--- title: '6 MESES invirtiendo 1.000€/mes: así ha ido CADA inversión (con sorpresas)' source: 'https://youtube.com/watch?v=hDHBfUHZxMo' video_id: 'hDHBfUHZxMo' date: 2026-08-06 duration_sec: 1899 --- # 6 MESES invirtiendo 1.000€/mes: así ha ido CADA inversión (con sorpresas) > Source: [6 MESES invirtiendo 1.000€/mes: así ha ido CADA inversión (con sorpresas)](https://youtube.com/watch?v=hDHBfUHZxMo) ## Summary In this video, the creator reviews his first six months of investing €1,000 per month toward a €1 million goal, analyzing each asset class in his portfolio — from S&P 500 and European index funds to gold, Bitcoin, and a pension plan. He shares real performance numbers, explains the reasons behind gains and losses, and emphasizes the importance of diversification and long-term thinking. ### Key Points - **Series Introduction** [00:04] — The 'Road to a Million' series documents building a €1M portfolio with €1,000 monthly contributions, using real data and passive index funds. - **Safety Net Setup** [01:34] — A €6,000 emergency fund in a Trade Republic savings account, insured up to €100,000, with 19% tax automatically withheld. - **S&P 500 Fund Performance** [02:54] — Started mid-February, the S&P 500 accumulation fund is up 5.8% despite a March-April dip caused by the Iran conflict and oil prices. - **DCA Effect on Returns** [03:34] — Dollar-cost averaging means your average purchase price differs from the fund's price; e.g., if the fund rises 20%, a DCA investor might see only 10%. - **S&P 500 Historical Strength** [05:03] — The index closed the first half of 2026 with a 9-10% gain, a historically strong figure seen only 12 times since 1990. - **AI Driving US Market** [05:48] — The Magnificent Seven tech companies (Nvidia, Apple, Google, etc.) dominate the index, and massive AI infrastructure spending is fueling gains. - **Europe Outperforms US** [07:48] — In 2025, the European index rose 17%, beating the S&P 500 for only the second time in a decade; this momentum continued into 2026. - **European Banks and Defense** [08:45] — European banks had their best year since 1997, and defense stocks hit record highs due to increased military spending. - **Japan's Surprising Rally** [10:59] — The Nikkei rose nearly 40% in the last year, beating the S&P 500, and is up 144% over five years, driven by a weak yen boosting exporters. - **Tokyo Stock Exchange Reforms** [13:46] — The exchange is forcing companies to return value to shareholders or face delisting, unlocking hidden value and supporting the rally. - **Emerging Markets Growth** [14:40] — Emerging markets rose ~25% in 2025, led by South Korea and Taiwan's semiconductor boom, plus China's AI revival (DeepSeek). - **Fixed Income Disappoints** [16:33] — The Vanguard Global Bond Index fund is down 1.47% in six months, illustrating that bond prices fall when interest rates rise. - **Bond Price Mechanics** [17:54] — If you buy a bond at 1.5% and rates rise to 5%, its resale price drops; fixed income is smoother than equities but can still be negative. - **Low Long-Term Bond Returns** [21:15] — Over 12 years, the fixed income fund returned just 6% (0.5% annually), prompting a comparison with savings accounts offering 2%. - **Gold Correction** [22:13] — The physical gold ETF is down 6.4%, despite gold having risen 154% in three years; it's now ~20% off its all-time high. - **Why Gold Fell Despite War** [24:16] — Profit-taking, high interest rates (making bonds more attractive), and inflation fears outweighed the usual safe-haven demand. - **Bitcoin's Bear Market** [25:51] — Bitcoin dropped 50% from its October 2025 high; the portfolio's position is down only 6.7% due to starting in April and DCA. - **Bitcoin Cycle and AI Rotation** [27:01] — 2026 is expected to be a bear year per the halving cycle, and money is rotating from crypto into AI stocks. - **Pension Plan Tax Advantage** [29:38] — Investing €125/month in a global index fund reduces the income tax base by up to €1,500/year, offering tax flexibility. - **Overall Portfolio Result** [30:34] — After six months, the entire portfolio is up 3.2%, with the creator noting that six months is insignificant in a 20-year plan. ### Conclusion After six months, the portfolio is up 3.2%, demonstrating that a diversified, passive approach can weather short-term volatility. The creator stresses that six months is insignificant in a 20-year plan and encourages viewers to focus on consistent investing rather than market timing. ## Transcript six, investing [music] €1000 every month, month after month, in this video series. It's incredible that so much time has passed. For those who don't know me, this is Camino al millón (Road to a Million), the series where I document with real data and with my own money how I am building an investment portfolio with the goal of reaching 1 million euros. No smoke and mirrors, no strange promises, no trying to get rich quick, just passive investment in index funds and time do its work. And I think 6 months is a very good