 Letter 28 – 2H22 |
The weight of expectations, circumstantial pragmatism, and repeated mistakes. Considerations on equities in interest rate tightening cycles. |
| Letter 27 – 1H22 |
The art of directing attention: from illusionism to accounting. Evolution of accounting conventions and some practical examples of their limitations. |
| Letter 26 – 2H21 |
Truth-seeking and narratives in asset management, a discussion on the evolution of Brazil's electric sector and its role in the climate agenda, the rainforest as a source of opportunities for the country. |
| Letter 25 – 1H21 |
Apparent attributes vs. causal mechanisms, reconciling ESG with long-term investing, reflections on morality's role in asset management. |
| Letter 24 – 2H20 |
The anticipation of the future as pertaining to ecommerce, global investment narratives, price as an important driver of returns over the medium haul and perspectives. |
| Letter 23 – 1H20 |
The microeconomics of 21st century platforms, disparities in the returns of analog segments and reflections on the evaluation of competition in different industries. |
| Letter 22 – 2H19 |
Reflections on the effects of the pandemic in relation to market concentration, the resiliency of capitalized incumbents and considerations pertaining to long-term capital allocation amidst the current context. |
| Letter 21 – 1H19 |
The limits of falsificationism in an envirornment of exponential returns and reflections on Brazil's long-term growth trajectory. |
| Letter 20 – 2H18 |
Differences between Silicon Valley’s and China’s digital corporate cultures, the advances of technology-based disruption in Brazil and distinctions between medium-term and long-term perspectives in the current context. |
| Letter 19 – 1H18 |
Celebrity executives, the role of the value investor in the 21st century, the end of research fiefdoms and the necessity to adapt investment strategies over time. |
| Letter 18 – 2H17 |
Interventionist and liberal political cycles, and reflections concerning portfolio management under the current environment. |
| Letter 17 – 1H17 |
Commentary regarding performance measurement in the financial industry and perspectives for the next cycle. |
| Letter 16 – 2H16 |
The power of habit, adaptability as the most important survival mechanism and the challenges imposed by disruption. |
| Letter 15 – 1H16 |
Technological disruption, the inherent fragility of Brazilian companies and capital allocation in peripheral economies. |
| Letter 14 – 2H15 |
The myths of perpetuity and effort and perspectives for 2016. |
| Letter 13 – 1H15 |
Market concentration and its implications. |
| Letter 12 – 2H14 |
Thoughts on the Investment Case, flexible capital allocation and our first 5 years. |
| Letter 11 – 1H14 |
Activism in the US & Brazil and effects on capital allocation. |
| Letter 10 – 2H13 |
An inquiry into meritocracy and perspectives for 2014. |
| Letter 9 – 1H13 |
The “focus trap” and international investments. |
| Letter 8 – 2H12 |
The fund’s 3rd anniversary, the illusion of validity, the importance of culture and perspectives for 2013. |
| Letter 7 – 1H12 |
Value investing, quality premium and portfolio re-balancing. |
| Letter 6 – 2H11 |
Brazilian Real Estate market and the effect of capital inflow on competition, margins and returns. |
| Letter 5 – 2Q11 |
The natural optimism of entrepreneurs. |
| Letter 4 – 1Q11 |
Brazilian credit markets and an alternative evaluation of banks. |
| Letter 3 – 4Q10 |
2010 results, the constant obsession to beat the market, and perspectives for 2011. |
| Letter 2 – 3Q10 |
Estimate of the value of a portfolio manager’s option. |
| Letter 1 – 2Q10 |
Investment philosophy, portfolio management and the difference between long run vs. short run returns. |
