Brazil

“We're investors in a company, Taco, which does sort of payroll, HR workflows across Brazil, but their bigger mission is really cutting down bureaucracy in Brazil. And one of their founders was previously the founder of Rappi teamed up with another Fernando fou…”

“In the cases of really hot companies in Silicon Valley, like Cognition, where their early go-to-market was actually Brazil, and you represent their really high share of the revenue early on, because this, these companies or these enterprises really desire to a…”

“Two of our large, three largest countries by volume are India and Brazil. You know, the average fare in Brazil is like, Three 54 bucks USD and India it's two 53 bucks or something like that. It's going to be decades until the cost of autonomy compresses to the…”

“We had, at peak, we had 7000 of these physical spaces all over Brazil. We were serving fifteen million customers. Half of Brazil back then was unbanked.”

“Within two months, the market went up 23%. We made our five to one payout on our option strategy, all the money on the cash trade.”

“Well, so NewBank, I mean, the first one, honestly, our entire team was the Ford deployed team. Like we all flew to Brazil.”

“China has close to 50% of the known ore in this world. Then I think it is Brazil. Incidentally, India is the third largest.”

“United States had had a mass emancipation in Russia had a slower mass emancipation between 18 63 and around 1900. Brazil had a mass emancipation of slaves in the 18 eighties. In every single one of those cases, the economy grew faster after slaves were freed t…”

“I like to say the United States is like a salad bowl. They're all here, but they are Irish American, Indian American. In Brazilian, we, and I say we because I became, I identify as Brazilian. I became a Brazilian citizen. I dream in Portuguese. It's more of a …”

“At the time, the GDP of China was 20% bigger than that of Brazil. Today, it's 14 times bigger.”

“So like, let's go to Mexico and Brazil and Japan and Idaho, where we have these inbound customers that, that need cloud seeding and that want cloud seeding.”

“The World Bank has gone back into nuclear energy after 40 years. And we're starting with refinancing existing, ah, nuclear fleet, whether it's in countries like India or Brazil or Romania or somebody who already have nuclear plants by helping to extend their l…”

“But like in the case of Brazil, as an example, only 11% of the companies since that was last night's meeting have actually gotten past the experiment phase where they're doing experiments.”

“I believe still to this day, Ayrton Senna's funeral in Brazil is the largest attended public funeral in history. I think three million people showed up in the streets. That's right. For his funeral.”

“Presenting Blick to your customers in Poland drives an average 46% increase in checkout conversion. Offering Pix does the same in Brazil with a 31% average conversion uplift.”

“In the Philippines, or in Mexico, or in Brazil, or in Japan, and other markets, or Australia, Korea, there are stablecoins coming”

“His name was Souza Dantes, who wrote out 800 visas for European Jews against the express policy of his own government. My father was one of those.”

“Now, if you look at equities, the MSCI global, Korea, China, India, Brazil, make up 70 plus percent of that index. So you are actually buying a very concentrated exposure, not a very diversified exposure.”

“If you look at the rest of the world, you can buy Europe at 14 times earnings, you can buy Brazil at nine times earnings, you can buy Mexico at 10 times earnings.”

“I invested in the number one investing platform in Brazil when there were only 80,000 people that own stocks in Brazil and now ten million people own stocks... XP. It's publicly traded, ten billion dollar market cap. I invested when they were nothing.”

“We have a platform that 97% of financial institutions use for digital onboarding. Turns out Brazil is the world capital of online fraud, and this is the one company that catches it”

“Brazil, it turns out, imports over 90% of its nitrogen. Its biggest import partner for fertilizer is actually Russia.”

“Brazil's grid is around 90% green already. And power prices at least away from the coastal economic centers are quite low. 30 to 35 dollars a megawatt hour. That in and of itself allows us to make on the order of seven to 750 dollar a ton of ammonia today with…”

“Now, if you take our technology roadmap a little further out, and you think about scale and also improvements we have in our, coming in our technology, along with what we expect to see in terms of continued cost reduction in wind and solar, we think we can get…”

“The first plant will have approximately 10,000 tons a year of ferro-alloy capacity, extracting these values from Slags that, ah, as I described to you, they don't have any value today or any technology that can retrieve those value, ah, metals that, that are t…”

“Well, at the point that we are now, a hundred million dollars, I would build another plant. Right away. It's very successfully because it's very profitable, and that's the size of the CapEx that I need to double the capacity I am having in Brazil now. So at th…”

“The military had to intervene in order to protect Brazil from going into a totalitarian regime. So you saw this paradox of, you know, an illiberal intervention was needed to provide, to protect against a much harder, more strong illiberal intervention.”

“We have a number of journalists living in America right now that were critical of the government. And had to leave the country because the whole idea of combating fake news, for example, got into a, you know, if Biden was bad about trying to go into Twitter an…”

“Another one of those businesses we did was we bought into the food sector in, in Brazil. We bought a lot of the Burger Kings there, and then we just bought the Starbucks and the subway out of bankruptcy. We did that in partnership with Mubatala, which has been…”

“For example, the 19 sixties, Korea, India, Brazil, they all had similar per capita income, which means that they were similarly rich or poor whichever way you want to look at it.”

