Category: Research

“This plan, of betting only at a level at which I was emotionally comfortable and not advancing until I was ready, enabled me to play my system with a calm and disciplined accuracy. This lesson from the blackjack tables would prove invaluable throughout my investment lifetime as the stakes grew ever larger.” ~ Edward Thorpe, A…

Eletromidia (ELMD3) is Brazil’s largest Out-Of-Home (OOH) advertiser. The company has a monopoly in the space, commanding ~84% of the country’s digital advertising inventory and 45% of total ad inventory. Digital OOH advertising will grow disproportionately higher than its static competition over the next few years. This will allow ELMD3 to capture unfair market share gains, …

“One of the jobs of a good trader is to imagine alternative scenarios. I try to form many different mental pictures of what the world should be like and wait for one of them to be confirmed. You keep trying them on one at a time. Inevitably, most of these pictures will turn out to…

The 3×5 Card Breakdown:  Brazil has the third-largest pet retail market globally, growing at a 16%+ CAGR in a mostly fragmented industry. PETZ is the country’s largest pet retailer with 138 stores, 116 veterinary hospitals, and an unrivaled digital/omnichannel platform The company’s size allows it to negotiate lower prices with suppliers, generating more significant customer…

“But there is no use kidding: The professionals keep out of switches by waiting for the sound overlay spots. They don’t play the bad races at both ends of the daily programs. They don’t play bad races — period! When they feel the least bit of doubt, they walk away from the mutuel windows and…

Today we’re diving into one of the most exciting Brazilian businesses we’ve ever seen at Macro Ops. “In this huge country, no one can get so close, so quick and with so many solutions, to the customer and seller as we can.” – Roberto Fulcherberger What is Via Varejo On the surface, Via Varejo (VVAR,…

“Bullishness is born as hope in the midst of despair. Hope swells to confidence and confidence swells to euphoria, and the process contains the seed of its own destruction and the birth of its opposite, fear. Fear is nurtured by falling prices and the two feed on themselves until they swell to despair. And so…

Telefonica Brasil (also called Vivo) is Brazil’s largest telco operator with a 33% market share. Vivo boasts 96M total accesses, 3.7M fiber-to-the-home connections, and passes 16.3M homes.The company’s core businesses include mobile, handsets, FTT (fiber-to-home), digital services, data and ICT, and Internal Protocol Television (IPTV). These core businesses generate ~90% of Vivo’s revenue. Our Variant…

“The most effective and functional trading belief that he can acquire is “anything can happen.” Aside from the fact that it is the truth, it will act as a solid foundation for building every other belief and attitude that he needs to be a successful trader.” ~ Mark Douglas Good morning!In this week’s Dirty Dozen…

FIGS is a luxury medical apparel company selling scrubs and other medical equipment to nurses, doctors, and other medical professionals. Its mission is to celebrate, empower, and serve those who serve others.The LA-based scrubs-maker has built the largest DTC platform in the healthcare apparel industry. They’ve turned an otherwise commodity product (scrubs) into a fashion/status…