Valuation
High ROE, expensive P/B? What really connects profitability and valuation
Why the premium over book value depends on value creation — and how DuPont analysis reveals what sustains ROE.
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Analysis of companies, macroeconomics, strategy and markets, with transparent assumptions and traceable sources.
Digital Assets
Did Bitcoin miss the memo?
How the asset rose despite a more hawkish Fed and elevated Treasury yields.
Read article →Commodities
Drones, refineries and the risk premium
Why geopolitics is reappearing in inflation, diesel prices and interest rates.
Read article →Geopolitics
Greenland on the radar
The new Arctic agreement shows that strategic competition is no longer merely rhetorical.
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Is the cat on the roof?
When AI leaders urge caution, markets need to listen — without losing perspective.
Read article →Strategy
Is Brazil's 2026 election already priced in?
Markets, fiscal policy and perception — why politics has returned to the center of the Brazilian equity debate.
Read article →Global Macro
Japan moves away from zero, one step at a time
The BoJ hike looks modest, but its symbolism is significant for global liquidity.
Read article →Macro
A homeopathic rate cut in a less-than-benign scenario
Why a lower Selic rate helps but cannot solve Brazil's challenges on its own.
Read article →Global Macro
Higher for longer? The Fed brought the phrase back into the room
The 25-basis-point hike mattered, but the curve showed that the main message lay elsewhere.
Read article →Geopolitics
Has Europe opened the pantry — literally?
Stockpiles, resilience and security of supply are back at the center of the debate.
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