"Pinhal” é também, uma das capitais brasileiras do café e o PIB da cidade é, na sua maioria, formado por essa cultura.

Há 10 anos, o advento da Guaspari - vinícola que mudou a região, trouxe para "Pinhal", uma nova realidade. A cidade é para mim, a nova capital do vinho na América Latina. Alguns amigos achavam que eu estava exagerando até irem lá e provarem minha tese na suas primeiras taças.

Não é à toa que produtores, especialistas e sommeliers estão de olho lá.

A região da Serra dos Encontros (Espírito Santo do Pinhal, Albertina, Jacutinga, Santo Antonio do Jardim e Andradas) é um luxo que bebedores de vinhos de qualidade ainda não estão prontos para defender. Eu tenho duas adegas, uma no interior e outra em São Paulo. Na capital, fiz um pacto comigo mesmo: só tomarei vinho brasileiro por lá.

Por que: a qualidade tá muito alta.

Um guia simples sobre Espírito Santo do Pinhal

Primeira lição: Espírito Santo do Pinhal é a "Pinhal dos Vinhos". Não confundir com Santo Antônio do Pinhal ou São José dos Pinhais (PR).

Pinhal dos Vinhos é a Toscana Brasileira.

Para ajudar amigos e familiares (que sempre me pedem dicas) montei um guia simples para visitar a cidade e extraírem o máximo desse pequeno paraíso paulista.

1. Hospedagem

"Pinhal” e região ainda não acompanharam a velocidade dos investimentos que foram feitos nos vinhos: existem cerca de 40 projetos de vinícolas em andamento, portanto, hospedagem pode ser um desafio se não se preparar um pouco antes.

Recomendo duas hospedagens por enquanto:

Vila Alto dos Pinhais - @vilaaltodospinhais

Melhor hospedagem da região. A pousada familiar fica no centro da cidade, tem fácil acesso, quartos excelentes, atendimento muito bom e um dos melhores cafés da manhã que conhecemos. Tem piscina e um jardim espetacular.

De quebra, ainda podem tomar do café que eles mesmo produzem, que leva o mesmo nome da pousada.

Rancho Churrascada - @ranchochurrascada

O Rancho é um lugar muito bom para casais que queiram "mergulhar” num turismo rural de verdade. As cabanas do lugar ficam a +1200 metros de altitude, são ótimas e a vista é de tirar o fôlego. Além da hospedagem, o Rancho tem um restaurante excepcional para quem gosta de carne. A cerveja vem sempre gelada!

Além da hospedagem e restaurante, o Rancho oferece um bocado de aventura dentro do complexo. É um lugar para quem quer uma experiência bem exclusiva (e romântica).

A cidade e região estão tentando se preparar para melhorar a hospedagem, mas recomendamos, por enquanto, apenas esses dois lugares.

Já nos hospedamos em outras pousadas, mas garantimos que nessas duas recomendações serão muito bem tratados e a experiência vai valer.

Outra hospedagem recomendada por amigos é a Famiglia Bartho que é simples, mas bem elogiada.

2. Vinícolas

Temos nossas preferidas, mas faremos aqui um apanhado sobre as melhores para cada ocasião.

Eu e minha esposa andamos bastante por lá, até para sentir o movimento da região quando o assunto é vinho. Tem tanta coisa acontecendo nesse tema, que todo dia vemos algo novo. Dos 40 projetos aprovados, algumas estão bem maduras na produção, no receptivo e na estratégia em distribuir esses vinhos.

Separe nas visitas apenas 2 vinícolas por dia, no máximo.

L 'Origine - @vinicolalorigine

Vinícola familiar, tem de longe um dos melhores vinhos brasileiros que já tomamos. A LO produz o melhor viognier que eu já tomei na vida. Recebe grupos pequenos com reservas: até 15 pessoas e os próprios donos recebem e fazem a degustação cheio de história.

Inclusive a vinícola tem esse nome porque foi dali que se deu a origem de "Pinhal dos Vinhos”, as iniciativas e viticultores passaram inicialmente pela L’Origine.

Eu escrevi mais sobre a L’Origine aqui, leia mais.

Guaspari - @vinicolaguaspari

A melhor operação de vinhos brasileiros, sem sombra de dúvidas é da Guaspari. Se você vai ao Fasano e alguns dos melhores restaurantes Michelin® no Brasil, a Guaspari estará lá. Visitar essa vinícola é ver nascer o provável campeão brasileiro dos próximos anos. Tudo funciona muito bem e os vinhos…espetaculares.

A sede fica no centro da cidade e depois da reforma, a vinícola ficou um deslumbre. Vá com tempo de sobra e leva os amigos.

Nem preciso falar do wine bar, que é um luxo para quem tem tempo para passar a tarde lá.

Merum - @vinicolamerum

Ótima visita para levar os amigos também. A Merum tem uma vista espetacular (pode acreditar) e um receptivo de "responsa”. Aos fins de semana tem música ao vivo e vale muito a pena.

Talvez seja a que tenha a melhor paisagem para registrar um momento especial ou para comemorarem uma data especial.

A Merum é “o lugar” para pedir alguém em casamento, fica a dica.

Pioli - @vinicolapioli

Outra vinícola familiar que tem um casarão muito lindo e está produzindo vinhos que nos surpreenderam. Fomos a uma degustação exclusiva e os vinhos da Pioli estão muito acima dos níveis dos vinhos brasileiros de qualidade.

O que chamou nossa atenção é a variedade dos rótulos e o equilíbrio entre eles.

Amana - @vinicola_amana

Fundada por empresários da região de Pinhal, a Amana foi uma das primeiras a abrirem suas portas e terem um receptivo profissional. O lugar é muito bonito e o wine bar também é excelente.

A Amana ganha bastante em conseguir integrar uma bela vista, o vinhedo, as barricas e o wine bar, praticamente no mesmo espaço.

3. Gastronomia

Assim como a hospedagem, a gastronomia começa a se preparar para a quantidade de turista na região. Além do próprio Rancho Churrascada, que vale muito a pena, separamos algumas sugestões para quem ainda não conhece a cidade.

Vamos a elas.

Opção Trattoria - @opcaotrattoria

Melhor opção (desculpe a redundância) da cidade, esse restaurante funciona apenas à noite e está bem preparado para os turistas. A comida é excelente e eles realmente estão conseguindo combinar boa comida com os vinhos da região.

