Welcome to Hugo’s Investing Notes

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Whether you have made it here from eToro, X, LinkedIn or independently – welcome, and thank you for being here.

This Substack is my investing journal, where I intend to publish single-stock investment memos, market commentary and portfolio analysis.

If you would like to receive new posts directly to your inbox, please subscribe here – it’s free!

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Who I Am

I have been a full-time investor for about five years, managing a public portfolio on eToro. Before that, I spent a decade in M&A, Family Office, and Corporate Development, working across energy, financials, airlines, and industrials.

That diverse background made me a generalist, fundamental investor with a value lean. I look for underappreciated macro trends and the companies most likely to benefit from them, and invest just as they inflect.

Notable examples include homebuilding in 2020-21, onshoring and electrification from as early as 2020-21, and offshore drillers in mid-2025.

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Why a Substack

My last five years have been dedicated to providing above-benchmark returns to retail investors, with full transparency and accountability. I have also tried to share my knowledge and views as clearly as possible.

Starting a Substack is a natural extension of that – a way to provide deeper analysis for those interested, and to reach investors not able or willing to follow me elsewhere.

I also hope that writing publicly will make me a better investor: sharpening my process, increasing my own accountability, and incorporating reader feedback.

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What to Expect

Two types of content:

Deep Dives. Single-company analyses: thesis, business model, financials, risks, and valuation. These take days and weeks to write. I will write these as if preparing an investment committee presentation: everything on the table, including the arguments against.

Market Commentary. Regular macro and sector updates – the same posts my eToro copiers will recognise, but with more room to breathe. What is moving markets, and where I see the most interesting opportunities.

Portfolio Analysis. Portfolio updates: earnings announcements, company news and how they impact my investment thesis. Portfolio management – how I am thinking about risk and positioning,

I am not a guru but a student. I will be wrong, often – and I will write about it too: if the facts change, the view changes. If the thesis breaks, I say it.

While there will be no rigid schedule, you can expect regular posts – and more when markets get interesting.

I hope you will find my writing useful, and look forward to your feedback – including the pushback.

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Disclaimer

This is my personal notebook, not investment advice.

I may hold positions in the companies I write about. The content reflects my thinking at the time of writing and may change without notice. I’m not a licensed investment advisor, and nothing here should be relied upon as the basis for any investment decision. Investing involves risk, including the possible loss of capital.

Please do your own research and, if appropriate, consult a qualified professional.