About Unpriced

Javier Angulo studied Computer Science at Universidad Pontificia Comillas in Madrid and spent approximately twelve years working as a software developer.

His interest in investing began with dividend investing and gradually developed into a broader study of fundamental analysis and value investing. Over the following years, his focus increasingly shifted toward small-cap companies and special situations — areas where limited coverage, complexity or unusual circumstances can create opportunities for individual investors willing to do the work.

That evolution eventually led to Unpriced Research.

Unpriced is an independent research project built around a simple idea: writing an investment thesis forces you to think more clearly about it. Publishing that thesis goes one step further — assumptions become explicit, mistakes remain visible and results can be judged against what was actually believed at the time.

The research therefore isn't restricted to a particular investment style. The current emphasis on overlooked companies, small caps and special situations reflects where Javier believes an individual investor can often find particularly interesting opportunities, rather than a permanent mandate.

Unpriced also serves as a public record of that research. Every published thesis remains available after the outcome is known, including ideas that don't work. The track record follows published research ideas and does not imply that each idea was held in a personal portfolio.

Javier does not have a professional background in finance. His approach has been developed through several years of sustained independent study, investment courses and company analysis.

He is based in Madrid, Spain.

Unpriced is not affiliated with any investment firm, and it manages no money for anyone.