Helping you earn from
value-driven investments worldwide
WE ARE GONZO
We are an investment advisor helping clients find undervalued companies before everyone realizes their true value and potential. A good company may face temporary losses, difficulties or unpopularity. We always stand by and assist in making well-considered investment decisions. When the market is euphoric or panicking, we show no emotion. We stay unemotional even when markets go manic and build a balanced portfolio of international businesses and bonds.

We earn across the world, but our passion is Ukraine. And that matters, because it is an incredibly undervalued market with high profit potential. There were times when investors made huge money in Japan, South Korea or Poland. Today, such opportunities are offered by Ukraine and we back it up with our deals.
OUR DEALS
Let’s start with the most famous deal, which perfectly reveals our investment strategy. Our founder, Pavlo Boiko, became the second-largest shareholder of the largest coke plant in Europe. We bought a loss-making enterprise for almost nothing, but sold our stake to the richest man in Ukraine, Rinat Akhmetov, at 60 times the price.
How did we manage to do this?
The company’s share price was near zero, but we bought as much as we could. Everyone looked at it like it was madness, but logic and common sense always win. He and his partners gradually consolidated 1.4% of the company, and then everything unfolded according to plan. Record profits in the sector. Retained earnings were 36 times the purchase price. Dividends of $0.6* per share were declared.
In 2015, Pavlo thoroughly analyzed the global situation. He realized that steel and coking coal would rise in price in the near future. Large-scale construction in China and a reduction in supply would push prices up. At that time, 90% of Avdiivka belonged to Rinat Akhmetov. His holding, Metinvest, was doing everything possible to undervalue the company on the stock market and buy it for almost nothing. They delisted it, ran black PR, siphoned off profits through artificial pricing. Pavlo immediately understood that this would be an incredible deal and started buying shares of what was then a very loss-making company.
At that time, Akhmetov’s business violated Ukrainian law and forced us to sell our shares for $0.6 right before the dividend payment. Pavlo defended his rights for 3 years, and in the summer of 2022, the Supreme Court of Ukraine made a fair ruling. By 2025, everything was finally settled. The structures of Rinat Leonidovych compensated us for the money at a fair valuation of $2.16. This included inflation and lost profits for those years.
Every dollar we invested returned $15 and after the court win, $45. The profit was 5900%. The Supreme Court awarded Pavlo alone $1.5 million.
  1. Future rise in steel and coking coal prices globally.
  2. Freezing of the conflict in Donbas.
  3. Metinvest’s need for external financing, which would force them to show real profits.
  4. Extremely low market valuation. We were buying at an average of $0.04 USD per share.
  5. Significant long-term potential of the company.
The main reasons for buying the company:
Purchase of the 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
235% on "Ukrnafta". The position was opened in 2018 when the company was unprofitable and partly under the control of Ihor Kolomoiskyi.
The investment decision was based on the expected rise in oil prices and the assumption that Kolomoiskyi would not regain full control of the company.
From a fundamental perspective, "Ukrnafta" was wildly undervalued. Shares were bought at around $4, and the very next year, the company earned $4.4 per share in profit. The declared dividends alone exceeded the investment amount. However, as often happens in Ukrainian reality, collecting those dividends required going to court.
2022 year
342% profit on "Interpipe" one of the most undervalued companies of Viktor Pinchuk. The position was based on the assumption that after Volodymyr Zelenskyy’s election as President of Ukraine, access to export markets would be restored and capitalization would continue to grow.
The exit from the position occurred shortly after the election.
Investments, like business, always involve risk. But the most rewarding are those who never stop taking risks. The world is very diverse and full of market distortions and it’s exactly in those distortions that the best deals are born. And many such opportunities lie ahead!
2019 year
Losses that turn into opportunities. The richest agribusinessman of Eastern Europe, Andriy Verevskyi, took advantage of the war and, in violation of the law, forced minority shareholders to sell him all their shares.
By international valuation, Kernel is worth over $2 billion. At the same time, they issued new shares for themselves, valuing the entire company at just $20 million. No one outside their own companies was allowed to participate. It was just one of the steps in Verevskyi’s plan to absorb Kernel for almost nothing.
