FAZ SENTIDO INVESTIR SÓ NO BRASIL?

Summary

Cristiano Souza explains Zeno Equity Partners' three pillars for stock selection: market power, founder mentality, and reinvestment opportunity. He argues that only reinvestment opportunity can be lost if already reflected in price, while the other two pillars are indispensable. In a discussion about the AI era and flows into US equities, he states equities are global assets and investors should not own only Brazilian stocks.

• Guest details three pillars: market power, founder mentality, and reinvestment opportunity.
• Market power and founder mentality are essential; sell immediately if either fails.
• Reinvestment opportunity can be sacrificed only if already reflected in price.
• ROIC/reinvestment math: 20% ROIC with 100% reinvestment grows faster than 50% ROIC with 20% reinvestment if assumptions hold.
• Guest sees equities as global assets and rejects a Brazil-only equity allocation.
• He supports geographic segmentation for fixed income and credit but not for equities.
• Host raises AI transformation beyond the MAGs and the shift toward US equities.