Physical Infrastructure Tech Thesis with Lucas Sacerdote, Founder and CIO of Valora Investment Group

In this episode of the Planet MicroCap Podcast, I spoke with Lucas Sacerdote, Founder and CIO of Valora Investment Group, for his first-ever podcast appearance.

We break down his focus on real, tangible assets trading at steep discounts to book value, why he believes the technology frontier is currently being bottlenecked by the physical frontier, and how he thinks about building concentrated positions in energy and infrastructure names. We get into his biggest current position, Canadian Solar, why he thinks the hate on solar is overblown, and how he differentiates between value traps and genuine opportunity.

We also touch on EOS Energy, LibertyStream, Comstock, Adecoagro, and his broader thesis on Argentina. We mention several companies during this conversation, and Lucas is a current shareholder in Canadian Solar, EOS Energy, LibertyStream, Comstock, and Adecoagro.

For more information about Valora Investment Group, please visit: https://www.valoraig.com/

Chapters:

00:00 Introduction to Lucas Sacerdote and his background
01:58 Lucas's investment philosophy and focus on tangible assets
03:58 His journey from KIG Investment Management to founding Ballora
08:01 Argentina's capital markets ecosystem and opportunities
12:05 Filtering process from 53,000 companies to 50 stocks
19:00 Case study: Canadian Solar and due diligence process
23:01 Managing conviction and position sizing in microcap investing
29:53 Market run-ups, valuation, and behavioral biases
37:07 Lessons from 2022 and downside protection
39:58 Argentina’s macro outlook and investment thesis
44:09 Advice for young investors and where to follow Lucas

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