A VERDADE SOBRE CDBs ABSURDOS, COEs E INCENTIVOS PERIGOSOS | Market Makers #316

Watch on YouTube ↗  |  January 29, 2026 at 21:00  |  1:56:26  |  Market Makers
Speakers
Rodolfo Bastos — Fundador da Oyster Academy

Summary

The episode discusses the investment advisor profession, conflicts of interest, high-yield CDBs, COEs, fee structures, and the difference between advisors, consultants, and wealth managers. Rodolfo Bastos argues that transparency, open platforms, and ethical advice are essential, while also making a case for long-term investing, tax deferral, and avoiding market timing. The conversation also covers regulation, behavioral biases, and the need for better technical qualification in the advisory industry.

  • The episode examines conflicts in the Brazilian investment advisory industry, including high-yield CDBs and COEs.
  • Rodolfo Bastos argues that advisors should put clients first and that fee transparency is crucial.
  • The discussion covers open platforms, consultorias, RIAs, and the evolution of advisory models.
  • Long-term investing, tax deferral, and the danger of market timing are highlighted with data from S&P 500, IMA-B+, and multimercados.
  • Previdência and long-maturity fixed income are presented as ways to improve after-tax compounding.
  • Behavioral biases, regulation, ethics, and professional qualifications are recurring themes.
  • The guest also shares his career trajectory, the creation of Oyster Academy, and his views on legacy.
Ideas
Rodolfo Bastos Fundador da Oyster Academy 8:15
Avoid unrealistic high-yield CDBs; credit risk hidden.
High-yield CDBs paying 150-170% of CDI are a warning sign of private credit risk and conflicted distribution. If a borrower pays that much, it likely could not obtain cheaper funding elsewhere; investors should question the return and understand credit and market risk, especially when advisors are incentivized by spread and revenue targets.
CDBs de alto rendimento (150-170% do CDI) HIGH
Rodolfo Bastos Fundador da Oyster Academy 32:10
Avoid opaque COEs with high structuring spreads.
COEs are not inherently bad, but many are structured with very high upfront spreads (5-8%) that enrich the house and advisor while the client carries long-duration risk. The main problems are poor structuring, opaque pricing, and advisors who cannot explain them; investors should avoid high-spread, poorly understood COEs and demand transparency.
COEs de alto spread / má estruturação HIGH
Rodolfo Bastos Fundador da Oyster Academy 45:46
Hold long-term equities despite unpredictable crises.
Long-term equity investing works because 80% of long-term returns come from broad market appreciation, and only a few best days drive the result. Missing those days destroys returns, and crises are unpredictable, so investors should maintain a long-term allocation and not try to time entries or exits.
SPY BOVA11.SA HIGH
Rodolfo Bastos Fundador da Oyster Academy 48:37
Long-term IMA-B+ beats CDI.
IMA-B+ has a low win rate versus CDI over 12-month windows (60% vs 40%), but over 10-year windows it beats CDI 98.5% of the time and otherwise ties. This makes long-duration inflation-linked Brazilian bonds attractive for investors with long horizons who can tolerate short-term volatility.
IMA-B+ HIGH
Rodolfo Bastos Fundador da Oyster Academy 56:45
Previdência and long bonds offer tax deferral.
Tax deferral is a major driver of long-term compounding: same-return assets can end at very different values depending on when tax is paid. In Brazil, previdência offers deferral and succession benefits, while direct long-maturity fixed income without come-cotas pays tax only at maturity, making both potentially far superior to come-cotas funds.
Previdência privada Renda fixa de longo prazo sem come-cotas HIGH
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This Market Makers video, published January 29, 2026, features Rodolfo Bastos discussing CDBs de alto rendimento (150-170% do CDI), COEs de alto spread / má estruturação, SPY, BOVA11.SA, IMA-B+, Previdência privada, Renda fixa de longo prazo sem come-cotas. 5 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Rodolfo Bastos  · Tickers: CDBs de alto rendimento (150-170% do CDI), COEs de alto spread / má estruturação, SPY, BOVA11.SA, IMA-B+, Previdência privada, Renda fixa de longo prazo sem come-cotas