“If you look at around the world, from Indonesia, to Brazil, to other countries, you find, even Mexico and stuff, you find that the incumbent in general, the chance of the incumbent winning has now gone up by more than 50%.”

“Manus is a great example. They just announced a ninety million annualized run rate. And if you look at their traffic, it's number one Brazil, number two US, and number three China.”

“Launches a social network within Google called Orkut, and it didn't become that big in America, but it got at its peak, I think, three hundred million users. It was the biggest social network in Brazil, the biggest social network in India.”

“So in some sense, I would say, if you look at a PICS in Brazil, or if you look at a PAYNOW in Singapore, they have largely been modeled on UPI. The interesting thing, they are not zero cost yet, right? You know, while we have a zero MDR structure.”

“Our top five markets now are the US, Brazil, Indonesia, India, and the Philippines.”

“Like, a great example is The Atlantic published this crazy piece calling for invading Brazil because they saw a photo of the Brazilian fires, ok?”

“It was used in the early 2000 in Brazil for voting, for Asia, for financial services. So the consumerization of biometrics was happening outside the US, whereas I had only seen it in the defense area in the US.”

“I had a business in Argentina, business folded. I had a business in money markets. Change one regulation made the company unprofitable. I had a business in Brazil. The 51% owner, because you have to have that locally there, took over the small business through…”

“Maybe we could have gone just to Brazil. Which was the largest country, and if we remained focused on Brazil and the business grew relatively well in that market, maybe we could have gotten to a decent scale, decent critical mass just with Brazil.”

“I would even say Brazil is probably one of the most competitive markets on the planet for e-commerce. You have local players, you have international players, you have players from Asia that are even funded by video game revenue and profits.”

“Some of the deposits in, let's say, Brazil and other countries do carry a good amount of heavy rare earth elements, but none of those deposits are being mined today.”

“Brazil has not shown pathways to liquidity at scale. They've shown new bank and everyone says new bank. It's one in 20 years.”

“Today in the fast payment world, the momentum is not with UPI is with PIX. It's a Brazilian system, which is inspired by UPI as they say. And but they've done a very good job of the basics of taking it out.”

“And that required us to open up the protocol in a very structured way. We didn't do that. You know, we are doing that now. But Brazilians with Pix did that I think in July or August of and so we got a little cocky and overconfident about our own momentum in th…”

“It was like a black hole, like probably we lost like 30, forty million euros.”

“The first first year we did over a couple million in revenue, two or three million in revenue. And over the next few years, two, three years grew to maybe twenty million in revenue.”

“It turns out it's not that hard to triple the efficiency, or sometimes even quadruple the efficiency of those cattle ranches, and that moves the needle a lot more than, you know, giving cattle, you know, feedlot cattle, you know, and remember, they're only in …”

“We bought, in partnership with Mubatala, all of the Burger Kings and Popeyes there, and then, since then, we've bought out of bankruptcy the Subway, and we've bought the Starbucks out of bankruptcy as well.”

“We bought just over five times cash flow.”

“Management has figured out how to use AI and cameras and computer vision In order to figure out how to reduce the food waste by 35%, which has actually led to better margins for the company as well.”

“This payment system, which is digital and immediate and which mirrors what has happened in the UK, India, China, Australia, all these other countries have done this is already up to, I think, 43% of all payments in Brazil. Wow. From mid-twenty-twenty.”

“India is the only large economy left in the world, which has, as I see it, four parts to its economy. There is a Bahrain on top of a UK, on top of a Brazil, on top of the entire African continent.”

“So we actually are in sort of discussions with the, you know, judicial authorities in Brazil to try to, you know, run this to ground.”

“In America, in China, in Brazil, you know, about 65 to 70% of those in the relevant age group are in the labor force. In India, as per ILO definition, only about 45, 47% are there. So we have 20% less people in the labor force as compared to these other countr…”

“I also had a business joint venture in Brazil. This business JV in Brazil had regulations that mandated local co-owners could take over your entire business. And that's what happened. The business was killed. They took over the business.”

“So it's funny because I grew up in Brazil and, you know, born and raised there. And I started coding as a kid when I was eight or nine, originally hacking iPhones back in the day where they were not sold in Brazil.”

“What you see is a lot of their attention are not really focused right now The Western countries, but rather a lot of the global South countries like Brazil, Thailand, Indonesia, Central Asia, probably a lot of the Middle Eastern countries, I would say. But tho…”

“Brazil, India, Indonesia, they're all in our top five markets, and they grow way faster than the US does.”

“For us, our threshold isn't 40%. We've generally moved it up to 50%. I don't believe we have product market fit. Unless 50% of Brazilians are telling us they would be very disappointed because Brazilians are inherently polite more, more polite and more optimis…”

“There are been, for example, in Mexico, we've recorded an NPS when we launched the first couple of years of 9495. Right. So yeah, which is way better than we got in Brazil, but our NPS scores skew in the seventies, eighties, and occasionally nineties.”