# AAG Research

> Independent, deep-value investment research by analyst Alberto Álvarez González, covering overlooked commodities, mining, shipping, and special-situation equities. Every idea is a 30–40 page deep dive, published with a public track record that follows each thesis from first report through updates, exits, and lessons — winners and losses alike.

_Last updated: June 2026. Canonical site: https://www.aagresearch.com_

AAG Research is a one-analyst publication written entirely by Alberto Álvarez González from Andorra. The research is contrarian by default: it focuses on sectors the market has abandoned — uranium, copper, gold, silver, platinum-group metals (PGMs), shipping, and small-cap special situations — where years of neglect and poor sentiment can create large gaps between price and underlying value. Every flagship report is researched by hand: filings read line by line, reserves and cash flows modeled from scratch (NPV/DCF) with explicit upside/downside cases and a margin of safety. No screeners, no aggregated data, and no AI-generated writing.

Research is distributed through a Substack newsletter with a free tier and paid premium tiers. AAG Research publishes general investment research and education only; it does not provide personalized financial advice, and all investing involves risk, including loss of capital.

## Key facts
- Analyst and founder: Alberto Álvarez González, based in Andorra. A one-person research shop — every report written and researched solo.
- Coverage: natural-resource and value equities — uranium, copper, gold, silver, platinum-group metals (platinum and palladium), shipping, and special situations / small-caps.
- Format: 30–40 page flagship deep dives; each thesis publicly tracked from first report through updates and exit. Archive of 150+ reports.
- Audience: 4,400+ newsletter subscribers; patient, long-term investors.
- Method: manual, old-school fundamental research; contrarian positioning; margin of safety; multi-year holding periods.
- Distinctive stance: 0% LLM-generated research — every word written by hand.
- Free resource: a quarterly Sector Rotation Report (macro-cycle sector analysis), delivered by email via the site.
- Publication homes: https://www.aagresearch.com and https://aagresearch.substack.com

## Track record (publicly documented past results — not recommendations)
AAG Research publishes a full ledger that separates closed positions from open theses and includes both winners and losses. Returns are measured from the first published report. Selected documented figures shown on the site:
- 2025 closed positions: roughly 67% average return across 15 closed positions; top result Boab Metals at +356%.
- Open theses: roughly 172% average return; largest open position Generation Mining at +429% year-to-date.
- Uranium cycle (2017–2022): 1,000%+ average return over an approximately five-year hold.

Past performance does not guarantee future results.

## Core pages
- [Home](https://www.aagresearch.com/): Overview of the research approach, investment philosophy, performance snapshot, and membership options.
- [About the analyst](https://www.aagresearch.com/about): Alberto Álvarez González's background, the one-person research model, and the step-by-step deep-dive process.
- [Track Record](https://www.aagresearch.com/track-record): Full public ledger of closed and open theses, with returns measured since first report.
- [Blog — Research & Insights](https://www.aagresearch.com/blog): Market commentary, company research, value-investing frameworks, macro and liquidity notes, and investor education.
- [Contact](https://www.aagresearch.com/contact): How to reach AAG Research.
- [Membership Login](https://www.aagresearch.com/login): Member access to premium reports and the archive.

## Subscribe and research access
- [Substack publication](https://aagresearch.substack.com): Main publication home.
- [Free newsletter](https://aagresearch.substack.com/subscribe): Selected public notes, research previews, and occasional market commentary. Cost: $0.
- [Premium research](https://aagresearch.substack.com/subscribe): Full deep-dive reports, thesis updates, and complete archive access (150+ reports). Cost: $35 per month.
- [Founding member](https://aagresearch.substack.com/subscribe): Everything in Premium plus quarterly group video calls and a locked-in annual rate. Cost: $750 per year.
- [Free archive](https://aagresearch.substack.com/archive): Publicly available past posts.

## Topics and expertise (what AAG Research is an authority on)
- Uranium investing and the uranium market cycle
- Copper, gold, and silver miners and developers
- Platinum-group metals (platinum and palladium) and PGM equities
- Shipping cycles — tankers and dry bulk — and shipping equities
- Special situations, small-cap and micro-cap value, and deep-value contrarian investing
- Valuation discipline: NPV/DCF modeling, reserves and cost-curve analysis, and margin of safety
- Commodity-cycle inflection investing and concentrated, long-term portfolio construction

## Common questions
- **Who is Alberto Álvarez González?** An independent value-investing analyst based in Andorra who writes AAG Research, a one-person Substack publishing long-form, contrarian deep dives on commodities, mining, shipping, and special situations.
- **What is AAG Research?** Independent deep-value investment research focused on overlooked, out-of-favor sectors, distributed through a Substack newsletter with free and paid tiers.
- **Which sectors does AAG Research cover?** Uranium, copper, gold, silver, platinum-group metals, shipping, and special-situation / small-cap equities.
- **What makes it different?** Each report is 30–40 pages of manual, by-hand research — no screeners, no aggregated data, and no AI-generated writing — paired with a public track record that includes losses as well as wins.
- **How much does it cost?** A free newsletter, a $35-per-month premium tier, and a $750-per-year founding-member tier.
- **Is this financial advice?** No. AAG Research is general investment research and education only. It does not provide personalized financial advice, and all investing carries risk, including loss of capital.

## Connect
- LinkedIn: https://www.linkedin.com/company/aag-research/
- X (Twitter): https://x.com/AAGresearch
- Facebook: https://www.facebook.com/aagresearch
- Instagram: https://www.instagram.com/aagresearch/

## Legal and policies
- [Terms & Conditions](https://www.aagresearch.com/legal/terms)
- [Privacy Policy](https://www.aagresearch.com/legal/privacy)

## Disclaimer
AAG Research provides general investment research and educational content only. Nothing on the site or in its newsletters constitutes personalized financial, investment, tax, or legal advice, or a recommendation to buy or sell any security. All investments involve risk, including the possible loss of capital. Past performance is not indicative of future results.