Rayeiris Maduro Rondon @Rayeiris: " Times of uncertainty test..."

Spain

Times of uncertainty test our commitment June has been a tough month for my portfolio, and many companies beyond those driven by incredible expectations (AI/memory/semiconductors). However, my wonder is how long this trend can continue? Software and retailers are the ones suffering from this massive optimism towards just a couple of names. This month, we also had the IPO of the massive SpaceX, a company with no proven track record of profitability, and reported operating margins for the March quarter 2026 of -41.4%... and -13,9% for the FY2025. However, the share is up 19% since the IPO. My concern is that the market sentiment for retail investors is that this company could really be their golden goose and obtain some extraordinary profit from it. To me, until the company proves their profitability, edge, and real products offering, it will remain uninvestable. That said, we have in our portfolio companies with proven track records, growing at a great pace, and with reasonable valuations, and some trading really far below their intrinsic value. However, those aren’t trendy names, and the market prefers to take their investment in those with impossible expectations but great marketing. My choice is to keep invested in what I know, even during times where everything is going south, because that has been the strategy that has built my returns and is needed more than a couple of bad months to take away my peace of mind. $SPX500 $AUS200 $BTC $UK100 $SNDK (Sandisk Corp/DE)

Not investment advice. The author may have financial interests in the mentioned instruments.