About VMF’s Market View
Independent Financial Research.
You can be right about the future and still make a poor investment.
A powerful trend may already be priced in. The profits may flow to someone else. An attractive opportunity may expose your portfolio to too much of the same risk.
VMF’s Market View is the free publication of VMF Research, written for investors who manage their own capital and want to understand the reasoning behind an investment decision.
We connect the forces reshaping markets with business economics, valuation and portfolio construction. The aim is to help you recognise opportunities, question prevailing assumptions and make better decisions with your capital.
How we think
We look for asymmetric investment setups: situations where the potential reward appears attractive relative to the risks and the price.
That search can lead from artificial intelligence to scarce physical assets, from monetary policy to corporate balance sheets, or from an overlooked business to a special situation. We follow the evidence across markets and disciplines.
Every thesis must confront what is already priced in, what could go wrong and what would change our judgement. A stronger investment case does not automatically justify a larger position. Valuation, concentration and overlapping exposures matter too.
The decision to keep owning an investment deserves the same scrutiny as the decision to buy it.
Why I publish
I’m Vasco Marques de Freitas, CFA, CMT, founder of VMF Research. My background spans nearly two decades in professional investing across public and private markets.
I was a co-owner of Golden Wealth Management, where I served as Portfolio Manager, Head of Equities and Investment Committee member. Portugal’s leading independent wealth manager, the firm now oversees more than €2 billion in client assets. I also serve on the board of a publicly listed investment company.
I built VMF Research to give self-directed investors access to the discipline behind professional investment decisions. You should be able to examine the evidence, challenge the assumptions and understand why an investment earns its place in a portfolio.
What you receive
A free subscription to VMF’s Market View brings you substantial essays and selected excerpts from our paid publications. You can examine the research and decide whether the process deserves a place in your own investment work.
Paid VMF Research membership provides the full publications, Model Portfolios, monthly issues and weekly updates through three connected tiers:
VMF’s Strategic Asset Allocation: an ETF Model Portfolio across equities, fixed income and alternatives, with a proprietary, investable benchmark based on the Global Market Portfolio.
VMF’s Security Selection: global stock research and Model Portfolios spanning Value, Quality, Special Situations and selected sectors.
Alpha Tier: our most active Model Portfolio, drawing on the opportunity set developed across the other tiers and using options overlays when market conditions warrant.
Security Selection includes Strategic Asset Allocation. Alpha includes both.
Subscribers can follow an idea from its original thesis through subsequent evidence, portfolio decisions and reassessment.
Find your edge
Subscribe free to receive new research excerpts and essays by email. Visit Start Here for a guided introduction to the work.
Subscribe free to VMF’s Market View
For the full research and Model Portfolios, Explore VMF Research’s paid publications.
Good investing,
Vasco Marques de Freitas, CFA, CMT
Founder, VMF Research
VMF Research publishes general investment research and does not manage client assets or provide personalised investment advice. Model Portfolios are illustrative. Investments involve risk, including loss of capital.
