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letters
The New Cold War
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7 reading minutesRead moreWhen we read about history, each episode seems to be clearly initiated by some notable event. The Second World War began on September 1, 1939,…
Latest letters
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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…
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Read moreA decade of investments
In this month's letter, we share some of the manager's experiences and lessons learned along the way, which helped…