We work with primary sources — reports from multilateral agencies, production and export data from government bodies, specialized academic literature, and sector-specific technical documentation. We complement this with geopolitical analysis and policy monitoring in key producing countries. Because we sometimes work with commodities that do not trade on futures markets, we also draw on corporate reports, news, and non-financial information to navigate opaque markets where conventional data is scarce or absent.

We treat them as structural variables with real operational and strategic consequences. Geopolitics determines supply routes, access to reserves, and regulatory stability in producing countries. ESG factors — environmental, social, and governance — condition project viability, access to financing, and the regulatory frameworks under which extractive industries operate. We do not approach them as reputational narrative, but as concrete risks that affect the cost structure, development timelines, and operational continuity of the assets we analyze.

Our theses operate over horizons of approximately one and a half to six years. Commodity markets move through long cycles — infrastructure, exploration, energy policy — that short-term analysis systematically underestimates.

We publish a portion of our research as an effort to reflect and think critically about commodity and capital markets. We do not publish financial models or detailed analyses of specific events. What we share is foundational thinking — the frameworks, questions, and tensions that guide our work.

Our research focuses on critical metals and energy — materials whose strategic relevance is being redefined by the energy transition, the reconfiguration of global supply chains, and geopolitical tensions between producing and consuming powers. Within that universe, we follow markets with high information asymmetry and low institutional analytical coverage.

We operate with proprietary capital. This allows us to maintain long investment horizons, avoid liquidity pressures, and take positions where market consensus has not yet arrived.

A thesis is born from research, not from the market. We identify structural imbalances — between supply, demand, policy, and geopolitics — that the current price does not yet reflect. The thesis takes shape when those imbalances have a clear direction and a reasonable resolution horizon.

Conventional financial analysis is a valuable tool, but it works primarily with outcomes — what operations, strategy, and risk management have already produced and recorded in financial statements. We work at the prior layer: the drivers that determine those results.

In commodity markets, that means reading the geology, the politics, the operational structure of projects, the culture of the companies developing them, and the regulatory frameworks under which they operate. The numbers come later. Those who understand the causes first arrive at the consequences ahead of the market.

We have a small team of hybrid professionals — people whose backgrounds span finance, the social sciences, and other disciplines — because we believe that thinking from multiple angles is not a weakness, it is a methodological advantage in markets as complex as commodities. Beyond that, we don't hire — we collaborate. We are open to dialogue with researchers, analysts, and independent thinkers who share the conviction that the most important movements in commodity markets are rarely financial in origin.

Through conversation. We have no formal roles or selection processes. If your work or your questions resonate with ours, the starting point is simply to reach out.

Habemus Media S.A.S. is the Colombian legal entity under which Habemus operates. It is the institutional vehicle that supports our research and investment activity.