In this month's letter, we show how smaller funds tend to have higher returns than larger ones, which face more restrictions and…

In this month's letter, we explain why we never invest in bitcoin: it's a non-productive asset with no intrinsic value...

In this month's letter, we discuss how inflation impacts different sectors and why pricing power is crucial…

In this month's letter, we show why stock market declines can be positive for long-term investors: lower prices…

In this month's letter, we explore three cognitive biases that affect investors: social proof, extrapolation, and confirmation. They lead us to…

In this month's letter, we talk about the “fog of war” and how uncertainty, amplified by psychological biases, has fueled…

In this month's letter, we explain why we don't base investments on macroeconomic forecasts: even experts often make mistakes when estimating…

In this month's letter, we celebrate 2021 with a 19.4% return, surpassing the Ibovespa and CDI, and with growth in equity and…

We reserved our last letter of the year to suggest five books related to investment. As a criterion, we prioritized works…

In this month's letter, we show that regular investments in the Arctic have a performance very close to "perfect timing," a strategy that is difficult to…