In this month's letter, we comment on the results of the first round of elections, the composition of the Senate and the Chamber of Deputies, and...

In this month's letter, we explain what drives major market movements that sometimes seem irrational.

In this month's letter, we show how smaller funds tend to have higher returns than larger ones, which face more restrictions and…

In this month's letter, we explain why we never invest in bitcoin: it's a non-productive asset with no intrinsic value...

In this month's letter, we discuss how inflation impacts different sectors and why pricing power is crucial…

In this month's letter, we show why stock market declines can be positive for long-term investors: lower prices…

In this month's letter, we explore three cognitive biases that affect investors: social proof, extrapolation, and confirmation. They lead us to…

In this month's letter, we talk about the “fog of war” and how uncertainty, amplified by psychological biases, has fueled…