O DesmistificandoFII foi criado em dezembro de 2015 e é o Research exclusivo de FIIs mais antigo do mercado. Em 2022 foi lançado também nosso relatório de Ações. Além produzir os cursos mais completos do segmento.
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Retornos passados não são garantias de retornos futuros e o investimento na bolsa de valores gera riscos de perdas financeiras.
Período
08/08 a 14/08
Divulgação
17/08/2025
Este material destina-se única e exclusivamente aos assinantes do DesmistificandoFII
Research independente de fundos imobiliários mais antigo do Brasil
Analista de Valores Mobiliários
CNPI 6717
Carta aos Leitores
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Esta semana tivemos a divulgação de um importante dado econômico, a inflação de julho. O índice fechou em 0,26%, abaixo de algumas projeções, como a da Anbima, que projetava 0,36%. O índice acumulado em 12 meses ainda está bem acima da meta, em 5,23%, mas o mês de julho trouxe uma surpresa positiva.
O que mais me chamou a atenção foi o índice de difusão, que ficou em 49,60%. É difícil o índice ficar abaixo de 50%. Isso indica uma inflação menos difundida pelos produtos e, possivelmente, mais controlada.
Ainda há muitas dúvidas se essa queda é consistente, mas com a queda do dólar e até mesmo com algum excesso de produtos no mercado interno em razão das tarifas aplicadas pelos EUA, é possível continuarmos vendo uma inflação menor.
O ponto é, o dado foi excelente e tivemos uma pequena queda dos juros futuros, tendo a NTNB 2040 fechando em 6,99%.
O que chamou a atenção neste índice foi a inflação mais baixa do setor de serviços, o que pode apontar uma desaceleração do setor, reforçando um movimento de redução da inflação ao longo do tempo. O setor de serviços é o que costuma ficar pujante com os gastos do Governo e não era esperada esta redução. No entanto, para isso precisaremos de confirmação de mais dados.
Caso comecemos a ver algum dado de desaceleração da atividade econômica, ou de inflação para baixo, ou ambos, poderemos ter sinais de uma queda dos juros no começo do próximo ano. No entanto, o próximo ano é de eleição e muitos ruídos políticos podem atrapalhar uma eventual redução mais consistente dos juros.
De qualquer forma, este cenário, caso continue assim, pode gerar, em nosso universo dos FIIs, a uma valorização maior dos FIIs de tijolo e, como sabemos, a uma redução dos rendimentos dos FIIs de recebíveis que não possuem exposição elevada em CDI.
Assim, este dado me chama a atenção para começarmos a olhar os nossos aportes para os FIIs de tijolo de agora em diante. Como dito, precisamos de confirmações, mas, quando tudo estiver mais claro, a informação já estará no preço, por isso a importância de ir fazendo o movimento desde já.
Isso significa que devemos vender os FIIs de recebíveis e realizar este movimento? Entendo que não. Os FIIs de recebíveis estão com desconto relevante, salvo algumas exceções e que normalmente surgem de fundos concentrados em CDI. O KNIP11 da Kinea tem um dos menores descontos para o seu VP e negocia com um desconto de 4%, igual ao do AFHI11, o que eu entendo ser um desconto elevado, já que esses fundos estão com o VP marcados com os juros mais elevados.
A NTNB 2029, um proxy importante na marcação a mercado do VP dos FIIs de recebíveis, havia fechado o mês de julho em 7,90% e neste momento já está em 7,59%. Isso gera uma valorização neste VP, aumentando este desconto que observamos. Mas somente se a queda persistir até o final deste mês é que veremos isso nos indicadores. Para fins comparativos, o ICRI11 tinha o VP em R$ 99,59 no final de agosto e em 11/08 já estava em R$ 100,32.
Como os FIIs de recebíveis, na média, ainda negociam com bons descontos, entendo que não seja o caso de sair vendendo, mas novos aportes, se confirmados os dados econômicos deste relatórios, devem passar a serem feitos em FIIs de tijolo.
Não canso de dizer como o mercado de FIIs é incrível; no entanto, não podemos nos orgulhar muito da forma como esse mercado cresceu nos últimos anos. Na justificativa e narrativa de crescer, muita coisa ruim foi construída, em razão de que o foco não é no cotista, mas no mercado financeiro.
Escrevo críticas com frequência, não com o objetivo de desmerecer o produto FII, pois ele é incrível, mas como forma de tentar tirar a ingenuidade do investidor de que o FII é um produto bom por excelência, pois não é. Se não for bem filtrado, se não for bem selecionado, o investidor com certeza entrará em uma roubada muito grande.
