Cyclical

LATAM is a ruthlessly efficient, post-bankruptcy monopoly trading at deeply depressed multiples, though investors must continuously brave the margin-destroying turbulence of volatile jet fuel prices and emerging-market currency fluctuations.

Rio Tinto pairs an impenetrable, cash-printing iron ore moat with highly discounted, transformative copper growth, though investors must navigate the perpetual geopolitical volatility of its expansion jurisdictions and Chinese macro-dependence.