Name: POR QUE VOCÊ NUNCA DEVERIA INVESTIR EM OURO E BITCOIN
Uploaded: 2026-02-18T00:30:30+00:00
Duration: 398 s

Speakers

Otávio Magalhães — Gestor, Guepardo Investimentos

Summary

Octávio Magalhães, gestor da Guepardo Investimentos, explains why his firm ignores gold, Bitcoin/crypto, and raw commodities: they generate no income, so he cannot compare them with yield-producing assets or rely on holding them for their cash flow. He prefers assets such as NTN-B, real estate, farmland, listed equities, and FIIs, buying when income is high relative to price and rotating when yields compress. He also says Guepardo has shortened its average investment maturation by buying more liquid stocks that the market reprices faster, which helps improve the fund's return.

Guepardo does not invest in gold, Bitcoin/crypto, or raw commodities because they produce no income.
The manager argues non-yielding assets depend on another buyer paying more and cannot be held for 100 years based on cash flow.
He favors income-generating assets such as NTN-B, real estate, farmland, Brazilian equities, and FIIs.
The investment process compares yields across asset classes and rotates out when income becomes small relative to price.
Guepardo's average investment maturation has fallen from 36 to 32 months by buying more liquid stocks.
Shorter maturation periods are seen as a way to improve the fund's return.
A commodity-company premium cycle is mentioned as possible only if the global economy stays strong for a long period.

Ideas

Otávio Magalhães Gestor, Guepardo Investimentos 2:25

Avoid assets that generate no income

Guepardo ignores gold, Bitcoin/crypto, and any raw commodity that does not generate income. Because these assets have zero yield, they cannot be compared on the same basis as income-producing assets, their return depends on someone else paying a higher price, and he cannot hold them for 100 years based on cash flow. Gold is at least a real commodity, but it is still excluded like Bitcoin/crypto and dry commodities.

Otávio Magalhães Gestor, Guepardo Investimentos 2:41

Favor income-generating assets over no-yield assets

He prefers to look at fixed income, real estate, farmland, listed equities, and FIIs because they generate income and can all be compared by their yield. He compares NTN-B yields with stock, farm, and real estate yields; buys when the asset is cheap and the income is high versus price, then sells when the yield becomes small and rotates to another high-yield asset. If the market reprices sooner, he earns faster; if not, he can hold the asset for its income, potentially for 100 years.

Otávio Magalhães Gestor, Guepardo Investimentos 5:54

Faster repricing shortens fund maturation, boosts returns

The fund's historical average investment maturation was three years (36 months) and has fallen to 32 months because they are buying more liquid stocks that the market recognizes and reprices faster. The shorter the maturation period, the better the fund's return, so reducing maturation is a way to improve fund performance.

This Market Makers video, published February 18, 2026, features Otávio Magalhães discussing GLD, BTC, Raw commodities, NTN-B, Brazilian FIIs, EWZ, XLRE, Farmland, Guepardo Investimentos fund. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Otávio Magalhães · Tickers: GLD, BTC, Raw commodities, NTN-B, Brazilian FIIs, EWZ, XLRE, Farmland, Guepardo Investimentos fund

POR QUE VOCÊ NUNCA DEVERIA INVESTIR EM OURO E BITCOIN

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