Casa do Ipê - Cozinha - @casadoipezoinha

Uma das novidades em Pinhal. Uma alternativa excelente para as manhãs: de fins de semana abrem às 09h!

Tem se tornado um dos preferidos, inclusive dos moradores da cidade.

O Gringo - @ogringopinhal

Fomos duas vezes ao Gringo, que é realmente comando por um imigrante europeu, muito simpático.

É uma excelente opção para quem quer tomar um drink à noite e jantar entre amigos também. Funciona num casarão no centro da cidade.

3. Café - roteiros

Antes do vinho, Pinhal era conhecida (e ainda é) pelo café que produz. Ao entrar na cidade, lê-se: “a capital do café”. Impossível passar pela cidade e região e não provar o café produzido lá.

Alguns passeios valem a visita, para quem cansar de tomar tanto vinho, rs.

Do genoma à xícara - @dogenomaaxicara

Turismo rural de verdade com foco na história do café e da região. Comandado pela engenheira agrônoma Andréa Squilace.

Loretto - @lorettocafe

Sempre que vou a Pinhal, paro nessa cafeteria que além de servir cafés excepcionais, ainda fazem a torra para um bocado de produtores da região. Recomendo demais.

Toca do Kaynã - @tocadokayna

Esse lugar fica do lado de Pinhal, em Santo Antonio do Jardim. Vale a visita para experimentar o que eles produzem lá. É uma excelente recomendação para os intervalos das vinícolas.

Pinhal ainda reserva algumas surpresas interessantes para quem gosta de turismo rural, mas vamos deixar esse texto aqui vivo para ser atualizado frequentemente com o que acontece na cidade.

Detalhe: essa cidade está há 200k do centro de São Paulo e o trajeto de lá é literalmente “um tapete."

Colada no parque.

Arbitrar o preço de imóveis estressados (seja via leilão ou compra no secundário), ainda é uma fronteira que só os banqueiros e alguns grandes investidores imobiliários dominam. Bancos compram imóveis via dívidas, retomam garantias, compram falências e uma boa quantidade de investidor PF, vai no secundário: consegue comprar imóveis com dívidas, brigas judiciais e familiares diretamente de donos (na maioria herdeiros).

É aí que nasce a tese do Quintal do Parque.

Compramos uma casa (estressada) dentro de uma briga familiar.

Nosso intuito era ter depois do desembaraço, uma marca do varejo alugando esse imóvel e gerando renda. Isso em tese, valorizaria nosso capital imobilizado e paralelamente nos geraria dividendos mensais.

A casa não tinha documento (matrícula), não era regularizada na prefeitura, tinha dívida de IPTU os herdeiros não tinham inventário.

Apesar de ter sido uma tese de investimento em tijolo, muito criticada pela maioria dos “influencers” financeiros, à partir do momento que a casa saiu limpa depois da nossa compra, desembaraçada e reformada, nosso capital lá dobrou, automaticamente.

Durante a reforma, conseguimos que um negócio local (a Sliced) - uma padaria artesanal com 7 anos de existência e 2 unidades - entrasse e virasse moradores comerciais do lugar.

A arbitragem do preço funcionou em:

• combinar uma compra por um valor muito abaixo do que a casa vale;

• e de quebra, ter um locatário com um contrato bom para gerar esses dividendos (22% de yield esperado).

Com nome de Quintal do Parque demos destino rapidamente num imóvel único e de alto valor sentimental com o bairro.

Tem coisas que nem IA, nem a robótica conseguem ameaçar.

Se quiser acompanhar um pouco mais desse negócio, tá aqui o perfil do Quintal no Instagram: @quintaldoparquesp.

Isso há 200km da capital paulista, é um privilégio.

Meses atrás saiu uma matéria no Neofeed sobre "Pinhal” e quando publiquei nas redes, recebi alguns comentários sobre a cidade estar desintermediando o fluxo de “turistas de vinho” de Bento Gonçalves. Errei de fato, em negligenciar a consolidação da cidade gaúcha, que recebe milhares de pessoas todos os meses e produz alguns dos melhores espumantes que eu já tomei na vida. Hoje, Bento é o epicentro de turismo de vinho no Brasil.

Meu comentário foi enviesado mesmo, porque meu interesse por Espírito Santo do Pinhal vai além do vinho.

Explico melhor.

Desde 2023 estou na busca incessante de tomar o melhor vinho brasileiro. E Pinhal tem sido, um laboratório meio "Disneylândia" para mim. Toda semana vou para lá e tento encontrar naquela região, que vem recebendo atenção mundial na produção de vinhos de alta qualidade, um vinho novo, que me surpreenda e que me faça convencer mais pessoas a tomarem vinho brasileiro.

Por lá atualmente, existem cerca de 50 projetos de vinícolas. C.i.n.q.u.e.n.t.a.

Existe notoriamente, um preconceito próprio, sobre a qualidade dos nossos vinhos. Alguns dos principais sommeliers de São Paulo, ainda não conhecem a cidade, mas já ouviram falar sobre, diante do advento da Guaspari, a vinícola que foi primordial para que os vinhos da Serra dos Encontros (SP-MG) fossem reconhecidos. Aliás, alguns vinhos da Guaspari são excepcionais mesmo.

No Brasil vinho é bebida, na Europa é comida

A maioria dos “especialistas” e alguns sommeliers famosos, estão “conflitados”, em recomendar vinhos brasileiros nos restaurantes estrelados do Brasil. Tudo parte do ponto da comissão, margem e dos incentivos que esses recebem. Não vou discorrer sobre isso aqui, mas é um desafio particular dos produtores brasileiros.

Tem também o obstáculo do preço, já que no Brasil, vinho é taxado como bebida alcoólica e compete diretamente com os países que os classificam como alimento processado (Argentina, Chile, Uruguai, Espanha, Portugal e Itália). Essa questão tributária impacta muito, e é por isso que os importados são mais baratos que os brasileiros, no geral.

Mas isso há de se ajustar.

A Romanée-Conti Brasileira

A Guaspari (de Pinhal) é de fato, o maior nome do vinho brasileiro atualmente, ainda mais se tratando de vinho tinto. Estão conseguindo quebrar as barreiras da gastronomia e do turismo. Depois dela, os destinos de Bento Gonçalves e até São Roque (vinhos de mesa, por tradição) foram levemente desviados. Levemente.

