Lecture: “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 (Sao 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.
GTI Administração de Recursos (Sao 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.
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.
Clube de Investimentos Bojlesen (Sao 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.
MSCI (Sao Paulo)
Lecture: “ESG Investing: Perspectives, Growth, and the COVID-19 Impact”
Vice President with MSCI Inc. and responsible for Latin America’s institutional clients, Conrad Albrecht focuses on portfolio-management solutions, especially through implementation of Global Indexes and ESG Research. Formerly, he was a senior consultant and member of the international business development team of Itaú Asset Management, responsible for servicing and prospecting new institutional mandates for clients in the Americas, Europe, and Middle East. He has ample experience in strategy/portfolio construction and in the analysis and selection of equities, predominantly Brazilian and Latin-American. Early in his career, we worked at Adviser Asset Management, Ernst & Young, and the Brazil-Germany Chamber of Commerce and Industry. Conrad Albrecht graduated in Business Administration from PUC-RS, holds an MBA in Capital Markets from UFRGS and is a CFP — Certified Financial Planner.
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 number one 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.
Gavekal (Hong Kong)
Lecture: “Chinese and Asian Macro Outlook”
Cofounder of Gavekal Research with Charles Gave and Anatole Kaletsky in London in 1999, Louis-Vincent Gave moved to Hong Kong in 2002, from where he oversees Gavekal’s money management business. He is also a non-executive director at Evergreen-Gavekal, a Bellevue, WA-based private wealth manager. Author of six books, the latest being Clash of Empires: Currencies and Power in a Multipolar World, he has helped seed a number of start-up ventures: Roboglobal LLC, Sponsorise.me, Think-Twice, Jobby-Pepper, On-Off Telecom, A-Ride Inc, Extreme Organics Inc, Ullr Maps Inc, and others. Louis-Vincent Gave currently sits on the Board of Uniserve Inc, a Toronto-Stock-Exchange-listed telecom company, is the non-executive chairman of Roboglobal LLC (the manager of the ROBO.US ETF, one of the largest robotics-dedicated ETFs), and sits on the visiting board of Duke University’s Trinity College.
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 é Sócio Senior da Neo Investimentos, Sócio Diretor do Instituto de Estudos de Política Econômica – Casa das Garças e Diretor da ANBIMA. Membro do Núcleo de Estudos Avançados de Regulação do Sistema Financeiro Nacional (NEASF) da Fundação Getulio Vargas, Board Nominee Director do International Finance Corporation (IFC) e membro do Conselho de Administração de empresas. Foi Diretor Geral dos Bancos de Investimentos do JPMorgan e Chase Manhattan, onde era membro do Comitê Executivo para o Brasil e para a América Latina, sócio do Banco Patrimônio de Investimentos e chefiou o Gabinete de Desestatização do BNDES no início dos anos 1990. Presidiu o Conselho de Ética da ANBIMA, o Conselho de Auto-Regulação dos Fundos de Investimento em Participações da ANBIMA e foi Diretor da ANBID. É Mestre e Bacharel em Ciências Econômicas pela Pontifícia Universidade Católica do Rio de Janeiro, com especialização em Administração pela Wharton School, EUA. Lecionou nos Departamentos de Economia da Pontifícia Universidade Católica do Rio de Janeiro e da Universidade Federal Fluminense (UFF). Autor, co-autor e co-organizador de vários artigos e livros sobre mercado de capitais, finanças corporativas e macroeconomia.
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).
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.
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.
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.
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.