Inventory market session for October 2025 during which Adrián Godás and Paco Lodeiro reply listeners' questions.
This month's normal questions are in regards to the FIFO methodology in inventory taxation, corporations 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 corporations 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 Methods, Minera Álamos, Sovereign Metals, Quimbaya Gold and about Ferrari.
Inventory Market Consultancy – October 2025
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Common doubts
Concerning the FIFO methodology in inventory taxation
Good afternoon Paco and Adrián,
My identify is Daniel and I’ve been on the planet of funding since 2015 with a purchase and maintain technique centered on dividends. I met you in 2019 via a mutual buddy, Adolfo Ruíz Calleja. Since then I hearken to you each week.
I met you at a Coruña assembly that you just did within the Plaza de Azcárraga roughly a yr in the past, maybe you’ll keep in mind me. This September I additionally bumped into Paco within the Marina space, however I didn't wish to hassle him.
I wish to take this chance to thanks on your work with the podcast. For my part you could have excessive doses of frequent sense and honesty combined with small touches of humor that make this system very pleasant. Unquestionably, you contribute nice worth to society, I inform you this from the underside of my coronary heart.
Query for workplace:
For a number of years I’ve had a query relating to the FIFO methodology:
Within the USA, some corporations resembling Berkshire Hathaway, Brown Forman or Molson Coors have class A and sophistication B shares. In Europe, listed corporations resembling Henkel even have frequent and most well-liked 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 offered 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 when 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:
When 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 corporations with unfavourable enterprise worth
I like your program. I’m writing to you from Munich, which by the way in which has simply been the Oktoberfest. Beer is getting increasingly more costly however yearly extra folks come. This yr €15 per liter, right here I see a really costly pit. Nonetheless, when you haven't been, I like to recommend it.
I needed to ask you a couple of kind of state of affairs that has caught my consideration. There are corporations with unfavourable Enterprise Worth or with capitalization beneath their web money.
These conditions are generally adopted by highly effective buyback or dividend applications and aren’t all the time corporations in losses or in uncertain markets.
At first look it looks like a transparent alternative however I needed to ask:
– What elements do you think about essential to investigate earlier than investing in this sort of state of affairs.
– The way to worth them or what changes ought to be made.
I’ve SOHU, DAQO or Deswell industries on radar. Have you learnt any?
If there may be any program of yours during 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
Hey Paco, Adrian
Right here once more Javier, from Cáceres, one other month with new questions for you.
This month I wish to ask you a couple of collection of various books for which I’ve acquired latest suggestions via 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 suggest me one that’s an introduction to mounted revenue, particularly authorities, and the significance of central banks and cash printing. I discover this matter very complicated 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 wish to know when you normally use it in these instances and, if that’s the case, what AI instrument 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 greatest
(Javier Montes from Cáceres)
About Finance 2.0, DeFi, tokenization and the way forward for banking
Hey 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 instrument to optimize processes and enhance the effectivity of monetary transactions?
Do you think about that this mannequin could be consolidated as a real monetary revolution within the medium time period?
And, in that context, how do you worth the position of corporations which are accumulating giant positions in Ethereum, resembling Bitmine Immersion Applied sciences (BMNR), led by Tom Lee?
All the perfect,
(Mazinguer from Rías Baixas)
Questions on corporations 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 revenue investor and I would love your recommendation on one thing that I’m fairly inquisitive about. What do you think about to be, at present, essentially the most defensive sectors to put money into? I wish to know your opinion on sectors that you just see as strong even in environments of uncertainty or recession. And if doable, might you give particular examples of corporations 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
Hey, I’m Matías Massone from Argentina!! My 18 yr previous daughter Bianca is becoming a member of the inventory market world and her 2 major positions are NU and MELI, I needed her opinion and perspective and from me a query for the underworld relating to how they see silver for the following 5 years. Thanks very a lot, glorious 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’re going to give it the PIER in Asturias?
(Oriole)
Sobre District Metals
After seeing the MobileMT that District Metals did in Viken and seeing that 3 doable deposits bigger than Viken 1 have been discovered, which is the place the MRE and the Continental PEA had been made, bearing in mind that Garrett has stated that they may even do PEA in these potential deposits, District's NPV might skyrocket much more, don't you assume? Thanks a lot.
(Marc Estruch)
Sobre Karelia Tobacco y Leatt Company
Hey 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 momentary 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 in opposition to you? How do you add this threat into your valuations?
On this case the chance may 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 might exceed the 50% management), however I consider that the chance of buyout exists in each.
(Ion Mikel Pardo from Donosti)
Sobre Lithium Americas y Ivanhoe Electrical
Hey Paco and Adrian,
My identify 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 turned enthusiastic about 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), just a few months in the past I purchased it occupied with benefiting from the low second within the lithium cycle.
I wish to understand how Adrian sees it within the medium-long time period to play lithium and if his factor could be to gather earnings after the information of the US authorities to purchase 10%.
Then again, 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 Methods
Seeing the autumn within the inventory market of Dassault Methods and the thesis of the aggressive benefit they’ve (corporations that use their software program have a chance price of switching to different instruments), what do you consider 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
Hey Paco and Adrián,
I needed to ask your opinion on the case of Sovereign Metals and its undertaking in Malawi. In latest weeks there was some controversy as a result of some native media spoke of a doable “unhealthy settlement” with the federal government, whereas the authorities have stated that the corporate nonetheless solely has an exploration license and never an exploitation license.
My query is extra normal: how are a majority of these conditions normally managed in creating international locations, the place there are essential mineral sources but in addition a variety of social and political sensitivity? What key facets would you take a look at to evaluate whether or not a undertaking like this may come to fruition or if there may be an excessive amount of regulatory or governance threat?
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
Hey Paco and Adrián,
Query for Paco:
What do you consider Ferrari and its latest 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 remaining chapters, the anecdotes of artisanal mining actually impacted me.
Greetings.
(Pedro Gutierrez from Guanajuato, Mexico)