A Guaspari sintetiza para mim, que é possível ter uma marca forte para competir com grandes vinhos no mundo. Eles têm uma estratégia até aqui, vencedora, inclusive na alta gastronomia paulista. Provaram que é viável competir em outra “liga”.

Posso citar outras vinícolas brasileiras, que também merecem o reconhecimento de vinho de alta qualidade: Casa Tes, Lidio Carraro, Pioli, Don Laurindo, Maria Maria, Stella Valentino, entre outras que sempre me fazem refletir sobre a capacidade do país em produzir vinhos de alta qualidade.

Isso porque em termos de terroir, clima, altitude e diferentes condições de produção nós podemos garantir. Podem acreditar, em se tratando de vinho brasileiro de qualidade, necessita-se parar agora, com a síndrome de vira-lata usual.

A origem e o começo do movimento

Há algum tempo, acabei bebendo numa festa da cidade, uma taça de vinho da Vinícola L’ Origine e fui arrebatado. Sem exagero. Tive que ir pessoalmente na vinícola para entender com os donos, o que eles estavam fazendo.

E fui.

O casal Tadashi e Maristela, nos receberam e presenciamos com taças na mão, que os dois são a alma e coração da L’ Origine. Só depois desse papo particular, preenchido de histórias reais e do passeio dentro do vinhedo, eu consegui entender o que eles haviam conseguido com as primeiras safras dos vinhos. A vinícola L’O inclusive, tem esse nome, porque é o início de tudo na região.

É a origem.

Espírito Santo do Pinhal e região, já faziam vinho, antes da chegada da Guaspari, mas não nessa qualidade atual. Quem praticamente iniciou esse novo movimento na região (Pinhal, Jacutinga, Andradas, Sto Antônio do Jardim e Albertina) foi um grupo de amigos: Otávio (sobrinho do Murillo Regina - o pai da dupla poda), Edisandro, Cristian Sepulveda (enólogo), André e Roberto Ferrari. Alguns desses inclusive, trabalhavam na Guaspari (!!!).

Esse grupo começou a plantar uvas (na propriedade da L’O) com foco em produzir vinhos de alta qualidade e logo em seguida, foram procurados pela maioria dos produtores da região, para ampará-los na mesma jornada. Começava ali, um movimento.

Uma espécie de corrida do ouro.

A qualidade do vinho da L’ Origine, o melhor vinho brasileiro que já tomei, não é uma mera eventualidade. Aquele lugar foi a gênese de tudo que se tem de melhores práticas nos projetos de vinícolas por lá.

Esse grupo de amigos inclusive, viria mais tarde, a montar sua própria vinícola também, a Terra Nossa e deixaria nas mão do casal Tadashi e Estela, a missão de continuar com uma nova direção na L’O.

Tudo se encaixou.

Todas as visitas que faço com a esposa e amigos na L’ Origine me fazem refletir ainda mais, que existe alguma coisa mágica acontecendo ali naquela propriedade: clima, solo, geografia, dedicação dos donos, o histórico do grupo dos amigos plantando as primeiras videiras de Syrah e Viognier…

Eu ainda não consegui encontrar uma resposta prática.

Recentemente fiz um teste cego com um casal de amigos, que já viajou o mundo atrás de vinhos. Servi de forma “anônima" três garrafas:

• 1 Valbuena Nº5 Vega Sicília 2019 (Espanha);

• 1 Château Beychevelle Saint-Julien 2000 (França) e;

• 1 Syrah L ‘Origine 2019 (Brasil).

A esposa desse casal, ficou 30 minutos duvidando que ela tinha acabado de beber um vinho "brasileiro". E não sabia diferenciar dentre as três taças, qual vinho era melhor.

Esse artigo não é publicidade paga e se você gosta de vinho de verdade, você deveria ir para Santo Antonio do Jardim e ver por dentro de fato, porque a Vinícola L’ Origine é a Romanée-Conti Brasileira.

I first met the Malga team about four years ago, back when I was still leading Vindi. From the very beginning, I was impressed by the quality of the founders and the strength of their product. During my ten years as Vindi’s CEO, I only witnessed a few true innovations in payment platforms — and Malga was one of them.

After a period of sabbatical and garden leave, I was honored when Alex Vilhena and Thiago Garuti invited me to come on board and help guide Malga’s next steps in strategy and growth.

About Malga

Founded in 2020 by Alex and Thiago, Malga is redefining how payments are processed in Brazil. Their mission is to bring technology and intelligence to the complex world of payment processing.

Brazil is one of the most competitive markets globally when it comes to payments, fraud prevention, and transaction intelligence. Malga is uniquely positioned — with the right timing, product, and team — to lead this new generation of innovation.

The company is backed by top investors, including Verve Capital, QED, Norte Ventures, Costanoa, Latitud, and IDEXO (TOTVS).

I’m truly thrilled to start this journey with Malga and contribute to shaping the future of digital payments in Brazil.

Learn more here: malga.io

My thesis was straightforward: the anomaly in Ambipar’s stock price was closely tied to the chaos surrounding Banco Master in Brazil. Over the past few weeks, dozens of reports emerged exposing the entanglements of this lesser-known financial institution — and its influence across various corners of the Brazilian capital markets.

One of those connections pointed directly to Ambipar (B3: AMBP3), and indirectly, to the controversial investor Nelson Tanure. Although the links aren't always direct, there are too many strange overlaps and coincidences between Tanure, Banco Master, and Ambipar to ignore.

However, to be clear: my decision to short AMBP3 was not based solely on the Banco Master scandal. The real trigger was the abnormal price movement of the stock.

In less than six months, Ambipar's share price jumped from R$9.08 to R$268.00 — without any solid catalyst or material news to justify such a move. Insane!

That type of rally, in my view, usually signals something unsustainable.

The Short

I opened my short position on June 5, selling shares at R$191.36, and closed it on July 1, buying them back at R$157.00. That translated to a 17.69% gain in less than a month.

While I still believe the stock is severely overvalued and could fall further in the coming months, I chose to lock in profits and step aside — at least for now.

As some market veterans often say: “It’s very hard to sit on the other side of the table from Nelson Tanure.”

I agreed.

