Investor. Former hedge fund analyst - Kerrisdale. Ian's Insider Corner newsletter on SeekingAlpha and Substack.

Sincelejo, Colombia
Joined February 2016
If you're wondering why half of FinTwit is going nuts while everyone else is chilling, it's because some of the momo stuff is down 30% this week. $AAOI
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Looks like people are remembering that bonds go up when stonks go down.
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Happy 5-year anniversary to those who celebrate. $UPST
Omg too funny he likes $UPST but doesn’t even know what they do..😂😂😂 This is why I never watch CNBC…makes you dumber!!
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All-time insanely bad take. Remind me in five years if any AI slop is on par with an Elden Ring/GTA.
There’s something beautiful about the most expensive game of all time ($2B) being dropped the same month that AI models became capable of creating comparable experiences. The swan song for the Big Studio Era.
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I'm convinced 90% of the people that post about video games never actually play video games.
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Ian Bezek retweeted
I'll put it this way: hats off to you. I couldn't have said it better myself. As someone who lived in Paraguay for six years, I honestly get a headache every time I read the bullshit people post about that country, painting it as some kind of paradise on Earth. For fuck's sake, they manage to present every single flaw as a virtue. You go to a supermarket and the cashiers move at a snail's pace? Oh, how wonderful! That's because nobody is in a hurry in this country! The quality of services is absolute shit? Turns out that's another massive advantage! Because everyone's so laid-back, nobody gets stressed, there's no rat race, and above all, steak is cheap and you don't have to pay those horrible 50% taxes! You constantly read about how Europe has supposedly become a Muslim continent, completely overrun by Muslims, and how it's basically finished. Meanwhile, thousands of Paraguayans dream of moving even to the poorer European countries, let alone those who would give their right arm for a chance to move to Germany, France, or Italy. The reality is that Paraguay is a country with virtually no meaningful infrastructure, a dysfunctional healthcare and educacional system, and practically nonexistent human capital. It's a country built for and around a narrow elite that knows exactly how to extract maximum profits from a tax system optimized for their benefit and a quasi-feudal social structure that keeps most of the population in a state of extreme ignorance. And here, I strongly recommend taking a look at Paraguay's PISA test results. Meanwhile, a tiny group of beneficiaries makes an absolute fortune precisely because the vast majority of society consists of complete idiots who apparently need nothing more than empty slogans to get through life. And then I come across some guy from a developed civilization - Spain, the United States, or some other developed country - singing Paraguay's praises to the heavens, absolutely ecstatic about how wonderful life there supposedly is. The cognitive dissonance is so extreme it makes my head explode. That's why, without wanting to sound too modest, quite a few people consider me Paraguay's number-one hater. But really, I'm just trying to restore some kind of balance to the universe, because it drives me absolutely fucking insane to read the bullshit these people keep posting - bullshit that has absolutely nothing to do with reality.
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Rainbow over the horizon. Hopefully a metaphor for our Latam stocks as well. – at San Jerónimo, Colombia
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Ian Bezek retweeted
Brazil's election result reaches $INTR through several channels. Over time it can lower cost of risk. Right now it moves the stock and resets expectations, and Inter is up 15% pre-market. Few stocks are better placed to benefit. The business itself stands to gain: lower long-term rates mean cheaper new loans, cheaper funding and customers who find it easier to keep up with payments. And the share price hit a new 52-week low only last week, so expectations were already at the floor. Inter doesn't have a growth problem. It has a profitability problem. Its return on equity barely clears what investors demand from a Brazilian bank, so the market has refused to pay for its growth. This election could start to change that. At around $6, the stock trades at 7.8x this year's earnings, 6.1x next year's and about 1.4x tangible book. Nothing is decided yet, though. The runoff is on 25 October, and in 2022 the first-round surprise didn't hold.
Anyone valuing $INTR like a normal company will look at $NU’s stock price in disbelief. $INTR is a bank. Value it like one. EPS, revenue growth, the P/E multiple, none of it tells you much until you understand the cost of risk. I got this wrong myself in the past, but I learned. Right now, I think $INTR is priced about right. But the inputs that actually drive a bank’s valuation can turn on a dime, and the stock usually moves before the reported numbers do. There’s a lot you can infer about $INTR from $NU’s earnings report. I still own shares of $INTR, and I’m not surprised the stock is where it is. But I also know where it can go if certain things happen, both to the upside and the downside. Understand that, and you can hold the stock without second-guessing every move. Read the risk better than the market does, and that’s where the real money sits. I covered this topic on my Substack last week.
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BIG NEWS! Yellowbrick 2.0 is live. For >3 years, we've tracked 4,000+ authors and collected 35,000+ stock pitches. The new Yellowbrick includes: - Leaderboards - API access - Custom feeds and alerts - Paid research partners/discounts - and more
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Ian Bezek retweeted
LIVE NOW 🔥 Dario, Hegseth, and Paxton on the hotseat 🦬 AOC becomes a Bills fan 🇧🇷 Bolsonaro vs. Lula in Brazil w/ @irbezek, @pjchougule, @keendawg xitter.cf/i/broadcasts/1aJbdEvZB…
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Since multiple people have pinged me this. Cancun is not Tulum. They are 100km apart. The prior socialist government built the Tulum airport in part to screw with us $ASR Cancun concession holders. We want Tulum to fail. Cancun hotel occupancy remains in the mid-50s.
MEXICO | Aeroméxico suspends flights to Tulum starting Thursday, citing low demand as local hotel occupancy hits 15%, the lowest in history. (Mexico News Daily)
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I think the $FICO bulls have finally suffered enough. We still don't need any more articles about how it's a great compounder, though.
Replying to @RodAlzmann
The last 40 articles about $FICO didn't stop the stock from going down, but maybe the next one will!
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Love these book reviews from @irbezek. Agree on 1929. ianbezek.substack.com/p/book…
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Ian Bezek retweeted
$CAAP Argy concession extension up to 2056 🚀🚀 lanacion.com.ar/economia/el-…
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Sad news for the people that predicted Mexican tourism was gonna collapse after the cartel incident in February (remember that?)
MEXICO | Mexico sets triple tourism record in 2026: 59.7M visitors, 7.4M cruise passengers, and $21.7B in revenue through July. (Infobae)
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My most played games, purely off hours, not any sort of subjective opinion. And yes, I do have a one-track mind.
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Ian Bezek retweeted
It's getting to the point where trying to convince someone he or she should own bonds is like trying to convince someone to own energy in 2020
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What's going down faster, $OPEN's stock price or Rabois' credibility as a geopolitical analyst?
Replying to @cjc
It is over. Iran hasn’t been able to kill a single soldier since day 2 and every single military goal has been achieved, and every Diplomatic goal exceeded.
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This week's newsletter is all about the Mexican airport stocks. I look at the pros, cons, and everything else investors should know about $PAC, $OMAB, and $ASR. canadiandividendinvesting.co…
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It's Tecnoglass time $tgls.
COLOMBIA | US to drop 12.5% tariff on Colombian goods in coming days, benefiting 1.7K firms, after Bogotá issues forced-labor import ban. (El Economista)
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