Héctor Cubino López @HectorCubi: "📈 𝗠𝗢𝗡𝗧𝗛𝗟𝗬 𝗥𝗘𝗣𝗢𝗥𝗧 – 𝗢𝗖𝗧𝗢𝗕𝗘𝗥 October..."

Spain

📈 𝗠𝗢𝗡𝗧𝗛𝗟𝗬 𝗥𝗘𝗣𝗢𝗥𝗧 – 𝗢𝗖𝗧𝗢𝗕𝗘𝗥 October was another demanding month, but the key point is: we kept adding. We closed with a +2 %, and honestly, I’m really pleased. Beyond the number itself, it feels good to see the portfolio responding well and our decisions paying off. It was a month full of headlines and sharp moves that brought some volatility. Between geopolitical tensions, tech developments, and macro data, markets swung back and forth, nothing unusual, just noise we’re used to managing. I noticed a few copiers closed their positions at the month’s lows, and I completely understand, seeing drawdowns is never comfortable. But it’s normal, especially in portfolios with a clear growth bias, where movements tend to be more pronounced both up and down. Our portfolio is built with that in mind: volatility isn’t a weakness, it’s simply the price we pay to participate in growth. That’s why I insist so much on the mental side. If everything feels fine during rallies but doubt creeps in during corrections, maybe it’s worth revisiting your horizon or risk profile. That’s not about the strategy, it’s about personal alignment. When mindset and strategy aren’t in sync, the market often pushes us to act impulsively, and that’s when mistakes happen. So if at any point this approach makes you uneasy, take time to reflect on whether it truly fits you. It’s always better to pause and think calmly than to act in the heat of emotion. After all, this strategy is designed for those who believe that building real value takes time. 🧩 Portfolio Adjustments During the month, we made a few tactical moves. We fully exited $GOLD and $SILVER After an unusual rally, it seemed like a good time to secure gains and increase liquidity. We closed the trades well, and with markets where they are, I prefer having extra room to move patiently if new opportunities arise. K͟e͟y͟ P͟o͟s͟i͟t͟i͟o͟n͟s͟ ⚛️ $CCJ (Cameco Corp) Strong month. The roughly $80 B deal with the U.S. government strengthens its role in the new nuclear cycle. The narrative is powerful, now it’s all about execution. 🏦 $SOFI (SoFi Technologies Inc) Positive results, with rising revenues and margins. Galileo and Technisys are moving at a slower pace but remain crucial to its competitive edge, so we’ll keep a close watch. 🗣️ $RDDT (Reddit Inc) Outstanding results. In a world increasingly shaped by AI-generated content, Reddit stands out for the opposite: human communities, real conversations, and authentic content. That genuine connection is its biggest competitive advantage. Still, valuations are high, so we’ll take profits gradually. 🛍️ $MELI (MercadoLibre Inc) Excellent results: steady growth, stable margins, solid expansion. It keeps dominating payments, commerce, and logistics in LATAM, a fundamentally undervalued business that continues proving its strength quarter after quarter. 💻 $GOOGL (Alphabet Inc Class A) $AMZN (Amazon.com Inc) and $MSFT (Microsoft) Overall, a very solid quarter. Higher AI spending may pressure margins short term, but strong revenue growth and robust cash flows reinforce their strategic weight within the portfolio. 📱 $META (Meta Platforms Inc) AI spending caused some noise, but I see it as a necessary investment to enhance its ad infrastructure and adapt better to consumers. It’s a structural position in the portfolio, and we slightly increased our weighting this month. 💫 $BTC Full confidence. As you know, it’s my largest personal position, stored safely in a cold wallet. If I had to pick a single asset for all my capital, this would be it, no doubt. 💊 $HIMS (Hims & Hers Health Inc) Just released earnings as I write this, so I haven’t fully reviewed them yet, but the market reaction looks positive. Over the coming weeks, we’ll be watching results from $LMND (Lemonade Inc.) $RBRK (Rubrik Inc) and $NBIS (Nebius Group NV) likely keeping our stance on the cautious side, as we’ve been doing. 🎯 Strategy & Outlook Indexes look somewhat overheated, and the market seems to assume a calm year-end and the typical “Santa Rally.” Personally, I’m not that sure, which is why we’ve been gradually shifting toward a more conservative balance. We’re coming off strong momentum, but much of the optimism is already priced in. The economy still leans more on expectations than on solid data, leaving little room for mistakes. We’ll stay balanced, no excesses, attentive, and with enough liquidity to seize opportunities if better entry points emerge. And if corrections come, we’ll use them to strengthen positions in quality businesses that can improve the portfolio’s long-term risk-return profile.