I also shared what I’ve been up to since then and my perspective on the future of the ecosystem.

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The company announced it had received approximately 246 million votes in favor of the proposal and about 271 million votes against, with over 3 million abstentions.

To move forward with the dual listing, JBS still needs an additional 25 million favorable votes.

"I’d appreciate it if you could cancel all of today’s meetings".

Ancelotti has been a top pick among fans, journalists, and football experts — especially after Brazil’s recent disappointments in major tournaments. With his winning history and calm style, many are hopeful he can bring Brazil back to the top.

This news is a bright spot amid all the recent drama around Neymar, CBF president Ednaldo Rodrigues, and ongoing accusations of corruption inside the organization.

Ancelotti, who has won a ton of major titles throughout his career, now has the tough job of rebuilding Brazil’s football legacy and giving fans something to cheer about again.

To lead Brazil’s National Team, he will receive around BRL 5 million per month.

About Mr. Ancelotti

Carlo Ancelotti is an Italian football manager and former player. He was born in Reggiolo, Italy on June 10, 1959.

Mr. Ancelotti is one of the most successful football managers in history, having won major titles across Europe’s top leagues. He is the only manager to have won the UEFA Champions League four times—as of 2024—with AC Milan (2003, 2007) and Real Madrid (2014, 2022).

Domestically, he has secured league titles in Italy (Serie A with Milan), England (Premier League with Chelsea), France (Ligue 1 with Paris Saint-Germain), Germany (Bundesliga with Bayern Munich), and Spain (La Liga with Real Madrid), making him the first coach to win the top-flight title in all five of Europe’s major leagues. Ancelotti’s ability to adapt his tactical approach and manage high-profile squads has cemented his legacy as a truly elite figure in football management.

On one side, Lula is weakened by a wave of scandals surrounding his administration. On the other, Bolsonaro is facing serious health issues and legal battles that could bar him from running. Both leaders are in trouble—and Brazil’s political future is wide open.

The left-wing leader Lula lacks a clear successor and will face strong opposition in 2026. Recent revelations about fraud in the Brazilian pension system, persistent inflation, and unpopular government spending are now being weaponized by the right-wing opposition. Figures like Nikolas Ferreira, a young federal deputy with immense social media influence, are taking the lead in this communication war.

Lula’s government also suffers from weak messaging and growing internal tension. A key issue frequently mentioned by political insiders is the role of First Lady Janja da Silva, who is said to be influencing the president’s agenda—even creating friction within his inner circle.

“The lobbyist” and “the shaking hands group”

While Bolsonaro attempts to maintain unity among conservatives, his declining health and legal problems have opened the door for a new “invisible” leadership figure. Gilberto Kassab is becoming a central player. Former Mayor of São Paulo and Minister of Science under President Michel Temer, Kassab is now one of Brazil’s most influential political operators.

Kassab is closely connected to Brazil’s elite political circles and, according to several congressional sources, nothing major is being negotiated without his approval. He has reportedly ruled out supporting Lula, and analysts suggest he is also reluctant to back Bolsonaro.

A powerful coalition is quietly forming, composed of: Romeu Zema (Governor of Minas Gerais), Ratinho Jr. (Governor of Paraná), Ronaldo Caiado (Governor of Goiás), Michel Temer (Former President) and Nikolas Ferreira (Federal Deputy) is being called of “The Shaking Hands Group.”

These figures combine strong regional influence, broad communication reach, and national political weight. Kassab is aligned with them. This group could present a serious challenge to Lula—or any other left-wing candidate.

Potential successors on the left (and Lula), such as Fernando Haddad (Minister of Finance), Geraldo Alckmin (Vice President), Simone Tebet (Minister of Planning), and Erika Hilton (Federal Deputy), are being discussed in the media—but none currently show strong momentum or public support. Most polling shows a lack of enthusiasm for any clear left-wing alternative to Lula.

With Bolsonaro potentially out of the race, Tarcísio de Freitas may emerge as the natural heir to the right-wing electorate. He would likely receive full backing from Bolsonaro’s family, who remain influential in Congress, the Senate, and across social media.

Tarcísio also enjoys support from major conservative figures—including members of the “shaking hands” group—and is viewed as a pragmatic, less polarizing alternative to Bolsonaro.

His political resume is strong:

• Current Governor of São Paulo, Brazil’s most important state;

• Former Minister of Infrastructure under Bolsonaro;

• Former director of the DNIT (National Department of Transport Infrastructure) during President Dilma Rousseff’s administration;

A military engineer by training, Tarcísio studied at IME (Brazil’s elite Military Engineering Institute), where he still holds the record for the highest GPA in the school’s history, until now.

While he doesn’t yet enjoy the same level of popular recognition as Lula or Bolsonaro, Tarcísio’s name is gaining ground in early polling, especially in scenarios where Lula runs without a unified left or Bolsonaro is disqualified.

I don’t have a crystal ball, of course. But if current dynamics continue, and the opposition unites under a single candidacy, Tarcísio de Freitas may very well become Brazil’s next president.

I first met Lincoln Ando in Silicon Valley in 2014, during a program for Brazilian entrepreneurs led by Bedy Yang. At the time, both Lincoln and I were relatively inexperienced. That group was truly special, and I was lucky to travel and learn alongside the founders of Moip, Social Miner, MindMiners, Konduto, and VaiVolta—Lincoln Ando's first startup.

Lincoln, of course, left a strong impression on me.

Two years later, Lincoln moved on from VaiVolta, and we reconnected to discuss a new thesis he was validating with two other tech entrepreneurs. Within just five minutes of hearing about their new venture, I knew I wanted to invest.

Lincoln and Raphael Melo were tackling online fraud and identity verification using deep technology. In 2016, banks and fintechs were required to conduct identity validation through manual processes, relying heavily on human labor or BPO services to check data.

It was an expensive and non-scalable approach.

Today, it's easy to see how seamless it is to open a bank account, create a profile on a food delivery app, or order a ride via smartphone. But back then, iDwall was the first Brazilian company to enable businesses to automate identity validation, building trust in technology for complex processes like KYC (Know Your Customer), AML (Anti-Money Laundering), fraud detection, and risk prevention.

From that moment on, the process of registering for digital services in Brazil changed forever.

