Describes the main features of the sophisticated mental and analytical device developed by Charlie Munger, employed in the process of selecting Berkshire Hathaway investments.

Discusses the topic of transparency of companies in the context of the economy, corporate governance, and the regulatory environment. Also analyzes the basis of the investment in Caemi.

Discusses the importance of tag along as an alignment of interests tool between shareholders, recommending it as a criteria of resources allocation for investors. Also comments on Warren Buffett’s vision of corporate governance of boards of directors, as stated in the Berkshire Hathaway annual report.

Analyzes the different aspects of the composition of boards of directors and the performance of their members, as elements that establish the governance of companies. Report 34

Taking the opportunity of the installation of the BOVESPA Arbitrage Chambre, discusses the superiority of the arbitrage judgement over conventional Justice in settling corporate conflict.

Discusses the practice of loan agreements between listed companies and their controlling shareholders and the implication of this practice in the inequitable distribution of value among shareholders.

Technical comments on and criticisms of the reform of Brazilian Corporation Legislation, in the economic context of capital market evolution.

Explanation of the excessive contempt for the non-liquidity premium in the Brazilian market, as due to a high opportunity cost of capital in an environment of asset administration with the exclusive CDI benchmark.

Towards a more dispersed ownership and its benefits of permitting better share pricing and better governance conditions in companies.

Discusses the important issue of tag-along rights for minority shareholders, based on the description of a real legal decision case.