WEBVTT 1 00:00:00.120 --> 00:00:04.719 Hello entrepreneurs, how are you welcome to one more session of start- up 2 00:00:04.839 --> 00:00:10.039 Scoffit Tolks Finance Division, where in company of Make Business Flow with its great 3 00:00:10.160 --> 00:00:12.919 leaders both Krina Rase and Gusto in Kine and who today does not accompany us. 4 00:00:13.320 --> 00:00:16.480 However, we send you a greeting from here, from our great podcast 5 00:00:16.519 --> 00:00:21.800 of startups oft Tolks Flow and Auguston that you recover soon and we have the 6 00:00:22.039 --> 00:00:27.519 following podcast. However, today we have two great guests of very high caliber, 7 00:00:27.600 --> 00:00:31.679 of great interest in investment, finance and everything that this great audience of 8 00:00:31.760 --> 00:00:36.960 startups and maglingnef Slow love to talk about the numbers of companies, of entrepreneurship, 9 00:00:37.560 --> 00:00:42.240 of great things that we are doing and above all, bringing guests of 10 00:00:42.359 --> 00:00:48.719 very high level so that you entrepreneur, entrepreneur or company director, can learn 11 00:00:48.759 --> 00:00:54.719 and make decisions more in line with what is doing today. And, well, 12 00:00:54.880 --> 00:00:57.719 I' d like to start. First, I' d like to 13 00:00:57.920 --> 00:01:02.359 introduce Valentina Truco, who is an economist, has a master' s degree 14 00:01:02.359 --> 00:01:04.760 in capital markets. She is the founder of investing in one click, investing 15 00:01:04.760 --> 00:01:10.120 your money, boosting your income, those parts of your log and has more 16 00:01:10.120 --> 00:01:15.760 than twenty- five years managing portfolios of investment of up to a billion dollars, 17 00:01:15.239 --> 00:01:21.840 nothing more than institutional investment such as Portfolio, Manager, Anchis, Investmen, 18 00:01:22.599 --> 00:01:26.079 Officer at VNP, Paribas, Ast Management, Megaqam and the General Group 19 00:01:26.120 --> 00:01:32.760 Savings and Insurance Fund. And we also have another great guest of very high 20 00:01:32.799 --> 00:01:38.680 value. Also an investment expert. Anouvernuez is an economist master of finance and 21 00:01:38.799 --> 00:01:42.680 s cf in Charle Holder, with more than a decade of experience in the 22 00:01:42.680 --> 00:01:49.599 financial sector as a chair of questos alvisory and founder of fin is With purpose 23 00:01:49.719 --> 00:01:55.400 he stands out with his expertise in heritage management and financial partnership, with a 24 00:01:55.400 --> 00:01:59.000 client- centered approach. Nau is an enthusiast of business and the creation of 25 00:01:59.079 --> 00:02:05.560 business and financial content, ensuring the construction of solid and responsible businesses. Well 26 00:02:05.560 --> 00:02:09.080 as you see it, guys, where we have both Valentina and Nut today 27 00:02:09.159 --> 00:02:13.560 two great leaders in finance and investment issues who talked to us. So we 28 00:02:13.560 --> 00:02:32.639 were welcomed and started welcome to Stark Cups Copy Tolks, the first podcast designed 29 00:02:32.680 --> 00:02:38.960 by the incubator and accelerator of Stark Cups companies and conducted by Alejandro Lómez. 30 00:02:38.360 --> 00:02:44.800 Our main objective is to connect more entrepreneurs with the innovation and Penture Capital ecosystem 31 00:02:44.919 --> 00:02:50.080 in Mexico, Latin America and the Licon Valley. While we enjoy a delicious 32 00:02:50.159 --> 00:03:00.319 cup of coffee together. We started before we started the podcast. I' 33 00:03:00.639 --> 00:03:05.800 d like to welcome you to my co- host that today we have two 34 00:03:05.800 --> 00:03:07.680 important cohts. First time, Carina Razzi, Carina how you are Hello. 35 00:03:07.960 --> 00:03:13.319 Thank you so much for being here again. I love this podcast. It 36 00:03:13.319 --> 00:03:16.520 gets more and more interesting and I love to share it with these guests, 37 00:03:16.960 --> 00:03:22.240 with Valen and Nahuel. And thank you, Carina. And we also have 38 00:03:22.280 --> 00:03:27.039 Mauro, who has already had the podcast, but now he has to be 39 00:03:27.120 --> 00:03:30.800 on the side of the questions like us, who will accompany us, to 40 00:03:30.159 --> 00:03:34.400 talk with our great team of guests Mauro, how you are. Thank you 41 00:03:34.400 --> 00:03:37.199 very much. He' s excited. I feel like listening to Valentina and 42 00:03:37.199 --> 00:03:43.680 fantastic anahuel. Thank you, well, let' s not waste any more 43 00:03:43.719 --> 00:03:46.800 time and talk directly about investments. I' d like to talk to Valentina 44 00:03:46.800 --> 00:03:54.120 first. Valentina tell me first where this taste for investments comes from. You 45 00:03:54.159 --> 00:03:59.400 account for a little of your career as a professional, the investment and finance 46 00:03:59.439 --> 00:04:03.479 part and how you can fall in love for anyone can invest in these types 47 00:04:03.560 --> 00:04:06.120 of projects today. Well, all right, thank you very much for the 48 00:04:06.319 --> 00:04:12.159 invitation, Alejandro and Carina. Well, I always liked economics already since high 49 00:04:12.280 --> 00:04:17.560 school I was doing an ending that in Argentina is called a mercantile expert, 50 00:04:17.839 --> 00:04:24.120 but they have to do with accounting with economics. Well, every mathematical relationship 51 00:04:24.160 --> 00:04:27.639 and then I went to study in the city of Santa Fe, then I 52 00:04:27.639 --> 00:04:31.399 went to study in Cordoba. There I studied my degree in economics and once 53 00:04:31.439 --> 00:04:35.680 I received my degree I did an internship at the Córdoba Stock Exchange. That 54 00:04:35.720 --> 00:04:40.560 ' s where I grabbed his little taste. The last subjects of the Bachelor 55 00:04:40.560 --> 00:04:47.680 ' s degree in economics I chose subjects that were optional and I already started 56 00:04:47.680 --> 00:04:50.879 to choose mathematics, finance, capital market, etcetera. So that' s 57 00:04:50.959 --> 00:04:54.199 where I got the taste. And well and once I came to Buenos Aires, 58 00:04:54.319 --> 00:04:58.399 because at that time it was one thousand nine hundred and ninety- five, 59 00:04:58.519 --> 00:05:02.639 there was not much development of the labor market in Córdoba, I came 60 00:05:02.680 --> 00:05:06.240 to Buenos Aires and there I already went to work in Lima, which is 61 00:05:06.279 --> 00:05:10.079 the Stock Exchange of what is called the Buenos Aires Stock Exchange. I worked 62 00:05:10.079 --> 00:05:13.800 there for four years. I did the UVA capital market graduate, which is 63 00:05:13.800 --> 00:05:16.680 also related to the Good Stock Exchange and that' s where I started my 64 00:05:16.680 --> 00:05:23.040 career. Then I went to BNP Paribas managing mutual funds. I also worked 65 00:05:23.040 --> 00:05:27.759 at Mega Come, which is Argentina' s fourth independent manager and, finally, 66 00:05:28.079 --> 00:05:32.040 I also worked at the Caja, which is Argentina' s third insurance 67 00:05:32.079 --> 00:05:36.959 company and belongs to the Grupo General Italiano, as portfolio manager and investment director. 68 00:05:38.120 --> 00:05:44.519 So I dedicated my entire career well specialized in investments and now I' 69 00:05:44.560 --> 00:05:48.959 m invested in a click that is a personal development and to teach any individual 70 00:05:49.000 --> 00:05:55.279 to invest their money just as the slogan says to invest your money to boost 71 00:05:55.360 --> 00:05:59.560 your income, because just as I invested the money as I invested the money 72 00:05:59.680 --> 00:06:05.519 of big institutional investors that are called in financial jargon, which are big companies 73 00:06:05.560 --> 00:06:11.160 that always have cash surplus, let' s say, and who are well 74 00:06:11.199 --> 00:06:15.879 invested to make profits, just as it is made for a company or for 75 00:06:15.879 --> 00:06:19.759 an institutional reverse. The same thing you can do with your money and more 76 00:06:19.839 --> 00:06:25.720 now than with technology is very easy to access, because either, for example, 77 00:06:25.800 --> 00:06:29.879 you can access investments through your home banking account in your bank, which, 78 00:06:30.279 --> 00:06:33.959 in the case of Argentina, almost 100% of people have a bank 79 00:06:34.079 --> 00:06:38.959 account and you can make your investments there or you can have an account in 80 00:06:39.079 --> 00:06:42.959 a stock exchange broker that in Argentina is called ALIX and you can also make 81 00:06:43.360 --> 00:06:47.319 your investments. So now, technologically, from your phone or computer, you 82 00:06:47.600 --> 00:06:54.079 can make all the investments, buy, sell or apply byan haal strategies that 83 00:06:54.079 --> 00:06:59.639 it is to buy for the long term. So it' s very easy 84 00:06:59.639 --> 00:07:01.600 to do it. But well, what this financial education lacks to invest, 85 00:07:01.959 --> 00:07:06.279 because it does not exist in schools in some countries of the world is already 86 00:07:06.519 --> 00:07:11.040 becoming mandatory, especially in the more developed countries, such as the Nordic countries, 87 00:07:11.839 --> 00:07:15.639 for example. Now I know that in Italy there is also beginning to 88 00:07:15.639 --> 00:07:18.439 be financial education in high school. That' s gonna happen. I think 89 00:07:18.480 --> 00:07:23.079 it' s a global trend and it' s going to happen, because 90 00:07:23.160 --> 00:07:25.360 it' s a big deal. But, well, for now we have 91 00:07:25.360 --> 00:07:30.600 to do. What we can do is offer courses or educational platforms, teach 92 00:07:30.600 --> 00:07:38.439 and have specialized courses so that anyone can learn from the financial assets that they 93 00:07:38.480 --> 00:07:43.399 can use for just to invest their money and empower themselves without besoon, not 94 00:07:43.480 --> 00:07:47.000 only for goals as well. You can have short-, medium- to 95 00:07:47.079 --> 00:07:50.720 long- term goals, because precisely if you think about retirements, which would 96 00:07:50.800 --> 00:07:56.240 be the longest- term of a person, we know that retirements are going 97 00:07:56.560 --> 00:08:01.120 to cover fewer and fewer percentages of income, for example, in Argentina, 98 00:08:03.480 --> 00:08:05.920 when you retire, you receive between thirty and fifty percent of the last salary 99 00:08:07.120 --> 00:08:09.600 you had and that is going to decrease. So it' s good that 100 00:08:09.639 --> 00:08:15.600 you start investing your money, no matter how old you are to go thinking 101 00:08:15.920 --> 00:08:20.519 about your future long- term income. On the other hand, also with 102 00:08:20.560 --> 00:08:24.360 the global trend of longevity that we are going to live more and more years, 103 00:08:26.079 --> 00:08:31.240 it is important that one is thinking well about what I can go investing 104 00:08:31.240 --> 00:08:35.679 and know all the financial assets that we have available in the future to be 105 00:08:35.759 --> 00:08:39.480 in the last stage of your life with better income and fantastic quality of life. 106 00:08:39.600 --> 00:08:43.360 Thank you very much, because I believe that today all the people who 107 00:08:43.519 --> 00:08:48.159 are interested in putting investments and those portfolios that do not know how it works. 108 00:08:48.279 --> 00:08:52.480 Today is a moment because we have an expert who has handled more than 109 00:08:52.559 --> 00:08:58.679 a billion dollars and surely your money and now you can mane They can know 110 00:08:58.759 --> 00:09:01.639 how it is controlled, how they manage to invest and why yes, why 111 00:09:01.639 --> 00:09:05.559 not, Fantastic and thank you very much, Valentina. I would also like 112 00:09:05.559 --> 00:09:11.879 to ask, before starting with podcast your entire area. Also ask Nahuell Bert 113 00:09:11.960 --> 00:09:16.039 Nuez if I am not wrong in your name that today I will call you 114 00:09:16.240 --> 00:09:20.919 na to avoid conflicts. Now give us a little bit of your context, 115 00:09:22.440 --> 00:09:26.799 where you come from, what you do, what was also your spirit of 116 00:09:26.799 --> 00:09:30.720 falling in love with finance and numbers. How you got to this place. 117 00:09:31.120 --> 00:09:35.159 Well, brother, thank you so much for inviting me to ale Karil. 118 00:09:35.320 --> 00:09:39.559 The truth is that I' m delighted to be here and, in a 119 00:09:39.720 --> 00:09:46.159 similar way, Valentina, also perhaps easily by the numbers in high school. 120 00:09:46.759 --> 00:09:52.080 I also like everything related to the social. So I saw in the economics 121 00:09:52.159 --> 00:09:56.240 career, that I know that they played that numerical part and also some social 122 00:09:56.240 --> 00:10:03.200 issues, so I went that way and the finances went on, not so 123 00:10:03.399 --> 00:10:07.279 much for the academic part, because the economics career has practically nothing of finance, 124 00:10:07.600 --> 00:10:11.799 at least at the University of Buenos Aires, where I studied the career, 125 00:10:11.639 --> 00:10:18.840 but more for the business side and to undertake and to cross into work 126 00:10:18.879 --> 00:10:30.039 with people who perhaps invested. And it was there that I was bitten by 127 00:10:30.080 --> 00:10:37.000 the bug as we say here of the investments and I was lucky enough to 128 00:10:37.200 --> 00:10:39.399 make my first investments over there, by the two thousand eight two thousand nine, 129 00:10:41.320 --> 00:10:46.639 in the middle of a crisis, buying a bond from Argentina, logically 130 00:10:46.720 --> 00:10:50.399 with a lot of risk associated, but they were practically at defolt prices and 131 00:10:50.399 --> 00:10:52.159 the following year they were worth twice as much. So I think that was 132 00:10:52.200 --> 00:10:56.600 a big part of the first crush I had on investments and from there, 133 00:10:56.759 --> 00:11:03.960 always good, very involved in science and counseling. I think that, as 134 00:11:05.039 --> 00:11:07.879 Valentina said very well, here, in Argentina and also throughout Latin America, 135 00:11:09.960 --> 00:11:16.240 much more financial education is needed from an early age and good, the finance 136 00:11:16.240 --> 00:11:20.080 professionals and those of us in the industry, I think that we have that 137 00:11:20.600 --> 00:11:26.440 responsibility to communicate and also show that the market is to protect them and there 138 00:11:28.279 --> 00:11:33.080 are regulators and that it is not a timba, nor are we all vultures 139 00:11:33.080 --> 00:11:35.440 who are in the marked, but that there are many people who are here 140 00:11:35.519 --> 00:11:41.639 to help them, to protect them, particularly since this us ad iser and 141 00:11:41.639 --> 00:11:46.399 that it is my company. We are dedicated to counseling and perhaps there, 142 00:11:46.559 --> 00:11:50.559 as opposed to Valentina' s business, which is very good, which helps 143 00:11:50.600 --> 00:11:54.039 to invest more easily. We position ourselves more from the side of counseling, 144 00:11:54.639 --> 00:12:01.000 from the side of investing and seeking advice in professionals who are dedicated to that 145 00:12:01.080 --> 00:12:05.159 so that they accompany you and help you. I think they are two necessary 146 00:12:05.159 --> 00:12:11.279 legs, because I constantly meet people who understand absolutely nothing is very afraid to 147 00:12:11.360 --> 00:12:16.559 know what the capital market is and the capital market is designed to protect those 148 00:12:16.600 --> 00:12:22.399 investors. So I think it' s essential that we see all the part 149 00:12:22.480 --> 00:12:28.840 of regulations and the trust duty we have for fantastic customers. Thank you very 150 00:12:30.120 --> 00:12:33.759 much, And you will be wondering, entrepreneurs and business friends, why we 151 00:12:33.799 --> 00:12:39.360 have so much high- level guest in financial and entertainment issues, because the 152 00:12:39.799 --> 00:12:43.320 goal of this podcast we are going to face a lot in the economy, 153 00:12:43.320 --> 00:12:45.440 finance and investments of Argentina. As you know, today it has taken a 154 00:12:45.480 --> 00:12:50.559 global focus on what is happening now that it won my law brings many very 155 00:12:50.600 --> 00:12:52.600 drastic changes. It' ll be good, it' ll be bad. 156 00:12:52.000 --> 00:12:56.919 What really happens in Argentina. Argentines how they feel, what they do. 157 00:12:56.360 --> 00:13:00.919 And for that I would also like to welcome to suck Oro Ferrero, who 158 00:13:01.039 --> 00:13:03.840 you think is an expert on the subject. And let' s do this 159 00:13:03.919 --> 00:13:07.639 podcast now more than interview a debate where we' ll talk about investments, 160 00:13:07.759 --> 00:13:11.120 why invest, than invest and how to do it. If that' s 161 00:13:11.120 --> 00:13:13.159 all right with you, I would also like to introduce Mauro. Thank you 162 00:13:13.159 --> 00:13:18.000 very much. Ale bueno I come from the branch of economics. I' 163 00:13:18.000 --> 00:13:20.720 m the accountant. I am a professor at the University of Buenos Aires for 164 00:13:20.799 --> 00:13:24.919 financial degrees in Usema and I live in this. But more than talking about 165 00:13:26.000 --> 00:13:28.559 me, the truth is that I kept thinking a lot about what Valentina and 166 00:13:28.559 --> 00:13:35.440 Nahuel said, because finding data the other day there is a high correlation in 167 00:13:35.519 --> 00:13:39.120 the population that has the highest quality of life. There is a high correlation, 168 00:13:39.639 --> 00:13:43.080 in knowledge, in mathematics and in investment in the capital market. Those 169 00:13:43.080 --> 00:13:48.320 who live better have more savings destined to the capital market that allows them, 170 00:13:48.399 --> 00:13:52.960 on the one hand, to plan their future. And, second, what 171 00:13:52.960 --> 00:13:56.360 Valentina proposed, which is super interesting, not only in Argentina, but worldwide, 172 00:13:56.480 --> 00:14:01.080 is that the length of life is going to spread more and more. 173 00:14:01.279 --> 00:14:05.639 And those retirement systems, which were thought almost eighty years ago, are now 174 00:14:05.679 --> 00:14:13.120 becoming obsolete and the State or whoever proposes that solution with previous systems, is 175 00:14:13.799 --> 00:14:18.559 proposing a solution to a problem that is already completely different. So, for 176 00:14:18.600 --> 00:14:24.879 those who still have an active life, start planning for their retirement privately advised 177 00:14:24.240 --> 00:14:30.279 or in personal terms, because those who are outside our inner circle will not 178 00:14:30.399 --> 00:14:35.399 solve it for us. And that is a great pain that we have again, 179 00:14:35.440 --> 00:14:39.039 not only in Argentina or especially in Argentina, but that is a situation 180 00:14:39.039 --> 00:14:43.519 that is being posed in several countries, in several regions, where quality of 181 00:14:43.559 --> 00:14:50.159 life leads us to live practically a hundred years. I totally believe that the 182 00:14:50.159 --> 00:14:54.120 canes we are living today so much that we even had a podcast talking about 183 00:14:54.159 --> 00:14:58.559 longevity and we saw that we live more and more and more and so many 184 00:14:58.600 --> 00:15:01.240 lives fearing more than living better, not so much in health as in economics. 185 00:15:01.320 --> 00:15:05.600 What' s the point of living more and you' re not going 186 00:15:05.600 --> 00:15:09.399 to miss food issues, economics issues, room issues. I' d like 187 00:15:09.480 --> 00:15:13.000 to ask you, Carina, because the focus of this podcast, as we 188 00:15:13.240 --> 00:15:18.399 commented on the beginning, is going to be a bit of a debate so 189 00:15:18.480 --> 00:15:20.919 that people who are interested in investing today, whether they live in Argentina or 190 00:15:22.440 --> 00:15:24.159 outside Argentina, will really be a good place for Argentina to virtur today. 191 00:15:24.320 --> 00:15:28.080 Let' s see today' s day, Karina Racic, I' d 192 00:15:28.120 --> 00:15:31.759 like you to start with the subject. Yes, it is important for you, 193 00:15:31.480 --> 00:15:35.440 as Argentina, to be able to invest today in your great country. 194 00:15:35.080 --> 00:15:39.519 The first issue is that I am a woman and women are more conservative to 195 00:15:39.679 --> 00:15:43.960 invest than men. In many cases we do better. In fact, it 196 00:15:45.000 --> 00:15:50.039 is proving that women, when we invest in companies and so on, the 197 00:15:50.600 --> 00:15:54.879 results are very good. I believe that there is a very important investment opportunity 198 00:15:54.919 --> 00:16:00.840 in Argentina, because the change of government, which has a tendency to free 199 00:16:00.879 --> 00:16:07.840 markets, makes it very tempting is like a desert that is discovered and that 200 00:16:07.240 --> 00:16:17.559 begins to sprout vegetation. That is what is happening with Argentina, unlike other 201 00:16:17.600 --> 00:16:22.919 markets that are highly regulated. For example, the European market is highly regulated. 202 00:16:22.039 --> 00:16:30.360 Not many people want to invest here tax issue, in highly developed markets 203 00:16:30.440 --> 00:16:37.519 that also chemically investments a little and well, and the American capital market, 204 00:16:37.000 --> 00:16:41.679 which in itself is where we are all learning the Saxon markets. Because I 205 00:16:41.720 --> 00:16:48.600 ' m not just saying the American. While you were talking, I thought 206 00:16:48.679 --> 00:16:53.639 why I had studied finance. I was remembering that and because I like money, 207 00:16:55.600 --> 00:16:57.159 because I' m not good at math. I was never good at 208 00:16:57.159 --> 00:17:00.879 math. They were all geniuses in my house, and I was having a 209 00:17:00.000 --> 00:17:06.359 hell of a fight. Then I went to study finance because I provoked that 210 00:17:06.519 --> 00:17:11.799 to be able to do business and to be able to invest and I studied 211 00:17:11.839 --> 00:17:14.799 at the University of New York, which is the university where all the students 212 00:17:14.799 --> 00:17:18.559 came from. They were going to work at Wall Streep. Then it was 213 00:17:18.599 --> 00:17:22.200 normal for me. For me it was super normal to understand what not in 214 00:17:22.200 --> 00:17:30.240 investments since that moment, because being in a drink in that environment that context, 215 00:17:30.759 --> 00:17:34.200 for us it was super normal to talk about investments and so on, 216 00:17:36.079 --> 00:17:38.960 and we understood perfectly that if we are going to invest in the capital market, 217 00:17:40.400 --> 00:17:41.400 we are protected and we do it through certified people. There are people 218 00:17:41.559 --> 00:17:47.119 who know and expert people, like Valentina and Nahuell. That' s also 219 00:17:47.160 --> 00:17:51.119 the fear there is. I meet with many entrepreneurs that I advise, not 220 00:17:51.279 --> 00:17:56.039 at the level of financial investments that always send them, Nahuell, but at 221 00:17:57.039 --> 00:18:00.839 the company level where they have a cash and do not know what to do. 222 00:18:02.400 --> 00:18:06.400 Then and no, but I say good go talk to Nau and ask 223 00:18:06.519 --> 00:18:08.680 him what you can do with that cash. No nauy happens to us a 224 00:18:10.119 --> 00:18:14.960 lot that scares them. They don' t want to send the information, 225 00:18:15.079 --> 00:18:15.880 they don' t trust the person who has to see you. So these 226 00:18:15.920 --> 00:18:19.039 are the issues that over time, I would like to go from extracting that 227 00:18:19.039 --> 00:18:26.119 the certified people who have studied and have specialized are able to help you, 228 00:18:26.799 --> 00:18:33.240 not only will you get benefit from what your company produces, or from the 229 00:18:33.240 --> 00:18:37.519 technology that your company has, or the business that your company has, but 230 00:18:37.599 --> 00:18:41.039 you can also get benefits from the profit that the company has from profits. 231 00:18:45.359 --> 00:18:48.279 And today, in Argentina it is very important to complement those things and to 232 00:18:48.359 --> 00:18:55.200 take advantage of the fact that we have a President we may like less, 233 00:18:55.200 --> 00:18:59.200 but his head is totally economic. He really knows economy. Then we are 234 00:18:59.200 --> 00:19:03.480 led by a person who rea so easily understands and knows the need for capital 235 00:19:03.480 --> 00:19:07.720 markets. So I would invest in Argentina. The truth would tell me because 236 00:19:07.839 --> 00:19:14.440 I' m not as good as this math as it' s worth or 237 00:19:14.440 --> 00:19:18.440 as a nabuel but I' m alive in business, so I do pick 238 00:19:18.480 --> 00:19:21.680 up there so, well, here' s a very similar subject. In 239 00:19:21.720 --> 00:19:25.480 my case, I love finance. It wasn' t taking for math, 240 00:19:25.640 --> 00:19:27.279 but mine was more the creative part, the event part, the marketing part. 241 00:19:29.319 --> 00:19:32.519 However, more than that, I am the only one who is not 242 00:19:32.559 --> 00:19:36.559 Argentine in this podcast and I am the one who has even more doubts than 243 00:19:36.559 --> 00:19:38.720 you to see. I was one, a person who lived very close to 244 00:19:38.759 --> 00:19:44.119 ten the change that Mexico had, of the change of the eighties that is 245 00:19:44.119 --> 00:19:47.880 right now the two thousand is when it was a closed economy, that there 246 00:19:48.119 --> 00:19:52.279 was no foreign or domestic trade, that is, it did not matter or 247 00:19:52.279 --> 00:19:53.960 export anything. When the market was tested in the trading trade, it was 248 00:19:55.440 --> 00:19:59.200 a big boom for Mexico. Actually, Mexico changed the one before today and 249 00:19:59.279 --> 00:20:06.960 the economy grew enormously. Today, good. Thanks to foreign investment from the 250 00:20:07.039 --> 00:20:11.680 United States, Canada, Europe, Asia to Mexico, the country grew quite 251 00:20:11.680 --> 00:20:18.519 well. Today it is what this growth endures us. However, I would 252 00:20:18.599 --> 00:20:22.559 like to think to see, externally or externally, if I am not Argentine, 253 00:20:22.759 --> 00:20:29.559 I am Mexican. It could also be a good option for outdoors to 254 00:20:29.559 --> 00:20:33.279 start investing in Argentina, i e foreigners. He invested in Argentina. What 255 00:20:33.359 --> 00:20:36.359 do you think, Valentina? You also laugh at the idea that it is 256 00:20:36.400 --> 00:20:40.119 a time for people to invest right now, because it is understood that when 257 00:20:40.200 --> 00:20:42.640 there is a time of skinny cows, it is time to invest, when 258 00:20:42.680 --> 00:20:45.160 the cow is getting fat, because already a moment to sell. Today is 259 00:20:45.240 --> 00:20:48.359 the time for you to look. It is a great moment in Argentina, 260 00:20:48.759 --> 00:20:52.880 because precisely, as Tarina commented, the government changed. We had many years 261 00:20:52.640 --> 00:20:57.359 of Chrysnerism, which belongs to the political party Peronism, but that schisnerism was 262 00:20:57.480 --> 00:21:04.119 more left oriented. Let' s say in terms of political science, and 263 00:21:04.359 --> 00:21:07.759 this is my law that is libertarian. So it' s on the other 264 00:21:07.839 --> 00:21:11.960 side of the pendulum and notice that, for example, the country risk, 265 00:21:12.599 --> 00:21:17.680 which is the difference between the return on an Argentina bond and a risk book 266 00:21:17.759 --> 00:21:21.160 bond that would be, for example, the United States bond. It was 267 00:21:21.240 --> 00:21:25.880 at two thousand and five hundred points last year and it already went down to 268 00:21:25.960 --> 00:21:26.680 one thousand and five hundred points and it' s still a long way off. 269 00:21:29.119 --> 00:21:32.359 So it still has the good of Argentina in dollars, in the good 270 00:21:32.400 --> 00:21:37.519 sovereigns in dollars they still have an upside, because our country risk could reach 271 00:21:37.559 --> 00:21:44.359 about seven hundred points if the economy and economic policy and politics are accompanying this 272 00:21:44.440 --> 00:21:51.160 new mandate of Miley and if everything goes well, we should continue to reduce 273 00:21:51.240 --> 00:21:56.599 the risk country to be closer to similar countries or for the same rating of 274 00:21:56.640 --> 00:22:03.599 risk as Argentina. So that' s the spearhead so that then all the 275 00:22:03.880 --> 00:22:06.839 other assets, for example, the dollar merval, which is about a thousand 276 00:22:06.880 --> 00:22:12.480 two hundred points, could also go up together with when the risk country goes 277 00:22:12.519 --> 00:22:18.480 down, so also in the term stock market, could also come to make 278 00:22:18.920 --> 00:22:23.799 a good investment but always thinking that Argentina let' s say if we put 279 00:22:23.839 --> 00:22:29.079 ourselves in those financial assets as you don' t sovereign in dollars or shares, 280 00:22:30.279 --> 00:22:34.599 they are aggressive financial assets. So you have to be prepared so that 281 00:22:34.680 --> 00:22:40.319 in the short term there can be an important downfall and you have to think 282 00:22:40.400 --> 00:22:44.119 that if you make any bets of that kind, it has to be rather 283 00:22:44.240 --> 00:22:48.920 long- term. Or if we don' t say a fairly high risk 284 00:22:48.920 --> 00:22:53.119 tolerance, because it' s within the assets that' s the most risky 285 00:22:53.240 --> 00:22:57.920 thing to say in that sense, so it can fall pretty much in the 286 00:22:57.920 --> 00:23:00.200 short term and they' d be located. If I have myself compared to 287 00:23:00.279 --> 00:23:03.759 America, it' s the biggest stock market. It represents 40 per cent 288 00:23:03.880 --> 00:23:11.759 of the total value of listed companies worldwide. I' d tell you if 289 00:23:11.799 --> 00:23:15.599 you assume I invest in St Quinnient or the Nasda 100. Let' s 290 00:23:15.599 --> 00:23:19.160 say that they are the most representative indices of the stock exchange, that is, 291 00:23:19.440 --> 00:23:23.599 the five hundred largest companies through the five hundred samp, are the hundred 292 00:23:23.640 --> 00:23:29.079 largest technology companies in the United States and these are active, let' s 293 00:23:29.079 --> 00:23:32.559 say aggressive. I would be quoting myself with Argentina towards more, to the 294 00:23:32.559 --> 00:23:36.039 right, that is, it would be like super aggressive. Yeah, yeah, 295 00:23:36.119 --> 00:23:38.079 I' d be investing there. But well, it is a very 296 00:23:38.200 --> 00:23:41.799 good time, already from the two thousand twenty- three, that the Stock 297 00:23:42.000 --> 00:23:47.759 Exchange has been going up a lot in terminen and in dollars, both with 298 00:23:48.039 --> 00:23:52.759 good sovereigns, in Argentine dollars or through the merbal, which is the index 299 00:23:52.759 --> 00:23:56.079 of the local stock exchange. Excellent, I count the perspective that an Argentine 300 00:23:56.119 --> 00:24:00.559 entrepreneur has today, for example, someone who knows that it is difficult to 301 00:24:02.200 --> 00:24:06.119 make resources for being an entrepreneur. It is complicated and sometimes in a country 302 00:24:06.200 --> 00:24:08.279 with a high level of risk such as that of Argentina, which is changing 303 00:24:08.319 --> 00:24:15.400 for certain the idea of saying good. I have a gold management that I 304 00:24:15.599 --> 00:24:18.759 have left over what I invest in, how you see, for example, 305 00:24:19.079 --> 00:24:22.759 in this context that companies are investing, they are doing it, they are 306 00:24:22.759 --> 00:24:27.920 not doing it. Valentina in financial terms, whenever the company has an excess 307 00:24:29.000 --> 00:24:33.000 case, is investing in fact, let' s say the one through which 308 00:24:33.039 --> 00:24:38.599 companies invest and often put through mutual funds of investment. Argentina’ s pooled 309 00:24:38.640 --> 00:24:45.240 investment fund industry handles about thirty billion dollars. I mean, they' re 310 00:24:45.319 --> 00:24:48.240 Argentine pesos, but I' m saying it in terms of dollars to be 311 00:24:48.559 --> 00:24:55.000 understood, because the company figure would be huge. But eighty percent of almost 312 00:24:55.119 --> 00:25:00.400 ninety percent of these thirty billion are companies that have a surplus of liquidity and 313 00:25:00.480 --> 00:25:07.039 need to protect their assets because, as Karina rightly said, they have to 314 00:25:07.119 --> 00:25:12.000 protect capital. And that surplus that either can be short- term, that 315 00:25:12.039 --> 00:25:15.799 can be done through a fund, either short- term, man and market 316 00:25:15.839 --> 00:25:19.319 or if you need it for a few months, may be investing in a 317 00:25:19.319 --> 00:25:23.200 fund as a fixed- income investment with assets that are linked and inflation. 318 00:25:25.000 --> 00:25:27.640 Then it protects it with purchasing power and maintains purchasing power through that fund, 319 00:25:27.799 --> 00:25:33.160 or it can be a fund that is investing in dollar sovereign bonds that is 320 00:25:33.200 --> 00:25:38.000 also protecting it from evaluating the official exchange rate or if it may already not 321 00:25:38.599 --> 00:25:44.119 need the money for longer or has a horizon of three five years, it 322 00:25:44.200 --> 00:25:47.599 may be investing in these more aggressive assets that we talked about before, be 323 00:25:47.599 --> 00:25:53.200 it Argentine nerval or sovereign bonds in dollars. So there is always an asset 324 00:25:53.799 --> 00:26:00.200 available to companies and just as companies invest, so one as an individual, 325 00:26:00.200 --> 00:26:06.119 can do the same. That sounds very interesting. That is available to all 326 00:26:06.200 --> 00:26:11.920 people, wow through a bank account or through a broute. That' s 327 00:26:11.000 --> 00:26:15.920 very good to know here I would like to ask, for example, nau 328 00:26:15.920 --> 00:26:21.839 A Nobel, how you expert in finance and also expert in the management of 329 00:26:21.880 --> 00:26:25.200 those assets of people and or companies, what would you suggest to do today. 330 00:26:25.519 --> 00:26:29.559 I guess a lot of people are afraid as Karina tells us, there 331 00:26:30.079 --> 00:26:33.400 are people who have a very good risk, a very small risk fiction. 332 00:26:33.960 --> 00:26:37.839 And there are those who say we' re going to throw it all over 333 00:26:38.000 --> 00:26:40.640 or we' re going to make our heritage grow this way. What is 334 00:26:40.759 --> 00:26:45.720 your belief that these heritages normally do today well, first by making differentiation. 335 00:26:47.279 --> 00:26:52.799 Whether we are in Argentina or not, is there a way to manage heritages 336 00:26:53.119 --> 00:26:56.839 in Argentina and another way outside Argentina? Why I say this, because there 337 00:26:56.880 --> 00:27:03.960 are still change controls in Argentina that do not allow efficient management of the heritage 338 00:27:03.039 --> 00:27:08.400 and we have to deal with all the current regulations that to us, the 339 00:27:08.480 --> 00:27:12.400 advisors and those who manage those heritages, complicate our lives a little, but 340 00:27:12.440 --> 00:27:18.440 well we adjust, adapt and act in consequence. Let' s go first 341 00:27:18.440 --> 00:27:21.160 for the easiest thing that' s investing outside of Argentina. Outside Argentina, 342 00:27:21.279 --> 00:27:25.920 as Valentina rightly said, are the letters of the U S Treasury, which 343 00:27:26.039 --> 00:27:30.480 today yield approximately five percent annually in dollars, so for that investor who comes 344 00:27:30.839 --> 00:27:36.599 from outside the market, it is a luxury for us to be able to 345 00:27:36.640 --> 00:27:40.880 have an instrument that historically yields well. No, I mean, we have 346 00:27:40.920 --> 00:27:45.839 an instrument that yields two three percent. Real positive cup that will allow that 347 00:27:45.839 --> 00:27:51.400 investor who does not know, who is afraid or who is testing, to 348 00:27:51.400 --> 00:27:55.400 see that every day earns a little bit of money. That' s very 349 00:27:55.400 --> 00:28:00.839 good for you to understand this. Four years ago it was practically zero. 350 00:28:00.279 --> 00:28:04.480 Or one here is a quick question, because in Mexico we already have more 351 00:28:04.480 --> 00:28:08.160 than a year and a half, almost two years with one with a tesorro 352 00:28:08.279 --> 00:28:11.599 monkey, eleven point three, eleven point five percent, something that had never 353 00:28:11.640 --> 00:28:17.400 happened. We were always the same in the four, five six, when 354 00:28:17.759 --> 00:28:19.960 we' ve been very good for a year and a half with the eleven 355 00:28:19.960 --> 00:28:22.880 point three and they just gave the information. We still have a change of 356 00:28:22.880 --> 00:28:25.880 government. As you know, we have a couple of weeks with a new, 357 00:28:26.559 --> 00:28:29.319 new amount of candidate who won, who is going to enter in a 358 00:28:29.359 --> 00:28:33.759 couple of months, already as President, but he is keeping things interesting, 359 00:28:33.839 --> 00:28:37.640 maintained and seeming to be stuck the year with the next one. Eleven point, 360 00:28:37.720 --> 00:28:41.880 three, how you see, as Argentines and as god management, Mexico 361 00:28:41.960 --> 00:28:47.359 as a place to invest. Yes or no. We are far from being 362 00:28:47.440 --> 00:28:52.680 able to invest in Mexico for Argentine women in general. First, because first 363 00:28:52.720 --> 00:28:55.680 you have to get the money out of Argentina, which is not an easy 364 00:28:55.680 --> 00:29:02.160 thing. And second, because we look at the United States, I love 365 00:29:02.400 --> 00:29:04.400 Mexico, the Mexicans. But if you' re going to choose me, 366 00:29:06.319 --> 00:29:07.559 give me the risk- free one, which is what you do. We 367 00:29:07.640 --> 00:29:11.839 ' re allowed to say that it' s the letters of the United States 368 00:29:11.920 --> 00:29:17.200 at five percent and I forget. I don' t think, after so 369 00:29:17.279 --> 00:29:21.319 many years of not having instruments or having to work hard to get a five 370 00:29:21.400 --> 00:29:26.240 percent ninety dollars. That' s non brainer, as they say, investing 371 00:29:26.319 --> 00:29:30.039 in America' s treasure letters at five percent. Yeah. It seems to 372 00:29:32.359 --> 00:29:37.200 me that this is the main stumbling block that the major countries of the world 373 00:29:37.680 --> 00:29:44.599 have today, because the letter of America' s treasure is a vacuum of 374 00:29:44.599 --> 00:29:48.359 dollars and investments, especially for those who are out of the market and do 375 00:29:48.359 --> 00:29:55.480 not know. First let me play the devil' s lawyer a little bit 376 00:29:55.480 --> 00:29:59.519 and comment that, back to what Valentina said about Argentina' s bonds, 377 00:30:00.119 --> 00:30:03.200 they are a super interesting instrument. Today, what we have to look at 378 00:30:03.319 --> 00:30:08.519 is with great care the maturity of debt that Argentina has, as a sovereign 379 00:30:08.680 --> 00:30:15.480 country Today we have good values that go between forty and fifty- five dollars 380 00:30:15.480 --> 00:30:19.559 when one looks at the maturities that are after two thousand twenty- six, 381 00:30:19.720 --> 00:30:25.599 from two thousand twenty- six to two thousand thirty. It is a little 382 00:30:26.240 --> 00:30:30.079 difficult to visualize a State that can pay all that debt, which also raises 383 00:30:30.119 --> 00:30:36.000 doubts as to whether the State will have to restructure those bonds again. When 384 00:30:36.240 --> 00:30:41.960 we pool the debt of public bonds, multilateral agencies and see the prices they 385 00:30:41.039 --> 00:30:45.839 have today, I think the greatest fear comes from the side of the investment 386 00:30:45.839 --> 00:30:49.480 opportunity, but from the side of the ability to pay that state and then 387 00:30:51.640 --> 00:30:56.319 from the side of playing the devil' s wedding with Nahuel. Let' 388 00:30:56.400 --> 00:30:59.720 s also be careful about US bonds, because as long as the United States 389 00:31:00.559 --> 00:31:04.279 manages to effectively control inflation, we' ll see in the short term. 390 00:31:04.400 --> 00:31:08.599 We should also look at who will be the winner of the elections in the 391 00:31:08.640 --> 00:31:17.240 United States this year and the term and geopolitical issue. But if everything normalizes, 392 00:31:17.759 --> 00:31:22.680 we should see cups down. This as well to generate a little bit 393 00:31:23.440 --> 00:31:27.240 of going back and forth in the conversation. And going back a little to 394 00:31:27.240 --> 00:31:32.440 Argentina, I think that the suva we had in almost all the financial assets 395 00:31:32.559 --> 00:31:37.000 in the last eight months has to do with an expectation that Kari commented is 396 00:31:37.119 --> 00:31:41.480 a completely different person that does not come from the political stick that he has 397 00:31:41.559 --> 00:31:45.759 been ruling in the last thirty years and that every appreciation that the Argentine market 398 00:31:45.799 --> 00:31:49.039 has had has to do with the expectation and that now what we have to 399 00:31:49.039 --> 00:31:52.839 see is if that becomes reality. I think that the government had a great 400 00:31:52.920 --> 00:31:56.039 victory with the basic law, which brings some structural changes and a few not 401 00:31:56.680 --> 00:32:01.079 so many, but that the next rise or increase in price or value of 402 00:32:01.160 --> 00:32:05.559 financial assets has to do no longer with expectations, but with real facts. 403 00:32:06.480 --> 00:32:10.440 The reality is that it is a good fact to know that every month inflation 404 00:32:10.440 --> 00:32:15.119 drops. The data that is still accompanying us is the activity, is the 405 00:32:15.200 --> 00:32:21.240 growth of some macro- economic variables that determine whether the country grows or not. 406 00:32:21.400 --> 00:32:23.920 And I think that is the biggest challenge that Argentina has and in particular, 407 00:32:24.079 --> 00:32:30.400 ale with what you ask me is whether the investor or the owner of 408 00:32:30.400 --> 00:32:34.079 companies is going to invest more in their projects, because if no one assures 409 00:32:34.160 --> 00:32:36.920 me that I will sell more next month and next month and next month, 410 00:32:37.079 --> 00:32:40.559 it is uneconomic to make an investment in a country whose risk is very high 411 00:32:40.640 --> 00:32:51.680 on a historical level, interesting row, forgiveness alería. While you are talking 412 00:32:52.960 --> 00:32:58.799 and there we mention several countries, I also wanted to say that we have 413 00:32:58.880 --> 00:33:04.599 the concept and I studied it in the Union, that countries do not merge, 414 00:33:05.079 --> 00:33:10.720 that fish do not break down and in fact, the United States in 415 00:33:10.720 --> 00:33:15.480 financial terms is broken. We look at America' s accounts. It' 416 00:33:15.599 --> 00:33:22.160 s broken because how it sustains its economy by issuing and what it issues are 417 00:33:22.279 --> 00:33:23.680 bonds, what America has of good, is that it does good marketing. 418 00:33:24.200 --> 00:33:30.720 What that means is that all countries, as they say, are close to 419 00:33:30.759 --> 00:33:35.519 the United States because they have legal certainty. The United States has legal certainty. 420 00:33:36.839 --> 00:33:43.160 They aspire to such emissions and make the illusion not rise. Then inflation 421 00:33:43.279 --> 00:33:49.400 is maintained and good and potential economic conditions are maintained for business and economic security 422 00:33:49.799 --> 00:33:57.599 and legal certainty, which is what Mauro has just talked about. Then this 423 00:33:58.400 --> 00:34:02.160 they knew how to build very well the Americans. For now we all want 424 00:34:02.200 --> 00:34:07.279 to invest in America. But deep down you have to look not only at 425 00:34:07.680 --> 00:34:12.639 which President is coming in, but at how the US deficit continues, which 426 00:34:12.639 --> 00:34:16.719 is increasing. Sometimes it doubles, triples, because we are investing in a 427 00:34:16.800 --> 00:34:28.239 country that is in critical financial conditions. And after that it is interesting Argentina, 428 00:34:28.760 --> 00:34:32.800 because Argentina already lower than what Argentina arrived, I think no country will 429 00:34:34.000 --> 00:34:40.239 arrive. Well, we have very poor countries, which are very low and 430 00:34:40.320 --> 00:34:45.679 growing, as in Africa, for example, in Africa, the African countries 431 00:34:45.719 --> 00:34:51.599 that are evolving. There are even people who invest in African countries a lot 432 00:34:51.719 --> 00:34:54.679 because they are growing, there is a lot of food production. At the 433 00:34:54.800 --> 00:35:00.039 time, Africa had no water for investment to cheer up, to invest because 434 00:35:00.159 --> 00:35:08.039 to produce anything you need water. But in Argentina we have all kinds of 435 00:35:08.320 --> 00:35:15.800 assets and raw material potential, which makes it a lot more interesting and we 436 00:35:15.480 --> 00:35:19.000 come from the Fund, from the fund, from the Fund of the Sea. 437 00:35:19.559 --> 00:35:23.599 So, that' s why I say that if you' re really 438 00:35:24.119 --> 00:35:29.599 interested in finance, you have a platform like Valentina' s, you' 439 00:35:29.679 --> 00:35:35.519 re advisors like Valentina and like Nahuell, don' t miss this opportunity, 440 00:35:35.840 --> 00:35:37.480 don' t miss this opportunity for your money to double or triple. You 441 00:35:37.480 --> 00:35:40.760 have to be patient, as Valentina says, because many people are afraid, 442 00:35:42.199 --> 00:35:46.639 ponies, take out, put out, buy, sell, It doesn' 443 00:35:49.679 --> 00:35:52.320 t have to be an activity the financiers. It is an activity of discipline, 444 00:35:52.559 --> 00:35:59.159 discipline and patience, because if here, if you put and decide, 445 00:35:59.239 --> 00:36:05.360 you lose the channel. On the contrary, you lose silver then good same 446 00:36:05.480 --> 00:36:08.519 with real estate. Not when you buy a property says good. I have 447 00:36:08.559 --> 00:36:12.360 to have it so, time if it' s for an investment, because 448 00:36:12.360 --> 00:36:14.119 pretty much I' m gonna give up so much good. That is a 449 00:36:14.159 --> 00:36:17.119 building that is bricks, which is what was classically invested in Argentina. Okay. 450 00:36:17.159 --> 00:36:22.960 Now, when you start investing in these assets, you have to be 451 00:36:22.079 --> 00:36:25.800 patient and you have to have discipline, but you also have to see the 452 00:36:25.800 --> 00:36:31.639 macroeconomic context. You cannot be unaware that the situation in the United States and 453 00:36:31.800 --> 00:36:37.000 Europe, for example, that there is a war can affect you. Then 454 00:36:37.400 --> 00:36:42.960 advise yourself to ask those who know here you have in this podcast two people. 455 00:36:43.159 --> 00:36:47.119 Well Mauro, it can also help you contact them by Linkedin asking them 456 00:36:47.199 --> 00:36:51.000 to see if they can help you. Obviously that by charging their fees, 457 00:36:51.280 --> 00:36:57.280 as appropriate, but better the cheap, it' s expensive clear you won 458 00:36:57.360 --> 00:36:59.599 ' t get done. No one' s going to give you an expert 459 00:36:59.639 --> 00:37:02.639 person, they' re not going to give you free advice, but surely 460 00:37:02.719 --> 00:37:07.440 you' re going to get it back quickly with the investments you make that 461 00:37:07.480 --> 00:37:09.920 expense you made and, at least, you' re going to have your 462 00:37:09.920 --> 00:37:10.480 money working and you' re not going to have it stopped. Whether you 463 00:37:10.599 --> 00:37:15.440 ' re a company or an individual advised by people who know. But this 464 00:37:15.519 --> 00:37:21.800 context I wanted to say because we can no longer think that countries do not 465 00:37:21.920 --> 00:37:27.480 catch on. Then you really have to have expert people like them, like 466 00:37:27.599 --> 00:37:32.239 those three Mauro nau Valen who help you and tell you exactly where you have 467 00:37:32.280 --> 00:37:36.920 to put the money. Yes, no doubt and as naut comments I also 468 00:37:37.000 --> 00:37:40.119 understand the issue that we have to give people who are dedicated to supporting other 469 00:37:40.159 --> 00:37:44.280 sensionists, to investing their money. In my case, I am, as 470 00:37:44.440 --> 00:37:49.599 heali investor, my investment union that you attend. Support for new people You 471 00:37:49.679 --> 00:37:52.880 know you' re emissionists to invest in venture capital. And normally what I 472 00:37:52.960 --> 00:37:55.519 do is we make investments in Silicon Valle, in California, in the United 473 00:37:55.519 --> 00:38:01.599 States, for the security that the marketing that gives offers that security. However, 474 00:38:02.039 --> 00:38:06.800 there have already been large returns investing outside the United States. For example, 475 00:38:07.079 --> 00:38:12.360 we have made some investments in Chile, even with Argentines, also in 476 00:38:12.360 --> 00:38:15.480 Mexico, and the doctor has been fantastic. Of course, it doesn' 477 00:38:15.599 --> 00:38:20.440 t have the same marketing that America has. It is necessary to work four 478 00:38:20.519 --> 00:38:22.719 or five times more in convincing thus meciorist to see their capital in such a 479 00:38:22.840 --> 00:38:28.480 project. I imagine that on the issue of stock exchange investments and bond investments 480 00:38:28.599 --> 00:38:32.000 is exactly the same. On the ground is another important issue, because well, 481 00:38:32.559 --> 00:38:36.400 that' s not that you miss the only problem that would happen is 482 00:38:36.519 --> 00:38:39.599 that, as Querina says, the country can melt. What happened we asked, 483 00:38:39.639 --> 00:38:44.760 what happened to Venezuela, for example, not how many Americans made investments 484 00:38:44.840 --> 00:38:47.760 in Venezuela or Cuba and after those problems they had. Well, I don 485 00:38:47.840 --> 00:38:52.079 ' t know how it is today. However, the United States also has 486 00:38:52.119 --> 00:38:53.519 something. He' s got a tail to step on, too. You 487 00:38:53.719 --> 00:38:57.440 don' t see so much in the calm waters. You see interesting things 488 00:38:57.519 --> 00:39:00.440 right now. What a pin n u n n o respect, since everyone, 489 00:39:00.480 --> 00:39:04.480 instead of the United States, has what opinion they have regarding what is 490 00:39:04.480 --> 00:39:07.719 coming in the future and can be future a couple of months coming to December. 491 00:39:07.519 --> 00:39:14.559 I still don' t know how to burn No, for example, 492 00:39:15.440 --> 00:39:20.800 I think it' s very good what you mention, what Kari also mentioned 493 00:39:20.800 --> 00:39:28.400 with regard to geopolitical conflicts Today we see a geopolitical conflict practically all over the 494 00:39:28.400 --> 00:39:31.400 world, except in Latin America. Da America is isolated from the rest of 495 00:39:31.480 --> 00:39:36.360 the world. It always was, it was always seen as a disadvantage and 496 00:39:36.719 --> 00:39:40.679 today it becomes an advantage. And I think that' s one of the 497 00:39:40.800 --> 00:39:46.800 main points to be rescued from a geopolitical point of view and then something that 498 00:39:46.840 --> 00:39:51.400 also has to do with this marketing thing. I' m not saying Argentina 499 00:39:51.480 --> 00:39:57.199 is fashionable. For a long time now, we mustn' t underestimate the 500 00:39:57.239 --> 00:39:59.920 fact that Argentina is fashionable. I mean, Argentina is in a do way 501 00:40:00.320 --> 00:40:05.199 because we' ve got Messi, we' ve won a World Cup. 502 00:40:05.320 --> 00:40:07.880 I' ve been since that time, since I' ve been saying we 503 00:40:07.880 --> 00:40:12.239 ' re in fashion. We won the World Cup, we have Messi and 504 00:40:12.280 --> 00:40:17.400 we have a Messi that went to the largest market in the world, which 505 00:40:17.519 --> 00:40:22.719 further increases what the Argentine flag is. We have a pope, we have 506 00:40:22.920 --> 00:40:25.880 a queen without a monarchy. There are a lot of issues that I think 507 00:40:25.880 --> 00:40:30.800 help that it is Argentina is fashionable and then we become the first libertarian president 508 00:40:30.960 --> 00:40:37.199 of the world and we become a new experiment for the world, which in 509 00:40:37.280 --> 00:40:42.199 an extremely ridiculous way, if I may have that little appreciation, we are 510 00:40:42.360 --> 00:40:47.400 the beacon of the western world Argentina. I don' t think the most 511 00:40:47.519 --> 00:40:52.440 spousal of gamblers would have said this five years ago or two years ago. 512 00:40:52.159 --> 00:41:00.599 So being fashionable, I think it' s going to be the main indicator, 513 00:41:00.960 --> 00:41:06.519 the main driver, the main force that' s going to help Argentina 514 00:41:06.639 --> 00:41:08.119 get out of the well that it' s in. Why, because everyone 515 00:41:08.559 --> 00:41:13.800 wants to invest in Argentina without knowing what happens everyone wants in fact, I 516 00:41:14.400 --> 00:41:23.039 tell them. Today I was contacted by a news agency in Italy that is 517 00:41:23.159 --> 00:41:29.199 passing news for its investors, wanting to know only the good Argentines and Milay. 518 00:41:30.760 --> 00:41:37.079 I am writing a column called argent Grove, precisely because I think Argentina 519 00:41:37.119 --> 00:41:38.880 is fashionable and, in fact, when I started writing it, there was 520 00:41:38.880 --> 00:41:45.800 a section that was called The treind Argentina, as fashionable and I really think 521 00:41:46.360 --> 00:41:52.760 it is. I really think that can draw and leverage a lot though, 522 00:41:52.159 --> 00:41:54.920 and that' s where I go to what Mauro mentioned, and it' 523 00:41:55.039 --> 00:42:00.239 s a though that for me it' s what modifies all the issues and 524 00:42:00.280 --> 00:42:05.280 what I mentioned and with respect to legal certainty, there' s still a 525 00:42:05.280 --> 00:42:08.280 giant question. There if the government had its first victory with the approval of 526 00:42:08.320 --> 00:42:14.760 the Bases law, it helps a lot to all those expectations that Mauro and 527 00:42:15.360 --> 00:42:21.000 others mentioned, however, where the facts are now. I think the market 528 00:42:21.280 --> 00:42:27.800 and investors are waiting for those facts. They begin to see some investments within 529 00:42:27.840 --> 00:42:35.159 the framework of the Basses law. Today came out a very good, if 530 00:42:35.320 --> 00:42:38.199 everything goes well, investment of eleven zero million dollars of liquefied gas that is 531 00:42:38.280 --> 00:42:40.960 going to be made in Argentina, and I think they will start to get 532 00:42:40.960 --> 00:42:46.079 to those investments and that is where I think that if we get out of 533 00:42:46.159 --> 00:42:50.639 the financial and we are going to go to the real thing, that' 534 00:42:50.760 --> 00:42:57.280 s where this is going to be the big difference to invest in Argentina and 535 00:42:57.280 --> 00:43:04.000 what I mean with the real thing a company, a property, whatever it 536 00:43:04.079 --> 00:43:08.920 is, but that' s tangible, I think it' s going to 537 00:43:09.000 --> 00:43:14.320 multiply its value by several x and at the same time it' s going 538 00:43:14.400 --> 00:43:21.440 to give you a profitability in the middle, because this is what the real 539 00:43:21.480 --> 00:43:25.320 economy has, which can also be very attractive, dis if you want to 540 00:43:25.360 --> 00:43:30.239 at some point, dissociating from the financial part, because we' re not 541 00:43:30.280 --> 00:43:39.039 going to have that associated volatility so typical of Argentina, but we' re 542 00:43:39.199 --> 00:43:39.920 going to sink capital for a longer period of time and just to close Argentina 543 00:43:39.920 --> 00:43:43.239 experiment for the very particular country world. You have to understand what' s 544 00:43:43.320 --> 00:43:51.760 going on right now I think it changes week. We have a saying here 545 00:43:51.800 --> 00:43:55.840 in Argentina that you leave twenty years and I don' t change anything, 546 00:43:57.119 --> 00:44:00.639 you leave for a week and change everything. And explaining this to someone outside 547 00:44:00.639 --> 00:44:07.440 has its challenges is complicated. It' s not a topic, in fact, 548 00:44:08.079 --> 00:44:13.280 as you comment nou here. I' d also like to ask Valentina. 549 00:44:14.599 --> 00:44:17.800 Many of the investments that can be made are not only in the areas 550 00:44:19.239 --> 00:44:22.880 of funds or bonds. Right now in nao he brought up an important topic, 551 00:44:23.159 --> 00:44:29.239 which is the land. In particular, I don' t know foreigners, 552 00:44:29.400 --> 00:44:30.320 we could give a choice where you hear well, Argentina. It seems 553 00:44:30.360 --> 00:44:34.480 that since you saw things, it didn' t become politics as closed as 554 00:44:34.519 --> 00:44:37.000 it used to be. What would happen to be able to invest a small 555 00:44:37.079 --> 00:44:42.039 land in Patagonia, for example, No or in Buenos Aires some commercial corner 556 00:44:42.119 --> 00:44:45.320 that in future will be like CD Mexico, the polanco. I don' 557 00:44:45.400 --> 00:44:49.000 t know it' s even nicer in Buenos Aires than polanco in Mexico. 