Investing in iDwall

For me, investing in iDwall was about more than just capital. I learned invaluable lessons from the founders about software, fraud prevention, fundraising, and building a scalable platform capable of processing thousands of analyses per minute—insights I later applied at Vindi.

As a pioneer in identity validation, iDwall witnessed many competitors emerge, some as copycats and others pivoting their business models to compete. Despite this, the founders and team maintained a relentless focus on technology, product innovation, and execution.

Their obsession with excellence was a significant learning experience for me as a founder.

The impact of iDwall is undeniable. Two of Brazil's three largest private banks use iDwall's solutions, more than BRL 8 billion in fraud has been prevented, and the company remains at the forefront of innovation.

Scientists, PhDs, Engineers, and a Diverse Team

Fast forward to 2025, and I can confidently say that iDwall has the most sophisticated technology of any company I know.

Today, around 400 companies rely on iDwall’s solutions to prevent fraud and eliminate manual work. The company serves financial institutions, e-commerce platforms, marketplaces, telecom providers, insurance companies, betting platforms, logistics firms, and more.

iDwall works with top-tier brands and industry leaders. One of its core strategies has always been to develop deep technology to support high-caliber enterprises. Itaú, Bradesco, iFood, and SulAmérica are just a few of its esteemed clients.

To maintain its pioneering spirit, iDwall is led by a diverse group of professionals, including scientists, PhDs, engineers, psychologists, lawyers, and experts from various fields. The founders and leadership team are deeply committed to building a robust platform with a strong emphasis on diversity and innovation.

iDwall is the first Brazilian company with 100% locally developed technology to obtain the iBeta2 seal, which certifies compliance with the international ISO 30703-3 standard. To put this into perspective, only 50 companies worldwide have earned this certification.

Backed by GGV Capital, monashees, Canary, Qualcomm Ventures LLC, 500 Startups, ONEVC, Peninsula, and Norte Ventures, iDwall has raised a total of $53 million in funding.

This unique combination of innovation, investment, and execution has made iDwall one of Brazil’s most groundbreaking companies.

iDwall was my first angel investment and one of my most successful in terms of ROI (+90x). But more importantly, it was a priceless learning experience, thanks to Raphael, Lincoln, and the entire iDwall team.

It was one of the best investments of my life—not just financially, but in every sense.

Recently, Lincoln Ando was honored by Okta Ventures as part of “The Identity 25,” recognizing pioneers shaping the future of digital identity.

ps: to invest in this company I simply sent a message to Lincoln on Facebook.

Espírito Santo do Pinhal, located 190 kilometers from São Paulo in the Serra da Mantiqueira, has been attracting a growing number of entrepreneurs, investors, and top executives, earning it the nickname "branch" of Faria Lima. Traditionally known for coffee cultivation, the city has recently become a destination for wine enthusiasts, both domestic and international. This trend has led many "Faria Limers" to cultivate their own grapes and produce their own wines.

The transformation began in the early 2000s when the Guaspari family identified the highlands of Pinhal as ideal for viticulture, comparable to European vineyards, leading to the establishment of Vinícola Guaspari in 2006. Today, with 50 hectares of vineyards, the winery has received several awards, including the Decanter World Wine Awards 2024.

Currently, there are at least 39 winery projects underway within a 50-kilometer radius of the city's center. Over the past two decades, approximately R$ 530 million have been invested in the region, with tourism generating R$ 25 million in 2024 alone. The city has flourished, earning the nickname "Serra dos Encontros" and solidifying its place among the best Brazilian wine routes.

Sérgio Batista, former vice president of Mastercard, discovered Pinhal by chance. After years of enotourism worldwide with his wife, Luciana Guimarães, he participated in a blind tasting where he mistook a Brazilian Syrah from Guaspari for a French one. Impressed, they visited Pinhal and, in 2021, purchased land to establish Vinícola Merum.

Similarly, Fabiano Duarte, a former executive at Itaú and Mastercard, invested R$ 4 million in Vinícola Duarte. Ana Paula and Patrick Eckert, president of the pharmaceutical company GSK in Brazil, founded Vinícola Les Amis. Juliano Lourenço, after selling IClinic, partnered with Felipe Aversa to create Rancho Churrascada, a complex offering dining, lodging, and rural experiences. Rodrigo Dantas, co-founder of Vindi, chose to invest in coffee cultivation, noting opportunities as current producers age and younger generations show less interest in farming.

These initiatives highlight the region's potential, attracting professionals seeking new ventures and contributing to the economic and cultural development of Espírito Santo do Pinhal.

Read full article (in Portuguese) here.

In my opinion, Porto Seguro ("Porto") is the best company listed on B3 (the Brazilian Stock Exchange). Of course, this is a personal view, but one that I strongly believe in.

Porto Seguro (B3: PSSA3) is Brazil’s leading insurance company, with a dominant presence across the country. Over the years, the company has expanded beyond traditional insurance into finance, health, credit cards, rent guarantee insurance, and group savings plans.

Porto Seguro’s history is deeply connected with the growing insurance culture in Brazil. It is the most recognized brand in the market and currently serves around 13 million customers.

Despite its long-standing tradition, the company maintains a forward-thinking and innovative approach.

Business segments: a comprehensive portfolio

Porto Seguro (PSSA3) is primarily engaged in the automobile insurance sector, but its operations span across six key business segments:

1. Car Insurance – Offering a wide range of automobile insurance products;

2. Health Insurance & Plans – Providing health and dental insurance policies and healthcare plans;

3. Life Insurance & Pension Plans – Managing life insurance products and pension plans;

4. Other Insurance – Covering additional non-life insurance policies;

5. Financing – Engaged in credit transactions and credit card services;

6. Other Products – Including insurance services in Uruguay, electronic protection, surveillance, and automotive parts distribution.

In addition, the company offers a range of services not related to insurance activity, such as electronic protection and surveillance and distribution of automotive parts.

A Strategic Partnership with Itaú (NYSE: ITUB)

Founded in 1945 by a group of entrepreneurs, Porto Seguro has continued to grow as a modern and dynamic company. It actively seeks mergers and acquisitions, experiments with new business initiatives, and quickly adapts when needed.

The company’s leadership is also a major strength. The current CEO, Paulo Kakinoff, is widely regarded as one of Brazil’s top executives.

