The Advisor
Miguel Braun
Financial Advisor · Author · Columnist
Miguel Braun is a financial advisor specialized in capital markets. FOX Capital is a CNV-registered introducing agent that works with the top brokerage firms in Argentina and the United States. They provide the platforms; we provide advisory services to clients. We combine deep fundamental analysis with a clear macroeconomic view to guide families and companies in building solid, sustainable wealth.
Miguel is a lawyer, holds a master's in finance and is the author of the book Finanzas para Todos, a practical guide to financial education and investment philosophy aimed at Spanish-speaking readers. He also writes columns in El Economista and contributes to articles in Forbes Argentina on economics, markets and investment opportunities.
His approach is based on the principles of Value Investing developed by Benjamin Graham and refined by Warren Buffett and John Templeton: invest in quality companies at reasonable prices, with a long-term horizon and without being swayed by market noise.
Articles by Miguel Braun
SpaceX (SPCX): the world's most ambitious company just went public
Went public on Jun 12, 2026 at $135 and already trades ~$213 (+57%), surpassing Microsoft in valuation. Reusable rockets, Starlink, the world's 4th AI hyperscaler, orbital data centers and the $60B Cursor acquisition. A bet on three 21st-century infrastructures.
The Memory Supercycle: the most profitable companies in the world in 2027
Samsung, SK Hynix and Micron projected as #1, #3 and #7 in global earnings 2027 — trading at forward P/E of 5x to 13x. HBM as the AI bottleneck, long-term contracts and the most extreme valuation anomaly in semiconductors in decades.
The complete map of the AI boom and its key players
Semiconductor ecosystem, AI bottlenecks and investment opportunities. ASML, TSMC, NVIDIA, Micron, hyperscalers and insights from Elon Musk and Jensen Huang on growth limits.
President Milei: Floor the accelerator with what you say
Analysis of the contradiction between Milei's anti-inflation rhetoric and the economic team's actions on the dollar, interest rates and liquidity.
Dollar rally, intervention and fatal arrogance
The unwinding of the LEFIs, the dollar rally and the BCRA's response. Why intervention contradicts the government's Hayekian principles and holds back the rate cuts the economy needs.
How to free the FX market right now
A concrete proposal to free the FX market without relying on the IMF: exporters that keep their FX, importers buying at the MEP and the cleanup of the BCRA's balance sheet.
Sharp drop in Argentine stocks
Argentine stocks are down 25% in USD since January. Analysis of the vicious circle between capital controls, reserves and the IMF, and why the market is still a buying opportunity.
YPF: The new Argentine crown jewel
YPF trades at 1x book value with a 28% earnings yield, 36% shale production growth and massive export projects. The most attractive company in Argentina on fundamentals.
Banco Galicia: A big winner in the current environment
Why switch from Stellantis to Banco Galicia: Argentina's largest bank with a 36% ROE, trading at 5x earnings, ahead of the tax amnesty and the end of capital controls.
What do we do with the pesos?
How to build a 50/50 portfolio between pesos and dollar-denominated assets as the dollar drops. Banks, Oil & Gas and Argentine stocks as the best investment in the world.
How do you free the FX market without reserves?
Analysis of the closing of the third monetary emission tap and why freeing the FX market is just around the corner, without the need to accumulate reserves.
Banco Macro: very good prospects
Fundamental analysis of BMA: 28% ROE in USD, trading 20% below DCF intrinsic value and with the first liberal-libertarian government in history as a tailwind.
Vista Oil & Gas: Can it keep going up?
Vista gained 160% in 2022, with exports +446% YoY and net income +325% YoY. Valuation analysis and why the company still has upside from Vaca Muerta.
TX (Ternium): Value play — A good opportunity
Ternium trades below the value of its current assets and its book value. 35% earnings yield, 9% annual dividend and 128% DCF upside. A Benjamin Graham net-net.
Why does the BCRA deserve to be shut down forever?
The BCRA has not met any of its goals in 90 years: neither monetary nor financial stability nor economic development. A full analysis and 5 concrete measures to cut public spending.
Petrobras: A very good Oil & Gas opportunity
Petrobras, the Brazilian oil & gas giant with 14–20% annual dividends, trading near book value with excellent returns on capital employed.
STLA (Stellantis): A good investment opportunity
Stellantis trades below its available cash and its book value, with 140–175% DCF upside. The FCA-PSA merger generated €3.2B in synergies in 2021. Strong BUY.
VALE: The goose that lays the golden eggs
VALE, one of the largest mining companies in the world, with an 18% annual dividend, Enterprise Value below the value of its assets and a 10% share buyback program. Mega Strong BUY.
Berkshire Hathaway: A very good investment opportunity
Warren Buffett's conglomerate at 9x earnings vs 26x for the S&P 500, trading below its Enterprise Value and with 60 years of outperformance vs the index. A full analysis of BRK.
The FED: The most important player in the markets
What the FED is, how quantitative easing works, when to buy stocks and what monetary tightening implies for global markets and risk assets.
Pampa Energía: An extremely interesting investment opportunity
Pampa Energía trades with a $223M margin of safety, 22% annual ROCE in USD and sales growing 58% YoY. Argentina's leading integrated gas and electricity company.
Media Coverage
Miguel Braun analyzes the Argentine economy and global markets in Forbes Argentina and El Economista. Articles are published in their original Spanish.
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