TRADE ALERT - International Portfolio October 2025 (New Investment)
Shortly after Milei’s victory in the Presidential election in 2023, we initiated a position in Argentina’s biggest listed real estate investments, IRSA (IRS), predicting that Milei’s victory would attract a lot of new international investors to the country, pushing equity valuations to higher levels.
This is exactly what happened.
Less than a year after initiating our position, we had more than doubled our money, and we sold our position to reinvest elsewhere.
Since then, the stock has given up a good chunk of its recent gains, even despite positive news coming from the company, making it opportunistic once again.
Today, we are reopening a small position in the company, and expect to double down over the coming weeks if it keeps dipping further from here:
Below, we share our updated investment thesis, but first, a quick update on Argentina:
