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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 moreChips: the brain of the digital economy
In this month's letter, we briefly explain the history of the chip industry, how it is configured today, and its role…
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Read moreBrazilian tax chaos and reform proposals
In this month's letter, we explain in an educational way what you need to know about our current tax system compared…
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Read moreArtificial Intelligence: The next technological revolution
In this month's letter, we share our current view on the potential impacts of AI, striving to be as pragmatic and realistic as possible…
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Read moreThe Market Pendulum
In this month's letter, we discuss the dynamics of market fluctuations, using the movement of the pendulum, an analogy created by Howard...
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Read moreAmericanas and SUR: risk or noise?
In this month's letter, we comment on two cases that gained market attention in January: the Lojas Americanas deficit…
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Read moreThe Hard Side of Value Investing
This month's letter focuses on the difficulties of investing following a truly long-term fundamentalist philosophy…
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Read moreDark clouds on the horizon
In this month's letter, we explain the issues surrounding the Transition PEC and why the market may have…
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Read moreWhat will Brazil be like with Lula?
In this month's letter, we answer the following questions: What are the prospects for the post-election scenario? What to expect…