Sophocles Sophocleous, CFA

📈 Value Investor | Portfolio Manager
🌐 → 💡 ideas • 🎙️ podcast • 📅 events
📆 Jun '26 → Rio →

[Sophocles Sophocleous, CFA @FatAlpha]

Last week, we hosted our 1st FatAlpha Value (LATAM) conference. As with all our in-person events, each financial institution must present an idea. We had 33 registered professionals from 25 institutions and thus 25 investment pitches! 11 out of the 25 were Brazilian names, and the rest were global🌎

Many thanks to our speakers (@evantindell , @TangibleIM , @stonescap , @THIAGOSALOMAO , etc) who did an amazing job🔥 It was the best 1st launch I've ever done🏅 Video highlights below.

✍ Sign up for our October online event, which is open to all investors. Early bird 🐤 @ EUR 99 expires June 30. 12 pitches - 2 days - Live & recorded to watch later. 🎁 Bonus 6 pitches from past events for early bird only

👉 https://t.co/yxAYNNi3ti

[Sophocles Sophocleous, CFA @FatAlpha]

Waiting for my third flight home to Cyprus, I'm reflecting on what an incredible 1st FatAlpha Value (LATAM) event we had in Rio.

Most attendees were joining for the first time, yet the quality of both the presentations and investment ideas exceeded my expectations.

While the September Cyprus event is waitlist only at the moment, registrations are open for our online conference: https://t.co/yxAYNNi3ti

[Sophocles Sophocleous, CFA @FatAlpha]

Insane view from the rooftop pool of the Hilton Copacabana where we will launch the 1st FatAlpha Value (LATAM) conference. 25 stock pitches, 32 investors

Our next event in Cyprus in September is waiting list but the Online event in October is open to all investors. Details: https://t.co/yxAYNNi3ti

[Sophocles Sophocleous, CFA @FatAlpha]

Micron Technology stock rose 19% as UBS increased its price target to $1,625 from $535. UBS arguments were the same as those discussed at our closed-door 3rd FatAlpha Value (Asia) event in March in Ho Chi Minh.

--> 250% up since pitched at the event!

I invited Rin Narakornpijit, who was the memory expert, on my podcast, where she dove into it all. If you haven't seen it then check it out.

Links to YouTube, Spotify and Apple Podcasts below:
https://t.co/uwXxtmX8rz

[Sophocles Sophocleous, CFA @FatAlpha]

So true!

[Hated Moats Investor @HatedMoats]

I never understood these comparisons.

It's virtually useless and makes no sense at all, economically.

“ $NVDA now exceeds the entire economy of Germany.” ... really?!

It bloody doesn't. Not even close.

Sure, it makes for a great headline, but economically it’s comparing two totally different things.

GDP is a flow. It measures the value of goods and services produced inside a country over ONE YEAR.

NVIDIA’s market cap is a stock... It is the stock market’s point-in-time valuation of NVIDIA’s equity.

So the comparison is basically:

One company’s expected future value

vs.

One country’s annual production

That is NOT:

“NVIDIA is bigger than Germany.”

“NVIDIA produces more than Germany.”

“One company is more economically important than an entire country.”

Market cap is forward-looking. It reflects investor expectations about future profits, AI demand, margins, growth, competition, interest rates, and sentiment... It can jump or fall by hundreds of billions of dollars in a few trading sessions.

GDP is actual annual output. It doesn't swing around every day because traders got more or less excited.

Also, GDP is not the “value of Germany.” Germany has land, infrastructure, private wealth, public assets, companies, institutions, human capital, industrial capacity, and decades of accumulated capital... GDP is just what gets produced in a year.

So, can this dumb meaningless comparison I've seen around for literally decades finally die out?

My 2c.

[Sophocles Sophocleous, CFA @FatAlpha]

@GWInvestors Congrats!!!

