And so that was kind of my indoctrination into risk in the business. He earned a Bachelor of Science in Business Administration from Old Dominion University in Norfolk, Virginia. I went to Stanford and got an economics undergrad there. ValueWalk’s Raul Panganiban interviews Crescat Capital’s Kevin Smith And Tavi Costa, discussing their trade of the century idea. lsmith@crescat.net (303) 228-7371 © 2020 Crescat Capital LLC So yeah, just want to know if there’s, if you can comment first on the present day, and then the consensus thinking that you’re seeing today that won’t do well in five years and that you guys will have an edge on. Q4 2019 hedge fund letters, conferences and more, In 1999, Forbes Magazine published a list of eight investment rules that, according to the magazine, had "stood the test of time." Crescat Capital On Developing Macro Models, Please speak to a licensed financial professional, Crescat Capital On Developing Macro Models [Interview], The Most Popular Machine Learning Trends Driving Growth of Fintech Industry, Advisors expect to lose nearly half of next generation heirs, Mark Cuban sees bitcoin as better than gold, likes Ethereum, Global Semiconductor Market Growth To Accelerate In 2021, The Texas Storm: Understood With Peter Kelly-Detwiler. Kevin Smith: So, Crescat actually comes from the University of Chicago motto and it’s me basically means to grow or let it grow. Kevin Smith: Yeah, well, certainly some of the consensus thinking that we have seen recently has just been you know, what’s been driving this this incredible had been an incredible bull market and really the longest running economic expansion and bull market in US history. Got my CFA along the way. © 2008-2021 Crescat Capital LLC. I’m sure there’s some soft landings and extensions of the business cycle. in Communications with a minor in Business Management from the University of Minnesota, and a Juris Doctor, cum laude, from William Mitchell College of Law. Raul Panganiban: Yeah, before we go into the present moment. And you know, we’ve had that, but there is a business cycle the tide does go out and and we you know, obviously we think now that it is going out. Nicolas Ricciardi has more than 15 years of global institutional sales experience. Raul Panganiban: Now that’s super cool. Otavio (Tavi) Costa (@TaviCosta). Prior to joining Crescat, Nicolas was Director of Business Development within the commodities division at S&P Global, where he covered clients in North and Latin America. Jacob lives with his wife and four kids in Passaic NJ. Finance Summer Internship @ Umuarama Artefatos Latex. Crescat Capital partner and portfolio manager Tavi Costa, “Investors are starting to see the return of inflation. He earned an MBA from the University of Chicago Booth School of Business with a specialization in Finance and a concentration in Statistics. Well obviously the idea of finding contrarian ideas is just for more of the asymmetric returns. She also works as a Client Services Specialist to help existing and prospective investors refine their investment goals and better understand Crescat’s offerings while answering any questions that may arise throughout the process. And really the, you know, that was the common thread one of the common threads for us and it was its liquidity is going is just going to ensure that that the market is going to go up forever. But it seems Read More. In this part, Tavi and Kevin discuss what led them to finance and investing,what working at Crescat like, their focus on global macro themes and value driven models, and finding contrarian ideas. It’s incredible how a lot of investors in general don’t put the homework of really looking at the data. She is focused on transparent and engaging communication of Crescat’s investment themes and strategies to distinguish the Crescat brand. Subscribe to ValueWalk Newsletter. As it was recently here things like that, or the biggest currency bubble that we think we’ve seen in history in China, based on their enormous banking imbalances and banking system that they’ve created with the huge non performing loans or if you look at something like the battle between the value of fiat money and versus gold. Prior to founding Crescat, he worked as a Wealth Advisor with Kidder Peabody. Cassie has a lead role in crafting the firm’s marketing materials from strategy presentations to client reports, email communications, website, and social media content. Otavio (“Tavi”) Costa is Global Macro Analyst for Crescat Capital. Client Service Associate. Tavi Costa: All right. I mean, we get trolled just incredibly in most of our tweets, you know, trying to show the contrarian view to that. ValueWalk’s Raul Panganiban interviews Crescat Capital’s Kevin Smith And Tavi Costa, discussing their trade of the century idea. Tavi has been an analyst on Crescat's investment team for more than five years with a focus on global cross-asset research. And when I came in, I realised how successful he was a really selecting and identifying as macro events, large macro events, and I thought that we should give more emphasis to that and perhaps that was more of where I wanted to lean towards to more on the macro side and really build things in terms of finding factors that have identify, you know, the changes in the business cycles in the past, especially when those indicators are very highly correlated to the changes in markets in general. Tavi Costa on Resource Insider Marek Iwahashi January 28, 2021 Crescat News and Updates Tavi Costa discusses why silver is the biggest asymmetrical opportunity in the market today. And it’s nonsense when you have such absurd valuations and particularly when you look at the data and you see that that massive liquidity injections and interest rate decreases coincide much more with recessions and economic crises than they do with being able to predict preempt and continue the business cycle. I think we’re very close to a peak levels of that and its exactly why gold for instance, becomes a more of a relevant position for any portfolio especially in case of central banks in a lot of fiat currencies are actually backed by those leaders and central banks and cooked government’s overall. In a recent telephone interview with Kitco News, Tavi Costa, partner and portfolio manager at Crescat Capital, said that he is extremely bullish on silver as supply is expected to drop while investment demand remains consistent. Mar 26, 2020, 9:37 am. Actually. 1560 Broadway Suite 2270 Denver, CO 80202 phone: 303 271 9997 fax: 303 271 9998 info@crescat.net ValueWalk’s Raul Panganiban interviews Crescat Capital’s Kevin Smith And Tavi Costa, discussing their trade of the century idea. Still, I mean, it’s just the beginning. So contrarian as it was, you know, a few months ago, but still, it still looks incredibly attractive to us as a trade in general. He was previously a VP of Investor Relations with Petaquilla Minerals, a Canadian gold producer, where he liaised with the investment and banking communities in North America and Europe. I since I played tennis, I moved to a while I’m a since I’m foreigner, I’m a foreigner. I mean, stepping back, I think I think it was important to, to understand the history of how the investment process really started to evolve. 303-271-9997 . So move to Denver and start working at a country club as a tennis coach. Emerging Markets Analyst @ Crescat Capital. Today is a very special episode with Kevin Smith, CFA, Founder, CEO, and CIO and Tavi Costa, Partner and Portfolio Manager at Crescat Capital. Financial Representative Assistant @ The Guardian Life Insurance Company of America. var r = Math.floor(Math.random() * (9999 - 0 + 1) + 0); Tavi is a Member and Portfolio Manager at Crescat Capital and has been with the firm since 2013. Cassie graduated cum laude from Virginia Polytechnic State University with a B.S in Finance. And I think that was really the start and then started going more on my own and really, hopefully, adding to the to the team overall. Prior to joining Crescat, he worked as a Mutual Fund Analyst at Broadridge Financial Solutions and assistant branch manager at TCF National Bank. Raul Panganiban: Oh, nice. Partner & COO. Please speak to a licensed financial professional before making any investment decisions. Nick is the General Counsel and Chief Compliance Officer of Crescat Capital. He has been an analyst on Crescat’s investment team for more than five years, focusing on global cross-asset research. He formerly helped to establish the institutional sales desk of MLV & Co., a Wall Street boutique investment bank, serving generalist and resource-oriented investors. Richard is a member of the Chicago Quantitative Alliance, CFA Institute and holds the Chartered Financial Analyst designation. I have a few existing holdings from years ago, but I have sold off most of the equities and now only purchase mutual funds and some ETFs. And now, Hong Kong, and you can see that on how those currencies are being priced in the markets today, especially on the implied volatility of those currencies. So I’ve kind of been on the path of, you know, towards finance and investing from an early educational career, took some other twists and turns along the way. He has been managing investment portfolios since 1992, a career spanning multiple business cycles. Yeah, if we can just begin with your