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2º Tri de 2024
Neste relatório, dedicamos algumas páginas para discutir o fechamento da posição de GE – um investimento que contribuiu de forma bastante relevante para a performance do fundo. De outubro de 2018, até...
Macro vs. Micro
Neste curto vídeo, gravado em maio do ano passado em episódio do Market Makers, nosso fundador e principal sócio, Roberto Vinháes, descreve nossa descrença quanto à relevância de previsões macroeconômicas no processo...
NEXTEP Update
O fundo Nextep Global Equities Long Only sobe no ano 19,9%, até dia 21 de maio, e 27,4% nos últimos 12 meses. No final deste mês o fundo completará 11 anos, um marco...
1º Tri de 2024
Neste relatório apresentamos nossa forma de investir, evidenciando os aspectos fundamentais da nossa filosofia e explicando como montamos nosso portfólio. Elencamos os aprendizados dos últimos 20 anos gerindo fundos de ações globais...
A gestão que reprecificou a Williams-Sonoma
Pegando este caminho contrário, uma das empresas que nos ajudou a bater o índice nos últimos anos foi a Williams-Sonoma, um conglomerado americano focado no varejo de móveis e artigos para casa...
Relatórios Trimestrais
2º Tri de 2024
Neste relatório, dedicamos algumas páginas para discutir o fechamento da posição de GE – um investimento que contribuiu de forma bastante relevante para a...
1º Tri de 2024
Neste relatório apresentamos nossa forma de investir, evidenciando os aspectos fundamentais da nossa filosofia e explicando como montamos nosso portfólio. Elencamos os aprendizados dos...
4º Tri de 2023
O ano de 2023 não foi bem o que o mercado esperava ao final de 2022. O que estava precificado era um ano de...
3º Tri de 2023
O cenário de liquidez e juros mais desafiador que vem se desenhando no último ano – que está mais em linha com o comportamento...
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Aleatórias
“If you don’t make mistakes you can’t make decisions.”
— Warren Buffet
“Good investing requires a weird combination of patience and aggression. And not many people have it.”
— Charlie Munger
“Patiently building a list of quality, predictable companies, even among large cap stocks, is likely to be a productive exercise as eventually, something on that watchlist will reach a low price that is in fact undervalued, offering high returns from that level going forward.”
— John Huber
“We have three baskets for investing: yes, no, and too tough to understand.”
— Charlie Munger
“Equities can compound in value in a way that investments in other asset classes, such as bonds and real estate, cannot. The reason for this is quite simple: companies retain a portion of the profits they generate to re-invest in the business.”
— Terry Smith
“There are two hedges I know of; one is cash and the other is knowledge.”
— Bruce Berkowitz
“The function of economic forecasting is to make astrology look respectable.”
— John Kenneth Galbraith
“The essence of investment management is the management of risks, not the management of returns.”
— Benjamin Graham
“I think I’ve been in the top 5% of my age cohort all my life in understanding the power of incentives, and all my life I’ve underestimated it. And never a year passes but I get some surprise that pushes my limit a little farther.”
— Charlie Munger
“Patience; an attribute that forms the foundations of one of the most enduring edges in all of markets; an edge whose moat is only widening as time horizons continue to shorten and the speed of information continues to quicken. In fact, the advantage of patience is inversely correlated to the advantage of information; the weaker that info edge becomes, the stronger the edge that relies on time horizon becomes.”
— John Huber
“One of the best rules anybody can learn about investing is to do nothing, absolutely nothing, unless there is something to do.”
— James Rogers
“You don’t want to be a no emotion person in all of your life, but you definitely want to be a no emotion person in making an investment or business decision.”
— Warren Buffet
“The idea that the future is unpredictable is undermined every day by the ease with which the past is explained.”
— Daniel Kahneman
“It takes character to sit with all that cash and to do nothing. I didn’t get to be where I am by going after mediocre opportunities.”