E, por vezes, sou um pouco “solitário” nessas críticas e mais críticas que escrevo, sobre emissões, fusões, negócios entre fundos, recompra de cotas etc.. Sei que essa visão, muitas vezes solitária, é derivada da minha independência de verdade, uma raridade no mercado, bem como uma filosofia de investimento que construí ao longo de mais de duas décadas e sigo construindo. No entanto, por vezes me questiono “será que não seria eu o errado?”. São tantas pessoas defendendo e elogiando o que eu critico: “seria eu o único certo?”.
Sim, precisamos ter esta humildade de nos questionarmos sobre os nossos pensamentos e reflexões e mudar de opinião. Pois é, mas nunca consegui mudar de opinião.
Mas, esta semana eu li a carta mensal da Monte Bravo e vi que não estou sozinho. Ou, quem sabe, outros profissionais estão acordando para o que está acontecendo neste mercado. E, preciso replicar o trecho desta carta sobre isso:
Mas é no campo da indústria que reside a crítica mais contundente. A consolidação de gestoras e a fusão de fundos com estratégias semelhantes poderiam, em teoria, trazer benefícios para os cotistas ao concentrar patrimônio em estruturas mais robustas e com maior capacidade de gestão.
Temos observado, no entanto, operações cujo desenho levanta dúvidas legítimas sobre as motivações reais. O movimento de incorporação de fundos, aproveitando um regulamento mais moderno e a possibilidade de recalcular o custo de aquisição de ativos para o valor de mercado, não pode servir como muleta para encobrir decisões equivocadas.
Um ativo comprado sem a devida diligência permanece sendo uma má aquisição, independentemente da roupagem que lhe seja dada em uma fusão. O prejuízo contábil desaparece, mas a má alocação de capital continua lá — corroendo retorno futuro e minando a confiança do investidor.
Outro movimento que merece vigilância é a venda de imóveis em troca de cotas de outro fundo em emissão. Trata-se de uma engenharia financeira que, na superfície, pode parecer sofisticada e até estratégica, mas que — se não for respaldada por fundamentos sólidos e premissas realistas — carrega o risco de se transformar em uma troca de ativos reais por expectativas frágeis, com impacto negativo direto sobre o cotista do fundo vendedor.
O fato é que a indústria de FIIs atravessa um momento em que a confiança está fragilizada: anos de performance abaixo do esperado, excesso de investidores com perfil incompatível para suportar volatilidade e uma comunicação que, muitas vezes, alimentou expectativas irreais. Ao invés de simplificar e reconstruir credibilidade, parte do mercado opta por movimentos que soam mais como tentativas de reposicionar narrativas do que como soluções estruturais. Isso é um erro estratégico grave, pois, no final das contas, o capital não pertence ao gestor, à gestora ou ao administrador. Ele pertence ao cotista, e é para ele que a indústria deveria trabalhar com prioridade e transparência absolutas. O dinheiro é dos cotistas. Trabalhem para eles. (Grifos no original).
Fonte:
https://www.montebravo.com.br/blog/analise/carta-mensal/agosto-2025/
Eu particularmente fiquei muito feliz ao ler esta carta, pois penso que quanto mais pessoas estiverem criticando, mais pessoas focadas nos cotistas deve surgir e fazer um bom trabalho neste que é um produto incrível. Repetindo o que foi dito neste relatório “O dinheiro é dos cotistas. Tralhem para eles.”. E vou adiante, parem de encher seus bolsos de dinheiro com venda de Gestoras e fundos construídos com o suor dos cotistas, pois apenas vão destruir o nome de um produto incrível.
Apesar das minhas críticas, apesar de ver um player de peso como a Monte Bravo criticando, não sou ingênuo, o mercado financeiro sempre foi e sempre será assim. Nunca fui meio “Poliana” no mercado de FIIs, sempre mostrei os problemas que possuem e a necessidade de se selecionar bem o que teremos na carteira e de não sermos 100% um único produto. O investidor precisa se cercar de informações, boas assessorias, reflexões e não ser ingênuo para investir bem o seu dinheiro, seja em FIIs, seja em qualquer coisa.
Por isso, um pouquinho de conhecimento e uma dose de malícia (menos ingenuidade) fará muito bem para o seu dinheiro.
