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letters
How we build portfolios
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8 reading minutesRead moreIn the last two letters, we wrote about how we seek investment opportunities and how we analyze the risk involved in each one. In this one, we will address the final step:…
Latest letters
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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…
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Read moreImpacts of population aging
In this month's letter, we commented on the impacts of population aging on the global economy. The drop in fertility rates…
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Read moreOur investment in BAT
In this month's letter, we discuss the investment in British American Tobacco (BAT) as part of the internationalization strategy for the...