Inventory market session for October 2025 through which Adrián Godás and Paco Lodeiro reply listeners' questions.
This month's basic questions are concerning the FIFO methodology in inventory taxation, firms with unfavourable enterprise worth, funding books and synthetic intelligence instruments and about finance 2.0, DeFi, tokenization and the way forward for banking.
And the doubts about firms and sectors are about that are essentially the most defensive sectors to put money into, Nu Holdings and MercadoLibre, Black Dragon, District Metals, Karelia Tobacco and Leatt Company, Lithium Americas and Ivanhoe Electrical, Dassault Techniques, Minera Álamos, Sovereign Metals, Quimbaya Gold and about Ferrari.
Inventory Market Consultancy – October 2025
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Common doubts
In regards to the FIFO methodology in inventory taxation
Good afternoon Paco and Adrián,
My title is Daniel and I’ve been on the earth of funding since 2015 with a purchase and maintain technique centered on dividends. I met you in 2019 by way of a mutual buddy, Adolfo Ruíz Calleja. Since then I take heed to you each week.
I met you at a Coruña assembly that you just did within the Plaza de Azcárraga roughly a 12 months in the past, maybe you’ll bear in mind me. This September I additionally bumped into Paco within the Marina space, however I didn't need to trouble him.
I need to take this chance to thanks to your work with the podcast. In my view you’ve excessive doses of frequent sense and honesty combined with small touches of humor that make this system very satisfying. Certainly, you contribute nice worth to society, I let you know this from the underside of my coronary heart.
Query for workplace:
For a number of years I’ve had a query concerning the FIFO methodology:
Within the USA, some firms resembling Berkshire Hathaway, Brown Forman or Molson Coors have class A and sophistication B shares. In Europe, listed firms resembling Henkel even have frequent and most popular shares.
Now comes my doubt, let's take the next instance: I purchase a package deal of sophistication B shares of Brown Forman in Degiro. Later I purchased one other package deal of sophistication A shares of Brown Forman in Self Financial institution and after some time I bought the latter. Is the FIFO methodology utilized with class B or, since they’ve totally different ISINs, are they unbiased? I’ve given an instance utilizing two totally different brokers, however clearly it could even be relevant in case you had them in the identical dealer.
My reasoning tells me that since they’re totally different ISINs, they’re totally different monetary merchandise and I should buy and promote each varieties with out interfering with the FIFO. It's proper?
Anecdote:
In case you have time to learn and desire a enjoyable but fairly unknown story to inform within the podcast associated to cash and scams, your man is: Artur Virgílio Alves dos Reis. With simply 5 minutes studying on Google you will get an concept of what this character has been as much as.
It sounds to me such as you've talked about it on the podcast earlier than, however “The Nice Potosí Scandal” can also be value it. Though it’s presumably much less enjoyable than the earlier one.
(Daniel Casal Fernández from A Coruña)
About firms with unfavourable enterprise worth
I like your program. I’m writing to you from Munich, which by the best way has simply been the Oktoberfest. Beer is getting an increasing number of costly however yearly extra folks come. This 12 months €15 per liter, right here I see a really costly pit. Nonetheless, in case you haven't been, I like to recommend it.
I needed to ask you a few kind of state of affairs that has caught my consideration. There are firms with unfavourable Enterprise Worth or with capitalization under their internet money.
These conditions are generally adopted by highly effective buyback or dividend applications and are usually not all the time firms in losses or in uncertain markets.
At first look it looks like a transparent alternative however I needed to ask:
– What elements do you take into account essential to research earlier than investing in this sort of state of affairs.
– Learn how to worth them or what changes needs to be made.
I’ve SOHU, DAQO or Deswell industries on radar. Have you learnt any?
If there’s any program of yours through which this matter is already mentioned, I’d be delighted to listen to it.
Thanks a lot.
(Sergio Rodríguez from Munich)
About funding books and synthetic intelligence instruments
Hi there Paco, Adrian
Right here once more Javier, from Cáceres, one other month with new questions for you.
This month I need to ask you a few sequence of various books for which I’ve acquired current suggestions by way of numerous means. So you possibly can inform me you probably have learn them and have an opinion:
· The Psychology of Cash – Morgan Housel
· Monetary psychology – James Montier
· El patron Fiat – Saifedean Ammous
· Damaged Cash – Lyn Alden
· 100M Presents – Alex Hormozi (This can be out of our scope)
I’d additionally such as you to advocate me one that’s an introduction to fastened earnings, particularly authorities, and the significance of central banks and cash printing. I discover this matter very advanced and I’ve a tough time understanding it. Let's see you probably have any suggestions that may make it simpler for me.
The second half refers to AI and instruments. I want to know in case you normally use it in these circumstances and, if that’s the case, what AI software do you employ:
· Evaluation of a e book
· Evaluation of a group of letters from a supervisor over time. Ex: Berkshire, Mabousin
· Evaluation of blogs/articles
· Evaluation of firm outcomes
· YouTube movies (I take advantage of pocket book, however I don't know if you are able to do one thing related and attention-grabbing with Gemini)
And already abusing your generosity, a bonus. Any information with WAF?
As all the time, thanks very a lot, you’re the finest
(Javier Montes from Cáceres)
About Finance 2.0, DeFi, tokenization and the way forward for banking
Hi there Paco and Adrián, query for the workplace.
