 Good day, fellow investors! Today I want to share with you my preliminary research or on Argentina. The stock market in Argentina has recently fallen significantly, so there might be opportunities amidst that turmoil. As always, be greedy when others are fearful and be fearful when others are greedy. I just finished researching Brazil and out of all the stocks there I found one to buy and one to watch. Hopefully there might be something to buy there in Argentina. Let's take a look. So the Argentinian ETF over the last year went up significantly 20-30% but now it's down again 40-30% the same that it went up. So I went through all the stocks in Argentina except for the financials now. I have to do an emerging market financial special to look really at the banks and how those are placed. That's a lot of work which I'm not doing right now, perhaps in the future. However, excluding the financials there are 15 very interesting businesses in Argentina that are really complementary to the economy emerging market growth. Just to note on the emerging market Argentina has recently been reclassified from frontier market to emerging market which leads to more of that ETF money coming in eventually, perhaps not now, because emerging markets are not in a sweet spot. Let's start looking at the companies. The first company that comes alphabetically is Cresud. It is a complicated holding company. I have a lot of data on it and I have to make a detailed earnings model on this one to see where's the value. However, the dividend yield is 2.81% which shows that there is value as cash is generated. It's also the leading company in Irsa. So another real estate company there is some investments in Brazil in Israel. So very interesting to see investments in Brazil from land and some investments in Israel also real estate. So we have to see there what is the real value. So that's my plans for the coming days. Something very important to look at when analyzing balance sheets in Argentina in Brazil that has seen significant currency devaluation, especially Argentina, is to keep in mind that those numbers on Argentinian balance sheets just get translated usually into US dollars. So you see those numbers equity numbers go down, the book values go down, down, down, down, down because those are not revalued upwards in dollars. Those are kept usually sometimes yes, sometimes not in Argentinian pesos. So each financial component has to be checked. Okay, what has the company done? Has it revalued it or not? And this is why you see those book values go down, bad book value numbers. However, one has to really dig into each specific company to see, okay, what's the real value there in US dollars for the long term? Another interesting company, Central Puerto, recently IPO'd on the New York Stock Exchange, you see has three projects in operation, but a lot of developing projects and a lot of receivables from the Argentinian government. So again here, each in detail analysis has to be made. And one of our viewers, Martin, has made a great report. So I'll steal from him there. The dividend again is 2.7 with potential growth. So I'm really interesting to see deeper about this company. Despegar is an online travel agency with 12.5% market share. Brazil, Argentina are the focus. So booking, price line, you see what happened with those prices. And this might happen also with this company in the future. However, the company is trading at all time lows since the IPO, it's a growth stock and therefore has to be approached in such a perspective. So you have to see, okay, what am I, how am I investing in those online growth stocks? Some succeed, some don't. Facebook succeeded, but other companies didn't succeed that well. Loma has recently been commented here as a bargain. That is a cement producing company. There has been a lot of infrastructure growth going on which benefited the company. So again, here you have to see what's going on in Argentina, what's the market for cement, what's the competition for cement, what are the long-term expected margins. There has been a cut to infrastructure spending and that's why the stock is really hit. Nevertheless, all these businesses as you see are key to the economy, key to growth, key to the future. I'll give an overview of the risk reward at the end of the video. A company that I'll analyze in depth this Sunday as there was a lot of requests to analyze this as the stock has been hit recently is Mercado Libre. It's again a growth stock, perhaps the Amazon of South America, but the stock is already up 40 times since 2009. So that has to be taken into consideration. However, the growth is still staggering, much better than Amazon, 60% in Brazil, 36% growth in the number of buyers, 48%. However, the company introduced free shipping, something others like Nets competitors that got hammered stock price, 88% down, Brazilian stock can't do. And that's why they might be beating Amazon, beating everybody. Perhaps they will be the Amazon of Latin America in the future. You never know, but that's the risk reward there. However, the free shipping comes at a huge cost. So that's a big deal there. And their margins have been squeezed because of that. And from positive earnings, the company went into negative earnings. Now we have to calculate in a model, okay, how will this impact the long term? And will the company manage to push out Amazon that has announced it's coming to Latin America with beauty products or something like that? So it's a very interesting story, more about that on Sunday. Pump energy at the largest independent integrated energy company in Argentina. And I wanted to show you something very interesting here. Why am I attracted by these companies? Because of the risk reward, the adjusted EBITDI, a metric that I don't like, but it's mostly used. So just as an example, is more than one billion dollars. The market capitalization is now close to three billion dollars. So you're buying a company at a three times EBITDA. That's simply crazy. If these companies do well over the long term, the potential rewards are huge. And that's why I'm willing to take the risk of investing in Argentina, Brazil, because of the potential rewards compared to the risks. Nevertheless, this is another detailed analysis that I have to do. Telecom Argentina, I don't usually like telecoms, but depends on the monopoly competition they have. So another company to look at in depth. Teneris is not really an Argentinian business, only 15% of sales, but they make pipes for steel pipes for the oil industry globally. So another exposure to the oil industry, their margins have been improving, doing good, Ternum, a Mexican steel maker, and they're cyclical in a cheap industry, cheap by valuation. So that's a special investment strategy. Two companies that I want to finish with are YPF Refining and Transpodadora de Gas. So refining, that's a stable business, defensive business, transport of gas and distribution. Again, a stable defensive business in whatever economy. So there might be opportunities. So I'll dig deeper into the sector, share with you some videos. We'll start Sunday with Mercado Libre, and then we'll see, okay, how can I position myself, and I'm taking a 10-20 year horizon when I invest here, okay? I want to see if I invest, can I find the 10-20 beggar in 10-20 years, even at the risk of losing 50%, 100%. If just one of those becomes a 20 beggar, I can lose 19 and I break even. So that's my risk reward there. Is there potential over the long term? Definitely there is. So I'm looking at bargains. In the long term, I'll develop a portfolio of such bargains, both at the right price, at the right time, with huge upside potential. The risk reward, when you look at individual parts, is very high because it can go to zero, but the upside is also very high. So I think now with good companies being extremely expensive, it pays to look at these bargains around the world that nobody really wants to look at. That's why I'm looking at Argentina, a lot of stocks, but I might pick just a few of them, which I think are the best to watch and keep an eye on, and then double down if it becomes even a better bargain. There is risk, some of you I know don't like that risk, but I think it is a positive risk reward situation, so an asymmetric risk reward situation for us. Thank you for watching. Any other ideas that I might have missed, please share them. I know there are a lot of Argentinian viewers. I'm sorry for the loss at the World Cup, but there will be, again, another opportunity. I'll see you in the next video.