WE HELP
YOU EARN
ON INVESTMENTS AROUND
THE WORLD
WE ARE GONZO
We are an investment advisor who helps buy undervalued companies before everyone understands their true value and prospects. A good company has temporary losses, difficulties or unpopularity. We are always there and ready to invest. When the market is in euphoria or panic, we have no emotions. We are ‘dead investors’ who build a balanced portfolio of international businesses and bonds for you.

We make money all over the world, but our love is Ukraine. And what's important is that it is an incredibly undervalued market with high profit potential. There was a time when investors were making huge amounts of money in Japan, South Korea or Poland. Today, Ukraine offers such opportunities, and we prove it with our deals.
OUR AGREE-MENTS
Let's start with our most famous deal, which perfectly illustrates our investment strategy. We became the second shareholder of the largest coke plant in Europe. We bought a loss-making enterprise for a pittance, but sold our stake to Rinat Akhmetov, the richest man in Ukraine, for 54 times more. How did we do it?
In 2015, our founder, Paul Boiko, analysed the global situation in detail. He realised that steel and coking coal would rise in price in the near future. Large-scale construction in China and reduced supply would push prices up. At the time, 90% of Avdiivka was owned by Rinat Akhmetov. His holding company Metinvest did everything it could to drive down the company's value on the stock market and buy it for nothing. He removed the company from the stock exchange, conducted black PR and withdrew profits through artificial pricing. Paul immediately realised that this would be an incredible deal and started buying shares in the very unprofitable company at that moment.
The company's share price is going through the roof, but we are buying everything we can. Everyone looks at us like we're crazy, but logic and common sense always prevail. We gradually consolidate 1.4% of the company in our hands, and then everything goes according to plan. Record industry and company profits. Retained earnings of 36 times our purchase price. Dividends of $0.6 per share to be paid.
At that time, Akhmetov's business violated Ukrainian law and managed to force us to sell him shares at $0.6 before the dividend was paid. We defended our rights for 3 years, and in the summer of 2022, the Supreme Court of Ukraine made a fair decision. By 2025, everything was settled. Rinat Leonidovich's structures compensated us based on the value of the shares at $2.16. For every dollar we invested, we received $15 in 2018 and after winning the case, we received another $39. The profit was 5400%. Paul alone won $1.5 million in the Supreme Court.
1. The upcoming increase in global steel and coking coal prices.
2. Freezing of the conflict in Donbas.
3. Metinvest's need for external financing, which will force it to show real profits
4. Extremely low valuation of the business on the stock market. We bought 1 share on average for $0.04
5. Significant long-term potential of the company.
The main reasons for buying the company:
Purchase of Avdiivka Coke Plant
OUR AGREEMENTS
Other interesting deals in various sectors of the economy
235% stake in Ukrnafta. Purchased in 2018, when the company was unprofitable and partially controlled by Kolomoisky. We bought the stock in anticipation of rising oil prices and knowing that Kolomoisky would not have total control over the company in any case. The company was fundamentally undervalued. We bought a loss-making business at a price of $4 per share, and the following year it made a profit of $4.4 per share. The dividends alone were more than our investment. However, we have to go to court to get dividends. This is the reality of Ukraine.
2021 year
This year, we also profited from the fall in the value of equities and raw materials. We were confident that the US stock market would experience difficulties in 2022. Our founder said this in every interview and in many posts, and of course, he put it into practice. Paul publicly gambled on Tesla's downgrade when it was worth more than the entire global automotive industry. That was just the beginning. Next, we earned 37% on the fall in oil prices through the SCO fund in June and July. Then there was a 101% profit on the fall of US technology companies through the SQQQ fund in August and September. It was a year of playing the downside of US tech companies.
2022 year
342% profit at Interpipe. A very undervalued company of Pinchuk's. We understand that the Russian market will be opened to it after Zelenskyy is elected president. We bet on a quick resale immediately after the election. We have not had any unprofitable deals in the entire time we have been working with our clients. Of course, investing, like business, is always a risk, but those who never take risks are the ones who take the most. The world is very diverse and creates imbalances in the market, which we will certainly take advantage of. So many incredible deals are waiting for us!