558 00:44:49.559 --> 00:44:52.960 However, we believe it may be time to compare at a good price and 559 00:44:52.000 --> 00:44:54.800 the future. And I repeat that was the way Carlos lim did great business 560 00:44:54.840 --> 00:45:00.519 but the richest in the world Mexico. So what do you think I' 561 00:45:00.840 --> 00:45:05.079 m not, I' m not a real estate specialist, but yes, 562 00:45:05.280 --> 00:45:07.280 first of all, following Nahuel' s words a little bit, we have 563 00:45:07.280 --> 00:45:12.159 a first. This is the first time that Argentina has a President who is 564 00:45:12.440 --> 00:45:17.199 an economist and libertarian. So is it totally focused on changing the economy that 565 00:45:17.320 --> 00:45:22.320 with the rules we had so far and the restrictions, because in very closed 566 00:45:22.400 --> 00:45:25.880 economy and with many restrictions? Imagine that we have epoetin that restrictions on the 567 00:45:25.960 --> 00:45:31.199 purchase of dollars. For Argentines buying dollars is illegal, so imagine with all 568 00:45:34.159 --> 00:45:39.000 these restrictions, it is giving many changes and many structural changes and is being 569 00:45:39.079 --> 00:45:46.599 its policy, plus its marketing strategy, going outside and meeting and making meetings 570 00:45:46.679 --> 00:45:52.320 with the world' s tycoons, the top people now in the world, 571 00:45:52.880 --> 00:46:00.480 who are more in the focus of people or individuals than politicians themselves. And 572 00:46:00.599 --> 00:46:07.559 there is also a major change in how people are voting. For example, 573 00:46:07.679 --> 00:46:13.239 in Europe we already saw with the elections of the European Parliament and now in 574 00:46:13.840 --> 00:46:17.599 France, then there is everything like a movement that is being generated in Europe. 575 00:46:17.679 --> 00:46:22.719 Also going more to the right, because precisely, as Carina commented, 576 00:46:22.079 --> 00:46:27.639 Europe is so regulated that there is already a time that it is those regulations 577 00:46:27.719 --> 00:46:30.880 or totally suffocating to do business and for the economy. And as for what 578 00:46:30.960 --> 00:46:37.400 I was wondering, from the real estate, totally look We had, besides 579 00:46:37.440 --> 00:46:44.000 that the salary of Argentina, we did not have economic growth for already several 580 00:46:44.320 --> 00:46:47.280 decades, which makes the salary of the Argentines already lower and is very low 581 00:46:47.320 --> 00:46:53.760 with regard to even what is Latin America. The Argentines lost us purchasing power 582 00:46:53.840 --> 00:46:58.360 to buy their home, that is, that the real estate was left with 583 00:46:58.480 --> 00:47:01.440 very low prices for a long time and the fact that, for example, 584 00:47:01.679 --> 00:47:08.199 there were no mortgage loans was only an attempt at mortgage litigation during the Macre 585 00:47:08.239 --> 00:47:13.920 government in the two thousand seventeen, where it exploded and people bought a lot, 586 00:47:14.519 --> 00:47:16.440 lots of real estate. But that was short- term. It was 587 00:47:16.559 --> 00:47:22.400 cut very quickly in a year or two. And now it' s been 588 00:47:22.440 --> 00:47:25.199 several months since the first lines of mortgage credit started coming out so people can 589 00:47:25.360 --> 00:47:30.599 start buying real estate. So the banks are already giving signs that this market 590 00:47:30.679 --> 00:47:36.639 is also going to be a good market, accompanying, for example, the 591 00:47:36.639 --> 00:47:40.840 performance that the financial assets are having since last year, that is, from 592 00:47:40.880 --> 00:47:46.199 two thousand twenty- three. So in the first months of the year the 593 00:47:46.400 --> 00:47:51.440 prices of the properties, especially in federal capital, rose by about five percent, 594 00:47:51.679 --> 00:47:54.800 measured in dollars, and the amount of deeds, that is, of 595 00:47:54.800 --> 00:48:01.239 how many properties were bought and sold was also rising, but it was at 596 00:48:01.239 --> 00:48:05.960 a minimum, that is to say as we said that the country risk was 597 00:48:06.039 --> 00:48:09.719 at two thousand five hundred basis points or twenty- five percent above what a 598 00:48:09.800 --> 00:48:16.079 US bond was yielding. The real estate also accompanied that decline in the market 599 00:48:16.159 --> 00:48:20.039 that we had had for so many years, so that' s already gone. 600 00:48:20.320 --> 00:48:22.599 It has already started to reactivate and as people, that the economy, 601 00:48:22.880 --> 00:48:28.840 if we say so, goes a good way. There are structural reforms, 602 00:48:29.039 --> 00:48:32.320 company policy is also thought that next year, that we are already going to 603 00:48:32.400 --> 00:48:37.199 have legislative elections and that Miley is not supported because he has very little support 604 00:48:37.280 --> 00:48:45.440 in Parliament. It may be that if the population accompanies him, boat more 605 00:48:45.519 --> 00:48:51.360 congressmen from his political party and make him have better support in Congress and that 606 00:48:51.480 --> 00:48:57.920 he can pass laws that are going to be good for decentralizing all the tangle 607 00:48:58.039 --> 00:49:05.159 of anti- business regulation that has gone through Argentina for many years. I 608 00:49:05.239 --> 00:49:08.480 believe it is the hope that is expected for the next few years. It 609 00:49:08.480 --> 00:49:10.960 will be very good for Argentina, at least what has been heard here in 610 00:49:12.000 --> 00:49:17.119 four experts in finance and investment and economics looks good if you, entrepreneur, 611 00:49:17.840 --> 00:49:22.880 are seeing it. I think it' s worth it if in Mauro, 612 00:49:23.639 --> 00:49:29.400 while Valentina was commenting on that, she was looking for the data and the 613 00:49:29.519 --> 00:49:30.400 value of the square meter both new and used. I' ve got the 614 00:49:30.400 --> 00:49:35.079 chart. It had its minimum in July of the two thousand twenty- three, 615 00:49:35.599 --> 00:49:37.519 which is no coincidence, which is a month before the elections in Argentina. 616 00:49:37.639 --> 00:49:43.559 We often make decisions based on possible political changes that bring economic changes and 617 00:49:44.480 --> 00:49:47.960 from August onwards. What the square meter does in terms of dollar values is 618 00:49:49.079 --> 00:49:52.599 to recover, of course, that the price still did not reach maximums, 619 00:49:52.679 --> 00:49:57.719 so there is a potentially tremendous ppside for those who want to buy their first 620 00:49:57.840 --> 00:50:00.599 home with the credits that emerged. Actually, eight months ago, as Valentina 621 00:50:00.679 --> 00:50:05.400 said, they didn' t exist. Argentina, as Donau also said, 622 00:50:05.840 --> 00:50:08.840 twenty years does not change anything and in five it changed everything, and perhaps 623 00:50:08.880 --> 00:50:13.559 the fear that the Argentine has is to be tied to a credit adjusted to 624 00:50:13.559 --> 00:50:16.519 the inflation variable. But perhaps the fact that you are not seeing is that 625 00:50:16.599 --> 00:50:22.039 that possible fear of paying an inflation- adjusted rate is compensated, in my 626 00:50:22.039 --> 00:50:27.960 opinion, with the price so low that today is the square meter in Argentina. 627 00:50:28.679 --> 00:50:31.800 That tray off we need to analyze today is a great opportunity. What 628 00:50:31.840 --> 00:50:37.719 is the square critinémeter price today, on average, in July the two thousand 629 00:50:37.880 --> 00:50:42.159 twenty- three is about two thousand dollars. Yes, average, in what 630 00:50:42.239 --> 00:50:45.639 is federal capital, which is let' s say the maximum reference in terms 631 00:50:46.400 --> 00:50:51.039 of information and today you have it in what is the square meter used and 632 00:50:51.840 --> 00:50:58.519 the square meter premiered in two thousand two hundred and in two thousand four hundred 633 00:50:58.519 --> 00:51:02.559 interesting to sound. Well, if anyone said mentiona forward, I do a 634 00:51:02.639 --> 00:51:07.440 parenthesis and I don' t know later when you want. It' s 635 00:51:07.519 --> 00:51:12.039 coming to an end, but I want to say this so I don' 636 00:51:12.039 --> 00:51:15.000 t make it too long for the podcast. The issue of doing business with 637 00:51:15.119 --> 00:51:21.440 the State is a huge problem that Argentina had for many years. Then there 638 00:51:21.519 --> 00:51:24.199 was no credit, there was credit for the equator, for the fridge, 639 00:51:24.320 --> 00:51:31.440 but there was no credit to buy a house, because the money that was 640 00:51:31.519 --> 00:51:35.360 issued was lent between the state and the banks. It was quite a deal. 641 00:51:35.559 --> 00:51:39.000 Banks were lining up money, but they didn' t really lend it 642 00:51:39.079 --> 00:51:44.599 to people. That' s a conversation I always had with every politician who 643 00:51:44.679 --> 00:51:47.679 came to my company. Sometimes they came to lunch, they came to meet 644 00:51:47.719 --> 00:51:52.719 the company, a giant company and we needed credit and we had to go 645 00:51:52.719 --> 00:51:55.280 look for it outside. We have to go to the United States to lend 646 00:51:55.320 --> 00:51:59.599 us money, because in Argentina there was no way a bank could lend us 647 00:51:59.599 --> 00:52:01.679 money. One time we asked for a bigger project. Luckily, we weren 648 00:52:01.760 --> 00:52:06.639 ' t asking for money, but the only time we needed to make a 