backgrounds and what led you to finance and investing? Kevin Smith: Sure, really, those are the three key tenets of what we do when it comes to the investment process. Another big theme of our so we like to look at Big Picture things, but we’re also value oriented. So, you know, understanding that understanding that you know, the when things start to play out, you know, it’s it validate your thesis, obviously, that’s not so. 1560 Broadway Suite 2270 Denver, CO 80202 phone: 303 271 9997 fax: 303 271 9998 info@crescat.net Quinton is a globally renowned exploration geologist with 30+ years of precious metals mining experience. document.getElementsByTagName('head')[0].appendChild(jo); Prior to joining Crescat, Richard was a Portfolio Manager at institutional asset managers and hedge funds including Russell Investments, Menta Capital, Crescat Partners, McMorgan & Company, and Barclays Global Investors where he has managed both quantitative and fundamental investment strategies. Richard has an MBA in Finance and Marketing from the University of Chicago Booth School of Business and a BBA in Finance (cum laude) from Pacific Lutheran University. He oversees Crescat’s legal and securities matters, and U.S and offshore regulatory compliance. Born and raised in the San Francisco Bay Area, he received a bachelor’s degree in Economics and German studies from Stanford University. Tavi Costa. 0. For more information including how to invest, please contact: Marek Iwahashi. It’s not at a symmetric as it was before, but the room for growth in that trade is incredible. Crescat Capital global macro analyst. And guess who was one of my lessons was Kevin Smith and then I started to talk to him about finance and he needed someone to he I think he thought that I was more of a marketing guy at the time and it got me to work with him initially as an intern, and it was more of a I would say more of a marketing position at the time. I went to University of Chicago, where I got my MBA and finance and statistics. Silver is now the world's most attractive asset, with a price below $ 30, according to investment firm Crescat Capital. And now, even combining now more technicals to kind of reaffirm the trends of those of those macro themes that we believe that that we should be, perhaps adding to it in a big way. Kevin Smith: Yeah, I mean, when we talk about how we develop themes, and use models, macro models to do that, I think it’s, you know, it’s, it’s really important that to let the data you know, help you to build the narrative. But when you can find enough reasons to take an uncrowded view, I think it makes a lot of sense. But you know, when you look back in terms of the macro trade of the century, or just you know, which I know, you might want to touch in that, which is being long gold and Renminbi terms and be short global stocks, well, that thesis has started to work already. Cassie Fischer. But, here I am, I started in the business with Kidder Peabody, which was in 92. You know, that’s probably the most difficult one and, you know, I’d say me personally, I do have a higher risk tolerance than most people. In this part, Tavi and Kevin discuss how should people prepare for the upcoming bear market, US versus Germany 10 years spread, Meb Faber podcasts, and their favorite books and … Kevin Smith: Sure, I’ll start. Tavi Costa: I’m just going to echo Kevin here. “Tavi” built Crescat’s macro model that identifies the current stage of the US economic cycle through a … Raul Panganiban: All right. Marek is Crescat’s point person for existing and prospective investors. Cassie Fischer. Very nice. ValueWalk also contains archives of famous investors, and features many investor resource pages. Kevin brings 28 years of investment management experience spanning multiple business cycles. And I would take his Bloomberg terminal would stay with Kevin until late night, just just learning with him and learning about companies and the macro themes that he believed at that time and helped him to to really validate a lot of those statements at the time. As a student, he served as Treasurer of CSU’s finance club and as an Equity Analyst for the school’s student managed mutual fund. The firm’s quarterly letters are top of my reading list for any investor at the moment. www.resource-insider.com ***EPISODE 40*** Jamie Keech and Tavi Costa, partner & portfolio manager at macro focused Crescat Capital, talk markets. He traded his own accounts through school and gained real world experience trading equities, options, futures, and forex before joining the team. Ryan is currently working towards the Chartered Financial Analyst designation and has passed the CFA Level 1 Exam. Marek