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“Our portfolio has grown about 40% per annum the last four years”

“In the last month or two, there's been a shift in that, more towards restriction of the sale of Venezuelan oil to the U.S., In practice, what it's doing is pushing it to China, which is odd, because that would seem counter to the U.S. Objectives.”

“Now the valuations are sub four times EBITDA.”

“When you look at the latest transactions in the past five, six years in Latin America, all these regional guys have gone from like 10 to 14 times EBITDA. And the going in price for these assets is like seven to eight times EBITDA.”

“And I think, again, like we said at the beginning, this multipolar world, Latin America will certainly be together with the U.S., and that will mean further growth, integration, opportunities.”

“So the economy contracted since 2012 until 2020, like 85%. That is the biggest drop in economic activity in any country that is not in a war.”

“OFAC just authorized two European oil operators who operate in Venezuela, ENI and Repsol, to begin exporting back to Europe that had been sanctioned earlier. And they allowed Chevron, the US company who's operating in Venezuela, to have a dialogue with the gov…”

“The government eventually made the dollar legal tender, and currently over 60, 70% of transactions in Venezuela are done in dollars.”

“I mean, we believe the biggest probability event is softening of sanctions and better behavior democratically, and independent of who wins the election, you're gonna have a big economic recovery after the sanctions are softened.”

“We have seen growth in that oil production up to a million barrels of oil.”

“Health is one of the priorities, and the rate of growth of that market has been 20, 30% per annum for the past three, four years in Venezuela.”

“For Venezuelan assets, what we believe is the necessary condition for exits is that it becomes a geography where foreign investors are willing to come back in and acquire these strategic assets. What we're looking to do Build those strategic assets in anticipa…”

“Within the scope of a year until today, in fact, all of the pricing of all of the assets is dollarized. They may not be listed in dollars, but the underlying amount for pricing everything is in dollars.”

“Nevertheless, we believe that because of the refining infrastructure in the southern U.S., which is, you know, has been built for Venezuelan crude, that's a natural relationship that should endure in the future, but there's many geopolitical things that are sh…”

“Actually the assets in the banking sector, 40% of the assets in the banking sector are dollars.”

“It's most likely to go up, then go down, particularly because it's beginning to normalize, and multiples are a third of what you have elsewhere in the world.”

“Venezuela was traditionally one of the most profitable markets in Latin America in every industry. When we were working in telecoms, margins in telecoms company was like, 40%. The rest of the region was 25. Food was the same, and we still see it to date.”

“So we followed that playbook and we began acquiring a company that was the number six in the market. And in the span of a little bit less than three years, it's become the number two pharmaceutical manufacturer. So that's meant about a tripling or quadrupling …”

“Still, they're very profitable, 30 to 35% margins, little capex, so they generally, they generate a lot of cash flow, which is also very relevant to us.”

“Healthcare is growing like 10 to 15% growth annually, which is very attractive to us.”

“20% of many of these countries' GDP are remittances from the U.S. To the countries.”

“Venezuela has the largest oil reserves in the world. It has more oil than Saudi Arabia. It's got like, 20% of the global share of oil. Saudi Arabia has 17.”

“So you could gain exposure to some of the companies in the public markets, but the volume is probably less than 5000 dollars a day, so you can't build a position.”

“When you look at the per capita consumption of medicines in Venezuela, they've dropped like 80%.”

“We also lived in Venezuela, where it was at that moment in time, one of the wealthiest countries in the region, and it had one of the longest democratic traditions in the region.”