- Charlie Munger
“I find it much easier to find four or five investments where I have a pretty reasonable chance of being right that they’re way above average. I’m way more comfortable owning two or three stocks which I think I know something about and where I think I have an advantage.”
- Charlie Munger
“People calculate too much and think too little.”
- Charlie Munger
“A great philosopher said ‘A man never steps into the same river twice, the man is different and so is the river when he goes in the second time.’ That’s the trouble with economics. It’s not like physics. The same damn recipe done a different time gets a different result.”
- Charlie Munger
“Go to bed smarter than when you woke up.”
- Charlie Munger
“If you’re dead wrong on a long, you can lose 100%. If you’re dead wrong on a short, you can lose 10 times your money. When I was at Soros, I shorted 200 million worth of internet stocks in March of 99, and in three weeks covered them at a 600 million loss. I lost $600 million on a 200 million investment in three weeks. I was short 12 stocks. They all went bankrupt. Every one of them.”
— Stanley Druckenmiller
“If it’s your [profession], diversification doesn’t make sense. It’s crazy to put money in your twentieth choice rather than your first choice… Charlie and I operated mostly with five positions. If I were running $50, $100, $200 million, I would have 80 percent in five positions, with 25 percent for the largest.”
— Warren Buffett
“It ain’t what you don’t know that gets you into trouble. It’s what you know for sure that just ain’t so.”
— Mark Twain
“We have to invest in the world we live in, and not the world we want.”
— Charlie Munger
“Chance only favors the prepared mind.”
— Louis Pasteur
“A genius is a man who can do the average thing when everyone else around him is losing his mind.”
— Napoleão Bonaparte
“The essence of strategy is what you choose not to do.”
— Michael Porter
“Supernormal results are usually achieved through the combination of multiple forces working together. When you can be really patient and selective, you have the luxury of waiting for that confluence of multiple forces.”
— Norbert Lou, Punch Card Capital
“The difference between successful people and really successful people is that really successful people say no to almost everything.”
— Warren Buffett
“A origem do risco é você não saber o que está fazendo.”
- Warren Buffett
“I can’t change the direction of the wind, but I can adjust my sails to always reach my destination.”
- Jimmy Dean, singer, actor and businessman
“E os que foram vistos dançando foram julgados insanos pelos que não conseguiam ouvir a música.”
– Friedrich Nietzsche
“A resposta está em geral na história inteira, e não apenas numa parte dela.”
– Jim Harrison
“É impossível começar a aprender aquilo que se pensa que já se sabe.”
– Epictetus
“Estou sempre procurando saber o que não sei fazer a fim de aprender como fazê-lo.”
– Pablo Picasso
“É melhor estar mais ou menos correto do que exatamente errado.”
– John Maynard Keynes
“O homem que não lê bons livros não tem vantagem sobre aquele que não os pode ler.”
- Mark Twain
“A liquidez é um covarde que some ao primeiro sinal de encrenca.”
- Ray Devoe
“A chave para se ganhar dinheiro com ações é não se amedrontar a ponto de livrar-se delas.”
- Peter Lynch
“100% das informações que temos sobre qualquer empresa ou qualquer investimento refletem o passado. 100% do valor de tal investimento depende do futuro. A verdadeira questão é como dados passados se conectam com o futuro.”
- Bill Miller
“Every time you see the word EBITDA, you should substitute [for] the words ‘bullshit earnings’.”
- Charlie Munger
“If options aren’t a form of compensation, what are they? If compensation isn’t an expense, what is it? And if expenses should not go into the calculation of earnings, where in the world should they go?”
— Warren Buffett
“Google is the 800-pound gorilla in search, I want people to know that we made them dance.”
- Satya Nadella
“In effect, accounting principles offer management a choice: pay employees in one form and count the cost, or pay them in another form and ignore the cost.”
- Warren Buffett
“Good boards don’t create good companies, but a bad board will kill a company every time”
— Fred Destin
“It’s good to learn from your mistakes. It’s better to learn from other people’s mistakes.”
