AAG Research is a one-man Substack by Alberto Álvarez González, publishing 30–40 page deep dives on contrarian, high-conviction ideas in unloved corners of the market. No LLMs, no shortcuts, no hype.
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ABOUT THE ANALYST
Deep value, quietly researched.
Uranium
Mining
Shipping
Special Situations
1,000%+
Personal Uranium Trade
Alberto Álvarez González
Founder · Andorra
“This person is the real deal: honest, deeply rigorous, and different from the noise.”
30–40 pages
per flagship report
THE ORIGIN
A one-man shop, on purpose.
AAG Research is written and researched entirely by Alberto from Andorra. Every flagship report runs 30–40 pages and takes hundreds of hours of solo work — reading filings, modeling reserves, mapping cost curves, and tracing the historical context of each cycle one company at a time.
The approach is closer to historical research than typical sell-side coverage: treat each idea like a good book, find out why the market has abandoned it, and build conviction grounded in numbers. No screens, no aggregated data, no AI-assisted writing.
Manual
Every word
Solo
No team
Patient
Years, not quarters
INSIDE A REPORT
Hundreds of hours, per idea.
Each flagship deep dive moves through the same patient sequence. No shortcuts, no templates, no recycled theses.
01
Find the unloved corner
Scan for sectors abandoned by the consensus — uranium during a multi-year bear, shipping at scrap-value lows, miners trading below NAV. The crowd has already left.
No screeners, no aggregated data. Each company is read one by one — annual reports, technical reports, litigation history, management track records.
02
Read every filing by hand
03
Model reserves and cash flows
NPV and DCF built from scratch with explicit upside / downside cases, sensitivity analysis, and margin of safety baked into the price target.
Treat the company like a good book. Why has the market abandoned it? What are the hidden catalysts? Where does the historical cycle suggest we are?
04
Write the narrative
05
Sit on it for years
The hardest part. Embrace volatility, ignore quarterly noise, and let the inflection point arrive. Conviction is what makes the math work.
HOW WE WORK
Three principles. No exceptions.
Manual, old-school research
Filings read line by line. NPV and DCF models built by hand. Sector dynamics, reserves, cost structures, and management quality assessed one company at a time — not pulled from a screener.
Contrarian by default
We work in sectors most analysts ignore: uranium, shipping, mining, special
situations, and small-caps. The edge comes from howing up where the crowd
isn’t, then waiting for the inflection point.
Patience and margin of safety
Theses are built to be held for years, not quarters. Every idea is stress-tested against downside scenarios with explicit margin of safety before it earns a place in a report.
Quality over quantity.
A few honest numbers. No clickbait, no exaggerated claims.
1,000%+
Personal Uranium Trade
30–40
Pages Per Flagship Report
4,400+
Subscribers
0%
LLM-Generated Research
READ THE RESEARCH
Infrequent emails. Worth your morning.
Paid subscribers get every flagship deep dive, portfolio updates, and watchlists. When one lands, you read it.
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