time to look in more detail, not just at the numbers of how we are investing, but at what has happened to our investments in this half year, what has gone up, what has gone down and above all, why? What happened? And let me tell you something, not everything has gone as expected. We have some surprises, some bad and some good, so let's go through my portfolio new here, welcome. [music] I encourage you to subscribe to the channel. If you want, you can join now and start investing for the long term. You can more or less copy my portfolio. This is not investment advice of any kind , but what I want to say is that I'm here on this channel month after month explaining how to make investments, if I change anything, and answering questions both in the comments and as I see them, and then I answer them in the particular interest. You can also find my link in the description of the investments are in Trade Republic, and I also keep an Excel spreadsheet to track things better and because I like to have this control. You don't can simply see all your investments in account A. To begin with, the safety net. You can't start investing without having this in place in case of any emergency, so you can withdraw from your safety net, not from in the red and we wouldn't want that, but rather are more focused, in my case, on the long term. In my case, I consider a €6,000 safety net to be sufficient. The good thing is that I have it in my T Republic savings account. We have €100,000 insured. If you go in Spanish, it automatically appears in the tax return that they already withhold 19% of your taxes. There's nothing to do. There is no friction whatsoever regarding this. Right now cash. My wallet is another matter, but I have 7,000 in cash because the transfer I make every month to automatically make my investments arrived today , because I'm recording this at the end of the month so that month, on the second, all investments are distributed , as you have already seen in other videos. I can see in the interest how every month they pay me the currently the interest rates set by the European Central Bank everything's OK, it works as it should , without any scares or unexpected things. Okay, so let's move on to equities, which is where I'm investing the most money, because I'm taking a long- term view; it's what moving more. Within the we'll go one by one to see what has happened in the last year. First index fund, the typical SP500 accumulation fund so that dividends are automatically reinvested in my fund. And here I've put the link to a reference website called Morning Start, where we can see a lot of data. Perhaps the most interesting thing is that we go to the graph. And we can see that in the last year I specifically started investing in mid-February. In fact, the 11 initially experienced a decline towards the end of March and April due to the geopolitical crisis, the oil situation in Iran, the war with the United States, and , but it has rebounded and risen by 5.8%. It's possible that in your investments, the increase in the fund's value is one thing, and the increase in your individual investment is another. Because if you do DCA, which is investing month by month, like buy cheaper and times when you buy more expensive. That's fine, it's good practice, but it makes your average purchase price fluctuate. To give you an example , if you started right at this investing, because it's very cheap up to this point, having risen 20%. It's one thing for the SP500 to have risen by 20%, but if you've been buying month by here in the middle, because you buy here, here, here, here, here and here, so your average price is in the middle, which means your investment has increased by 10% . That's understandable, isn't it? Just to analyze, it's possible that if you see in a news article or on a website that the fund has risen by X and your investment is somewhat different, it's because you're doing DCA, which is great, but it's pure math, you just need to understand it. And I like to put this into perspective. Let's see the maximum this website gives us, and we can see that since 2018 we've had some bad years, but overall the SP500, the US economy on the stock market, so to speak, has risen a lot. The SP500 closed the first half of 2026 with a rise of 9-10%, which is a historically very strong figure for a first half. In fact, since 1990 there have only been 12 years in which the index, the SP500, has risen at least 9% in the H1, the first half of the year. However, it hasn't been linear. The index snapped a two- month winning streak in June, falling nearly 1% on fears that the artificial intelligence rally had come too early. In my portfolio, swipe down where I have the different indexed equity investment funds and one fixed income fund. And I have a gold ETF that we'll look at later. The SP500, specifically my position is now at a positive 6.5% , as I also have noted in my Excel. And why has it gone up so much? Basically because of two letters I, artificial intelligence. The big American tech companies, which make up most of this SP500 index, I don't know if you're familiar with the magnificent seven: Nvidia, Apple, Google, Tesla, Microsoft. Those are the ones that pull the cart and make up the largest part of the index, the ones that carry the most weight. Therefore, of the €1,000 you invest, a good portion will go to these companies. 