Research center

What we are reading. What we are writing.

We publish our work as a discipline, not as marketing. Investment letters, sector deep-dives, and the occasional essay on capital allocation, governance and long-term ownership.

Original work. No commentary on price moves.

Featured · Investment letter

Why we are starting ATTA, and why now.

The case for a small, Brazil-first, ownership-minded equity partnership at a moment when patient capital is scarce and long-duration mispricings are abundant. Our framework, the team, and the discipline of staying small.

Read the letter →

All publications

April 2026

A Letter from ATTA — Why we are here.

An introduction to the partnership: what we believe, how we research, and the shape of the portfolio we are building. Written for prospective investors and curious readers alike.

Letter · 14 min

April 2026

Two ways to underwrite a Brazilian compounder.

Notes on separating core-asset value from embedded optionality — and why most analysts confuse the two. A working framework with three short examples from our current research universe.

Essay · 9 min

March 2026

Concentration is a discipline, not a style.

On why eight names is more demanding — not less — than thirty. The work that goes into a position before it earns 10%, 15% or 20% of the book.

Essay · 11 min

March 2026

Reading list — Q1 2026.

Books, papers and shareholder letters that shaped our thinking this quarter. From operator-led capital allocation to industry structure in Brazilian agriculture.

Notes · 6 min

February 2026

Founder-operators and the price of patience.

Why owner-operators tend to compound capital better — and the specific behaviors we look for when diligencing a founder-led business in public markets.

Essay · 13 min

February 2026

Volatility is information. Drawdowns are opportunity.

A short reflection on non-idiosyncratic drawdowns — Covid, election cycles, fiscal scares — and how patient ownership turns them into entry points rather than exits.

Note · 7 min

January 2026

The palindrome — symmetry as an investment principle.

Where the firm's name comes from. Why we believe symmetric relationships between investors, companies and partners are the precondition for durable returns.

Essay · 8 min