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letters
Attention Traps
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7 reading minutesRead moreThe Brazilian stock market began the year with an unexpected surge, resulting from foreign capital entering the country. The most plausible explanation is that the movement…
Latest letters
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Read moreNavigating turbulent waters
We ended 2025 with a return of 38.76% in the Ártica Long Term FIA, almost 5% above the IBOV's 33.95%, but…
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Read moreHow we build portfolios
In the last two letters, we wrote about how we seek investment opportunities and how we analyze the risk involved in each one...
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Read moreHow do we analyze risk?
There's far more glamour in trying to understand how a company can be extremely successful than in investigating everything about it…
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Read moreHow We Find Good Opportunities
There is a tendency to believe that extraordinary results come from extraordinarily complex methods. This is true in some cases, but...
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Read moreWhy doesn't Brazil grow?
In our last letter, we talked about ten crises that Brazil has faced since the Plano Real and how the stock market…
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Read more30 years of crises in Brazil
In this month's letter, we recall the 10 biggest falls in the Ibovespa since the Plano Real and how the Brazilian market,…
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Read moreEpistemology in investments
In this month's letter, we discuss the importance of theoretical knowledge in investments, contrasting it with the empirical Brazilian culture. The experience...
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Read moreStocks or Fixed Income: the Brazilian investor's dilemma
The Brazilian investor faces a dilemma between stocks and fixed income, especially with the low allocation to equities. Despite the…