1,000 € or 100 € 50, whatever you invest, it doesn't matter. These large technology companies are pouring massive amounts of money into data centers and artificial intelligence infrastructure, and the market is rewarding them handsomely. Well, everything has been perfect, hasn't it? We can now downs. There have been several setbacks along the way. US inflation has risen more than expected. There has been tension surrounding the Iran conflict, which has driven up oil prices, and on top of that, valuations are already at levels we haven't seen since the dot-com bubble of the 2000s. The famous CAPE ratio, which indicates how a company's stock price compares to its earnings, was also established years ago and may no longer be relevant artificial intelligence, or perhaps it still is. But we've seen crazy things like SpaceX's IPO. If you compare the CPE ratio with the earnings of other companies like Apple, Google, and Tesla, and SpaceX, which is currently even losing money, how can it be so highly valued? Well, it's new reality. And here I want you to take away an important idea. Despite all those obstacles, the market has still risen. Because? Because the market doesn't go up or down for just one reason. It's a constant struggle between various forces, and this time the enthusiasm for artificial intelligence has outweighed everything else combined. In summary, the American portion of my portfolio has risen mainly due to artificial intelligence despite other potential drags such as inflation, oil, or high valuations. And this is something we need to internalize as investors: the stock market moves for many reasons at once, not just one. Let's move on to the next index fund in our portfolios, the Europe index. First of all, here's an interesting fact about the European stock market to provide some context. Last year, in 2025, Europe did something that almost never happens. It beat the SP500, achieving higher returns. The European index rose 17%, surpassing the American stock market, something that had only happened once in the last 10 years. In other words , the ugly duckling of investments once beat the king of the party. And it turns out that this good streak has continued into 2026. When I started investing in mid-February, the European market was already at high levels and has continued to Republic application, if I now look at the MSCI Europe index fund, I can see that my position is at +5.4%, just as I have it in my Excel. And why has the European stock market risen? Here the protagonists are different from what has happened with the American stock market. First, the banks. European banks are coming off their best year since 1997 with very solid profits, and this positive momentum has continued into 2016. (Incidentally, part of these profits are due to the fact that many people keep their money in traditional banks like Santander and BBVA, and then use that money to lend to others or keep it in a high-yield savings account with the interest rates, these accounts pay money simply for depositing the money there, which is what people do, and you don't receive anything in return.) Therefore, you traditional bank because they don't give you anything in return. Instead, put it in a bank that offers you something, ensuring you still have €100,000 secured and can withdraw it at any time without penalty. Second, the defense. Arms and defense companies are at record highs due to increased military spending across Europe because of the geopolitical conflicts we are experiencing. And even if we don't like the fact that there are weapons in the world , if other countries are much more have something with which you can defend yourself or at least something that can't threaten you. And third, raw materials, especially gold and copper. The latter is closely linked to electrification and the demand for data centers for artificial intelligence. However, it hasn't been a bed of roses either. We had a real scare in April. The European market fell sharply due to fears of an , with technology and industrial sectors leading the declines. But as is often the case, the market recovered afterwards. A warning for the future: valuations in Europe are no longer as cheap as they were a few years ago. The profit has risen considerably in the last 3 years. This does not mean that it will go down, but it does mean that from now on, for Europe to continue rising at the currently experiencing, real benefits will be needed, not just optimism. And this reinforces the same old idea once again. Each region of the world rises for its own reasons, and that's why diversifying is no longer just about making sense, it's