Completes the narrative of our former Report, about our investment in Cielo and Redecard, analyzing the competitive environment of Brazilian´s merchant acquiring market post openness. Makes some comments on contrarianism in investments.

Describes our investment in Cielo and Redecard, discussing the regulatory issue of the Brazilian merchant acquiring market.

Completes the argument of our last Report, discussing the matter of Skill among investment managers

Treats the subject of luck (fortune) and its influences on our day-to-day investing activity.

Illustrates the discussion of ‘short-termism’ and its effects on our daily condition of long term investors.

Searches explanations for the prevalence of behaviors ‘short-termism’ between investors and other market participants.

Describes the British model of takeover regulation, compares with the American one and provides insights into the Brazilian case.

Investigates the reasons for a pro management bias of takeover regulation in the United States.

Extends the analysis of our previous Report, about the credit market in Brazil, and updates our investment in Itaú Unibanco.

Describes the credit market in Brazil, in light of the American financial crisis.