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ELES TROUXERAM O FUNDO DO HOWARD MARKS PRO BRASIL | Os Economistas 84

Os Economistas Podcast · 2023-10-05 · 유튜브 시청 1,360 · 게시판 조회 0 · 외국인

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Today, what we represent— people listening to us will probably associate the name Gama with Oaktree, Bridgewater, Man, Acadian, Lord Abbett, several giant firms abroad. If we add these areas together, there are 1300 people working in Bridgewater alone , 1000 in Oaktree , and almost another 1000 in Man .

So we are a small but powerful organization that makes it possible for these global icons to come to Brazil. That's our day-to-day work at Gama: making access vehicles viable through funds here in Brazil, registered and available on the respective platforms, banks, etc. Today we have approximately 34 distributors of Gama products.

Brilliant. So that's our day-to-day work: facilitating the arrival of these large international managers to the Brazilian market in a way that is efficient for them and very efficient for your investors. Brilliant. When you talk about a distributor, we're talking about brokers. So if the person enters the corridor, they will find our funds there.

If the person enters today and searches there, they will find the funds in various channels, such as XP, BTG, Itaú, among many others. Brilliant. So, to sum it up, you're creating the bridge so people can invest with Ray, with R. Exactly. Exactly. And that bridge has built-in structuring technology to make the product as efficient as possible, addressing exchange issues, offering the product covered, and providing a lot of content support.

In other words, I think we say that we have two pillars, right?, in the company. One is the product, the other is the content. Because, again, I have no doubt whatsoever that we are talking about the most sophisticated environments in relation to analysis in the world. In other words, you're talking about credit, and it's almost unanimous that Oaktree are the ones who understand credit the most in the world, some would say.

You talk about the macro environment, about risk parity, it must be Bridgewater. You're talking about Quant, Man will certainly be in the story. So, we mean that we participate in that environment, with those people, with materials, with calls, we do events with them here in Brazil. So that content push is very important, because we think that one of the best ways to attract potential investors is by showcasing content.

The person reads that and says, "Wow, this guy's work is incredible. It's a team that really understands, and that's how you create demand for the product and all that. Everything is coordinated, right? This is a general trend, isn't it? We were doing content marketing because before, I had the impression that the funds and all that were kind of on an isolated island, talking amongst themselves, the institutional investors, but the average person had no idea what they were doing.

That improves a lot, doesn't it? And that answers a bit of the first point Ian raised about the issue of local bias. Why does local bias exist ? It exists all over the world, and it's super common for people to generally like to invest or be invested in things they're more familiar with. Yes. Are you going to invest in something you don't know?

It's already difficult for the vast majority of people who aren't in the financial market and don't do this in their day-to-day lives. So, what we're trying to do with this content area is exactly to bridge the gap. I joke that it 's shortening the Atlantic, you know? Trying to Shorten the Atlantic there so people can say: Look, I understand, I'm getting to know him, I know what Howard Marks says, I know how he thinks.

How can people know how Howard thinks, what his investment thesis is? If it 's all in English on the Oaktree website over there in the United States, nobody has access. We started translating all the materials, giving access to a lot of people, and when we brought them to Brazil, we agreed with them: You need to be here every so often, you need to become accessible to the Brazilian investor.

Yes, we brought Howard about four times, not much more than that . In the last few years, I don't know, after Gama, at least four or five times, who is a guy almost 80 years old, a benchmark and all that. And , just for you, I think everyone, most people at least, must have heard of Howard Marks, right?

Because he became much more famous among individuals after Buffett declared that he stops to read Howard Marks' memos, his memos, right? Then he became almost Howard Marks is a pop star of the investment world, but it 's well-deserved, isn't it? That popularity, because the guy is very good. Now, well, you opened, let 's say, the borders, but that was only part of the problem.

Because what 's the other part of the problem? Another part of the problem is that there are a lot of people who think: "Wow, great, now I have much easier access to products that were previously restricted to the 200 richest families, that is, multi-millionaires and billionaire families here in Brazil." But there are other objections today that I perceive in the individual.

One objection is, brother, that's very risky, isn't it? So, damn it, I'm going to invest out there in the United States. That's for the investor, for the mega-sophisticated investor, mega-sophisticated. And second, how much money do I need to send my money abroad?

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