649 00:52:06.639 --> 00:52:12.880 new plant, we had to go ask the International Monetary Fund. Something like 650 00:52:12.960 --> 00:52:19.440 that outside, because there was no way to get that kind of money so 651 00:52:19.480 --> 00:52:22.000 I could make a new plant, so I could produce more. The idea 652 00:52:22.039 --> 00:52:25.480 was to produce more and use the plant to export. That' s what 653 00:52:25.519 --> 00:52:30.519 any entrepreneur after a point where a market point comes to says well, now 654 00:52:30.519 --> 00:52:32.599 I' m going to do something, I' m going to build something 655 00:52:32.599 --> 00:52:36.280 new to be able to export and so under costs and I' m competitive 656 00:52:36.280 --> 00:52:42.360 abroad. Well, that mentality didn' t exist in Argentina at the corporate 657 00:52:42.400 --> 00:52:47.639 level and it' s going to be very difficult to change it, because 658 00:52:47.800 --> 00:52:52.320 we' re used to the state solving everything on a personal level, in 659 00:52:52.320 --> 00:52:54.159 many cases, and at the corporate level. So, it' s a 660 00:52:54.440 --> 00:52:59.119 new dynamic in the economy that we have to learn from scratch as a baby. 661 00:53:00.119 --> 00:53:02.920 So, today, when we were talking about production and we were talking 662 00:53:04.000 --> 00:53:07.960 about increasing production, of course, how it will increase production if there was 663 00:53:07.000 --> 00:53:10.800 never any credit, we just started to give credit, because, besides, 664 00:53:12.920 --> 00:53:15.119 the entrepreneur is used to getting into it. Why, because he' s 665 00:53:15.159 --> 00:53:19.960 afraid of rising inflation prices. So it' s a whole new learning mechanism. 666 00:53:20.480 --> 00:53:22.159 I don' t overdo it because I' m not getting higher prices. 667 00:53:22.400 --> 00:53:25.519 There' s no inflation going down. Inflation continues to exist. But 668 00:53:25.599 --> 00:53:35.000 I want to say all this new dynamic of developed country mentality to produce it 669 00:53:35.039 --> 00:53:37.960 we have to incorporate, because now the state is not going to help us, 670 00:53:38.159 --> 00:53:43.239 in the sense that it will not help us with an imaginary trap that 671 00:53:43.360 --> 00:53:47.440 allows us to speculate, bring and import things to a dollar value that is 672 00:53:47.519 --> 00:53:51.960 not really the value of the dollar. Well, a lot of issues that 673 00:53:52.079 --> 00:53:57.920 have to do with a total economic disorder. So, in conclusion, I 674 00:53:58.039 --> 00:54:01.639 recommend you read the books of my Lens if you want to know how the 675 00:54:01.719 --> 00:54:06.400 President thinks buy yourselves, even if they are the last two books. I 676 00:54:06.480 --> 00:54:10.440 read them because to see there are some things that I do not agree with 677 00:54:10.480 --> 00:54:15.199 him, for example, abortion issues and those issues do not coincide, but 678 00:54:15.760 --> 00:54:21.360 I agree with his entire economic issue, his economic thinking. So, really 679 00:54:21.440 --> 00:54:25.239 this is the opportunity that we have to really understand a President because he writes 680 00:54:25.400 --> 00:54:32.000 books and then he knows how to understand his thinking as an entrepreneur, as 681 00:54:32.039 --> 00:54:34.400 an individual, he' s going to help us make decisions. When I 682 00:54:34.519 --> 00:54:37.880 sit with Valentina or I sit with Grandpa, I sit with Mauro and I 683 00:54:37.920 --> 00:54:42.239 asked them I read the books. I understand how he thinks, I know 684 00:54:42.480 --> 00:54:45.280 where the newspaper is going, I know how Argentina' s road is going, 685 00:54:45.400 --> 00:54:52.920 but I need you to help me make investment decisions you' re an 686 00:54:52.320 --> 00:54:58.920 SME entrepreneur you' re an individual, why today, if it' s 687 00:54:59.039 --> 00:55:02.039 not inverted, there' s a leg of the table that makes the table 688 00:55:02.119 --> 00:55:04.400 catch you, it' s not like you can' t speculate with anything 689 00:55:04.400 --> 00:55:07.000 else. You have to invest today. Today you have to become an American. 690 00:55:08.119 --> 00:55:13.159 You have to think like an American who grew up in America and when 691 00:55:13.239 --> 00:55:16.880 he' s an entrepreneur, he knows that all he wants is to go 692 00:55:16.880 --> 00:55:22.719 out on the stock market. Entrepreneurs in the United States have a great dream 693 00:55:22.800 --> 00:55:27.039 that their company is listed and working in that direction. They know about investments, 694 00:55:27.320 --> 00:55:30.559 they know where to go to borrow, they know how to set up 695 00:55:30.599 --> 00:55:32.119 a company much more than we do. They' ve been ahead of us 696 00:55:32.119 --> 00:55:38.079 for years. Without a doubt, Argentines live in the state. So it 697 00:55:38.119 --> 00:55:45.000 seems to me that this is one thing that really needs to be incorporated and 698 00:55:45.079 --> 00:55:51.079 well advised in financials, because there comes a stage that is not going to 699 00:55:51.159 --> 00:55:54.599 be easy with that mentality that we have. You have to change by giving 700 00:55:54.599 --> 00:55:59.880 what you said carina that entrepreneurs, as good as companies, needed capital. 701 00:56:00.920 --> 00:56:05.639 Just this is a very good time in Argentina' s capital market, because 702 00:56:05.760 --> 00:56:13.000 it thinks that only about thirty- five companies go out to issue corporate bonds 703 00:56:13.039 --> 00:56:17.920 that in Argentina are called negotiable bonds in the Argentine capital market and there is 704 00:56:19.239 --> 00:56:22.679 a lot of demand on the part of individual investors, that is, from 705 00:56:22.760 --> 00:56:29.239 people who want to invest, for example, their dollars in that type of 706 00:56:29.239 --> 00:56:35.079 option, because they are rather conservative investors and then notice that during this year 707 00:56:35.159 --> 00:56:42.280 there were quite a lot of issues of negotiable bonds in dollars and they are 708 00:56:42.400 --> 00:56:45.639 all out on demand. There has been pro rata because if they assume that 709 00:56:45.719 --> 00:56:51.159 you wanted to invest us in a thousand dollars, they gave you bonus for 710 00:56:51.159 --> 00:56:53.519 thirty percent of what you wanted to invest, that is, that there is 711 00:56:53.599 --> 00:56:59.519 an over- demand for all this type of financing for companies, whether it 712 00:56:59.519 --> 00:57:04.000 is large companies or small companies, because so also the local Stock Exchange has 713 00:57:04.079 --> 00:57:06.000 a share for companies, for financing of end companies. So it' s 714 00:57:06.039 --> 00:57:09.159 very interesting, because also people like that with their dollars they realized that they 715 00:57:09.239 --> 00:57:15.960 have to invest them that if you have the physical dollars and saved, you 716 00:57:15.000 --> 00:57:19.039 lose a three percent that is the annual insulation of the United States, so 717 00:57:19.039 --> 00:57:22.519 that over time you will lose value with these dollars. If it doesn' 718 00:57:22.519 --> 00:57:25.079 t help, say, you have to make an investment with that savings to 719 00:57:25.119 --> 00:57:30.519 generate some profit and you' re going to grow in wealth and your heritage 720 00:57:30.599 --> 00:57:35.440 is also accompanying that growth. That' s how good this guy is. 721 00:57:35.480 --> 00:57:39.599 I think Podcas got pretty good at this discussion talk among many experts on investment, 722 00:57:40.320 --> 00:57:45.599 business and finance. I think it gives us to make others a second 723 00:57:45.679 --> 00:57:51.320 version of before and after. But today I have nothing left but to thank 724 00:57:51.400 --> 00:57:54.119 you for your time. Thank you very much, Valentina. Many thanks also 725 00:57:54.239 --> 00:57:58.679 to Nau, Nahual, Many ras also to Mauro and Carina for their time 726 00:57:58.760 --> 00:58:02.559 is the time we have gone flying like water, but they appreciate that their 727 00:58:02.599 --> 00:58:08.000 time, their fantastic contribution. And just like you people who listen to us, 728 00:58:08.639 --> 00:58:13.559 entrepreneurs, entrepreneurs, investors or politicians, and you' re listening to 729 00:58:13.559 --> 00:58:17.199 us. Well listen to this podcast, because we' re going to give 730 00:58:17.280 --> 00:58:22.280 you some ideas with experts like them, so that gradually you can decide what 731 00:58:22.320 --> 00:58:24.880 to do or what to be born. Thank you very much, thank you 732 00:58:24.920 --> 00:58:29.840 all very much for your time. Thank you Tian Vale, thank you Nao. 733 00:58:29.960 --> 00:58:31.800 Thank you very much, too. And so, guys, we' 734 00:58:31.960 --> 00:58:36.000 ll see you in the next edition of stackt of h Tols. We' 735 00:58:36.000 --> 00:58:38.239 ll probably make you a second version of this podcast, which I feel gives 736 00:58:38.239 --> 00:58:42.320 us for more, but well, for today we' re done and see 737 00:58:42.320 --> 00:58:50.000 you next time. Thank you very much, and thank you for joining us 738 00:58:50.079 --> 00:58:53.559 on one more episode of Off and Tolks Te startups. We look forward to 739 00:58:53.679 --> 00:59:00.920 our next chapter sign up for free on our line Startup com platform where you 740 00:59:01.039 --> 00:59:07.480 can discover and accelerate your startup with the best training courses for entrepreneurs, live 741 00:59:07.559 --> 00:59:12.039 mentoring and even developing your beach deck to raise capital in our investor network. 742 00:59:12.599 --> 00:59:15.159 Starks Inhution Starts withe up of Cathy