Quipus Capital

Olefins Primer III - LyondellBasell & Dow

American olefin pure-plays: capital allocation, markets, competitiveness, liquidity and scenarios.

Nov 9

20

2

October 2025

Olefins II: Big Oil & China, the cycle disruptors

How the search for markets for a post-gasoline world disrupts the olefins cycle.

Oct 26

18

4

3

3Q25 portfolio review

After every quarter, I provide a review of the performance and positions of my two personal accounts (IBKR and Argentina).

Oct 11

5

2

2

September 2025

Brazil monetary and credit cycle review

Interest rates, money supply, credit growth, NPLs, and credit exposures by bank

Sep 27

8

5

2

Olefins Primer Series 1: Intro

15-page dive into the heart of the Chemicals industry

Sep 13

13

3

1

August 2025

Four Japanese Chemical Small Caps

Growth, margin, yield and balance sheet in 深值国

Aug 31

11

2

1

3 Cheap Chinese Chemicals

Potential quality and certain deep value in Chinese specialty chemicals

Aug 17

15

2

US deficits: much more than manufacturing

Analyzing the exposure of the US to its own trade deficits, going well beyong manufacturing and jobs, into credit, demand and productivity.

Aug 3

14

1

4

July 2025

Salmon industry update

Recapping the cycle and developments of the most profitable fish in the sea.

Jul 20

13

1

2Q25 Portfolio Review

After every quarter, I provide a review of the performance and positions of my two personal accounts (IBKR and Argentina).

Jul 6

5

1

1

June 2025

Where do stock returns come from? A napkin framework.

Distilling down a DCF to its simplest components

Jun 29

18

3

4

Pagseguro and Stone, cheap for a reason?

Economics and prospects of the two large Brazilian POS networks.

Jun 8

11

3

3