gold broke through USD 2000 in Oct. 23 it took 4 months before it started in Feb. 24 from USD 2010 to 2600 in Dec 2024. Let\u2019s see how long the USD 3000 barrier will resist.<\/em><\/p>\n<\/blockquote>\nNow, what else does this mean for the smart folks reading this newsletter?<\/p>\n
It also means that the equities relative to the physical are even more underowned (not to mention the fact that their valuations are the cheapest they\u2019ve been in 40 years). Because central banks don\u2019t buy gold equities. They buy bullion.<\/p>\n
This is why gold has been running with gold equities hardly moving.<\/p>\n
We believe that when institutional money enters the market, it will swiftly be followed by retail, and both of these will buy the equities as well as physical gold.<\/p>\n
In other words, we\u2019re still early.<\/p>\n
\ud83e\udd23\u00a0WEEKLY HUMOUR<\/strong><\/h2>\nA little humor goes a long way when trying to ride out bumpy markets.\u00a0Here\u2019s<\/a>\u00a0something to bring a chuckle to what\u2019s shaping up to be another chaotic day in today\u2019s tariff-laden world.<\/p>\n
The focus of the event will be on the opportunities in Argentina.<\/p>\n
<\/a><\/figure>\n<\/div>\nHere at Capitalist Exploits, we\u2019re no strangers to the \u201cLand of Silver\u201d.<\/p>\n
We started buying Argentinian equities back in late 2021. That was pre-Milei, when 99.99% of investors wouldn\u2019t dare so much as look at Argie stocks, let alone buy them (in fairness, with a decades-long track record of Peronists-in-charge taking a wrecking ball to the local economy, can you really blame them?).<\/p>\n
Since then, our trades are up anywhere between 2-10x, and we\u2019ve also been poking around private equity plays in the country with our Mavericks network.<\/p>\n
Having spent some time on the ground there over the past couple of months, our belief is that the local economy is just starting to hum along and that Argentina will play an important role in the geopolitical arena \u2014 certainly more important than up until recently, especially with the North-South alliance now quickly shaping up (something we highlighted a few weeks ago).<\/p>\n
It\u2019s no coincidence that Milei was the first foreign political leader to visit Trump after his 2024 re-election and that Milei\u2019s government is supposedly already at the negotiating table to get Trump\u2019s tariffs dropped.<\/p>\n
<\/figure>\n<\/div>\nMore importantly, we believe there\u2019s still a lot of asymmetry in Argentina. Many stocks with exposure to the local economy are still attractively valued, and \u2014 especially given the macro tailwinds \u2014 having a modest allocation to Argentine investments could go a long way.<\/p>\n
Chris will discuss his perspective on Argentina and the most exciting opportunities he\u2019s seeing there right now at the upcoming\u00a0Crisis & Opportunity at the End of the World<\/em>\u00a0event.<\/p>\n The event is on Wednesday, 9 April at 3PM EST (8PM London time \/ midnight Dubai time \/ 6AM the following day Sydney time).<\/p>\n It\u2019s virtual and free to join for Capitalist Exploits readers. You can\u00a0sign up here<\/a>. It promises to be a good one!<\/p>\n This video<\/a>\u00a0with investing legend Seth Klarman is a masterclass in value investing.<\/p>\n The following part (emphasis ours) is particularly relevant right now, when just about every possible market and asset class (with the exception of gold and bonds) is coming unglued:<\/p>\n I think we all know that people, maybe at a cocktail party, will talk about that great new investment that they made, that they\u2019re very excited about.\u00a0The goal is not your personal excitement. The goal is to make money safely and predictably over a period of time.<\/strong>\u00a0The strategy of going after the hot new thing has some serious disadvantages.<\/em><\/p>\n First of all, the hot new thing \u2014 because everybody can see it\u2019s the hot new thing \u2014 tends to be priced a little bit for perfection. People have already built lofty expectations into it, so sometimes even the slightest disappointment will cause a rather severe loss.<\/em><\/p>\n The place where the difference between investing and speculation becomes clear is when you think about downside.<\/em><\/p>\n Speculations tend to be focused all on upside. How much can I make? But investment is focused both on upside and on downside.<\/em><\/p>\n The challenge is that if you look to the market as a source of advice, you\u2019re getting drawn into short-term thinking. But if you look to the market as a source of opportunity, you\u2019re on the track to being a value investor.<\/em><\/p>\n And that\u2019s my mindset, that the market, it gyrates a lot, and sometimes it gyrates for good reason. But because you can apply discipline and analysis and logic, you might be able to find times when the market has irrationally reacted. And that creates opportunity, but only if you\u2019re willing to go outside the box and against the grain.