About
What The Investment Case is, how we work, and what we publish.
Why we exist
There is no shortage of analysis on US and European equities. For Mexican and Latin American markets, the gap is real: most research is published in Spanish, sits behind institutional walls, or stops at the macro level without ever reaching individual companies.
Latin America is large, liquid, and growing faster than most developed markets. Mexico is undergoing a structural transformation in manufacturing investment, driven by a generational shift in global supply chains. Brazil holds a commodity base and domestic consumer story that most international allocators have never analyzed at the company level.
Chile and Colombia offer capital market depth that few cross-border investors have explored. Peru is the world's second-largest copper producer and receives almost no English-language equity coverage. These are not frontier markets: they are established, liquid, and broadly underanalyzed by allocators who lack the local context to evaluate them.
The Investment Case publishes institutional-quality equity research on Latin American markets in English, for investors who see the opportunity but need the analytical foundation to pursue it.
What we publish
Equity Research
Each report covers the business model, competitive position, historical financials, and a full discounted cash flow valuation. Bull case, bear case, and key risks for every name.
Market Overview
Each report covers equities, fixed income, currency, sector opportunities, and the key investment themes for the next 12 months, down to the specific companies worth watching in each sector.
Methodology
Every report begins with primary source documents: annual reports, quarterly filings, earnings call transcripts, and on-the-ground context from Mexico City. We do not build analysis from secondary sources.
We build a financial model from scratch before reaching any analytical conclusion: revenue assumptions, margin drivers, capital expenditure, working capital, debt structure, and a full discounted cash flow valuation. The thesis validates what the model surfaces, not the reverse.
We write for investors approaching these markets for the first time, at a level of rigor that rewards those who follow them closely. Clear language, specific numbers, and conclusions grounded in data rather than consensus.
Track Record
The Investment Case is a research publication, not an investment advisor. We do not manage money, and nothing we publish constitutes personalized advice. What we do publish is a complete record of every analytical stance we have taken: the price at publication, the thesis, and how it has played out.
We maintain that record because accountability to our own published analysis is what separates genuine research from commentary. No selective reporting. Every call is documented, wins and misses alike.