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letters
A Era da Turbulência
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8 reading minutesRead moreIn the early morning of February 28, 2026, the United States and Israel launched surprise airstrikes against Iran and initiated a new…
Latest letters
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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)...
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Read moreInvestment Case: Unipar Carbocloro
In this month's letter, we detail our investment case in Unipar Carbocloro, which generated a return of 20 times the…
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Read moreLong-Term Stock Investing (Part 2)
In this month's letter, we delve deeper into equity investments in Brazil, showing that despite the political and…
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Read moreLong-Term Stock Investing (Part 1)
In this month's letter, we present an international analysis that demonstrates the historical superiority of equity investments over income…
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Read moreInvestments in times of crisis
In this month's letter, we analyze market behavior during major historical crises, such as the Spanish flu, the two World Wars...