stood out versus his peers by making strong grades in an accelerated degree program at the University of Colorado, Denver where he earned a Bachelor of Science degree in Accounting and Finance and an MBA with a specialization in Finance in 2019 while working full time. Linda Carleu Smith, CPA. jo.type = 'text/javascript'; For this reason, I prefer physical assets. And so when, you know when you have such a big divergence, you know, You have to be willing to you know, to be able to ride out the volatility. Jacob Wolinsky. He is the creator of Crescat’s firmwide global macro investment process and systematic equity valuation model. Tavi Costa: Well, I would say, I started by spending a lot of time aggregating data, looking at data in general and pulling data from, from different sources and, and just spending less time reading the news and more time looking at the data itself. Kevin has been the lead Portfolio Manager of Crescat’s five investment strategies since their respective inceptions. Kevin is the Founder and CIO of Crescat Capital. I think that’s, that seems kind of obvious, really. Born and raised in New Jersey, Linda earned an MBA from the University of Chicago, Booth School of Business and a BA in English Language and Literature from Tufts University. You've heard me refer to their quarterly summaries as "mini In Gold We Trust" reports and Tavi was honored that I would place them in that category. Linda Carleu Smith, CPA. So that’s a big part of what we do, you know, the value driven model side of what we do. My name is Tavi Costa, and I am a native of Sao Paulo, Brazil. -. Before founding Crescat, he worked as a wealth advisor at Kidder Peabody. miwahashi@crescat.net. He built Crescat’s macro model that identifies the current stage of … Mission: Providing a framework to improve your investing PROCESS, while collecting newsworthy information about trends in business, politics and tech areas. var jo = document.createElement('script'); youtu.be/3uCL8F9PUhY Many of you will already be familiar with him and Crescat through reading my work, as I have often shared his fantastic charts and insights with you. Tavi is a partner and portfolio manager at Crescat Capital in Denver. He also has significant experience negotiating complex commercial agreements across a wide range of industries. jo.id = 'FJVoiceFeed'; Tavi Costa The Crescat Capital portfolio manager gives his take on the flashing macro warning signals and why it is an explosive moment for gold, silver and (potentially) bitcoin . Crescat Capital January 6, 2020 Crescat News and Updates Tavi Costa says opportunity may be knocking for one sector that’s been down in the dumps for a while. My guest is Otavio “Tavi” Costa, co-fund manager at American hedge fund Crescat Capital. Macro and precious metals analyst Tavi Costa joins us to answer your questions regarding inflation, commodities, gold and silver. And this is what we found, especially when we started looking at China back in 2014, and 15. I just remember, I think it was an interview that Tavi Costa had on the MBA podcast. I think that searching for that, what’s at the centre of a lot of the imbalances is very important, and we think it’s China. He holds the Chartered Financial Analyst designation. It’s not, again, it’s not so systematic, actually how do you build models is really out of curiosity of thinking outside of the box, and then saying, well, how can I confirm it? Jacob Wolinsky. -. I was not, didn’t have a lot of opportunities when I finish up college. Ryan came to Crescat with more than 10 years of industry experience as Specialized Services Trader at Scottrade and Fidelity Investments. He built Crescat’s macro model that identifies the current stage of the US economic cycle through a combination of 16 factors. Where you said that you like to have a contrarian thinking and to challenge the consensus thinking, like by looking at themes that everyone is believing in today that won’t do well in five years. I was recruited to play tennis at Liberty University in Virginia. - I have a model that I’ve used to help pick stocks that I developed more than 20 years ago, when I was a kid or actually originally and use that to launch along only my first investment strategy, which was a long only strategy still around today, we call Crescat large cap. We really went from the quants to now more of a macro and it’s becoming it never really was a fully systematic process but that’s that’s basically how the whole thing developed in general. lsmith@crescat.net (303) 228-7371 © 2021 Crescat Capital LLC Tavi Costa: To work at Crescat? Yeah, just just out of curiosity, the name Crescat. miwahashi@crescat.net. She became COO in 