5
Relatório Quinzenal
Período
26/10 a 07/11
Divulgação
09/11/2022
Este material destina-se única e exclusivamente aos assinantes do DesmistificandoFII
Research independente de fundos imobiliários mais antigo do Brasil
Rodrigo Costa Medeiros
Analista de Valores Mobiliários
CNPI 1597
Eurico da Silva Rodrigues
Analista de Valores Mobiliários
CNPI 3385
Ações abordadas neste relatório
Carta aos Leitores
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Recomendação de leitura
No último plantão de dúvidas falamos muitos sobre os desafios de se tentar fazer uma previsão econômica e a necessidade de acompanhamento do mercado ser muito importante, ao invés de tentar fazer modelos que vão prever o futuro.
No dia seguinte lembrei de um texto recente do Howard Marks, o qual compartilhei no Telegram dos assinantes e compartilho aqui novamente – TEXTO.
O texto é em inglês, mas os navegadores fazem a tradução e é um excelente texto.
Indicação Literária
Somos da opinião de que ler é fundamental para o desenvolvimento do ser humano. E isso acaba fazendo de você um investidor melhor, tenha o assunto a ver com finanças ou não. Assim sendo, gostaríamos de oferecer uma indicação quinzenal da qual gostamos e achamos que seria útil.
Livro da Semana: A Psicologia Financeira – Morgan Housel
Um livro que deveria ser de leitura obrigatória para todos os investidores.
Não somos pessoas 100% racionais, isso não é possível, consequentemente, precisamos entender como as nossas emoções afetam nossas tomadas de decisões no universo dos investimentos.
No livro Morgan Housel nos leva a refletir sobre a importância dos aspectos comportamentais no momento dos investimentos, trazendo alguns exemplos práticos. Ainda que isso possa ser um pouco clichê para quem já investe, relembrar esses conceitos são sempre importantes para o sucesso nos investimentos.
Ele vai além e traça um paralelo no comparativo que os investidores costumam fazer uns com os outros, tentando alcançar os resultados uns dos outros, mas que o adequado seria você respeitar as suas individualidades. Novamente, tema bastante batido entre os investidores, mas que muitas vezes deixamos de lado ou esquecemos.
Ao longo do livro o autor traça diversos paralelos entre os vários aspectos de nossa vida e os investimentos, como no capítulo 14, quando fala para termos atenção aos planos de longo prazo, pois nós vamos mudar, os objetivos e os desejos vão mudar, então é importante estar aberto para essas mudanças quando traçarmos o planejamento.
São 20 capítulos de uma leitura fácil e rápida a qual recomendo aos assinantes tirarem um tempo para fazer essa leitura.
Crônicas de Mercado
Periodicamente procuraremos trazer textos (crônicas) para nossos assinantes com o objetivo de levar a uma reflexão mais profunda sobre o mundo dos investimentos, assemelhando-o a nossa vida cotidiana, afinal, investir sempre fará parte da nossa vida cotidiana. Denominamos esses textos como “Crônicas de mercado”, e cada um deles virá com um tema diferenciado.
Desespero COMEDIDO
Finalmente as eleições terminaram. Esperamos que seja a tempo de as famílias fazerem as pazes ao menos até o Natal. Nunca uma eleição no Brasil foi tão polarizada. Até mesmo quando só havia 2 partidos, o que, aparentemente, configura certo grau de estranheza ao fato.
Um dos grupos ficou triste, outro comemorou bastante. Até aí tudo normal, considerando que não dá para o Flamengo fazer uma final com o Corinthians e os dois se sagrarem campeões. Para um ganhar, o outro precisa perder. É a única consequência factível do esporte amador, do esporte olímpico e no par ou ímpar que sua filha de 5 anos acha por um motivo qualquer divertidíssimo de disputar.
O grupo perdedor contesta o resultado das eleições. Na prática, entretanto, é mais fácil que o Botafogo seja campeão da Libertadores invicto no ano que vem do que o pleito seja cancelado. Considerando que nem a vaga para o torneio o time provavelmente vai conseguir, dá para imaginar o tamanho do drama. Quem não gostou do resultado do pleito e tem senso de humor grita “gente, vamos nos desesperar com calma!”. Bom, não me parece ser o caso de desespero. Não mesmo.
Achei por bem fazer agora um diálogo altamente esquizofrênico de mim para comigo mesmo simulando coisas interessantes a se pontuar no momento. São dúvidas interessantes que com certeza eu teria, e tiraria comigo mesmo caso tivesse acesso a mim.
- Eurico, Petrobrás e Banco do Brasil vão performar pior do que o Ibovespa nos próximos meses?
- Impossível dizer, Eurico. PETR e BB são duas empresas em que o Governo do país é controlador.
O controlador tem algumas prerrogativas, como escolher o presidente da Companhia e até demitir o conselho em alguns casos. Por outro lado, a Lei das Estatais (Lei nº 13.303/2016), promulgada por Michel Temer, deixou as estatais mais protegidas do que antes.
- Petrobrás caiu porque o balanço foi ruim?
- Nunca dá para ter certeza do porquê das cotações se mexerem a curto prazo, mas me parece que foi porque os dividendos subiram no telhado. Dividendos muitas vezes destravam valor, especialmente se estivermos falando de estatais.
- Eurico, é mais fácil o novo Governo intervir em Petrobrás do que em Banco do Brasil?
- Veja bem, Eurico... Mesmo que o governo faça novamente políticas de expansão de crédito inchando o Estado, isso normalmente é executado por intermédio da Caixa Econômica Federal e do BNDES, ao menos num 1º momento. Assim sendo, BB parece um pouco mais blindado do que a Petrobrás, sim.
- Devo zerar minha posição em estatais e fugir para o exterior como preconiza o romance “A Revolta de Atlas” de Ayn Rand?
- Não, não. Muita calma nessa hora. Muita hora nessa calma. Sinceramente, não é o caso de desespero. Nem mesmo um desespero comedido.
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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SUZB3
Papel e Celulose
R$ 54,37
-1,65%
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PETR4
Petróleo e Gás
R$ 37,55
-1,96%
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VALE3
Mineração
R$ 56,68
-1,25%
Ação
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Bancos
R$ 28,77
-1,64%
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.
Conteúdo exclusivo para assinantes:
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