Porto Seguro's primary shareholder is PSIUPAR—a holding company controlled by the Jayme Brasil Garfinkel family and Itau Unibanco NYSE:ITUB—which owns 70.82% of the shares. For me, investing in a company with such high-quality shareholders presents an attractive asymmetry of risk and reward.

Additionally, Artica, an investment firm that I trust, has also invested in Porto Seguro—another signal of the company’s strong potential.

Consistent Earnings and Predictable Growth

Recently, Porto Seguro released its 2024 financial results:

• Total revenue: BRL 37 billion (a 13% increase from the previous year);

• Recurring net income: BRL 2.7 billion (an 18% increase);

• Market capitalization: BRL 25 billion (as of February 26, 2025).

Porto Seguro's consistent growth is remarkable, and its 2025 guidance remains encouraging.

Three Key Reasons Why I Continue to Invest in Porto Seguro

So, I have three important motivations to continue investing in Porto Seguro and still believing in their future vision.

1. The Health Insurance Segment: A Hidden Gem

Porto Seguro’s health insurance division is expanding rapidly, doubling in size year after year. Brazil presents a significant growth opportunity in this sector, as Porto currently ranks only 9th in market share.

Top health insurers in Brazil (2023)

1. Bradesco Saúde

2. Hapvida

3. América Saúde

4. Amil

5. Unimed Nacional

6. Prevent Senior

7. Unimed Belo Horizonte

8. Unimed Saúde

9. Porto Seguro Saúde

10. Unimed Porto Alegre

UBS BB has estimated the value of Porto’s health business at up to BRL 6.5 billion (USD 1.1 billion)—a testament to its untapped potential.

2. Strong Performance in High-Interest Rate Environments

In Brazil’s high-interest-rate scenario, Porto Seguro benefits from customer prepayments, which provide the company with a significant financial edge. Many insurance plans in Brazil are prepaid, allowing Porto to generate returns on its float.

With the Selic rate at 13.25% per year, Porto Seguro continues to generate strong financial returns, even during economic downturns.

3. Market Leadership and Premium Pricing Power

Beyond its exceptional leadership team, Porto Seguro offers the best service in the insurance market. This allows the company to charge premium prices without losing market share.

The brand is highly trusted, known for its superior customer service and long-standing commitment to quality. In Brazil, insurance penetration remains low:

• Only 30% of vehicles have insurance;

• Just 17% of the population has life insurance;

• Only 23% of Brazilians have health plans,

I continue to invest in Porto Seguro because of its: resilient and adaptive strategy, strong positioning in a vast, underpenetrated market, high-quality shareholders and management team

For me, Porto Seguro remains the best investment opportunities on B3.

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Earnings per share (EPS) for the quarter stood at a loss of R$1.30. When combined with results from the previous three quarters, the company posted a 12-month EPS of R$5.23, significantly below market expectations.

2024 Performance

For the full year, Petrobras recorded a net profit of R$36.6 billion, marking a 70.6% decline from 2023. This downturn follows a stellar R$124.6 billion net profit in 2023, the second-largest in the company’s history.

Despite the profit slump, Petrobras maintained a robust operating cash flow of R$204 billion for the year.

Dividends ahead.

I'm an enthusiastic investor in the energy market, and solar energy is one of my key investment theses. Crescera, the VC firm where I currently serve as an advisor, invested in 77Sol, a Brazilian startup focused on developing the solar energy market here. This involvement has allowed me to learn a lot about the industry.

As part of my strategy to identify opportunities in small solar energy companies, I discovered ALCE and decided to invest $5,000 a month ago.

Last week, Nasdaq notified the company of its delisting. The reason? The stock price plummeted to $0.04. I bought 5,800 ALCE shares at $0.89 on January 3rd. My rationale for this investment was to trade the stock in the short term, anticipating potential positive news about their production pipeline.

At this point, I'm prepared to take a full loss on this $5,000 investment.

Even so, I remain committed to investing in solar energy companies.

The proptech, founded by my friend Guilherme Lourenço, solved one of my challenges in buying apartments to rent and make money through Airbnb in São Paulo. Cardeal is a software tool to search, analyze, and manage real estate auctions in Brazil.

This market is growing fast, and more people are becoming interested in investing and diversifying their portfolios. Cardeal was born at the perfect time.

In the past, real estate auctions were primarily dominated by lawyers, real estate development and construction companies, banks, and large investors. Now, the market can be accessed by investors of all sizes.

My strategy for investing in this asset class (houses and apartments) has always been focused on buying at auctions. Over the last ten years, I’ve purchased more than seven apartments through auctions and learned a great deal about the real estate market.

The Pain:

Searching for good apartments and houses, understanding the most desirable neighborhoods, and calculating ROI was always a lot of hard work for me. The data in this market is fragmented. I spent many days searching auction websites, calculating risks, filtering through various data, consulting hundreds of lawyers, and only after all of this, deciding whether to bid.

It was exhausting. When I discovered the Cardeal platform, all these problems were solved. Now, I simply log in to the platform, search for opportunities, and make my decisions in a fraction of the time!

The company, backed by other significant angel investors (including the founders of iClinic), and created by founders with a deep history in this market, really caught my attention.

It was an easy decision to invest in Cardeal. Recently, I wrote an article there.

Why Cardeal?

The Team: Lourenço, Gabriel Antonini (partner), Paulo Oliveira, and Daniel Silvestre are building one of the most exciting Brazilian startups. They are highly ambitious entrepreneurs, combining complementary skills. Lourenço, in my opinion, is the leading expert in this market. On top of that, I’ve had the pleasure of working with Silvestre at Vindi—a brilliant team all around.

Impact: Investors, banks, and companies using Cardeal are changing the way they bid at auctions. The company’s strategy—combining SaaS and fintech—is one of the main reasons I chose to invest in startups. Managing people’s money is a valuable proposition.

Market: Despite the market's size (in the billions), Brazil is changing the rules of the real estate business. The most exciting company in this space, Quinto Andar, is only 10 years old. The new generation of buyers will bring a fresh dynamic to the real estate market. It’s a market in transition.

Being both an investor and a client at the same time has been a valuable experience. Since my investment in Cardeal, I’ve purchased a house and a farm in the countryside of São Paulo, with both cases supported by Cardeal.

Leilão Cast

Recently, I was invited to speak with the founders on the "Leilão Cast" podcast. See below.

