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letters
A Era da Turbulência
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8 reading minutesRead moreIn the early morning of February 28, 2026, the United States and Israel launched surprise airstrikes against Iran and initiated a new…
Latest letters
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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…
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Read moreIn Memoriam: Charlie Munger
In this month's letter, we revisit some of Munger's lessons that, over time, have had the greatest impact on the education of both…
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Read moreMyopic Market: Why Investors Focus Too Much on the Short Term
In this month's letter, we explain what really matters for stock market investment theses.
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Read moreBrazil one year after the elections
In this month's letter, we present our impressions of the first quarters of Lula's government and our perspectives for the coming years.
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Read moreWhy do we invest in Multi?
In this month's letter, we share a summary of our investment thesis for Multi (formerly Multilaser), which has an excellent track record…
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Read moreThe turn of the tide in the stock market
In this month's letter, we tell you whether there are still good investment opportunities on the stock market or whether the market has already…