Miguel Maeztu
Miguel Maeztu @AzeriaInvest

Performance
Tout

1.85%2026
2026
32.94%2025
2025
26.14%2024
2024
32.75%2023
2023
-20.35%2022
2022
19.08%2021
2021
15.07%2020
2020
32.9%0%-32.9%
Discussions
Miguel Maeztu
Luxembourg
1 j
Can Bitcoin become a means of payment? Reading A Random Walk down Wall Street, one of the points discussed is whether Bitcoin can become a means of payment. Very interesting topic. In essence, a key element for Bitcoin to become a means of payment is price stability. Volatility is a killer for any... Afficher plus Traduction
Miguel Maeztu
Luxembourg
6 j
𝐒𝐞𝐥𝐥𝐢𝐧𝐠 𝐏𝐫𝐨𝐬𝐮𝐬... 𝐛𝐮𝐲𝐢𝐧𝐠 𝐓𝐞𝐧𝐜𝐞𝐧𝐭 There has been a key change in the portfolio composition, but also not really a change. I have sold Prosus and bought Tencent. As a reminder, I held Prosus as a means to hold Tencent with the added bonus of ongoing sales of Tencent to fund... Afficher plus Traduction
Miguel Maeztu
Luxembourg
17 j
Modifié
𝐅𝐨𝐨𝐝 𝐝𝐞𝐥𝐢𝐯𝐞𝐫𝐲, 𝐦𝐚𝐫𝐤𝐞𝐭 𝐞𝐯𝐨𝐥𝐮𝐭𝐢𝐨𝐧 𝐚𝐧𝐝 𝐩𝐫𝐨𝐬𝐩𝐞𝐜𝐭𝐬 I was reading about the Food Delivery industry over the week-end, partly because it lives for free in my mind since it is at the core of Alibaba's strategy (or fight) at the moment. I was trying to develop the mental... Afficher plus Traduction
Miguel Maeztu
Luxembourg
22 j
𝙏𝙝𝙚𝙧𝙚 𝙖𝙧𝙚 𝙩𝙬𝙤 𝙩𝙮𝙥𝙚𝙨 𝙤𝙛 𝙞𝙣𝙫𝙚𝙨𝙩𝙤𝙧𝙨: 𝙩𝙝𝙤𝙨𝙚 𝙬𝙝𝙤 𝙙𝙤𝙣'𝙩 𝙠𝙣𝙤𝙬, 𝙖𝙣𝙙 𝙩𝙝𝙤𝙨𝙚 𝙬𝙝𝙤 𝙠𝙣𝙤𝙬 𝙩𝙝𝙚𝙮 𝙙𝙤𝙣'𝙩 𝙠𝙣𝙤𝙬 It is fat better to be in the latter. If you don't know, you are flying blind and don't know that you are flying blind. If... Afficher plus Traduction
Miguel Maeztu
Luxembourg
23 j
@eToro_Moderation can you put back @felixfallax latest post please? It has been taken down as spam by hatters. It was a good discussion. Thanks Traduction
Miguel Maeztu
Luxembourg
23 j
I just came across this Substack on reading recommendations from Cristia Calle (Ccalle). Reading has been for me the cornerstone of investing and the main source of knowledge building. Highly recommend, its in Spanish, otherwise do web-translate. @CCalle if you also wrote it in English feel free to... Afficher plus Traduction
Todos los libros que han marcado mi camino inversor
finanzaseinversion.substack.com
Durante mis años como inversor, he leído muchos libros sobre la inversión.
Miguel Maeztu
Luxembourg
23 j
𝐂𝐌 𝐂𝐚𝐩𝐢𝐭𝐚𝐥 𝐑𝐞𝐬𝐞𝐚𝐫𝐜𝐡: 𝐚 𝐥𝐨𝐨𝐤 𝐢𝐧𝐭𝐨 𝐀𝐝𝐲𝐞𝐧 At CM Capital Research we look this time into Adyen N.V. as part of the recent focus on the payment systems industry. @CCalle and myself write from time to time on the Substack about topics of interest to the investment space. Adyen's... Afficher plus Traduction
Adyen N.V. (ADYEN.AS)
substack.com
A review of Adyen
Miguel Maeztu
Luxembourg
24 j
𝐂𝐨𝐦𝐩𝐞𝐭𝐢𝐭𝐢𝐯𝐞 𝐚𝐝𝐯𝐚𝐧𝐭𝐚𝐠𝐞𝐬 𝐚𝐠𝐚𝐢𝐧𝐬𝐭 𝐰𝐞𝐚𝐤𝐞𝐧𝐢𝐧𝐠 𝐞𝐜𝐨𝐧𝐨𝐦𝐢𝐜𝐬 One thing that would make me comfortable is knowing that in times of war, if we were in the Middle Ages, nothing beats a good moat around the castle. A strong castle well supplied with food and water can... Afficher plus Traduction
Miguel Maeztu
Luxembourg
27 j
Modifié
𝐀𝐥𝐢𝐛𝐚𝐛𝐚 𝐩𝐨𝐬𝐭𝐞𝐝 𝐐𝟑 𝐫𝐞𝐬𝐮𝐥𝐭𝐬 𝐚𝐧𝐝 𝐭𝐚𝐧𝐤𝐞𝐝: 𝐪𝐮𝐢𝐜𝐤 𝐜𝐨𝐦𝐦𝐞𝐫𝐜𝐞? Alibaba posted its Q3 2025 results ending 31 Dec 2025. Unsurprisingly, the stock tanked. Tencent posted very good results the day before and it tanked, so I could see how Alibaba's average results could... Afficher plus Traduction
Miguel Maeztu
Luxembourg
28 j
Modifié
𝐓𝐞𝐧𝐜𝐞𝐧𝐭 𝐩𝐮𝐛𝐥𝐢𝐬𝐡𝐞𝐬 𝐅𝐘𝟐𝟓 𝐫𝐞𝐬𝐮𝐥𝐭𝐬 Through Prosus I hold Tencent, a wonderful business. The TLDR is that the company grew in 2025 top and bottom line at double digits figures, with even the gaming division picking-up strongly. Combined users of the platforms have ticked-up to... Afficher plus Traduction

À propos de Miguel Maeztu
Luxembourg
Stratégie: Valeur

Fundamentals matter. Concentrated portfolio. Target ARR>10%. Margin of safety & patience.
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