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I recently invested in Estapar (ALPK3) after analyzing the deal between Sem Parar and the Brazilian driver app, Gringo. Here’s why I believe this presents an investment opportunity worth sharing with my subscribers.

Sem Parar, a major fintech owned by Fleetcor, recently acquired Gringo for an estimated BRL 1 billion. This is a significant deal, considering Gringo was only founded in São Paulo in 2019. The app provides financial services and digital solutions for thousands of Brazilian drivers. Just six months ago, Gringo raised BRL 70 million in funding.

Key Details of the Sem Parar-Gringo Deal

According to VEF, one of Gringo’s investors, the sale of its stake in Gringo will add US$15.2 million to its balance sheet—the exact amount the fund had invested in the company over the last two years. What????? The same amount as two years ago?

This raises an important question: Was the valuation justified?

VEF held a 9.3% stake in Gringo. Using this percentage, we can estimate that the total valuation of Gringo was around US$163 million (approximately BRL 1 billion). However, without further details on the agreement, it's difficult to determine the precise valuation.

If Gringo, a relatively new app, was valued at BRL 1 billion, what does that mean for Estapar, the leading parking company in Brazil?

To me, the bigger story here isn’t the Sem Parar-Gringo deal—it’s Estapar’s market cap. Something doesn’t add up.

Estapar (B3: ALPK3)

Estapar owns the super app Zul+ (Zona Azul Digital), the leading digital parking platform in Brazil. The company operates in 19 states and more than 97 cities, managing over 700,000 parking spaces and serving millions of customers each month.

Currently, Estapar’s market cap is approximately BRL 600 million, despite having 1.7 million users on its app. According to Estapar’s latest earnings report, Zul+ contributes 19% of the company’s total revenue—around BRL 250 million.

Key Financials

• Estimated 2024 Revenue: BRL 1.5 billion

• Estimated Zul+ Revenue (2024): BRL 400 million

Estapar recently published its preliminary operational results, further reinforcing its strong financial position.

Estapar is Undervalued

This investment idea stems from the apparent valuation discrepancy between Gringo and Estapar. Either Sem Parar overpaid for Gringo, or Estapar’s market cap is significantly undervalued.

Even with the low liquidity of Estapar’s stock, I see a compelling opportunity. The numbers suggest that Estapar’s valuation should be much higher, making it a potential hidden gem in the market.

During a recent conversation with two friends, the topic of the toughest role in a business came up—being a founder or a C-level executive. Here's my two cents, shared in 10 pieces of advice. These are also valuable for executives at all levels.

1. Eliminate Recurring Meetings
   Meetings are a cancer in tech companies, especially startups. If you’re bold, eliminate slides and “flowery presentations” altogether. This is one of the most crucial pieces of advice I can give. Meetings filled with unnecessary slides are wasting company time and draining resources. Cut them out!

2. Define and Display Your Company’s Rules
   Write down your company’s core values and rules, then make them visible—on paper, on the walls, or as part of your culture code. This makes it easier to provide feedback when everyone knows what’s expected. Your company culture code is the foundation of success.

1. Kill Gossip and Intrigue by Promoting Transparency
   Gossip can destroy a company from the inside out. Good communication is key. Founders and executives often overlook or ignore negative comments circulating within the team. A quick, transparent email to all employees can sometimes be more effective than an all-hands meeting.

2. Don’t Get Comfortable with Large Cash Flows
   Even large companies must be prudent with money. In startups, cash flow can fluctuate rapidly. You may often need more capital than you have. Excess money in the bank can sometimes lead to complacency. Don’t be blinded by a fat bank balance—stay disciplined.

3. Dine with Your Competitors
   Innovation and market growth can be better achieved through collaboration, even with your competitors. Humble yourself, learn from them, and get insights into their approach. Competition forces you to improve your product, your distribution strategy, and make smarter decisions. Competitors can develop a market together.

6. Embrace Humility
   I’ve seen hundreds of founders fail because of their egos. Ego is a startup killer. Smart people can raise money and manage teams, but when they lose sight of the true meaning of building a company, they falter. One of the most humble entrepreneurs I know is David Vélez, CEO of Nubank—his humility has been key to his success. I always remember that.

7. Respect Your Time
   While some meetings and ceremonies are necessary, founders often get bogged down by unproductive meetings and time-wasting coffee invitations. Your time is your most valuable asset—don’t let it be swallowed up by distractions.

8. Take Care of Your Health
   Be an athlete—both mentally and physically. Exercise regularly to maintain a healthy life. This simple habit can transform everything about your work and mindset. Entrepreneurs and executives who exercise are often better equipped to handle the demands of running a company. What good is being a successful leader if you’re in poor health?

9. “Walk the Talk”
   It’s common for C-level executives to talk a big game about values, but actions speak louder than words. If you’re not practicing what you preach, people will see right through you. Hypocrisy doesn’t inspire respect or loyalty. If you lie in business, you’ll lie in life.

10. Identify Toxic People Early
    There are individuals who will drain the energy of your company. Whether it’s negativity, incompetence, or just plain toxic behavior—recognize these people quickly and remove them from your team. They will cost you more than you realize. I’ve been fortunate to work with incredible people throughout my career, but I regret not identifying the toxic ones sooner.

Send all the sons of bitches out!

These pieces of advice were inspired by conversations with Guilherme Barreiro, a fantastic executive I had the pleasure of working with at LWSA (B3:LWSA3).

Do you have any other advice for founders? Share it in the comments.

I fought against a stomach problem and decided to change some habits. Stop drinking was the most effective method at that time.

I was never a drink lover as the medium of Brazilians that appreciate drinking beer, authorial drinks or whisky, for example. But I love to drink wine, specially at dinners with friends and family. My wife is an extraordinary party hostess and this include to take care of the people involved with good food, providing quality drinks and wine.

In that “dry year” I was pushed to drink by those friends at parties. It was not a sacrifice for me, but I was challenged to explain my moment, to drink something to celebrate and to be part of my wife's parties. It's a social culture very hard to fight: not drink in parties.

In 2019, I discovered Kiro in a restaurant in São Paulo. I was shocked! The beverage made by apple juice and ginger, produced with a high control of ingredient origins, change my life in that day. It wasn't a soda, industrial juice or kombucha (arrghhh). Kiro it is a switchel, an non-alcoholic beverage and I remember of the exactly feeling of tasting it.