<\/em><\/strong><\/p>\n<\/blockquote>\n Reading this, you might be thinking something along the lines of \u201cbut, this time is different \u2014\u00a0Trump seems to be hellbent on taking the entire global economy<\/em>.\u201d<\/p>\n And you\u2019re probably right. It is different in that every market crash seems unique \u2014 especially as we find ourselves in the thick of it.<\/p>\n Today\u2019s tariff turmoil is different from the 2020 COVID crash\u2026 just like that one was different from the GFC ishtshow\u2026 and once again, that one was in many respects different from the dot-com bust.<\/p>\n And yet, every crisis has one thing in common \u2014 people. Sure, there are algos, T-0 trading, AI, etc. But at the end of the day, it\u2019s still us bipeds driving market action. And our wiring today is still the same as when Hendrik and Willem were trading shares of the Dutch East India Company in the 17th century.<\/p>\n While we weren\u2019t around to trade through the Dutch Golden Age, we figured it would be helpful to dust off\u00a0Insider Newsletter<\/em><\/a>\u00a0issues from the COVID crash days and reflect on what it was like to navigate the markets when the world was collectively losing its mind over corona. This is what Chris wrote in March 2020:<\/p>\n Everyone now is fearful. They feel like they need certainty. They feel like they need to have it right before they move. That works most of the time. Probably 99% of the time.<\/em><\/p>\n That other 1% of the time, speed matters more than obtaining perfection. I believe speed right now trumps perfection.<\/em><\/p>\n When I look at our portfolio, it is quite literally built for what\u2019s coming out at the end of this. That it\u2019s taken a beating along with everything else is painful yet understandable due to the fact that liquidity comes first in such a shock.<\/em><\/p>\n<\/blockquote>\n While these periods are never pleasant (even for finance types like ourselves), coming out on the other side ultimately makes you a better investor \u2014 as clich\u00e9 as that sounds.<\/p>\n Now, speaking of opportunities amidst the rubble\u2026<\/p>\n With every other market in full meltdown mode, gold sits firmly above $3,000 per ounce. It\u2019s up almost 30% over the past year, which is pretty impressive, especially when you compare it to other asset classes.<\/p>\n But it\u2019s not just in dollars. Gold has been running like the police are after it in every major currency.<\/p>\n It\u2019s up 40% in euros, 50% in yen, and more than 60% when measured in Indian rupees.<\/p>\n We\u2019re witnessing a global flight into the \u201cshiny pet rock.\u201d But it\u2019s not retail and\/or institutional investors leading the way. No, gold has been moving on the back of record global central bank buying.<\/p>\n For now, retail and institutions couldn\u2019t care less. The following chart (h\/t @GarrettGoggin) shows how most investors feel about gold right now.<\/p>\n But this could change very quickly, especially with stocks now in freefall and gold creeping higher.<\/p>\n What that means is that the\u00a0real<\/em>\u00a0bull market in gold still lies ahead.\u00a0Insider<\/em><\/a>\u00a0member Claus pointed out something curious:<\/p>\n When gold broke through USD 2000 in Oct. 23 it took 4 months before it started in Feb. 24 from USD 2010 to 2600 in Dec 2024. Let\u2019s see how long the USD 3000 barrier will resist.<\/em><\/p>\n<\/blockquote>\n Now, what else does this mean for the smart folks reading this newsletter?<\/p>\n It also means that the equities relative to the physical are even more underowned (not to mention the fact that their valuations are the cheapest they\u2019ve been in 40 years). Because central banks don\u2019t buy gold equities. They buy bullion.<\/p>\n This is why gold has been running with gold equities hardly moving.<\/p>\n We believe that when institutional money enters the market, it will swiftly be followed by retail, and both of these will buy the equities as well as physical gold.<\/p>\n In other words, we\u2019re still early.<\/p>\n A little humor goes a long way when trying to ride out bumpy markets.\u00a0Here\u2019s<\/a>\u00a0something to bring a chuckle to what\u2019s shaping up to be another chaotic day in today\u2019s tariff-laden world.<\/p>\n\ud83d\udcb0\u00a0INVESTING VS SPECULATING: A MASTERCLASS<\/strong><\/h2>\n
<\/a><\/figure>\n<\/div>\n\n
\n
\ud83e\udd47\u00a0GOING FOR GOLD<\/strong><\/h2>\n
<\/figure>\n<\/div>\n<\/figure>\n<\/div>\n<\/figure>\n<\/div>\n\n
\ud83e\udd23\u00a0WEEKLY HUMOUR<\/strong><\/h2>\n
![\"\"](\"https:\/\/capitalistexploits.at\/wp-content\/uploads\/2025\/04\/image.jpeg\")
<\/a><\/figure>\n<\/div>\n