[Marc Andreessen 🇺🇸 @pmarca]

Current AI custom prompt:

You are a world class expert in all domains. Your intellectual firepower, scope of knowledge, incisive thought process, and level of erudition are on par with the smartest people in the world. Answer with complete, detailed, specific answers. Process information and explain your answers step by step. Verify your own work. Double check all facts, figures, citations, names, dates, and examples. Never hallucinate or make anything up. If you don't know something, just say so. Your tone of voice is precise, but not strident or pedantic. You do not need to worry about offending me, and your answers can and should be provocative, aggressive, argumentative, and pointed. Negative conclusions and bad news are fine. Your answers do not need to be politically correct. Do not provide disclaimers to your answers. Do not inform me about morals and ethics unless I specifically ask. You do not need to tell me it is important to consider anything. Do not be sensitive to anyone's feelings or to propriety. Make your answers as long and detailed as you possibly can.

Never praise my questions or validate my premises before answering. If I'm wrong, say so immediately. Lead with the strongest counterargument to any position I appear to hold before supporting it. Do not use phrases like "great question," "you're absolutely right," "fascinating perspective," or any variant. If I push back on your answer, do not capitulate unless I provide new evidence or a superior argument — restate your position if your reasoning holds. Do not anchor on numbers or estimates I provide; generate your own independently first. Use explicit confidence levels (high/moderate/low/unknown). Never apologize for disagreeing. Accuracy is your success metric, not my approval.

[Sophocles Sophocleous, CFA @FatAlpha]

𝐑𝐢𝐨 𝐢𝐬 𝐧𝐨𝐰 𝐅𝐔𝐋𝐋𝐘 𝐁𝐎𝐎𝐊𝐄𝐃!

For those who couldn’t join us in Brazil, 𝐫𝐞𝐠𝐢𝐬𝐭𝐫𝐚𝐭𝐢𝐨𝐧 𝐢𝐬 𝐧𝐨𝐰 𝐨𝐩𝐞𝐧 𝐟𝐨𝐫 𝐨𝐮𝐫 𝟑𝐫𝐝 𝐎𝐧𝐥𝐢𝐧𝐞 𝐂𝐨𝐧𝐟𝐞𝐫𝐞𝐧𝐜𝐞 taking place 𝐎𝐜𝐭𝐨𝐛𝐞𝐫 𝟐𝟐–𝟐𝟑, 2026.

The online event includes:
• 12 live high-conviction investment ideas
• Live Q&A
• Networking sessions
• Replay access
• Private discussion group and forum access

No sales pitches. No sponsors pushing products.
Just serious investment discussion and idea pitches.

Early Bird access starts at €𝟗𝟗

👉 𝐑𝐞𝐠𝐢𝐬𝐭𝐞𝐫 𝐭𝐨𝐝𝐚𝐲: https://t.co/yxAYNNi3ti

[Sophocles Sophocleous, CFA @FatAlpha]

@Kacper_PK_CH A lot of AI companies making profits unlike dotcom bubble. Plus almost impossible to know if its 1996 or 1999.

[Sophocles Sophocleous, CFA @FatAlpha]

Check out the latest podcast episode where portfolio manager Rin Narakonbijit of Kasikorn Asset Management makes the case that AI memory stocks will re-rate. $MU

Links to YouTube, Spotify, and Apple Podcasts in the piece below:
https://t.co/8r8iPR6NYa

[Sophocles Sophocleous, CFA @FatAlpha]

Thoughts on Sandisk $SNDK in this new piece. Link below.

Don’t miss next week’s podcast on AI memory.

Also, for deep value stock picks, check out our idea exchange in Rio in June: https://t.co/wHwuX2bhsu

Sandisk post:
https://t.co/4wfvgX23FQ

[Sophocles Sophocleous, CFA @FatAlpha]

PSG and Bayern didn't play "typical" football of tactics and defense. They didn't bore their fans like Arsenal has. They were unconventional, playing attacking football for 90 minutes. A rare event, and we all loved it.

I bring this up because it reminded me of how many boring, wasteful conferences there are (like poor football games). Packed with 'players' looking to sell, not educate or share their ideas or wisdom.

