🗣️ Investor Talk #38: Manuel Cunha

Founder - MVC Investing

Welcome to Investor Talk — where we interview successful investors to uncover their journeys, strategies, and the lessons they've learned. Get inspired by real stories and gain valuable insights to sharpen your own investment approach.

Every interview follows the same set of sharp, insightful questions — such as “What is your investment strategy?”, “What are your highest conviction stocks?”, and “What’s the biggest investment mistake you’ve made?”

In this edition, we have the pleasure of interviewing:

Name: Manuel Vieira Cunha @mvcinvesting
Age: 23
Residence/Country: Portugal
Invests since: Early 2020

𝗜𝗻𝘁𝗿𝗼𝗱𝘂𝗰𝘁𝗶𝗼𝗻
My journey into entrepreneurship began at age 10 when I met a football player from my favorite club and created a fan page for him on Facebook. This hobby grew into managing multiple fan pages, including one that became Portugal's largest sports-related page, with over 250,000 likes. By the time I was 12 or 13, I started monetizing my audience by creating a website with daily news updates, attracting over a million monthly views and earning solid payments through Google AdSense.

Despite this success, I faced several challenges, including scams and the deletion of my largest fan page when the player left the club. These setbacks taught me valuable lessons, and I continued exploring other side hustles. During my first year studying Economics in college, I became interested in investing, driven by the idea that the money I had saved should work for me. While my family saw the stock market as risky, I immersed myself in learning through books and YouTube videos, eventually starting to invest after I turned 18.

Investing quickly became a passion, leading me to pursue a Master's in Finance with a specialization in Equity Research. I also passed the CFA Level I exam and earned a scholarship to take Level II in 2025. After graduating, I turned down job offers to focus on building an audience as an independent equity analyst. Whether this path will pay off remains to be seen, but I’m committed to investing in my education and embracing a philosophy of continuous learning.

𝗪𝗵𝗮𝘁 𝗶𝘀 𝘆𝗼𝘂𝗿 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝘀𝘁𝗿𝗮𝘁𝗲𝗴𝘆?
My current strategy focuses on building a concentrated portfolio of my highest-conviction small-cap stocks.

The ultimate goal is to grow my portfolio to a size where I can one day live off dividends. To prepare for that future, I also study the world’s best companies and maintain a watchlist of large-cap stocks that I would consider owning once my portfolio reaches that scale.

I don’t follow a specific checklist for identifying high-conviction plays, but I place significant emphasis on founder-led companies with strongly aligned management teams. I look for leaders who deeply understand their sectors and are uniquely positioned to drive long-term success. Downside protection is also crucial, but at the same time I seek opportunities with the potential to multiply my investment several times over in the coming years. I only concentrate my portfolio on stocks I’d be comfortable holding even if they doubled or tripled in value quickly, which helps me avoid the temptation to sell too soon.

Building conviction requires countless hours of research. When I identify a potential candidate for a large portfolio position, I become somewhat obsessed with understanding every aspect of the business and its market dynamics. I only hold companies I know particularly well, which gives me the confidence to stick to my plan and handle volatility with a smile. While there are always factors beyond my control, my ambition drives me to avoid "diworsification" and stay laser-focused on quality over quantity.

𝗛𝗼𝘄 𝗺𝗮𝗻𝘆 𝘀𝘁𝗼𝗰𝗸𝘀 𝗮𝗿𝗲 𝗰𝘂𝗿𝗿𝗲𝗻𝘁𝗹𝘆 𝗵𝗲𝗹𝗱 𝗶𝗻 𝘆𝗼𝘂𝗿 𝗽𝗼𝗿𝘁𝗳𝗼𝗹𝗶𝗼?
Right now, 4.

𝗪𝗵𝗶𝗰𝗵 𝘀𝗲𝗰𝘁𝗼𝗿𝘀 𝗱𝗼 𝘆𝗼𝘂 𝗺𝗮𝗶𝗻𝗹𝘆 𝗳𝗼𝗰𝘂𝘀 𝗼𝗻?
I don’t focus on any specific sector, but I tend to avoid:
1. Sectors with small addressable markets or limited growth prospects.
2. Complicated sectors where it’s difficult for me to identify what sets certain companies apart.

𝗪𝗵𝗮𝘁 𝗮𝗿𝗲 𝘆𝗼𝘂𝗿 𝗵𝗶𝗴𝗵𝗲𝘀𝘁 𝗰𝗼𝗻𝘃𝗶𝗰𝘁𝗶𝗼𝗻 𝘀𝘁𝗼𝗰𝗸𝘀?
$HITI - High Tide (avg cost $1.86)
$HIMS - Hims & Hers (avg cost $10.07)
$RKLB - Rocket Lab (avg cost $4.82)

𝗪𝗵𝗶𝗰𝗵 𝘀𝘁𝗼𝗰𝗸 𝗵𝗮𝘀 𝘁𝗵𝗲 𝗵𝗶𝗴𝗵𝗲𝘀𝘁 𝗿𝗲𝘁𝘂𝗿𝗻?
$RKLB - Rocket Lab with over 450%.

𝗪𝗵𝗮𝘁 𝗶𝘀 𝘁𝗵𝗲 𝗯𝗶𝗴𝗴𝗲𝘀𝘁 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗺𝗶𝘀𝘁𝗮𝗸𝗲 𝘆𝗼𝘂 𝗵𝗮𝘃𝗲 𝗺𝗮𝗱𝗲?
I’d say my biggest investing mistakes were:
1. Blindly trusting the short- and medium-term forecasts of a company’s management team.
2. Buying certain stocks impulsively, without first building the conviction necessary to hold them confidently.
3. Taking too long to realize that the stock market doesn’t operate by universal rules — it’s all about understanding the context behind everything. Early on, I lacked a clear and defined strategy, which led me to constantly shift directions, searching for the “perfect” way to invest. Over time, I realized there’s no one-size-fits-all approach. Instead, I had to discover the strategy that aligns best with my goals and personal situation.

Fortunately, these mistakes happened early in my investing journey, so the financial impact was minimal in terms of absolute returns. Each misstep became a valuable lesson, and I’m very grateful for that.

𝗠𝘆 𝗳𝗮𝘃𝗼𝗿𝗶𝘁𝗲𝘀
Favorite book: Difficult question, but I think Poor Charlie's Almanack by Charlie Munger or Richer, Wiser, Happier by William Green.

Favorite podcast: Founders by David Senra @FoundersPodcast and Acquired by Ben Gilbert and David Rosenthal @AcquiredFM.

Favorite quote: "Acknowledging what you don’t know is the dawning of wisdom." - Charlie Munger

Favorite FinX account: It's curious because of how different our investment strategies are, but probably @Invesquotes.

𝗪𝗵𝗲𝗿𝗲 𝗰𝗮𝗻 𝘄𝗲 𝗳𝗶𝗻𝗱 𝗺𝗼𝗿𝗲 𝗶𝗻𝗳𝗼 𝗮𝗯𝗼𝘂𝘁 𝘆𝗼𝘂?
I haven’t built a website or Substack account yet, but I might in the near future. For now, the best way to follow my work is directly on X: @mvcinvesting.

Disclaimer:
The information and opinions provided in this article are for informational and educational purposes only and should not be considered as investment advice or a recommendation to buy, sell, or hold any financial product, security, or asset. The Future Investors does not provide personalized investment advice and is not a licensed financial advisor. Always do your own research before making any investment decisions and consult with a qualified financial professional before making any investment decisions. Please consult the general disclaimer for more details.