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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 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…
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Read moreInvestment Case: Biotoscana Group
In this month's letter, we present the case study of the investment in Grupo Biotoscana, which yielded 29% in just over a…
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Read moreBuffett's Investment in Coca-Cola
In this month's letter, we look at Warren Buffett's iconic investment in Coca-Cola, which began in 1988 when the stock seemed…
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Read moreInvestments in quality companies
In this month's letter, we highlight the importance of investing in quality companies with a high return on equity (ROE)...