Santiago1000 Letters - Santiago1000

01Macro readWhat the cycle, rates and liquidity were doing during the week.

02What the model movedWhich names changed position, and what signal sat behind the change.

03Inside the portfolioOne company per edition: what it does, how it makes money, where the story can break.

04A conceptOne investment idea explained from scratch, assuming no technical vocabulary.

05The chartOne image that closes the argument, with its data and period in plain sight.

Before you subscribe

The letters are written in Portuguese

Worth saying up front. I write the letters in European Portuguese, and there is no English edition for now. The portfolio, the figures and the scorecard are available in English, and they live on the results page.

If you read Portuguese, you are welcome: subscribe and you get everything. If you do not, the results page is the right place to follow the portfolio.

Results and risk Browse the archive

Published editions

The archive is open, no sign-up required. The titles are in Portuguese, like the letters.

20 Sep 2026O que eu não vendi

6 Sep 2026Crescer não é melhorar

29 Aug 2026Cinco formas da mesma aposta

22 Aug 2026Onde o dinheiro e o modelo discordam

16 Aug 2026Método antes de opinião

Getting the letters

Signing up asks for your email and nothing else, and the archive stays open whether you subscribe or not.

One edition a week, always the same day.Written in European Portuguese.Editorial and methodological content — not investment recommendations.One click at the foot of any edition unsubscribes you.The email address is used to send the letters and nothing else.

Subscribe Privacy policy

Editorial note

The letters describe decisions taken in a real portfolio and the reasoning behind them. They exist to order the thinking, not to forecast the market. Where a claim rests on a source, the source is named; where a conclusion could be invalidated, the condition that would invalidate it is stated in the same edition.

The value of investments may go up or down. Your capital is at risk. Past performance is not a reliable indicator of future results. The content of the letters is informational and educational and does not constitute investment advice, nor a recommendation to buy or sell any instrument.

Results and risk Disclosures