Now, my wife's parties are watered by Champagnes, Wine and Kiro!!!

Champagnes, Wine and Kiro

Founded by Lee Wang and Roberto Meirelles in São Paulo (2017), Kiro is a symbol of guerrilla business. Why? The founders created one of the most promising beverage brands in Brazil without huge capital, with focus on product, distribution with a strong social responsibility.

Hard to find.

During a year, Kiro was my most “important partner” at parties and dinners. In this period I was a micro influencer to people that don't drink alcohol, to taste Kiro too and I observed hundreds of people drinking the switchel for the first time.

All of them, were surprised by the flavor. I saw in their eyes.

One day I receive a LinkedIn message by Lee, one of the founders, asking me to drink a coffee and tell about the Kiro's strategy. Lucky me.

Meeting people and entrepreneurs like Lee and Roberto is an easy match for me. In the first minute of the conversation about the business, the mission and the beverage market, I was convinced to invest. Deal!

Why I invest in Kiro?

The founders are fighting in a hostile market without capital against big beverage corporations. For me, it's insane and paranoid. I like people that challenge the status quo. They are trying to change the people's culture in drinking alcohol, sodas and other beverage types. It's not a easy mission.

In the recent decade in Brazil, beer companies were the biggest advertisers on Brazilian television. The AbInbev (Anheuser-Busch InBev), the world's leading alcoholic beverage company by sales, is a Brazilian group. In 2023, the company had sales of $59.4 billion. More sales than Coca-Cola and Pepsico.

Imagine entering in this market with a different proposition it's a challenge, but Kiro will grow and make important changing in Brazil.

Investing in a company focused on changing people's habits is always a challenge, but Kiro's mission targets having a better life and be more healthy. This mission connects me.

Why Kiro?

• Team: Lee and Roberto are the real paranoid founders. They are printing a hacker culture on their business and starting a real guerrilla against ABInbev and Coca-Cola brands;

• Impact: Kiro is a real revolution in Brazilian beverage market in taste, production and health (million of people are more careful in to drink alcohol). Kiro also selects small family farms in the Kiro's production;

• Market: Brazilian market is one of the most promising in terms of potential and size. Just to mention, now Kiro is in some of the most famous restaurants in São Paulo.

Nothing more valuable than “the time” effect. I strongly believe in Kiro's impact in the next years. Since 2021, Kiro is an “B” Company

I invest in Kiro because I'm a voracious customer and the founders are very sharp in the mission to improve a better life to people.

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What is Switchel?

A correspondent for a New York paper once told of attending a historical pageant in New England where a soft drink was served to visitors called “switchel.”

She thought it was a molasses, ginger, and vinegar concoction, but she was unsure. She desired a genuine old-fashioned recipe. If this good woman had gone to the Standard dictionary, she would have found this distinctively American drink listed there. It is “A drink made of molasses and water, sometimes with vinegar, ginger, or rum added; hence, any strong drink, flavored.”

An illustration is cited from C. D. Warner’s memoir Being a Boy, which reads: “The luncheon was packed in a large basket with bottles of root beer and a jug of Switchel.”

Source: Almanac

The high risk of providing loan credits to companies and consumer loans to people is a big challenge to the banks. Imagine for fintechs.

I know at least 20 cases of credit fintechs backed by VCs alleging to stop their operations. The only case that deserves a mention in this market is Creditas. They are publishing earnings frequently.

A small list of Brazilian credit fintechs

Capta Money, Intoo, Crediário, Jurus, Meu App Crédito, Easy Crédito, Planejei, Juntos com vc, Contas do Lar, Biz Capital, BxBlue, Finexa and Guruprev are some examples of Brazilian credit fintechs that stopped their operations in the last two years.

The Brazilian Central Bank Resolution CMN nº 5.159/2024 was created to help these startups, but the high costs to raise funds, delinquency, fraud and low margins are the real monsters to run a company like these.

One more time, the Brazilian credit market is in the banks hands.

In 2018, I invested in a Brazilian startup and invited a few close tech-founder friends to join me in backing two exceptionally sharp and intelligent entrepreneurs. Fortunately, this investment not only turned out to be financially rewarding but also led to a great friendship with them.

At that time, we weren’t investing in a product—we were investing in an idea.

Choose the Best People and Let Them Work

We decided to invest in this startup purely because of the quality of the founders. The market they were entering was crowded, heavily regulated, and rife with fraud.

What struck me most was their relentless hunger to make their vision a reality. At that point, the startup was nothing more than a concept—no product, no official registration, no revenue in sight.

It was just a thesis, a PowerPoint presentation.

And yet, we invested.

These entrepreneurs proved to all of us—investors included—that they were among the best of their generation in Brazil. Of course, it's easy to say that now, after we've successfully exited. What was once a startup concept grew into an award-winning, mid-sized company with hundreds of employees, thousands of customers, and a real impact on the Brazilian economy.

The essence of this investment was simple: betting on two young (and paranoid) founders. Of course, startup investing is always high-risk, so luck played a role too.

I’ve learned from legendary angel investors like Naval Ravikant and Ron Conway that the best investors focus on finding the right people and supporting them—only when they truly need it.

The real value of an angel investor is in being there for a startup’s early-stage moments. This is when companies need the most guidance—whether it's strategic advice, emotional support, refining their product vision, or opening key doors.

My friend Paulo Silveira, one of the best angel investors I know, always says:

"The best angel investor is the one who doesn’t get in the entrepreneur’s way."

Some investors make the mistake of trying to control the company rather than enabling its growth—a critical misstep.

I share bellow my ROI in this investment.

The ROI: A 95x Return on Investment

I was fortunate to have great angel investors support me in my entrepreneurial journey—not just with money, but with invaluable feedback and mentorship during tough times.

Here’s a breakdown of my ROI on this investment:

• Initial Investment: BRL 25,000

• Year of Investment: 2018

• Exit (2023): Sold shares for BRL 2,375,000

• ROI: 95x

During the company’s Series A and Series B funding rounds, I had the opportunity to sell my shares to a venture capital fund. Today, this startup boasts one of the best tech teams in Brazil.

Most tech startups are born to die. Tech startups are born to death. Not this one.

I shared which startup this is on my Instagram in an easter egg post.