Geólogo Trader Newsletter - January 2026
Reviewing January and early February: Andina Copper thoughts, major portfolio changes, a week at VRIC in Canada, and time parked up in the foothills of the Argentine Andes.
I spent a week in Vancouver recently for VRIC, the Vancouver Resource Investment Conference. Great trip. Caught up with a few people from Twitter, some happy Andina investors, and we even had an Argentina night which was good fun.
I like Vancouver. Even though the part of town I stayed in felt like an open air social crisis at times, the waterfront is unreal. And it is always interesting stepping back into a highly advanced economy after long stretches in South America.
One line that stuck with me at VRIC and it was Rick Rule saying that even fools make money in a savage bull market.
Hard to argue with that.
I watch my portfolio go up and, for a moment, feel pretty clever. Then reality kicks in when I see some absolute garbage in the resources space running just as hard.
I took a massive asymmetric bet just one year ago, after visiting Cobrasco in Colombia with then-Pampa Metals, now Andina Copper CEO Joe.
Since then, Joe basically executed on all fronts re-mobilising a drill rig to probably one of the most exciting porphryr copper distrcits you’ll find in the world and… people noticed!
My Andina dominates my portfolio. I’m an insider, I’ve got conviction, and I’m holding. That said, I’ve still got chips on the table elsewhere, and put on a decent-sized trade in another unreleated name this mnoth too, which I’ll talk about.
I’m currently parked up in Barreal, San Juan, Argentina - with views like this own the roads from our (Andina Copper) office.
Just had a visit from mentor and good friend, geologist and fund manager Tom Woolrych from Deutsche Rohstoff, and since then it has been completely flat out with Andina Copper and Ronin Resources boots work.
Busiest I have ever been in my life, wealthiest on paper as well.
As Trader Ferg says,
“Position yourself to get lucky.”
That is a lot easier to say when you do not have kids, do not carry outrageous overheads or tax burdens, and you live well within your means in South America.
But I am not blind to how hot the commodities market feels right now. It genuinely worries me that I am so heavily positioned in my biggest conviction bets.
When you sit down and talk with guys like Tom and Joe, who have seen multiple cycles and can calmly throw a bit of reality into your confidence after a big run:
“If your working in junior mining, be prepared for multiple years where there is nothing to do.”
In this newsletter, I break down my current portfolio positioning, share an updated portfolio snapshot, run through two new names I’ve added recently, and explain why I’ve started saving in a new currency after hearing Ferg mention it and then doing my own research.