an obligation as an investor. And now let's talk about the asset in my portfolio that has been the biggest rollercoaster ride so far this semester: Japan. And I'll give you a fact to start with that will surprise you. In the last year, the Japanese stock market has beaten the American stock market. The nk is Japan's best-known index, it has risen nearly 40% in the last year compared to the 11-15% 40% in the last year compared to the 11-15% of the SP500. Yes, you heard right, Japan, the country that had been the joke of investments for decades because of its lost decades, has been one of the best performing markets in the entire world. Look, when I started investing, let's open the reference website Morning Star again to see the chart of the Japan index. Look at how Japan has risen by 144% in the last 5 years . . quite a bit is that its currency, the yen, has weakened. But that has meant that Japan, since it exports quite a lot, for example, Toyota, the car company, when it used to sell a car for $30,000 to the United States, would get 4.5 million yen. As the yen weakened, when that 30,000,000 yen car was sold abroad later, as the yen fell, they received more and more yen until they received 4.8 million yen for that same car. Therefore, the company now has more yen, and within its country, which uses yen, it's as if it has more money, and that's why these companies that export a lot have been rising, causing the Nikkei index to rise. And look how when I and many of you started investing in February it was at all-time highs for Japan. I'm going to do Zuma for a year. See? I started around mid- February and then there was a dip, but I kept going up. Hence the roller coaster of going down a lot only to go up a lot again. Then we had this scare with the Hormuz Strait oil crisis which affected Japan quite a bit and caused prices to fall by as much as 10% in a few weeks . And then came another rollercoaster ride: when rumors began to circulate that the United States and Iran might reach a peace agreement, which they later saw them do and then undo however they wanted, at that moment Japan reacted with a force that had never been seen before. Specifically, on May 7, the Nickey, Japan's benchmark stock index, recorded its biggest ever rise in a single day. That's how strong that upward rebound was. And since then the index has continued to rise to all-time highs and is now stabilizing a Tade Republic application, the Japanese indeens fund is currently at +7.5%, which is how I have it in Excel. Well, it changes a few decimal places. This is because the price changes a little every day, and what I do, if I want to see it more up-to-date, is to put what position I see here, which is 427.31. I update it and there it is, 7.55%. exactly the same. And what lies behind all this beyond the Iranian baib and the Moud strait? Well, Japan has been going through a kind of silent revolution for some time now . For some years now, the Tokyo Stock Exchange has been forcing Japanese companies that have been sitting on mountains of money for decades without distributing value to their shareholders to start doing so for real, or else they risk being excluded from the exchange. This is uncovering a lot of value that was hidden, dormant. And I think this is a very illustrative example of why DCA works so well. Because if we make regular contributions, we will achieve an average market price. Since we cannot what we do is constantly invest, and there will be times when times when we will invest when they hit a very sharp drop. It's not about keeping an eye on the news and trying to guess what's going to happen, but about investing for the long term without dedicating any of our time. Okay, let's move on to emerging countries to cover more of the world. Here we have countries like China, Mexico, India, Brazil, Taiwan, and South Korea. Let's look at the chart because they're also coming off a spectacular 2025. I'm also coming off a spectacular 2025. I'm putting it over 5 years to see how from putting it over 5 years to see how from 2025 to 2026 it has risen by about 25%, which is a lot. And this trend is expected to continue into the first half of 2026. And who has been driving the growth of emerging countries to such a significant increase ? Especially two countries, South Korea and Taiwan, thanks to the semiconductor boom and their central role in the entire supply chain of the divining artificial intelligence. China has also returned to the party. Its technology sector has been revived, driven by the emergence of its own AI, Deepsik, I do boom that came out and competed with CHG GPT and all that, and by policies of the Chinese government that are supporting technology companies. And India continues to perform well thanks to domestic demand, although it had been coming off a somewhat weaker year. As with the rest of the portfolio, we also had a scare here in April. The conflict in Iran caused oil prices to rise, and this usually leads to money flowing out of emerging markets