Secretario de Derrumbes y Catastrofes de prov. de Cordoba
Buenos Aires, Argentina
Joined February 2012
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Juan Martin retweeted
💹 A3 Mercados (#A3)
Resultados del 3T26
📍Los ingresos operativos totalizaron USD 35,8 MM, con un mix de ingresos que se mantiene estable entre Mercado y Tecnología.
📍En el acumulado de 9 meses, los ingresos en USD crecen 4% con respecto al mismo período del año anterior.
📍Los egresos operativos, por su parte, ascienden a USD 18,4 MM. En el acumulado de 9 meses solo se incrementan un 0,1% con respecto a los 9M 2025. El trabajo que viene haciendo el management para lograr sinergias tras la fusión entre MTR & MAE ya muestra resultados.
📍El EBITDA del período USD 18,8 MM que implica un margen de EBITDA de 50,5%.
📍Este resultado se logra aún cuando el ingreso financiero operativo, en los 9M 2026 cae un 23% frente a los 9M 2025.
📍Termindolarizadastre con USD 176 MM en caja, lo que representa 43% de su Market Cap. Dado el EBTIDA de los últimos doce meses de USD 67 MM cotiza a un EV/EBITDA de 3,4x.
📍Un buen trimestre para A3 que continúa su racha de buenos resultados. La fusión entre MTR & MAE sigue reflejándose en los costos y aún quedan eficiencias por ganar.
📍Hacia adelante consideramos que el segmento Forex comenzará a contribuir cada vez más al EBITDA. El récord en este segmento se alcanzó en el 3T25 (elecciones de medio término) y consideramos que en 2027 tendrá un comportamiento similar.
Lo que se esta logrando con capital humano y tecnologico de punta no tiene precedentes.
Nuestro fondo de Renta Fija Corporativa alcanzó el Top 3 de su categoría con poco más de un año de track record.
Un resultado impulsado por las estrategias de market making que fuimos implementando a lo largo del año.
Conocé más: conosurassetmanagement.com.a…
Juan Martin retweeted
Josh Gruenstein of Tutor Intelligence on how to value a robot: "You take how much work a robot can do and you divide it by its cost, and that's it. Everything else is commentary."
If robots can do that work for less, he says the market is "all physical work done."
One Wall Street firm's view of the scale, in a forecast of annual robot sales:
- 2026: 29 million
- 2030: 93 million
- 2040: 605 million
- 2050: 1.4 billion
"We're just gonna have way more factories in the same way that we have way more businesses because the cloud and all of the software tooling let people build new businesses."
"Anybody will be able to start a business in the physical world. Anybody will be able to scale a business in the physical world if we kind of have this infinite flexible labor substrate."
@joshgruenstein @tutorintel
Tutor Intelligence co-founder and CEO Josh Gruenstein is putting AI robots to work in American factories and warehouses, taking on the back-breaking jobs they can't hire for.
Tutor builds its robots in Massachusetts and charges by the hour, with no upfront cost. When the AI gets stuck, a human "tutor" takes over and teaches it the task, creating training data along the way.
Josh joins a16z's Martin Casado and Raghu Raghuram to discuss how Tutor goes from a first sales call to a working robot in about three months, why so many robot startups died building for a single customer, why anyone will be able to start a business in the physical world, and a whole lot more.
0:50 Deploy robots, then build the data
2:50 Why smart robots aren't enough
4:38 The ultimate systems problem
6:45 Why robot companies go vertical
9:07 How remote humans tutor robots
11:00 Will robots outgrow their tutors?
14:54 How AI labs sped up robotics
16:57 Meet Cassie and Sonny
20:55 What factory work actually looks like
23:18 A robot for $16 an hour
25:51 When robots become coworkers
29:04 Why robot startups keep dying
31:21 When 1% cheaper flips a market
34:52 Robots cost more to run than to buy
38:18 China's automation bet may backfire
42:02 Real-world RL on a 100-robot fleet
YouTube: youtu.be/lXkjXSul6yg
@joshgruenstein @tutorintel @martin_casado @RaghuRaghuram
Juan Martin retweeted
Retail trader: “Jane Street is just a market maker, that’s why my ICT order block has edge.”
Right. The IMO gold medalists and math PhDs are famously donating liquidity to your Webull account because you drew two rectangles on TradingView.
Juan Martin retweeted
“Jane Street only trades milliseconds, they don’t compete on the weekly chart!”
