13th Congresso Value Investing Brasil

FRIDAY, APRIL 3rd, 2020



Adriano Almeida — Victori Capital (Stamford, Connecticut)
“Behavioral Biases in Times of COVID-19 and Their Effect on Investors”

Portfolio Manager and a founding partner of Victori Capital. His professional investing career spans nearly two decades and includes senior roles at the Dreyfus Corporation, Dalton Greiner Hartman Maher, Louis Dreyfus Highbridge, and Cramer Rosenthal McGlynn. Adriano Almeida received a B.S. and M.S. in Aerospace Engineering from Embry Riddle Aeronautical University, and an MBA from Columbia University.

Alexandre Marques Cruz — Jive Asset Management (São Paulo)
Lecture: “Investing Post COVID-19: When Will We Have the Best Opportunities and Where Will They Be?”
Founding partner with Jive, a fully-integrated platform combining cutting-edge technology and talented people, dedicated to investing and managing distressed assets in Brazil, with AUM of approximately $1 billion and more than 100 skilled professionals. Alexandre Cruz founded Jive in 2010, when he started acquiring non-performing credits (“NPLs”), with the first relevant transaction being the acquisition of a NPL portfolio from Lehman Brothers in Brazil. Formerly, he worked at Ernst & Young, focusing on Corporate Finance, and at Santander Bank. He holds an Economics degree from Universidade de São Paulo, a Law degree from Pontifícia Universidade Católica de São Paulo, and an MBA from Fundação Getúlio Vargas em São Paulo.

André Gordon — GTI Administração de Recursos (São Paulo)
Lecture: “COVID-19 and Sector Picks in Brazil”
Founding partner with GTI Administração de Recursos, an independent investment management company focusing on Brazil’s stock market. During his more than 27 years of experience in financial markets, André Gordon has worked at the trading desks of several renowned financial institutions, including Banco Itaú BBA, Banco Pátria, Santander and Banco Bozano, Simonsen. He is a Director of AMEC (Associação de Investidores no Mercado de Capitais) and holds a master’s degree in Economics from EPGE/FGV-RJ and an Economics degree from FEA/USP.

Breno Guerbatin — Studio Investimentos (Rio de Janeiro)
Lecture: “Share-price Performance versus Shareholder Performance”
Member of Studio Investimentos’ Investment Committee and co-portfolio manager of Studio FIC FIA, which returned approximately 302% from its inception (in the second half of 2009) until the end 2019, contrasting with a gain for the Ibovespa Index of approximately 70% during the same period. In 2009, Breno Guerbatin was a manager with TV Globo. From 2008 to 2009, he was an equity analyst and a member of the Managing Committee of BNY Mellon ARX. From 2005 to 2008, he was a partner and the Investment Officer of Brazil Energy, a private-equity boutique focused on energy and infrastructure. From 2002 to 2005, he was an investment analyst and a fund manager at Opportunity Asset Management. Breno Guerbatin graduated in Production Engineering from UFRJ and has a postgraduate Degree in Corporate Law from FGV-RJ.

Christian Bojlesen — Clube de Investimentos Bojlesen (São Paulo)
Panel: “Investment Picks” (Moderator)
Analyst and portfolio manager with Clube de Investimentos Bojlesen — focusing on fundamental analysis, value investing and small caps — which he founded in 2008. Christian Bojlesen graduated in Business Administration with emphasis in Finance from Colorado State University and holds the CGA (ANBIMA) and CNPI (Apimec) certifications.

Conrad Albrecht — MSCI (São Paulo)
Lecture: “ESG Investing: Perspectives, Growth, and the COVID-19 Impact
[Profile Soon]

Dylan Grice — Calderwood Capital Research (Zurich)
Lecture: “Cross-asset Dislocations: Thoughts on Where Value Is”
Co-founder of Calderwood Capital, a specialist in alternative investments. Prior to Calderwood, he was the Head of Liquid Investments at Calibrium AG, Zurich, a multi-billion euro Family Office, where he was responsible for building, developing, and overseeing internal and external mandates. Formerly, he worked for Société Générale as global strategist, where he was the #1 internationally ranked sell-side analyst (Extel Survey of Institutional Investors 2011 and 2012), and for Dresdner Kleinwort Benson, where he started his career in 1997, in the quant strategy and research group. Dylan Grice holds an Economics degree from Strathclyde University and an MSc degree in Economics from the London School of Economics.

Giuliano Silvio Dedini — 4UM Investimentos (Curitiba)
Panel: “Investment Picks”
Giuliano Dedini is Director of Asset Management with 4UM Investimentos — an independent investment manager from Curitiba (State of Paraná) focusing on small-caps and dividend strategies — with which he has worked since 2014, initially as an analyst and later on as portfolio manager. Giuliano Dedini graduated in Economics from UFPR and holds a Masters in Economics and Finance from EESP/FGV. He has been awarded the CGA Anbima as well as the CFA — Chartered Financial Analyst — certifications and is a member of the Comissão de Investimentos of CNSeg.

José Carlos dos Reis Carvalho — Paineiras Investimentos (Rio de Janeiro)
Lecture: “COVID-19 and the Brazilian Macro Scenario”
Head of Macroeconomic Research at Paineiras Investimentos since October 2009. From 2007 to 2009, he was the investment strategist at Sagitta. In 1998, he was a founding-partner with JGP, where he worked as Chief Economist until 2007. He was an economist with Banco Pactual from 1995 to 1998. José Carlos Carvalho holds a Ph.D. in Economics from Yale University.