into the dollar because it is considered a safer haven . We'll talk later about this issue of money leaving riskier assets or equities, safe assets like some we have in our portfolio. Emerging economies are historically the most sensitive to this type of geopolitical tension. And with all these things pushing and pulling, in the end, emerging countries in which I have had my portfolio for six months are at + Great, just like I have it written down in my Excel. And for now, let's put equities on hold; we'll come back to them later. I say this because we have gold and Bitcoin, but we're talking about index funds that we have, and we have one fixed income fund. Look, if I'm going for the long term, like 20 or 30 years, I could perfectly well not have any fixed income at all, but it's useful for me to have it to those of you who do want to incorporate fixed income and perhaps with different percentages than mine, because in my portfolio, where I keep track of the changes, you can see that I only have 3% in fixed income. But if it suits you better in your case , if you're more risk-averse, if you're 60 years old, if you're not thinking have more fixed income. But here's where something quite surprising comes in. Look, in my T Republic app I have a Vanguard Global Bond Index EUR fund, blah blah blah, with currency hedging because we don't want any surprises here, and it's a bond fund, meaning you're lending money to But the return I've seen, which is 6 months, which is something, isn't that long term, but hey, I've had it for 6 months and it's at -1.47%, so yes, of course, we have parts of the portfolio that are going down. And now it teaches you more, but you don't find it curious, many people ask, that fixed income is in negative territory. The first thing to understand about this is that fixed income does not mean that the price of your investment in your fund will move, as we have already seen, because one thing is the individual product in which you invest, which are bonds, as opposed to equities, which are shares of companies. These are bonds where you grant a loan to the United States government because it is going to build a bridge, and that bond pays interest. In other words, if you buy a bond today that pays 2% interest, it's because when the bond is issued, interest rates are in line with Speaking of that, and this will also be useful later, in this case focusing on the Federal Reserve Bank of New York, that is, the United States, we can see the interest rates. I'd better go to a graph, I don't know if it sounds familiar, but back in the 2000s they were very high, around 7%, and they evolved like this. There was a time in 2009 after the crisis of 2008, 2009, 2010 , blah blah blah, up to 2016 when interest rates were at zero or even negative, then they went up a bit, down, up quite a bit, and now we can consider, depending on how much you look at it, how far back you want to go, but that they are relatively high or average, so to speak, around 3 and something. So, of course, I know I'm rambling a bit, but that's the idea of ​​this video: 6 months, to understand investments a little better and learn as an investor. Since we're investing, right? But if you invested in a bond, you bought it, for 're not exactly doing, we're investing in an index fund that invests in many bonds—but to explain it to you, if you buy a bond for explain it to you, if you buy a bond for €100 and they're giving you 1.5% interest and it's for 10 years, it means that every year, in fact, every quarter, they give you the proportional amount of 1.5%, and when those 10 years are over, they return the €100 to you. So if you wait until maturity, you don't lose that money; instead, they return it to you, receiving those interest payments. But what if you want to sell it early years go by and now interest rates are at 5%. A person who now wants to invest in a bond can do so by buying one from the United States and they are paid 5%. It's better than your bonus. If you want to sell it, you have to set a lower price to make it attractive compared to what's being offered now. That is why the price of a bond before it reaches its maturity can vary, for better or for worse. In fact, if interest rates rise, your fixed-income bond price falls, and if of the bonds you previously invested in, i.e., your fixed-income index fund, rise. So, the point move, it can even be negative, but it's much smoother than equities; there are no mega-drops, we're talking about a few times in history when it can drop quite a bit. Look, here I am in the fixed income fund I 'm investing in, the same one I took from my Excel spreadsheet. I'm going to put the maximum here and we can see now that it's loaded that even here from mid-2021 to mid-2022 it had a pretty spectacular drop, and it depends on the fund; it may be that its investment structure has bonds whose maturity is, for example, between 1 and 30 years. That means that if some bonds already have a maturity of 11 months, that's less than a