Right. The greatest mathematical minds on earth trading 100% prop capital with zero LP mandates looked at your multi-week swing setup, realized it was an infinite money glitch, and said: “No thanks, we’d rather spend $500M on fiber optic cables to scrape pennies.”
El mercado empieza a descontar una potencial victoria de la oposicion (sumado a todo el ruido en contra de EM - US/PY/BR), va a ser una sorpresa para todos cuando Javier o una formula similar gane con margen en 2027.
Paso en 2019, 2023 y 2025. Castigo al consenso
Estos muñecos no saben que las empresas que pagan esos aportes, cargas sociales, jubilaciones, DYC, IIBB, etc etc etc se financian con la “timba”. CASI todo funciona porque un sujeto decide prestarle a otro - timbeadose a perder todo
Empiezo a creer que no les sube el agua
Juan Martin retweeted
Day in the life: euro HY credit sales
> 6.45am: wake up. Overwhelming existential dread. Stare at ceiling. Consider resigning. Remember Hugo and Camilla’s school fees.
> tube: mouth dry. Headache. Must stop drinking. 17 IB chats from Asia overnight. All want HardBank levels. Probably nothing. ☕
> 7.30am: on desk. Missed the morning meeting. Trader runs not out yet. Copy paste yesterday's axes. Probably still right. Didn't trade any of them after all.
> Trader: "We've got a big position in VAGUECHEM. Very sensitive, make targeted calls. It's our best idea." Analyst wrote 40 pages. Read the title. Italian. Chemicals. Got it.
> 8.30am: blast to 600 clients. "🔥BEST IDEA🔥 VAGUECHEM, highly specialised global leader in specialty chemicals. Critical input across end markets". Paste analyst note. Paste a chart I don't understand. Value add.
> pod shop: "Where's VAGUECHEM?" 94-95.5. "Lol. Seeing better away." 4 mins later: "Actually we sell you 25mn at 94." Trader: "WHY DID YOU SHOW A BID. WE'RE AXED TO SELL." You gave me the run. "That's not a real bid." 🆗🆒
> CLO: "What do the chemicals actually go in?" ...Toothpaste. And jet fuel. Critical to both. "Ok I take 10." Smart account. 🟢
> real money: "What's the leverage?" Very reasonable. "Number?" Let me get my analyst on.
> three headsets on. Left ear trader screaming. Right ear client screaming. Third one is my wife asking about a £2,400 charge from Annabel's. I think she hates me.
> 11am: LinkedIn. Uni mate made partner. Another sold his startup. Me: pasting a headline into IB with "fyi". Gnawing sense of self-loathing returns.
> lunch: real money PM, "just catching up". Ranking? 9th. There’s 8 other eur hy desks?! JFC. Round it up for the email “just outside top 3”. Sexy Fish, £640. He has the wagyu.
> 2pm: US real money: "Like to sell you 35mn VAGUECHEM." Trader: "Don't show them anything." It's a relationship trade. "Don't care." Market share! "I don't want to f***ing bid it." They're a top 3 account. "fine...85."
> back to client: very defensive bid, wrong way for us, doesn't really suit, will show 85, just so you have a level. "Done. All of it." 35MN TICKET. SALES CREDITS 🤑💰💵 Not real money of course, but basically the same.
> US sales: "Seeing VAGUECHEM very well offered, any colour?" That's us. That's our offer.
> Trader: "Now long 140mn. FIND ME A BUYER." Copy paste the 8.30 blast. Add a second 🔥.
> hedge fund: "Saw the 🔥🔥. What do the chemicals actually go into?" Car exhausts. And... shoelace tips. Very specialised but also diversified. "Rating?" B2… ish. "Pass."
> 4.30pm: VAGUECHEM 82 offered only. Desk PnL -$2.6mn. Trader: "How's that market share looking?" Sarcastic b-----d. Check sales credits. Still awesome. 🙌🏻
> 6.30pm: Annabel's with 4 clients. Combined YTD tickets: zero. One's at a family office that's "mostly property". One got fired in March, still says "we". Dommie P x4. 🥂
> 11.45pm: Uber home. WhatsApp from trader: "VAGUECHEM 78 offered only in the street. Still long 140mn. Buyer by 9am or you're covering Asia."
> set alarm 6.45. Draft tomorrow's blast: "🔥🔥🔥BEST IDEA: VAGUECHEM, global leader in specialty chemicals for nail clippers and dog collars."