— Warren Buffett
“If you don’t know who you are, the stock market is an expensive place to find out.”
— George Goodman
“It’s frightening to think that you might not know something, but more frightening to think that, by and large, the world is run by people who have faith that they know exactly what’s going on.”
— Amos Tversky
“Forecasts create the mirage that the future is knowable.”
— Peter Bernstein
“When writing about transcendental issues, be transcendentally clear.”
- René Descartes
“Extinction is the rule. Survival is the exception.”
- Carl Sagan
“Faça como um velho marinheiro, que durante o nevoeiro leva o barco devagar”
- Paulinho da Viola
“In no way do we think that Berkshire shares should be repurchased at simply any price. I emphasize that point because American CEOs have an embarrassing record of devoting more company funds to repurchases when prices have risen than when they have tanked. Our approach is exactly the reverse”
— Warren Buffett, Berkshire Hathaway 2020 Letter
“The greatest enemy of knowledge is not ignorance, it is the illusion of knowledge.”
— Daniel J. Boorstin
“If you wait at a bus stop long enough, you’re guaranteed to catch a bus, but if you run from bus stop to bus stop, you may never catch a bus”
— Howard Marks
“It’s not supposed to be easy. Anyone who finds it easy is stupid.”
— Charlie Munger
“Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.”
- Warren Buffett
“Capitalism without bankruptcy is like Christianity without hell.”
- Frank Borman
“Only buy something that you’d be perfectly happy to hold if the market shut down for 10 years.”
- Warren Buffett
“We distinguish ourselves as investors by what we do when our strategy is not in great favour. Every strategy goes in and out of favor and this is the time to be resourceful, and yet, maintain our standards”
- Howard Marks
“Beware of false knowledge; it is more dangerous than ignorance”
- George Bernard Shaw
“Free education is abundant, all over the Internet. It’s the desire to learn that’s scarce.”
- Naval Ravikant, Co-founder of AngelList
“You’ve worked for me for 10 years and I still don’t know if you are a good investor.”
- Marc Rowan, CEO Apollo Global
“Comfort is the enemy of progress.”
- P.T. Barnum
“Discipline is just choosing between what you want now and what you need most.”
- Abraham Lincoln
“You can’t succeed without surviving. One of my favorite adages is: ‘don’t forget the man who was 6 feet tall but drowned crossing a stream that was 5 feet deep on average’. The concept of survival on average is irrelevant, you have to survive everyday.”
- Howard Marks
“Paciência também é uma forma de ação.”
— Auguste Rodin
“Eu acredito na sorte: de que outra forma você pode explicar o sucesso daqueles de que você não gosta?”
— Jean Cocteau
“Nenhum exército pode resistir à força de uma ideia cujo tempo chegou.”
— Victor Hugo
“Things that have never happened before happen all the time.”
— Morgan Housel
“The world is full of obvious things nobody by any chance ever observes.”
— Sherlock Holmes
“When writing about transcendental issues, be transcendentally clear.”
— René Descartes
“It’s harder to be number one and easier to chase number one”
— Jean Pierson, former CEO of Airbus
“If we have data, let’s look at data. If all we have are opinions, let’s go with mine.”
— Jim Barksdale, former CEO of Netscape
“In God we trust; all others must bring data.”
— W. Edwards Deming
“Half the money I spend on advertising is wasted; the trouble is I don’t know which half.”
— John Wanamaker
Fundos NEXTEP
NEXTEP Global Equities Long Only FIA - IE
| Data | Cota | Rentabilidade | Dia | Mês | Ano | 12 meses | 60 meses |
|---|---|---|---|---|---|---|---|
| 2024-09-17 | R$ 548.21229371 | em R$ | 0.29% | -3.58% | 28.87% | 34.84% | 109.06% |
| em US$ | 0.89% | -1.33% | 14.07% | 19.73% | 55.52% |
