Broadcasting from Madrid after two full days on the ground, Ronan opens this dispatch with his first impressions of a city that has surprised him. Long viewed through the lens of Spain’s post-2008 economic crisis, Madrid now looks very different: vibrant, walkable, architecturally grand, economically resurgent, and increasingly positioned as a major global city with strong rental potential and long-term upside.

Ronan reflects on why Spain may be especially well placed in the years ahead—from its quality of life and global appeal to its cultural and economic ties to Latin America. He also explains why Madrid today reminds him of other great European cities before they fully priced in their global status.

But the heart of this episode is forward-looking. Ronan walks listeners through his upcoming scouting calendar, explaining the logic behind each stop and the investment thesis he’ll be testing on the ground. That includes further work in northern Portugal and Galicia, a first look at Ensenada’s Baja coast, renewed scouting along Nicaragua’s South Pacific, an exploratory trip to Paraguay, and a return to Panama to review current opportunities and pipeline deals.

For Ronan, this is a reminder of what the work really looks like: forming a thesis, putting boots on the ground, challenging assumptions, and testing whether a place truly stacks up as a real opportunity.

In This Episode

Ronan covers:

• His first impressions of Madrid after two days on the ground
• Why Spain may be better positioned than much of Europe in the years ahead
• Madrid’s rental market, pricing, and world-city potential
• Why Galicia is increasingly on his radar as an extension of the northern Portugal story
• The case for scouting Ensenada and the Baja coast south of San Diego
• Why Nicaragua’s South Pacific deserves another close look
• What sparked his first scouting trip to Paraguay
• Why Panama remains such an important regional hub and opportunity set
• How Ronan approaches market scouting, bias-testing, and thesis-building

Key Takeaway

The best opportunities often begin with a shift in perspective. Whether it’s Madrid, Galicia, Ensenada, or Paraguay, the process starts the same way: challenge old assumptions, get on the ground, and see whether the macro story holds up in real life.