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letters
The Future of Indebted Countries
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9 reading minutesRead moreThe problem of Brazilian public debt is well known and has worsened considerably in the recent past. Between 2010 and 2025, our public debt rose from 62.4%...
Latest letters
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Read moreThe Age of Turbulence
In the early morning of February 28, 2026, the United States and Israel launched surprise air strikes against…
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Read moreThe New Cold War
When we read about history, each episode seems to be clearly initiated by some notable event. The Second World War began in…
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Read moreAttention Traps
The Brazilian stock market began the year with an unexpected surge, resulting from foreign capital entering the country. The most common explanation…
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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…