In response, Pavlo united international investors and launched legal proceedings in Luxembourg, while also making the situation public internationally. The Polish Financial Supervisory Authority (where the shares are listed) froze actions with Kernel. Poland’s Finance Minister Andrzej Domański stated that Kernel poses a threat to the stock market, and the Polish parliament is holding hearings on the issue.
At this point, Kernel is trying to delay the case as much as possible. The story closely resembles the Avdiivka Coke Plant case — just on a larger scale. Back then, they tried to buy out the company at 28% of its actual value. Now, they conducted an additional share issue at 1% of the real value.
Kernel shares were bought at extremely low prices. After the announcement of the controversial additional share issue, they dropped by 59%, creating an opportunity to triple the position. In 2023, the deal was temporarily loss-making, but by 2024 it became profitable again.
2023 year
177% profit on Aval Bank. Against the backdrop of the collapse of Ukraine's banking system, mass bankruptcies, and the nationalization of the largest private bank, the decision was made to invest in the bank.
The key arguments were the quality of the loan portfolio and professional management. A major role was also played by the involvement of the European Bank for Reconstruction and Development, which joined Aval Bank’s capital as a co-owner.
Time proved the validity of this bet: Aval became one of the few truly successful banks in the system. It began to generate over 100% of the entire sector’s profits, while most competitors remained loss-making.
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
* For convenience, all amounts are shown in US dollars. Calculations are made in hryvnias according to the NBU exchange rate.
Other interesting deals in various sectors of the economy
177% profit on Aval Bank. Against the backdrop of the collapse of Ukraine's banking system, mass bankruptcies, and the nationalization of the largest private bank, the decision was made to invest in the bank.
The key arguments were the quality of the loan portfolio and professional management. A major role was also played by the involvement of the European Bank for Reconstruction and Development, which joined Aval Bank’s capital as a co-owner.
Time proved the validity of this bet: Aval became one of the few truly successful banks in the system. It began to generate over 100% of the entire sector’s profits, while most competitors remained loss-making.
2017 year
Losses that turn into opportunities. The richest agribusinessman of Eastern Europe, Andriy Verevskyi, took advantage of the war and, in violation of the law, forced minority shareholders to sell him all their shares.
By international valuation, Kernel is worth over $2 billion. At the same time, they issued new shares for themselves, valuing the entire company at just $20 million. No one outside their own companies was allowed to participate. It was just one of the steps in Verevskyi’s plan to absorb Kernel for almost nothing.
In response, Pavlo united international investors and launched legal proceedings in Luxembourg, while also making the situation public internationally. The Polish Financial Supervisory Authority (where the shares are listed) froze actions with Kernel. Poland’s Finance Minister Andrzej Domański stated that Kernel poses a threat to the stock market, and the Polish parliament is holding hearings on the issue.
At this point, Kernel is trying to delay the case as much as possible. The story closely resembles the Avdiivka Coke Plant case — just on a larger scale. Back then, they tried to buy out the company at 28% of its actual value. Now, they conducted an additional share issue at 1% of the real value.
Kernel shares were bought at extremely low prices. After the announcement of the controversial additional share issue, they dropped by 59%, creating an opportunity to triple the position. In 2023, the deal was temporarily loss-making, but by 2024 it became profitable again.
2023 year
342% profit on "Interpipe" one of the most undervalued companies of Viktor Pinchuk. The position was based on the assumption that after Volodymyr Zelenskyy’s election as President of Ukraine, access to export markets would be restored and capitalization would continue to grow.
The exit from the position occurred shortly after the election.
Investments, like business, always involve risk. But the most rewarding are those who never stop taking risks. The world is very diverse and full of market distortions and it’s exactly in those distortions that the best deals are born. And many such opportunities lie ahead!
2019 year
235% on "Ukrnafta". The position was opened in 2018 when the company was unprofitable and partly under the control of Ihor Kolomoiskyi.
The investment decision was based on the expected rise in oil prices and the assumption that Kolomoiskyi would not regain full control of the company.
From a fundamental perspective, "Ukrnafta" was wildly undervalued. Shares were bought at around $4, and the very next year, the company earned $4.4 per share in profit. The declared dividends alone exceeded the investment amount. However, as often happens in Ukrainian reality, collecting those dividends required going to court.
