Roberto Chamorro gilaberte @robchamow: "📝 US–Iran conflict.🚨 🔴The wrong question..."

Spain

📝 US–Iran conflict.🚨 🔴The wrong question is: What should I do on Monday? The right question is: In three years, will this conflict have mattered for NVIDIA, Hermès or Visa? The answer is no. Keep a cool head. Review your thesis on each company — not the price. If you have liquidity and the market opens in panic, remember: corrections are often the entry prices you wish you had before. If volatility is extreme, you can rebalance — trimming lower-conviction positions and adding to the ones with the highest long-term potential. What is happening today does not change what you built for tomorrow. Markets will open Monday with volatility. There will be headlines, noise and fear. That’s precisely why you need clarity before touching anything. History is clear: every major geopolitical crisis has felt like the end of the world at the time. The Gulf War in 1991. 9/11 in 2001. The invasion of Ukraine in 2022. Markets dropped hard — and then recovered. Those who sold in panic regretted it. Those who held or added were strengthened. My portfolio is designed exactly to survive this. Technology & AI — NVDA, MSFT, META, AMZN, GOOG, TSM, ASML These are structurally resilient. No meaningful operational exposure to the Middle East. Cloud, AI and semiconductor demand do not stop because of a regional conflict. Any Monday drop is likely market noise, not business deterioration. Hold. Luxury — Hermès, Ferrari, LVMH, Moncler Luxury can react to short-term risk aversion. But Hermès and Ferrari have repeatedly proven their demand is close to inelastic. A Birkin buyer or Ferrari client does not cancel due to geopolitical headlines. Long-term thesis intact. Payments — Visa, Mastercard, Amex, PayPal Global, dollar-based revenue, no direct regional exposure. The real risk would be inflation via oil if the conflict escalates. But these are wide-moat businesses built to absorb shocks. PayPal already trades with significant margin of safety. Adobe & Netflix Purely digital models. No relevant geopolitical exposure. Their challenges are competition and valuation — not this conflict. Booking Holdings Globally diversified, Europe-centric. Monitor, but no structural reason to exit. Bitcoin Unpredictable in geopolitical events. It can fall in initial risk-off or rise as alternative hedge. No reactive moves. Gold The clear winner in this type of scenario. Already up significantly. This is exactly why it exists in the portfolio — as structural protection. Stay calm. Think long term. We are co-owners of the best businesses in the world — and of the two strongest alternative assets. Volatility is not a thesis break. It’s often a discount. — Roberto Chamorro $BTC $GOLD $NSDQ100 $CHINA50 $ETH

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