Here you can find most of the previous posts. We’ll be updating the list occasionally.
Companies
Mercado Libre ($MELI)
2023
MELI 2022 Performance Review - Apr 16
2022
Mercado Pago - June 25 (22 pages)
eCommerce Outlook - May 21 (13 pages)
Marketplace - Apr 30 (32 pages)
Evaluating the Marketplace business; Competition against Shopee (Sea Limited)
Mercado Libre ($MELI) - Jan 29 (28 pages)
Earnings
Nu ($NU)
Brief Introduction - Mar 12 (46 Pages)
Financial Analysis - Apr 2 (30 Pages)
Earnings
1Q22 (12 Pages)
dLocal ($DLO)
dLocal - Part I - Jul 02 (15 Pages)
Payment Secular Tailwinds in LatAm
Sea Limited ($SE)
Competitive Position in Brazil - Apr 30 (32 pages)
How is Shopee positioned in Brazil? Unit Economics for the company
Shopee Brazil - Mar 2 (5 pages)
Earnings
1Q22 (13 pages)
Investment in logistics in Brazil; Business Economics; Financial Service update
4Q21 (7 pages)
Amazon ($AMZN)
Clash of Titans (AWS vs. Azure) - June 4 (17 Pages)
AWS is Unstoppable - May 25 (12 Pages)
What Really Happened to AMZN? - May 3 (16 Pages)
Shopify ($SHOP)
Thoughts On Shopify - May 11 (14 Pages)
Stone ($STNE)
Deep Model Update - June 11 (20 pages)
The overall picture for the industry; How is Stone positioned for the following quarters?
M&A Rumors - May 15 (14 Pages)
Model Update - May 13 (5 pages)
Chairman Feedback - Apr 1 (3 Pages)
Mr. Street met with investors. What was discussed?
Update on Business Model - Feb 12 (18 Pages)
Rising rates hurt earnings; Estimating financial expense
Stone - Nov 25, 2021 (12 Pages)
What happened to the company?
Earnings
1Q22 (10 Pages)
4Q21 (8 Pages)
Vale ($VALE)
Inflation Hedge Company - Feb 26 (25 pages)
Petrobras ($PBR)
Two Years, Four CEOs - May 26 (8 Pages)
Populism Scenario - Jan 27 (5 Pages)
New Scenario considering a populism intervention in the company
Update on the strategic plan - Dec 5, 2021 (10 pages)
XP ($XP)
Quality vs. Quantity ($XP) - May 12 (10 Pages)
Pushback with the business model
Earnings
1Q22 (7 Pages)
Thematic
Equity Strategy
2023
Long Brazilian Domestic - Apr 9
2022
Brazil May Wrap-up - June 2 (12 Pages)
Short Brazil - Apr 10 (17 Pages)
Brazil April Wrap-up - May 10 (9 Pages)
Banks
Brazilian Banks Update - Mar 5 ($ITUB, $BBD) (14 Pages)
Pix
Introduction - Apr 9 (18 Pages)
Infrastructure and Global Peers - Apr 16 (17 Pages)
Monetization - May 7 (28 Pages)
Where Pix will disrupt; Monetization; Financial Impact on Companies
China
The Next Decade - Apr 24 (26 Pages)
Recession Watcher
The Shape of a Crises - June 12 (16 Pages)
Poor Earnings Season (1Q22) - May 22
Tightening Financial Condition - May 8
Financial Condition Will Push Market Down - Mar 13
Be Ready for Stagflation - Mar 6
Market Looks Weird. Don’t Take Unnecessary Risks - Jan 30
Oil & Gas
Infrastructure Bottlenecks - Apr 17 (16 Pages)
Oil Tumbles, but Macro is Supportive - Mar 20
Buy O&G Companies for 2022 - Jan 23
Food Crisis
Upcoming Humanitarian Crisis - June 5 (13 Pages)
The Empty Breadbasket - Apr 3 (14 Pages)
Brazilian Small Caps
Sinqia - Feb 19 (27 Pages)
3R Petroleum - Feb 1 (21 Pages)