Louis-Vincent Gave — Gavekal (Hong Kong)
Lecture: “Chinese and Asian Macro Outlook”
[Profile Soon]

Luiz Chrysostomo de Oliveira Filho — NEO Investimentos (Rio de Janeiro)
Opening Lecture: “Brazil’s Phases of ‘Desestatização’ — 30 Years of History and What Investors Can Expect” ¹
Luiz Chrysostomo de Oliveira Filho is a Senior Partner of Neo Investimentos, a Managing Partner of Instituto de Estudos de Política Econômica – Casa das Garças, and a Director of ANBIMA. He is a Member of the Núcleo de Estudos Avançados de Regulação do Sistema Financeiro Nacional (NEASF) of the Fundação Getulio Vargas, Board Nominee Director of the International Finance Corporation (IFC), and a Member of Boards of Directors of several companies. He has been the general manager of the Investment Banks of JPMorgan and Chase Manhattan, in which he was a member of the Executive Committee for Brazil and Latin America, a partner with Banco Patrimônio de Investimentos, and has headed the Gabinete de Desestatização (privatization department) of Brazil’s National Social Development Bank (BNDES) in the early 1990s. He has presided ANBIMA’s Ethics Committee as well as ANBIMA’s Committee for the self-regulation of the Fundos de Investimento em Participações (Brazilian regulated private-equity funds), and has been a Director of ANBID. Luiz Chrysostomo de Oliveira Filho graduated in Economics from the Pontifícia Universidade Católica do Rio de Janeiro, received his master’s in Economics from the same university, and holds a specialization degree in Business Administration from Wharton School. He has been a professor at the Economics Departments of Pontifícia Universidade Católica do Rio de Janeiro and of Universidade Federal Fluminense (UFF). He is author, co-author, and co-organizer of various articles and books about Capital Markets, Corporate Finance, and Macroeconomics.

Luiz Constantino — Opportunity (Rio de Janeiro)
Panel: “Investment Picks”
Luiz Constantino is partner and public-equities portfolio manager at Opportunity. He started his career in 2005, in the public-equities analysis arm of Opportunity and is a member of Opportunity’s investment team since 2007. Luiz Constantino graduated in Electrical Engineering and Electrical Production Engineering from PUC-RJ and holds a Masters in Economics and Finance from EPGE/FGV-RJ.

Pedro Franco Sales — Verde Asset Management (Sao Paulo)
Panel: “Investment Picks”
Pedro Franco Sales is manager of the Brazilian Equities strategy —  and responsible for its analysis team — at Verde Asset Management. He joined Hedging-Griffo (currently Verde Asset Management) in 2005, where he became a partner in 2006 and an equity portfolio manager in 2009. He started his career in 1999, at JGP, as an equity analyst responsible for covering technology companies in global markets. Pedro Franco Sales graduated in Engineering from PUC-RJ.

Raoul Pal — GMI (Grand Cayman, Cayman Islands)
Lecture: “The Unfolding: COVID-19 and Major Asset Classes”
CEO and Co-Founder of Real Vision and Founder of Global Macro Investor. Former hedge fund manager who retired at 36, Raoul Pal is co-founder of Real Vision, a financial media company offering in-depth video interviews and research publications from the world’s best investors. He has run a successful global macro hedge fund, co-managed Goldman Sachs’ hedge fund sales business in Equities and Equity Derivatives in Europe, and helped design the BBC TV program Million Dollar Traders, training participants in investment and risk management strategy. Raoul retired from managing client money and now lives in the Cayman Islands, from where he manages Real Vision and writes for the Global Macro Investor, a highly regarded original research service for hedge funds, family offices, sovereign wealth funds, and other elite investors.

Rodrigo Constantino — Instituto Liberal (Weston, Florida)
Lecture: “The Lesser of Two Evils: The Fine Line Between Safeguarding Lives and Recovering the Economy
President of the Board of Instituto Liberal. Worked in the financial sector from 1997 to 2013, including during six years for Brazilian investment manager JGP. Author of many books, including the bestseller Esquerda Caviar [“The Caviar Left”]. Former columnist with Voto magazine, Valor Econômico newspaper, O Globo newspaper, and Veja magazine. Current columnist with Gazeta do Povo and ZeroHora newspapers and comentator with Jovem Pan radio. Rodrigo Constantino graduated in Economics from PUC-RJ and holds an MBA in Finance from IBMEC. He is a founding member of Instituto Millenium and, in 2009, won the Prêmio Libertas award at the XXII Fórum da Liberdade.

Solange Srour — ARX Investimentos (Rio de Janeiro)
Lecture: “Brazil Macro Update”
Chief Economist with ARX Investimentos since 2008. Between 2005 and 2007, was Chief Economist with Global Mellon Investments Brasil. Formerly, she worked as economist for Banco BBM, Nobel Asset Management, and Mellon Brascan DTVM. Solange Srour is a columnist with Folha de São Paulo, has been a professor with the Economics Department of PUC-RJ, and holds a master’s degree in Economics from PUC-RJ.

¹ “Desestatização” is the privatization process that detaches from the Brazilian State sectors and industries historically state-controlled (e.g., aeronautics, steel, energy, telecommunications, banking).

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