Brazil

“There was a period of time, four years or five years, we went to Brazil a ton, and we ended up with no managers there.”

“And next year, it looks like the incumbent president, based on all the latest polls, would likely lose to Lula, former president of Brazil.”

“When we look at our businesses, in the last six months, on average, the companies fell 30% from the peak. Some fell 40, some fell 15, But on average, 30. When you look at earnings expectations, they are, after the third quarter earnings, they were up five to e…”

“As I mentioned before, it's opening 300 locations a year.”

“The real story in Brazil is with a young generation, with entrepreneurs, go talk to some venture capital funds and see all of the energy and great new businesses and innovative ideas that are being created here in Brazil.”

“More than half of their products were launched in the last five years, and this is one of the best managed companies in Brazil.”

“So, when you look at the Ibovespa or the MSCI, again, commodities are the majority of the index plus large banks.”

“So when you go passive, it's almost like investing the old boring Brazil. Steel, fuel distribution, mining, great companies, but it's not the future, it's not the most innovative companies.”

“What I would say is that Brazil is cheaper in terms of price to growth. So when you look at the price to growth, most of these compounds are trading at .8.75. So compared to the U.S., they're relatively cheap. And the high growers, let's say the really high gr…”

“We made 12 times our money in the largest education company in Brazil, six times our money in the largest e-commerce business in Brazil, eight times our money in the largest drugstore in Brazil. And this is eight years, six years, seven years, and just betting…”

“The largest drugstore and pharmacies, let's say chain in Brazil, they're opening this year more pharmacies than the combined number of their competitors.”

“So we expect earnings to go at 25, 30% a year with synergies and the growth of the market.”

“I would dare to say that corporate governance is the best among emerging markets here. If not the best, among the best, definitely.”

“Local incumbents have a lot of competitive advantages, so it's very hard for a foreign company to be profitable in Brazil, with the exception of Santander, which actually acquired a big local bank here in Brazil. Very few international banks make money in Braz…”

“It'll be Lula one, not Lula two in our view, and he wants to be the candidate of the market. He's mentioned that privately to people that we know.”

“The emerging market outperformance, the outperformance of Brazil, of Mexico, of India, of Indonesia, of Singapore, et cetera, all that is being hidden by China.”

“If you look at Singapore, if you look at Indonesia, if you look at Brazil, If you look at India, all these markets are actually up for the year. They're up on their equity markets, and they're up on their bond markets, or they're roughly flat, depending on whi…”

“You look at the monetary aggregates of Brazil or China or Indonesia, they didn't grow to the same extent as we saw in the Western world.”

“It's a country that can feed itself and fuel itself and has enough of those two commodities to export. They run a fiscal neutral position and the stocks are really cheap.”

“Nubank, for example, which is a business and a management team that we admire, building one of the most attractive digital banks, not just in Brazil, where it's a leader, but really when you're stack ranking it up globally, and they have a very disciplined fra…”

“So Ted, we started 20 years ago originally as a family office of my co-founders, so just house capital, and what we intended to do originally was to replicate this approach of being long-term operating owners of good businesses, a model that was originally dev…”

“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.”

“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.”

“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.”