OTR Capitalhttps://otrcapital.com.br/en/Independent articles and analysisHigh ROE, expensive P/B? What really connects profitability and valuationhttps://otrcapital.com.br/en/artigos/roe-alto-pvp-caro-rentabilidade-valuation/Why the premium over book value depends on value creation — and how DuPont analysis reveals what sustains ROE.2026-10-01Did Bitcoin miss the memo?https://otrcapital.com.br/en/artigos/bitcoin-nao-leu-o-manual/How the asset rose despite a more hawkish Fed and elevated Treasury yields.2026-09-26Drones, refineries and the risk premiumhttps://otrcapital.com.br/en/artigos/drones-refinarias-premio-de-risco/Why geopolitics is reappearing in inflation, diesel prices and interest rates.2026-09-25Greenland on the radarhttps://otrcapital.com.br/en/artigos/groenlandia-no-radar/The new Arctic agreement shows that strategic competition is no longer merely rhetorical.2026-09-23Is the cat on the roof?https://otrcapital.com.br/en/artigos/o-gato-subiu-no-telhado-ia/When AI leaders urge caution, markets need to listen — without losing perspective.2026-09-21Is Brazil's 2026 election already priced in?https://otrcapital.com.br/en/artigos/eleicao-2026-entrou-no-preco/Markets, fiscal policy and perception — why politics has returned to the center of the Brazilian equity debate.2026-09-20Japan moves away from zero, one step at a timehttps://otrcapital.com.br/en/artigos/japao-sai-do-zero-aos-poucos/The BoJ hike looks modest, but its symbolism is significant for global liquidity.2026-09-19A homeopathic rate cut in a less-than-benign scenariohttps://otrcapital.com.br/en/artigos/copom-corte-homeopatico-cenario-nem-tanto/Why a lower Selic rate helps but cannot solve Brazil's challenges on its own.2026-09-18Higher for longer? The Fed brought the phrase back into the roomhttps://otrcapital.com.br/en/artigos/fed-higher-for-longer/The 25-basis-point hike mattered, but the curve showed that the main message lay elsewhere.2026-09-17Has Europe opened the pantry — literally?https://otrcapital.com.br/en/artigos/europa-abriu-a-despensa-literalmente/Stockpiles, resilience and security of supply are back at the center of the debate.2026-09-15