Quando lemos sobre a história, cada episódio parece ser claramente iniciado por algum evento notável. A Segunda Guerra começou em…

The Brazilian stock market began the year with an unexpected surge, resulting from foreign capital entering the country. The most common explanation…

We ended 2025 with a return of 38.76% in the Ártica Long Term FIA, almost 5% above the IBOV's 33.95%, but…

In the last two letters, we wrote about how we seek investment opportunities and how we analyze the risk involved in each one...

There's far more glamour in trying to understand how a company can be extremely successful than in investigating everything about it…

There is a tendency to believe that extraordinary results come from extraordinarily complex methods. This is true in some cases, but...

In our last letter, we talked about ten crises that Brazil has faced since the Plano Real and how the stock market…

In this month's letter, we recall the 10 biggest falls in the Ibovespa since the Plano Real and how the Brazilian market,…

In this month's letter, we discuss the importance of theoretical knowledge in investments, contrasting it with the empirical Brazilian culture. The experience...

The Brazilian investor faces a dilemma between stocks and fixed income, especially with the low allocation to equities. Despite the…