year, so they will be sold even before maturity, so it could also be due to market conditions, are in negative territory. So that's also why the a better idea, in this case, looking from 2014 to 2026, which is 12 years, it has risen by 6%. In 12 years that's a 0.5% annual return, which is very little. Which also makes me wonder, wouldn't it be better to invest in savings accounts or deposits that at least give you 2%? Well, a 2% rate currently exists in times when if if they rise to four, as we saw a little over a year ago, then they pay 4%. This could be the subject of another video on studying fixed income in detail , but this is the theoretical explanation of why a fixed income fund Therefore, as I have already shown you before, this investment is in the negative, 1.7%. Now let's return to equities to look at the gold investment, which I didn't start complement to my portfolio that I started a couple of months later than the other investments. In my Trade Republic application, it's not an index fund because there is n't one. Index funds usually have to include several things and gold is just one thing, but we can find it in ETFs, which I have here. By the have other investments like individual stocks. This is because of the typical thing of having my friend's link in the description and giving us both a share of the stock if you register with my link, the usual. So that's why . But the important thing here is this Physical Gold ETF, which I currently have at -6.4%. Gold, the safe haven asset. What happened here, Ricky? Okay, I'll explain it to you by opening the chart. The first thing to note about gold, and if you look at other years, is that it more or less maintained its status as a safe haven, providing some return, though not much. It is used when people are going well, but then something explodes or there is some speculation, like the price of oil, so some money is withdrawn from equities for like the dollar, which we will actually discuss now. And to see the graph first, notice that it came from those levels and went up in recent years, for example, since 2023, a spectacular 150%. single stock, we're talking about gold, the safe haven asset, which has risen 154% in just 3 years. And after this we have seen a fairly sharp drop in gold, marking a drop of roughly 20% from its all-time highs so far. And here comes the interesting part I was talking about. Gold usually rises when there is a war or crisis, because people seek refuge there; gold, a refuge, I'm sure you've heard of it. But with the conflict in Iran, this has not happened; instead, gold has fallen . Because? Well, for reasons that together have outweighed that fear. First, gold had already risen tremendously, as we have seen. And when something goes up so much, many people accumulate huge profits, especially in something as traditional as gold, with so much money invested in its market capitalization. So when liquidity is needed elsewhere, the first thing to be sold is what has earned the most. Second, interest rates. Gold does not pay interest or dividends. So when bonds pay a lot because rates are high, as we have seen in the chart, which are currently at 3 and change speaking of those of the United States, gold loses attractiveness compared to this other investment. And it is precisely the war that has driven up oil prices, which has fueled fears of inflation. And that has led people to think that interest rates will remain, as they are quite high, for a longer period. In other words, the war itself has fueled normally something like a war makes money move into gold, but in this case, it has made gold less attractive, and instead, people are moving to another safe haven like the dollar or government bonds. And with this I want to send you an important message. This does not mean that gold has stopped working as an investment. Large banks continue to see good prospects in the medium term. It's simply a normal correction after a perfect example of why diversifying makes sense. If I had let myself be carried away by the panic of war, the Street Moh of oil, and had rotated my entire portfolio towards gold, I would be worried right now. different investments, some compensate for others, and then we will do a final balance of the entire portfolio after six months. Okay, let's move on to another complementary investment I have in my portfolio, which is Bitcoin. Bitcoin reached an all- which is Bitcoin. Bitcoin reached an all- time high in October 2025 and has since dropped by 50%. In my case, I started investing in Bitcoin in this wallet at the beginning of April and as I can see in my portfolio, in the section not of securities account, but crypto wallet, I can see that I only have Bitcoin currently with a drop of 6.7%. Well, at least it's not that 50%. Partly because I started in April and partly because my recurring contributions are increasingly lower because Bitcoin is falling, which helps to lower the average purchase price of Bitcoin. And what's happening with Bitcoin? Mainly