Diferentemente do que divulgou a SiiLA, Augusto e Bruno, que vieram do CSHG para o Patria, não deixaram totalmente a Gestora, mas sim o dia a dia dos fundos. Consta nos relatórios gerenciais dos fundos deste mês o seguinte:
Informamos que houve uma mudança na estrutura de gestão dos fundos imobiliários do Pátria. Augusto Martins e Bruno Margato deixaram suas funções no dia a dia da operação dos fundos (incluindo o HGRU) para integrar um comitê estratégico. Rodrigo Abbud assumirá a função de head de tijolo, além de continuar como CEO da estratégia imobiliária do Pátria no Brasil. É importante destacar que nossa equipe permanece sólida, composta por mais de 50 profissionais dedicadas ao segmento imobiliário, com processos estabelecidos e um compromisso com a governança e transparência com nossos investidores. Caso tenha qualquer dúvida sobre os nossos fundos, permanecemos à disposição através do nosso canal de RI (ri.re@patria.com).
Fonte: https://fnet.bmfbovespa.com.br/fnet/publico/exibirDocumento?id=968543&cvm=true
Assim, saíram do dia a dia do fundo, mas seguem na Gestora, em uma outra atividade, sem o poder de mando nos fundos e em suas estratégias. Entendo que é uma perda para os fundos, eles foram essenciais para os investimentos serem bem-feitos ao longo deste período. Apesar disso, mantenho tudo que disse no relatório anterior e apenas um ponto de acompanhamento.
Prezados assinantes, é com grande satisfação que anunciamos a abertura da Turma 7 do Curso Avançado Desmistificando FII.
Após mais de um ano desde a última edição, decidimos abrir novas vagas em resposta ao forte interesse manifestado na pesquisa recente com nossos assinantes. A procura superou nossas expectativas e, por isso, esta será uma abertura pontual.
Este é o curso que, modéstia à parte, entendo ser o mais completo e técnico sobre Fundos Imobiliários disponível no mercado brasileiro. São 18 módulos cuidadosamente organizados, com uma jornada que vai do básico ao conteúdo mais avançado, capaz de preparar o investidor para investir com segurança, estratégia e autonomia no segmento de FIIs.
Nos módulos iniciais (nível básico e intermediário) você será conduzido por mim e pelo Edvaldo Júnior, planejador financeiro e meu sócio, que garante o nivelamento necessário para todos os perfis. Neste curso avançado, mesclamos as aulas do curso DesmistificandoFII Fundamentos, que é um curso básico para investidores iniciantes. Assim, adquirindo o curso avançado, você já leva também as aulas do curso básico. A partir dos módulos avançados, eu, Rodrigo Medeiros, Analista CNPI e responsável pela área de Research do Desmistificando, assumo o conteúdo mais técnico, entregando aulas profundas, práticas e diretamente conectadas ao que aplicamos no dia a dia das análises.
Abaixo, um vídeo para você conhecer mais detalhadamente toda a grade do curso.
Além do conteúdo gravado, o Curso Avançado Desmistificando FII conta com uma série de aulas ao vivo, que se tornaram, na percepção dos próprios alunos, o ponto alto da formação.
Mais do que uma simples complementação, essas aulas são o grande diferencial do curso. É comum vermos alunos de turmas anteriores renovarem sua participação principalmente para continuar tendo acesso a esse formato das aulas ao vivo. O motivo é claro: trata-se de encontros dinâmicos, atualizados e profundamente conectados com o momento real do mercado de FIIs.
Na Turma 7, manteremos a dinâmica. Um calendário completo das aulas ao vivo o qual segue abaixo:
Com isso, o aluno terá dois pilares robustos de aprendizado: base técnica sólida com o conteúdo gravado e atualizações com as aulas ao vivo. Essa combinação transforma o aluno em um investidor de fundos imobiliários com domínio técnico muito acima da média.
Se você ainda não participou, essa é a oportunidade ideal para ingressar na Turma 7 e se posicionar entre os investidores mais preparados do mercado.
As turmas anteriores foram esgotadas em poucos dias. Esta abertura será restrita, e não temos previsão de uma nova edição em curto prazo.
Se você busca evoluir de forma consistente, sair do superficial e ganhar autonomia em suas decisões de investimento, esta é a sua oportunidade.
Você terá acesso ao curso por 1 ano e, após esse período, poderá renovar seu acesso por um valor promocional — o mesmo benefício que nossos alunos de turmas anteriores estão aproveitando neste momento.
Para conhecer todo o curso, as aulas, os módulos e tirar suas dúvidas, acesse o seguinte LINK. Mas, lembre-se, não faça sua inscrição por esta página, pois você tem um desconto especial.
Para você que é nosso assinante:
FAÇA SUA INSCRIÇÃO CLICANDO AQUI
Para você que já é aluno e deseja renovar, a renovação está disponível dentro da área do aluno na Hotmart, conforme consta na imagem abaixo:
Esperamos todos vocês por lá!
Qualquer dúvida ou problema que enfrentar, favor nos contatar mandando um e-mail para suporte@desmistificandofii.com.br
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
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Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
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