2019 year
Losses turned into opportunities. Andriy Verevsky, the richest farmer in Eastern Europe, took advantage of the war to force small shareholders to sell him all their shares in violation of the law. According to international estimates, Kernel is worth more than $2 billion. At the same time, they made an additional issue of shares for themselves as if the company was worth $20 million. They did not allow anyone other than their companies to participate. This was just one step in Verevsky's plan to take over Kernel for nothing. In response, Paul rallied international investors and launched legal proceedings in Luxembourg, while simultaneously giving these events international publicity. The Financial Supervisory Authority of Poland (where the shares are listed) froze Kernel's actions. Polish Minister of Finance Andrzej Domanski said that Kernel is a threat to the stock market and the Polish parliament is holding a meeting on this issue. At the moment, Kernel is trying to delay the case as much as possible. This story is similar to the situation with Avdiivka Coke, but on a much larger scale. Back then, they wanted to buy the company for 28% of its real value. Now they have made an additional issue for 1% of the real price.
We bought Kernel shares very cheaply, but after this scam they fell by 59%. We took the opportunity to increase our portfolio by 3 times. In 2023, we suffered losses, but in 2024, this deal became profitable for us.
2023 year
177% profit at Bank Aval. Ukraine's banking system collapses. Massive bankruptcies and nationalisation of the largest private bank. At that time, we decided to invest in the bank. We bought it based on its loan portfolio, management and because the European Bank for Reconstruction and Development was becoming a co-owner and investing its capital in Aval Bank. Time has shown that Aval was the only truly successful bank. It made more than 100% of the profit of the entire banking system, while other banks were unprofitable.
2017 year
117% return on Ukrainian government bonds (external debt bonds). After the start of Russia's full-scale invasion, panic and panic selling of Ukraine's debt began. A year after the war started, prices were as if the country was occupied and would soon go bankrupt.
We were buying bonds at 16% of face value at a time when the Russians had been pushed back from our capital and most of the territory in the east and south had been liberated (Kherson and Kharkiv regions). A positional war began. At the same time, it was clear that Ukraine's debts would be restructured and that Western countries would actively help Ukraine. Ukrainian debts turned out to be the world record holders for the growth in value over a year. We took advantage of this.
2024 year
Other interesting deals in various sectors of the economy
177% profit at Bank Aval. Ukraine's banking system collapses. Massive bankruptcies and nationalisation of the largest private bank. At that time, we decided to invest in the bank. We bought it based on its loan portfolio, management and because the European Bank for Reconstruction and Development was becoming a co-owner and investing its capital in Aval Bank. Time has shown that Aval was the only truly successful bank. It made more than 100% of the profit of the entire banking system, while other banks were unprofitable.
2017 year
Losses turned into opportunities. Andriy Verevsky, the richest farmer in Eastern Europe, took advantage of the war to force small shareholders to sell him all their shares in violation of the law. According to international estimates, Kernel is worth more than $2 billion. At the same time, they made an additional issue of shares for themselves as if the company was worth $20 million. They did not allow anyone other than their companies to participate. This was just one step in Verevsky's plan to take over Kernel for nothing. In response, Paul rallied international investors and launched legal proceedings in Luxembourg, while simultaneously giving these events international publicity. The Financial Supervisory Authority of Poland (where the shares are listed) froze Kernel's actions. Polish Minister of Finance Andrzej Domanski said that Kernel is a threat to the stock market and the Polish parliament is holding a meeting on this issue. At the moment, Kernel is trying to delay the case as much as possible. This story is similar to the situation with Avdiivka Coke, but on a much larger scale. Back then, they wanted to buy the company for 28% of its real value. Now they have made an additional issue for 1% of the real price.
We bought Kernel shares very cheaply, but after this scam they fell by 59%. We took the opportunity to increase our portfolio by 3 times. In 2023, we suffered losses, but in 2024, this deal became profitable for us.
2023 year
342% profit at Interpipe. A very undervalued company of Pinchuk's. We understand that the Russian market will be opened to it after Zelenskyy is elected president. We bet on a quick resale immediately after the election. We have not had any unprofitable deals in the entire time we have been working with our clients. Of course, investing, like business, is always a risk, but those who never take risks are the ones who take the most. The world is very diverse and creates imbalances in the market, which we will certainly take advantage of. So many incredible deals are waiting for us!
2019 year
This year, we also profited from the fall in the value of equities and raw materials. We were confident that the US stock market would experience difficulties in 2022. Our founder said this in every interview and in many posts, and of course, he put it into practice. Paul publicly gambled on Tesla's downgrade when it was worth more than the entire global automotive industry. That was just the beginning. Next, we earned 37% on the fall in oil prices through the SCO fund in June and July. Then there was a 101% profit on the fall of US technology companies through the SQQQ fund in August and September. It was a year of playing the downside of US tech companies.
2022 year
235% stake in Ukrnafta. Purchased in 2018, when the company was unprofitable and partially controlled by Kolomoisky. We bought the stock in anticipation of rising oil prices and knowing that Kolomoisky would not have total control over the company in any case. The company was fundamentally undervalued. We bought a loss-making business at a price of $4 per share, and the following year it made a profit of $4.4 per share. The dividends alone were more than our investment. However, we have to go to court to get dividends. This is the reality of Ukraine.
