How we think

Methodology

Analytical discipline, explicit assumptions and a willingness to change when facts change.

Equity Research

We begin with business fundamentals, earnings quality, governance and capital structure. We combine DCF, scenarios, sensitivities and comparable multiples while preserving the history of each thesis.

Macro

We assess activity, inflation, monetary and fiscal policy, the external sector and the global economy to explain transmission mechanisms without turning analysis into personalized advice.

Primary sources

Traceability from the source

Central Bank of Brazil, IBGE, CVM, B3, National Treasury, ANBIMA, company filings, SEC, Federal Reserve, FRED and equivalent primary sources.