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
* For convenience, all amounts are shown in US dollars. Calculations are made in hryvnias according to the NBU exchange rate.
No one will ever sell you a million-dollar business for 300 thousand but on the stock market, it happens all the time
OUR STRATEGY
We always analyze global and national markets, company revenues and expenses, asset and liability values, cash flows, cost structures, and management efficiency. We examine competitor strategies and regulatory environments. The psychology of owners and much more play a role in our process of fundamental analysis.
The core of our business is investing in undervalued companies, but we always consider any opportunity to grow capital.
Bonds, real estate, commodities, and shorting are all options. But there are things we will never buy — flashy loss-making companies from the “new tech” sector that promise to change the world but are simply unreasonably overpriced.
Then we apply logic and various ratios to evaluate the business. We compare our valuation with the current market price and make a decision.
Today, people buy based on dreams or panic, but sooner or later the business will be worth what profit it generates. Today’s share price is set in the voting booth, but in the long run, value is always weighed on the scales.
Usually, more than 90% of our portfolio is concentrated in just 10 securities. We believe it’s better to buy one amazing company in a sector than five average ones. We make very few trades, as each one adds transaction costs and execution spreads (the difference between buying and selling prices).
The best way to understand our strategy is to read our deal summaries
We recommend reading about them — or even better, consult with us
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FOUNDER
GONZO
I moved to Kyiv and worked my way up from supermarket clerk to director, then launched a pharmaceutical business and led several market leaders. But I was always passionate about investing and it was this passion that drove me to execute legendary deals in Ukraine. One day, I decided it was time to stop living a double life. My one true love is the stock market. I founded Gonzo Invest.
I got interested in the stock market at age 10 after reading The Financier by Theodore Dreiser. I was so inspired that I started teaching other kids how to trade bonds and run an antitrust committee. But in the Soviet Union there was no stock market so I had to wait. As I grew older, Graham, Buffett, and Munger became my heroes, along with Schwarzenegger and Hayek.
My name is Pavlo Boiko, and I help hundreds of people around the world invest. From 2017 to 2024, I achieved a 1560% return for the Gonzo community while the U.S. market grew by 160% and the Ukrainian market declined by 18%.
our team
Of course, we haven't mentioned everyone. Our team also includes financial monitoring specialists, auditors, independent directors, and other professionals. You may never meet them, but their work ensures our success every single day.
Head of Investment Consulting. Specializes in the analysis of undervalued assets, long-distance running, and value investing. Has over 10 years of experience in stock market research.
Andrii Salanets
Investment consultant with over 10 years of experience in the stock markets of Ukraine and globally. In her spare time, she oversees all things visual beauty and design at our company.
Anna Boiko
Economist. Every serious investment firm should have a woman with a Jewish surname. She helps make well-considered investment decisions and knows exactly how capital should work.
Valentyna Richterman
Economist. Specializes in the analysis of financial institutions, banking instruments, and client support in investment matters related to the credit and financial sector. She has a deep understanding of the banking system and helps transform complex financial products into clear investment solutions.
Alina Shatska
Nina Eysmont
Economist. Yes, let’s be honest. With a name that echoes European banking heritage, Nina brings rigor and precision to our analysis. She works with Excel and Bloomberg, drawing on the centuries-old traditions of European banking houses.
If you’ve read this far, we have a pleasant surprise for you!
Visit our office and receive a free copy of Benjamin Graham’s The Intelligent Investor.
It’s our small contribution to improving financial literacy in Ukraine.

Office of “GONZO INVEST” LLC
(Registration code: 45863264)
04052, Kyiv, Hlybochytska Street, 73–79, Office 102
Business hours:
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We invest in extraordinary companies when no one else believes in them — and hold as long as it takes to realize their full value
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office@gonzoinvest.com.ua
Working hours:
Mon–Fri: 09:00–18:00
Sat–Sun: Closed
GONZO INVEST LLC
(Company ID: 45863264)
04052, Kyiv, Hlybochytska Street, Building 73–79, Office 102
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© Gonzo Invest 2025.
Gonzo Invest LLC is licensed by the NSSMC (License No. 54, issued 06.05.2025) to provide professional capital markets services, including investment consulting.