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letters
Como construímos portfólios
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8 reading minutesRead moreComo construímos portfólios Caros investidores, Nas duas últimas cartas, escrevemos sobre como buscamos oportunidades de investimento e como analisamos o risco existente em cada uma.…
Latest letters
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Read moreThe Ruin of Bitcoin
In this month's letter, we explain why we never invest in bitcoin: it's a non-productive asset with no intrinsic value...
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Read moreThe threat of inflation
In this month's letter, we discuss how inflation impacts different sectors and why pricing power is crucial…
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Read moreWhat if the stock market keeps falling?
In this month's letter, we show why stock market declines can be positive for long-term investors: lower prices…
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Read moreThe flaws of the human mind
In this month's letter, we explore three cognitive biases that affect investors: social proof, extrapolation, and confirmation. They lead us to…
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Read moreThe Fog of War
In this month's letter, we talk about the “fog of war” and how uncertainty, amplified by psychological biases, has fueled…
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Read moreHow to deal with the macroeconomic scenario?
In this month's letter, we explain why we don't base investments on macroeconomic forecasts: even experts often make mistakes when estimating…
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Read moreAnnual Letter 2021
In this month's letter, we celebrate 2021 with a 19.4% return, surpassing the Ibovespa and CDI, and with growth in equity and…
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Read moreBook Suggestions
We reserved our last letter of the year to suggest five books related to investment. As a criterion, we prioritized works…