What’s your opinion on the event of finance 2.0 on the blockchain, particularly now that the Trump administration is actively selling its adoption, with a transparent concentrate on the tokenization of conventional banking and the position of stablecoins as a software to optimize processes and enhance the effectivity of monetary transactions?
Do you take into account that this mannequin may be consolidated as a real monetary revolution within the medium time period?
And, in that context, how do you worth the position of firms which can be accumulating giant positions in Ethereum, resembling Bitmine Immersion Applied sciences (BMNR), led by Tom Lee?
All one of the best,
(Mazinguer from Rías Baixas)
Questions on firms and sectors
On that are essentially the most defensive sectors to put money into
Hello staff. I’m writing to you as a result of I’m a variable earnings investor and I would love your recommendation on one thing that I’m fairly interested in. What do you take into account to be, at present, essentially the most defensive sectors to put money into? I want to know your opinion on sectors that you just see as stable even in environments of uncertainty or recession. And if potential, may you give particular examples of firms inside these sectors that you just discover particularly attention-grabbing? Thanks very a lot and congratulations on the podcast.
(Luis Miguel Espejo Sánchez from Montgat, Barcelona)
About Nu Holdings and MercadoLibre
Hi there, I’m Matías Massone from Argentina!! My 18 12 months previous daughter Bianca is becoming a member of the inventory market world and her 2 primary positions are NU and MELI, I needed her opinion and perspective and from me a query for the underworld concerning how they see silver for the subsequent 5 years. Thanks very a lot, wonderful program and Bianca is already a brand new listener of the podcast!!! so any phrases of encouragement to maintain me hooked on this thrilling world are welcome.
(Matías Massone from Argentina)
About Black Dragon
Might you touch upon Black Dragon Gold and if they will give it the PIER in Asturias?
(Oriole)
Sobre District Metals
After seeing the MobileMT that District Metals did in Viken and seeing that 3 potential deposits bigger than Viken 1 have been discovered, which is the place the MRE and the Continental PEA had been made, considering that Garrett has mentioned that they can even do PEA in these potential deposits, District's NPV may skyrocket much more, don't you assume? Thanks a lot.
(Marc Estruch)
Sobre Karelia Tobacco y Leatt Company
Hi there Paco,
I believe I share with you 2 little-known shares and each with irregular efficiency lately. I'm speaking about LEATT and Karelia Tobacco.
Though within the case of Leatt I believe it relies upon extra on fundamentals and short-term difficulties within the sector, within the case of Karelia I attribute it to the chance of a buyout of the founding household.
At what level does pores and skin within the recreation flip towards you? How do you add this danger into your valuations?
On this case the chance could be very totally different (94.5% between the Karelia household and 31.6% in Dr. Leatt, though if it aligns with different majority shareholders and funds it may exceed the 50% management), however I imagine that the chance of buyout exists in each.
(Ion Mikel Pardo from Donosti)
Sobre Lithium Americas y Ivanhoe Electrical
Hi there Paco and Adrian,
My title is Ion Urbizu and I’m writing to you from Durango Bizkaia. I’ve been listening to the podcast for a number of years now and due to you I grew to become excited by investing 5-6 years in the past and I’m studying and constructing a portfolio that’s made up of ETFs and shares.
My query is about Lithium Americas (LAC), a number of months in the past I purchased it enthusiastic about benefiting from the low second within the lithium cycle.
I want to understand how Adrian sees it within the medium-long time period to play lithium and if his factor could be to gather income after the information of the US authorities to purchase 10%.
However, have you ever checked out Ivanhoe Electrical (IE), if that’s the case, what do you consider it?
Congratulations and thanks for the work you probably did.
(Ion Urbizu from Durango, Bizkaia)
About Dassault Techniques
Seeing the autumn within the inventory market of Dassault Techniques and the thesis of the aggressive benefit they’ve (firms that use their software program have a possibility price of switching to different instruments), what do you concentrate on getting into it?
(Guillermo Jiménez de Cisneros)
About Minera Álamos
Query for Adri, what’s your opinion on minera alamos(MAI)?
(David Llorente)
Sobre Sovereign Metals
Hi there Paco and Adrián,
I needed to ask your opinion on the case of Sovereign Metals and its undertaking in Malawi. In current weeks there was some controversy as a result of some native media spoke of a potential “unhealthy settlement” with the federal government, whereas the authorities have mentioned that the corporate nonetheless solely has an exploration license and never an exploitation license.
My query is extra basic: how are these kind of conditions normally managed in creating international locations, the place there are essential mineral sources but additionally quite a lot of social and political sensitivity? What key elements would you have a look at to evaluate whether or not a undertaking like this could come to fruition or if there’s an excessive amount of regulatory or governance danger?
Thanks for the podcast and your work! The wording of the query was requested to me by the AI, it writes higher than me haha
(David Astur from Arganda del Rey)
About Quimbaya Gold
I needed to know the opinion of Adrián de Quimbaya gold. Canadian explorer.
(Jaime from Santander)
About Ferrari
Hi there Paco and Adrián,
Query for Paco:
What do you consider Ferrari and its current fall?
At what level can a really prime quality firm be thought-about “low-cost”?
Congratulations on the success of your e book “Below the bottom” Adrián, I’m within the last chapters, the anecdotes of artisanal mining actually impacted me.
Greetings.
(Pedro Gutierrez from Guanajuato, Mexico)