Fortunately, there are a handful of events organized by investors for their fellow investors. Events we all love and seek more of. Like VALUEx Klosters by Guy Spier, The Intellectual Investor Conference by Vitaliy Katsenelson, CFA, Nordic Value by Ole Søeberg (that I'm attending in May), and the FatAlpha Value conferences I've been organizing in Cyprus and Asia.

Join our community in Rio at the Hilton Copacabana for the launch of our 1st LATAM event! No selling, confidentiality rules, investors sharing ideas and wisdom.

𝐌𝐨𝐫𝐞 𝐢𝐧𝐟𝐨 + 𝐀𝐩𝐩𝐥𝐲: https://t.co/IiPfmnSXov

And if you missed last night's football game, then here are the highlights:

https://t.co/SjbzPbCyhc

[Sophocles Sophocleous, CFA @FatAlpha]

@Lou_Mannheim @grok translate this conversation to english and summarize

[Sophocles Sophocleous, CFA @FatAlpha]

𝐁𝐫𝐚𝐳𝐢𝐥 𝐢𝐬 𝐨𝐧𝐞 𝐨𝐟 𝐭𝐡𝐞 𝐛𝐞𝐬𝐭-𝐩𝐞𝐫𝐟𝐨𝐫𝐦𝐢𝐧𝐠 𝐦𝐚𝐫𝐤𝐞𝐭𝐬 𝐢𝐧 𝐭𝐡𝐞 𝐰𝐨𝐫𝐥𝐝 𝐫𝐢𝐠𝐡𝐭 𝐧𝐨𝐰.

Up roughly 20% year-to-date, while the S&P 500 has gained just 4%.

The Bovespa hit a new all-time high earlier this month! The rally was driven by gains in financials, energy, and utilities, and a strengthening BRL that's drawing in global investors.

Petrobras just announced its biggest cash payout of 2026. The presidential election in October is a visible catalyst. Will the BRL continue to appreciate? Will rates come down?

There's a lot to talk about, which is exactly why we're excited about heading to Brazil in June. With both local and international investors, there will be some real opinions from people with skin in the game.

Note: The event is NOT open to the public. Only investors who are willing to share their views and pitch their best idea. This is an idea exchange. More info at the link below.

Attendance capped. We only have a few seats left.

𝐉𝐮𝐧𝐞 𝟐–𝟑, 𝟐𝟎𝟐𝟔 · Hilton Copacabana · By invitation only

👉 𝐀𝐩𝐩𝐥𝐲: https://t.co/8DkFbAkDPw

[Sophocles Sophocleous, CFA @FatAlpha]

🎙️ 𝐒𝐩𝐞𝐚𝐤𝐞𝐫 𝐀𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐦𝐞𝐧𝐭 | 𝐅𝐚𝐭𝐀𝐥𝐩𝐡𝐚 𝐕𝐚𝐥𝐮𝐞 𝐋𝐀𝐓𝐀𝐌
We're delighted to welcome Jonathan Y. Tanne of Tangible Investment Management to Rio de Janeiro.

Jonathan has been running the same mandate with the same philosophy for 14 years. And it shows through the quality of his ideas and their subsequent performance.

Born in South Africa, qualified as a Chartered Accountant at Deloitte in Australia, and moved into asset management for a family office in 2012. He then opened the same strategy to external investors through a Cayman fund in 2018.

He runs a concentrated, long-only, listed global equity strategy that focuses on undervalued and under-researched companies. Jonathan is known for his deep fundamental research, a long-term owner’s mindset, and a differentiated perspective.

Jonathan is based in London and is also a CFA Charterholder.

𝐉𝐮𝐧𝐞 𝟐–𝟑, 𝟐𝟎𝟐𝟔 · Hilton Copacabana · By invitation only

👉 𝐀𝐩𝐩𝐥𝐲: https://t.co/8DkFbAkDPw

[Evan Tindell @evantindell]

The Jaws of Idiocy

$WMT vs $WALMEX

[Sophocles Sophocleous, CFA @FatAlpha]

In 2022, at an event I organized, Petrobras was pitched. The manager was not Brazilian but nonetheless shared his high conviction idea with a room of serious investors.

