Most investors will never hear the name Auna.

But you will, because Porter & Co. is developing an emerging-markets research practice. We plan to formally launch our emerging-markets research product next year. It will be, like all our forthcoming new products, for our Partner Pass members only.

Why now? Because everyone believes artificial intelligence (“AI”) is an American story. Nvidia, the hyperscalers, the trillion-dollar spending plans – that’s all American. But the binding constraint on AI is no longer chips. It's power – cheap, constant, always-on electricity. A data center doesn't care what flag flies over the substation. It cares about the price per kilowatt-hour.

The search for cheap, continuous power will drive massive amounts of capital into emerging markets. How do we know? Because for the last 15 years, Bitcoin miners have done exactly that. They hunt the cheapest electron on Earth – flared gas in West Texas, geothermal in Iceland, hydro in Paraguay, volcanoes in El Salvador.

The strategy is easy to understand: Tiny economic base meets global AI spending boom.

Most subscribers won’t remember... but I began my career in finance as an emerging-markets analyst. I’ve seen exactly what can go wrong for U.S.-based investors. Our strategy comes down to one sentence – make sure you get paid to take these risks.

In July, I showed you the first idea that fits our strategy – BB Seguridade (BBSEY), the insurance arm of Banco do Brasil. It earns a return on equity near 90% by selling policies across the counter to the bank's 90-million-plus customers. It trades for about 8x earnings and yields around 12%.

Internally, we've been following eight other stocks alongside it. China Overseas Property (2669.HK) is a Hong Kong-listed property manager with net cash equal to about 62% of its market cap. Itaú Unibanco (ITUB) and Banco Bradesco (BBD) are Brazil's premier private banks. Grupo Financiero Banorte (GBOOY) is Mexico's best-run domestic bank. Vale (VALE) is the iron-ore giant. On the watch list sit China Mobile (0941.HK), CNOOC (0883.HK), and Petrobras (PBR).

How have they done?