Proprietary content
Letters
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Read moreHow we build the portfolio
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 We Assess 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 Crisis 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 investing
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 moreEquities 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...
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Read morePax Americana
In this month's letter, we comment on the impact of Trump's second term on the global economy and geopolitics, and we analyze...