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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 moreInvestment Case: Wilson Sons
In this month's letter, we introduce Wilson Sons, a leader in port services in Brazil, with a strong position in tugboats and…
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Read moreWhere does the exchange rate go?
In this month's letter, we analyze the dollar exchange rate, which has fluctuated between R$5 and R$6 since 2020, close…
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Read moreStocks as an inflation hedge
In this month's letter, we show that stocks work as a hedge against inflation in the long term, as they represent companies that can…
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Read moreThe biggest stock market returns since 2005
In this month's letter, we show that the stock market's biggest returns since 2005 have come primarily from earnings growth and…
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Read moreIs it worth investing in an IPO?
In this month's letter, we analyze the IPO cycle in Brazil, showing that despite the recent increase in the number of…
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Read moreAnnual Letter 2020
In this month's letter, we look back on 2020, a challenging year marked by the Covid-19 crisis, and detail our…
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Read moreBook suggestions
In this month's letter, we suggest five investment books that we consider valuable, even though they're little known to the general public. All…
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Read moreProblems with the diversification thesis
In this month's letter, we explain why we believe a concentrated portfolio of 5 to 15 companies offers greater potential…