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letters
Navigating turbulent waters
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7 reading minutesRead moreWe ended 2025 with a return of 38.76% in the Ártica Long Term FIA, almost 5% above the IBOV's 33.95%, but it wasn't a period of…
Latest letters
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Read moreThe price of ambition
In this month's letter, we talk about the risk of being dazzled by one's own success, guided by ambition...
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Read moreThe market makes mistakes
In this month's letter, we explain why we believe that the prices of some shares on the Brazilian stock exchange today do not reflect…
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Read moreWhy invest in stocks outside Brazil?
In this month's letter, we explain why here at Ártica we still like the Brazilian stock market and why, even so, it did…
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Read moreThe 1% per month target trap
In this month's letter, we analyze whether the strategy of using a fixed rate of return as a benchmark for increasing or…
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Read moreIn Memoriam: Daniel Kahneman
In this month's letter, we seek to bring some of the knowledge developed by Kahneman that contributed enormously to the analysis processes...
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Read moreWhy do we invest in Porto?
In this month's letter, we tell the story of the investment in Porto (PSSA3), which is one of the largest positions in the portfolio…
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Read moreBrief history of the monetary system
In this month's letter, we gave a brief summary of how the world arrived at its current monetary system, with banks…
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Read moreThe limit of predictability
In this month's letter, we talk about how to take a more realistic and philosophical approach to the future of the economy and…