2021 year
117% return on Ukrainian government bonds (external debt bonds). After the start of Russia's full-scale invasion, panic and panic selling of Ukraine's debt began. A year after the war started, prices were as if the country was occupied and would soon go bankrupt.
We were buying bonds at 16% of face value at a time when the Russians had been pushed back from our capital and most of the territory in the east and south had been liberated (Kherson and Kharkiv regions). A positional war began. At the same time, it was clear that Ukraine's debts would be restructured and that Western countries would actively help Ukraine. Ukrainian debts turned out to be the world record holders for the growth in value over a year. We took advantage of this.
2024 year
NO ONE WILL EVER SELL YOU A MILLION FOR 300 THOUSAND, BUT IT HAPPENS ALL THE TIME IN THE STOCK MARKET
OUR STRATEGY
We always analyse global and national markets, company revenues and expenses, value of assets and liabilities, cash flow, cost structure and management, competitors' strategy and legislation. The personality and psychology of the owners and much more in the process of fundamental analysis.
The core of our business is investing in undervalued companies, but we always look at any opportunity to grow our capital. Bonds, real estate, raw materials and playing the downgrade game. But there are some things we will never buy in our lifetime. Breakthrough unprofitable ‘new technology’ companies that promise to change the world, or simply companies that are unreasonably expensive.
Then we use logic and various ratios to value the business. We compare our valuation with the current share price and make a decision. Because today people buy a dream or a panic, but sooner or later a business is worth as much as it will generate in profit. Today, the value of a share is determined in the voting booth, but in the long run, its value is always determined on the scales.
Usually, up to 10 securities make up more than 90% of our portfolio. We believe that it is better to acquire one incredible company in an industry than to buy five less interesting businesses. We do very few deals, because each time it means additional execution costs plus a spread (the difference between the purchase and sale price).
Our strategy is best revealed by the description of the deals
We advise you to read about them, and even better to talk to us
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THE FOUNDER OF GONZO
I founded Gonzo invest.
I moved to Kyiv and rose from salesperson to director of a supermarket chain. With partners, I built a pharmaceutical business and later led market leaders across various industries, from chemicals to food. But investing was always my true passion, driving me to execute landmark deals in Ukraine. Eventually, I chose to stop leading a double life—my one true love is the stock market.
I discovered the stock market at age 10 after reading The Financier by Theodore Dreiser. Fascinated, I even taught other kids about bonds and monopolies, but the Soviet Union had no stock market, so I had to wait. Later, my heroes became Benjamin Graham, Warren Buffett, Charlie Munger, Arnold Schwarzenegger, and Salma Hayek.
My name is Paul Boiko and I help hundreds of people from all over the world invest. From 2017 to 2024, I managed to earn 1560% for the Gonzo community, with the US market growing by 160% and the Ukrainian market falling by 18%.
our team
Managing partner and Paul's right-hand man. Expert in undervalued assets, long-distance running and value investing. He has over 10 years of experience in equity research.
Of course, we have not mentioned everyone. Our team includes financial monitoring specialists, auditors, independent directors and other professionals. You may never meet them, but their work ensures our success every day.
Alina has extensive experience in the banking sector. She manages assets and the area related to financial institutions.
Andrii Salanets
Alina Shatska
Asset Manager. Has more than 10 years of experience in the stock markets of Ukraine and the world. In her spare time, she is responsible for the visual beauty and design of everything we do.
Anna Boiko
An investment company must have a girl with a Jewish surname. She will help you invest and earn money by managing your capital.
Valentyna Richterman
Nina Eysmont
Yes. Let's face it. Jewish surnames are no accident. We are the financial arm of the Rothschild empire) She will help you invest based on the centuries-old traditions of European banking houses.
If you have read this far, we have a pleasant surprise for you!
Visit our office and we will give you a copy of Benjamin Graham's book The Intelligent Investor. This is our small contribution to the development of financial literacy in Ukraine.

Address: 21a Mykhailivska St., Kyiv
WE BUY INCREDIBLE COMPANIES, WHEN NO ONE BELIEVES IN THEM AND WE HOLD THEM FOR THE LONGEST TO GET THE MAXIMUM PROFIT
Cooperation with us
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OUR CONTACTS
Kyiv, Mykhailivska street 21a
The information posted on this site is for informational purposes only and does not guarantee investment returns. Investing in securities involves risk. The value of investment assets can both increase and decrease. Gonzo is not responsible for any damages incurred as a result of any use of the site services.
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