Rodrigo Bitar

Co-founder & Managing Partner, 3B1 Partners · 2 appearances on the record.

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Rodrigo Bitar co-founded New York-based private equity firm 3B1 Partners in 2019, specializing in opportunistic investments in distressed Latin American markets, particularly Venezuela. He also founded and runs the M&A advisory boutique Toro Advisors, bringing decades of cross-border transaction experience.

36statements → 25claims → 18claims resolved → 61%fully supported → 3.81/5average certainty → 1.97/5average debate potential → ≈4.5/5argument clarity, estimated →

11 supported 3 partly supported 4 contradicted 7 not checkable as stated how the 25 claims stand · each chip opens the sources

4 predictions · 21 assertions · 3 opinions · 2 insights · 6 disclosures · every statement was checked. The predictions and assertions are the 25 claims: statements the public record can support or contradict. 18 are resolved, and 7 name no date, number or outcome precise enough to check. Everything else (opinions, insights, what ifs, disclosures) can never be settled by the record, so it carries no assessment.

The record, in short

What the tape says about how Rodrigo argues and how the claims held up. Everything they said, and everything said about them, is in the tabs below.

Their most notable supported claim

Assertion Supported

Bitar: U.S. restrictions on Venezuelan oil push exports to China

“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.”

Rodrigo Bitar Apr 28, 2025 ▶ 26:05 Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)

Their most notable contradicted claim

Assertion Contradicted

Bitar: US Dollars Account for Over 60% of Venezuelan Transactions

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

Rodrigo Bitar Aug 29, 2022 ▶ 18:18 Rodrigo Bitar – Empty Rooms: Investing in Venezuela (Capital Allocators, EP.268)

Expressed certainty vs assessment result

none yet certainty 1

none yet certainty 2

0% certainty 3

74% certainty 4

none yet certainty 5

weighted support: a fully supported claim counts one, a partly supported claim counts half. Each filled bar is clickable and opens exactly those claims; "none yet" means nothing said at that certainty level has resolved yet

How they sound: not measured why? →

We measure speaking style by listening to the audio itself, and a fair number needs at least 2,000 words from one person on tape we have measured. There is too little of Rodrigo Bitar on measured tape to publish a rate. This says nothing about how they speak.

What they said36 Episodes2

Everything Rodrigo Bitar said on Capital Allocators that made the record, most notable first. Filter by type, assessment or year in the ledger →

Assertion Partly supported

Bitar: Venezuelan Valuation Multiples Are One-Third of Global Levels

“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.”

Rodrigo Bitar Aug 29, 2022 ▶ 32:07 Rodrigo Bitar – Empty Rooms: Investing in Venezuela (Capital Allocators, EP.268)

Assertion Contradicted

Bitar: Venezuelan Operating Margins Have Historically Outpaced Latin America

“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.”

Rodrigo Bitar Aug 29, 2022 ▶ 33:04 Rodrigo Bitar – Empty Rooms: Investing in Venezuela (Capital Allocators, EP.268)

Opinion

Bitar: Latin American Founders Often Lack US-Style Global Scale Ambition

“Normally we're like, we don't have the, in a positive sense, the ambition that you guys have, like to do things that are at a global scale. So when we began doing business a long time ago, we would think maybe smaller than we should, and just having the capaci…”

Rodrigo Bitar Aug 29, 2022 ▶ 38:50 Rodrigo Bitar – Empty Rooms: Investing in Venezuela (Capital Allocators, EP.268)

Assertion Partly supported

Bitar: 3x1 grew a Venezuelan pharma asset from #6 to #2

“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 …”

Rodrigo Bitar Apr 28, 2025 ▶ 13:18 Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)

Assertion Not checkable as stated

Bitar: Latin American branded generics deliver 30% to 35% margins

“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.”

Rodrigo Bitar Apr 28, 2025 ▶ 18:22 Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)

Assertion Contradicted

Bitar: Central American healthcare is growing 10% to 15% annually

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

Rodrigo Bitar Apr 28, 2025 ▶ 31:16 Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)

Assertion Supported

Bitar: U.S. remittances account for 20% of GDP in Central America

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

Rodrigo Bitar Apr 28, 2025 ▶ 35:46 Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)

Assertion Supported

Bitar: Venezuela Holds World's Largest Oil Reserves at 20%

“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.”

Rodrigo Bitar Aug 29, 2022 ▶ 14:16 Rodrigo Bitar – Empty Rooms: Investing in Venezuela (Capital Allocators, EP.268)

Assertion Contradicted

Bitar: Venezuelan Public Equities Trade Under $5,000 Daily Volume

“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.”

Rodrigo Bitar Aug 29, 2022 ▶ 19:45 Rodrigo Bitar – Empty Rooms: Investing in Venezuela (Capital Allocators, EP.268)

Assertion Supported

Bitar: Venezuelan Per Capita Medicine Consumption Dropped 80%

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

Rodrigo Bitar Aug 29, 2022 ▶ 25:36 Rodrigo Bitar – Empty Rooms: Investing in Venezuela (Capital Allocators, EP.268)

Disclosure

Bitar: Venezuelan Dollarization Catalyzed Recovery Faster Than Projections

“Actually, in all our projections, when we began buying assets in 2020, was for like two or three years of more economic hardship. And it really, the dollarization was an impressive catalyst to create increased performance.”

Rodrigo Bitar Aug 29, 2022 ▶ 33:56 Rodrigo Bitar – Empty Rooms: Investing in Venezuela (Capital Allocators, EP.268)

Assertion Supported

Bitar: In the 1970s Venezuela Was Wealthy with Strong Democratic Traditions

“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.”

Rodrigo Bitar Aug 29, 2022 ▶ 5:49 Rodrigo Bitar – Empty Rooms: Investing in Venezuela (Capital Allocators, EP.268)

Appearances (2)

Episode	Date	Speaking time
Rodrigo Bitar – Overlooked Opportunities in Latin America (EP.442)	Apr 28, 2025	26m
Rodrigo Bitar – Empty Rooms: Investing in Venezuela (Capital Allocators, EP.268)	Aug 29, 2022	26m

Rodrigo Bitar

The record, in short

Their most notable supported claim

Their most notable contradicted claim

Expressed certainty vs assessment result

How they sound: not measured why? →

Appearances (2)

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