two things. Sometimes it's more difficult to analyze because when we talk about an index fund of the US S&P 500 , we're talking about almost the entire macroeconomy of the American stock market, then that of Europe. Bitcoin is just one thing, like a company, but not an companies. And the two main things that have happened are one that, due to the Bitcoin halving cycle, technical things, in theory this year 2026 was supposed to be a bear market and so it has been. And on the other hand, the rise of portion of the money that seeks those investments with a little more risk in exchange for a potentially higher return. And speak, it's money that's being invested in AI and not so much in Bitcoin. It's a dinosaur that we can even say is rotating, added to the fact is making this drop spectacular, but it more or less complies with the Bitcoin cycles. I personally find Bitcoin very interesting and in fact I invest considerably more money in Bitcoin than I show here. That's because I do it separately, but in this portfolio, which is a bit more geared towards the general public, being more mathematically responsible, I leave it as just a part of my portfolio, which again here I summarize the weights, how much I'm since May and I'm not changing anything lately. The changes from before will also be minimal; it will be adding gold or Bitcoin, changing the percentage a little. We're investing for the long term; there's not much to do each month. That speculate in the short term, but it's true that I've been encouraged by Bitcoin, obviously warning that what I think will happen position is, and it is the following. In theory, this year is supposed to be a bear year, and it's coming true; it could fall by around 50% or a little more and is expected to reach $60,000. I always talk about Bitcoin in relation to the dollar, which has already reached 60,000, and even touched 59,000. Who knows if we'll rebound a bit now, as it's been doing, to keep going down to doing, to keep going down to who knows if the price of Bitcoin will reach $50,000, and from the third quarter onwards, which is usually good for Bitcoin, and then the following year, which is no longer bearish but bullish, might start to take off from October onwards, something like that. Obviously it's speculation, it's not a crazy idea of ​​mine, but rather what is usually analyzed. It is also true that anything can happen, that when many people expect something, it's like the stock market anticipating it, and it may happen sooner. In short, this was just a brief aside to explain a little about Bitcoin and perhaps future projections, but honestly, it's all short-term speculation. Speaking of Bitcoin in a few years, I don't consider it speculation, but rather it has investment arguments, such as its but we'll leave that for another video. And finally, the last asset in my portfolio is a pension plan, in this case with the My Investor platform in a global index fund, which is a bit like the rest of my portfolio, which invests in shares of hundreds of thousands of companies from the United States, Europe, Japan, Asia. And the great thing about a pension plan is that you can lower your income tax base by up to €1500 each year. That's why I invest €125 a month, and it's a tax advantage. Be aware that later, when I want to withdraw is currently blocked for 10 years, except for justifiable exceptions, I used to be able to retirement, but now you have to wait 10 years, which is better, and you want to emphasize that the moment you withdraw it, it will be added to your income tax base, so it's not so much an advantage of paying less tax, but rather an advantage of tax flexibility. I can choose to pay less now and pay more later. Or who knows if I can endure it until retirement, when I'll have less income. Therefore, I am in a lower income tax bracket and, therefore, I did end up paying less tax because it is understood that perhaps I am in the prime of my working life. Very well, and that's how all my of my life as an investor in this portfolio. In general, we can't draw many conclusions because if we invest long-term, a 20-year plan, as is my case, 6 months is nothing. Right now I'm in positive territory, at 3.2%, but I could very well be in negative territory, especially considering that the largest portion of my portfolio is in equities. But it's nice to review it and understand that things are working as they should, as they are. Let me know in the comments if you liked this format of analyzing investments in more depth, and what has happened lately. And if this video has helped you gain more confidence with investing, smash that like button! In the description you have the links to the platforms I use with bonuses for creating an account, as well as you free newsletter, where I also give some updates on this portfolio and I also share the Excel file for free every month in both Google Sheets Thank you so much, see you in the next videos and next month for a new videos and next month for a new update. M.