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

In this month's letter, we explain why we don't base investments on macroeconomic forecasts: even experts often make mistakes when estimating…

In this month's letter, we celebrate 2021 with a 19.4% return, surpassing the Ibovespa and CDI, and with growth in equity and…

We reserved our last letter of the year to suggest five books related to investment. As a criterion, we prioritized works…

In this month's letter, we show that regular investments in the Arctic have a performance very close to "perfect timing," a strategy that is difficult to…

In this month's letter, we highlight our thesis on Marcopolo, a leader in bus bodies, which is facing low demand, but…

In this month's letter, we highlight the advantages of investing in small caps, smaller companies often overlooked by the market,…

In this month's letter, we show that insider buying is a strong indicator of future stock appreciation. Historical studies prove…