š Week of rebound, strong earnings, and a market that believes everything again
Trumpās āagreementā with China has brought optimism back to the markets. In just a few days, indices have recovered all lost ground and returned to their highs.
The message is clear: the market wants to riseā¦ even if the foundation remains fragile.
At the same time, companies continue to report results. Tomorrow will be key, with several major earnings releases and the US interest rate decision.
But today was the turn of two companies that carry significant weight in my portfolio: UNH and PYPL.
$UNH (UnitedHealth) :
ā Revenue: $113.2B (+12% year-on-year).
ā Adjusted EPS: $2.92 (above consensus).
ā Operating cash flow: $5.9B (2.3Ć net income).
ā MCR: 89.9%, under control despite cost pressures.
ā 2025 guidance revised upward: EPS ā„ $16.25.
A strong report: solid growth, strong cash flow and an optimistic outlook for 2026. UNH once again proves why it remains one of the most stable components of the portfolio.
$PYPL (PayPal Holdings) :
ā Revenue: $8.42B (+7.3% year-on-year).
ā Adjusted EPS: $1.34 (+12%).
ā FCF: $1.72B; buybacks of $1.5B this quarter alone.
ā Annual guidance raised to $5.35ā$5.39 EPS.
A good quarter, improving margins and focus on efficiency. The market celebrated with double-digit gains.
The most interesting part is diversification: the new Ads Manager, Venmo growing +20%, and integration with OpenAI open up profitability paths beyond traditional payments.
š General market situation
The global rebound is based on the idea that trade risk has eased.
But I still see a huge disconnect between prices and fundamentals:
AI-related tech stocks are trading at multiples that assume perpetual growth, and the S&P 500 now has nearly 40% concentrated in its ten largest holdings.
History repeats itself: when everyone believes āthis is just the beginningā,
itās usually time to cool down.
š° Recent portfolio moves
Iāve sold the IB01.L and IEF bonds, and also part of JD.
With that, the portfolio now holds:
ā 13.9% in cash,
ā 14.5% in fixed-income bonds,
giving a total of 28% of the portfolio in a defensive position.
What will I do with that cash?
Iāve set up progressive buy orders to accumulate gold.
After a historic surge, the metal has fallen by around 10% in a week.
I think it could still correct a bit more, so I prefer to build the position gradually as it approaches my entry levels.
Investors seem to feel confident again, but letās not forget that inflation is still alive, US debt isnāt coming down, and central banks ā especially China ā continue buying gold as protection against the dollar.
Itās not a speculative bet, but a logical hedge in an environment where the financial and real economies are moving in different directions.
I prefer to maintain safety margin, liquidity and flexibility.
ā
Iām Luis IƱigo, an AI developer and investor with over five years of experience. My approach focuses on balancing returns, risk control, and a long-term vision. I share analysis and decisions with full transparency through my Popular Investor profile.
These are my personal opinions and not investment advice. Capital is at risk. Past performance does not guarantee future results.
$SPX500$NSDQ100$GOLD... Show More
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Thu Dec 11 2025 09:13:25 GMT+0000 (Coordinated Universal Time)
