Independent analysis on Brazil market entry, regulated sectors, real assets, and the jurisdictional complexity that shapes returns for foreign capital.
Each note is a compressed standalone argument. The full expanded essay — with complete data and sourcing — is published on the Brazil Complexity Substack. Notes here are organized chronologically and form the public record of the research thesis.
Brazilian commercial real estate rents are rising at double-digit rates while sale prices stay flat in real terms. The FipeZAP index — the primary public benchmark — is measuring the wrong variable. Inside the gap is the second observation of the Brazil Complexity Arbitrage series.
Read note →Brazilian equities rallied thirty percent in dollar terms in 2025, yet foreign passive capital captured almost none of it. The opportunity sits in an operational layer that public benchmarks and institutional research cannot measure. Manifesto of the research series.
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