Roberto Chamorro gilaberte @robchamow: "💼 How Is My Portfolio..."

Spain

💼 How Is My Portfolio Positioned Today? When I look at my portfolio, I see something I really like: I’m not betting on a single story. Instead, I’m invested in several of the major megatrends that are likely to shape the next decade. I have exposure to AI infrastructure through companies such as Microsoft, Meta, Amazon, Nvidia, Alphabet and Adobe. I have exposure to the digitalization of payments through Visa, Mastercard and American Express. I have exposure to mobility, delivery and digital platforms through Uber. I have exposure to experiences through Booking and American Express. I have exposure to entertainment through Instagram, YouTube, Netflix, Amazon Prime and Apple TV. I have exposure to the luxury sector through Hermès, Ferrari, Moncler and LVMH, benefiting from the long-term growth of the global middle and upper-middle class. I ahave exposure to China and artificial intelligence through Alibaba, a company that remains one of the dominant technology platforms in the country while simultaneously investing heavily in AI infrastructureo, cloud computing and large language models. I also maintain a position in Bitcoin as an alternative asset within my wealth allocation. Bitcoin remains scarce and is still in the early stages of global adoption. Today it represents roughly a $1 trillion asset, while gold is worth around $30 trillion. Over time, part of that valuation gap could close as capital flows into Bitcoin. I believe a portion of future capital currently allocated to government bonds may eventually migrate toward assets such as gold and Bitcoin, particularly in a world where many sovereign bonds struggle to keep pace with inflation. What I find most interesting is that many of these companies share similar characteristics: ✅ Exceptional margins ✅ Returns on capital well above average ✅ Durable competitive advantages ✅ Strong balance sheets ✅ Massive free cash flow generation ✅ The ability to repurchase shares for years ✅ Exposure to structural trends that can continue growing throughout the next decade What stands out to me is that many of these businesses continue to face negative narratives while simultaneously delivering record operating results. However, when I look at quarterly earnings, I see a very different reality. Many of these companies continue to generate record revenue, record profits and record cash flow. That is why I try to focus on fundamentals rather than narratives. Narratives change constantly. Profits and cash flows tend to prevail over the long term. Another aspect I like is that despite the quality of these businesses, the overall valuation of the portfolio remains reasonable. Many of these companies are still trading below their historical valuation multiples, even though they are larger, stronger and more profitable than they were just a few years ago. I have no idea what the market will do over the next few months. I don’t know whether we’ll see corrections, euphoria or volatility. What I do know is that I prefer owning exceptional businesses operating within some of the world’s most powerful trends, generating billions in cash flow and led by world-class management teams. That remains my plan. Ignore the noise. Think in 5-10 year timeframes. And let the world’s best businesses do the heavy lifting. Roberto Chamorro $BTC $GOOG (Alphabet) $NFLX (Netflix, Inc.) $BABA (Alibaba-ADR) $AMZN (Amazon.com Inc)

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