Since Petrobras preferred rose 𝟐𝟎𝟗%, while the S&P 500 ETF rose only 98%.

That's what happens when you put a small room of switched-on investors together and make them actually share their best idea.

This June, we're taking FatAlpha Value to Rio for the inaugural 𝐋𝐀𝐓𝐀𝐌 𝐞𝐝𝐢𝐭𝐢𝐨𝐧. The room will include Brazilians, South Americans, Europeans, and North Americans — 𝐚𝐥𝐥 𝐭𝐡𝐞𝐫𝐞 𝐟𝐨𝐫 𝐭𝐡𝐞 𝐬𝐚𝐦𝐞 𝐫𝐞𝐚𝐬𝐨𝐧: 𝐭𝐨 𝐡𝐞𝐚𝐫 𝐢𝐝𝐞𝐚𝐬 𝐭𝐡𝐞𝐲 𝐰𝐨𝐮𝐥𝐝𝐧'𝐭 𝐟𝐢𝐧𝐝 𝐚𝐧𝐲𝐰𝐡𝐞𝐫𝐞 𝐞𝐥𝐬𝐞. Sharing, discussing, learning. Knowing that everything said will remain in the room

The format is simple:
1) Everyone attending presents.
2) 𝐒𝐭𝐫𝐢𝐜𝐭 𝐜𝐨𝐧𝐟𝐢𝐝𝐞𝐧𝐭𝐢𝐚𝐥𝐢𝐭𝐲 𝐫𝐮𝐥𝐞𝐬.

𝐉𝐮𝐧𝐞 𝟐–𝟑, 𝟐𝟎𝟐𝟔 · Hilton Copacabana
By invitation only · 25-person cap

👉 𝐀𝐩𝐩𝐥𝐲: https://t.co/8DkFbAkDPw

[Sophocles Sophocleous, CFA @FatAlpha]

🎙️ 𝐒𝐩𝐞𝐚𝐤𝐞𝐫 𝐀𝐧𝐧𝐨𝐮𝐧𝐜𝐞𝐦𝐞𝐧𝐭 | 𝐅𝐚𝐭𝐀𝐥𝐩𝐡𝐚 𝐕𝐚𝐥𝐮𝐞 𝐋𝐀𝐓𝐀𝐌
We're delighted to welcome Marcel Gozali, CFA, Founder & Portfolio Manager of Stone Sentinel Capital, to Rio de Janeiro.

Most managers talk about concentration; Marcel actually does it, and the numbers reflect what that kind of selectivity looks like when paired with a large margin of safety and the patience to hold cash when nothing qualifies.

▪ Runs a 𝟒–𝟔 𝐩𝐨𝐬𝐢𝐭𝐢𝐨𝐧 global book from Singapore
▪ +𝟑𝟎.𝟎% 𝐢𝐧 𝟐𝟎𝟐𝟒 · +𝟓𝟎.𝟕% 𝐢𝐧 𝟐𝟎𝟐𝟓
▪ Prior investment partnerships (2017–21): +500% returns
▪ 𝐂𝐨𝐥𝐮𝐦𝐛𝐢𝐚 𝐁𝐮𝐬𝐢𝐧𝐞𝐬𝐬 𝐒𝐜𝐡𝐨𝐨𝐥 MBA · Value Investing Program
▪ Background across BNP, Fitch Ratings, hedge funds, and family offices
▪ Author of "Wisdom: How to Think and Judge Well in an Uncertain World"

Want to hear Marcel's next idea? It won't be anything like the typical stereotypical ideas that come from large institutions.

𝐉𝐮𝐧𝐞 𝟐–𝟑, 𝟐𝟎𝟐𝟔 · Hilton Copacabana
By invitation only · 25-person cap
👉 𝐀𝐩𝐩𝐥𝐲: https://t.co/8DkFbAkDPw