2015. Raul Panganiban: Yeah, very cool. 8 Investment Rules That Have Stood The Test Of Time, Jacob Wolinsky is the founder of ValueWalk.com, a popular value investing and hedge fund focused investment website. And building this quote model that he started back in the 90s, I think was very helpful to build a lot of the macro themes that we had back in ’06 and ’05 or so this model, for instance, was flagging a lot of the homebuilders and banks prior to the global financial crisis that really helped him at the time to build the themes. I am a partner and portfolio manager of Crescat Capital. At the time, they were the largest fixed income underwriter on Wall Street and had the biggest inventory of mortgage backed securities. Jacob worked as an equity analyst first at a micro-cap focused private equity firm, followed by a stint at a smid cap focused research shop. Tavi built the macro model ... www.resource-insider.com***EPISODE 13***Tavi Costa (Twitter: @TaviCosta) is a macro focused portfolio manager at Crescat Capital. Yeah. I know, I should say I point out the Hong Kong dollar is even more important because it really is not pricing in the possibility of a real depeg in In terms of a real banking issue, or crisis that that could have, but the central bank reliance that we were seeing this days, which is actually something that we we see most times and then it’s when the Federal Reserve and central banks overall begin to cut rates and inject liquidity in the markets and investors begin to actually think the opposite way actually thinking that that’s bullish in and that’s really when central banks are actually in panic mode and starting to lose control of the whole situation and they have a very poor track record of doing of preventing cycles from turning in anyway, so I’m not sure why does reliance is so high these days. He built Crescat’s macro model that identifies the current stage of the US economic cycle through a combination of 16 factors. And, you know, there’s over 50 underlying factors in this in this quant model, and then we still use it today. Tavi Costa December 6, 2018 Current Views His research has been featured in financial publications such as Bloomberg, The Wall Street Journal, CCN, Financial Post, The Globe and Mail, Real Vision, and Reuters. ValueWalk’s Raul Panganiban interviews Crescat Capital’s Kevin Smith And Tavi Costa, discussing their trade of the century idea. Tavi Costa is a partner and portfolio manager at Crescat Capital and has been with the firm since 2013. Crescat’s Macro Presentation. Especially like the situation that we’re having right now with the virus outbreak, you know, how what’s the impact in the economy in general? Anyway, so that’s a little bit on that. January 28, 2021 - Crescat’s Portfolio Managers, Kevin Smith and Tavi Costa, provide insight on their current views of the economic environment and how their strategies are positioned to create value for Crescat clients. He is also responsible for maintaining the firm’s portfolio track records and internal systems, including the automation and production of its equity and macro models. o****_@hotmail.com Show email and phone number. He holds a BA in Political Science and International Relations from Universidad Catolica Argentina and is fluent in five languages. })(); ValueWalk.com is a highly regarded, non-partisan site – the website provides unique coverage on hedge funds, large asset managers, and value investing. And so my indoctrination into the business was in in 1994, when we had the bond bear market and kidder Peabody, you know, pretty much almost blew up and Jack Welch, Kidder was owned by GE at the time Jack Welch ended up having to sell the firm to Paine Webber. All rights reserved. In prior roles at Crescat and its predecessor companies, she has served as Controller from 1997-2012 and the in dual position of Chief Financial Officer & Chief Compliance Officer from 2012-2015. Q4 2020 hedge fund letters, conferences and more One might think that 20 years on, at least some of these rules would be out of date or no longer relevant. International Business - Importing goods @ Braservice Comercio Exterior. So my background I grew up in the San Francisco Bay Area. And then on your site, you lay out your process and focuses on global macro themes, value driven models and prudent risk management. Partner & COO. At the time, we had one Bloomberg terminal and I remember, this guy would leave at around 4 or 5pm. So I think that that’s really how everything is starting to evolve. So I think that’s sort of the answer. Hello Podcast Listeners, Today is a very special episode with Kevin Smith, CFA, Founder, CEO, and CIO and Tavi Costa, Partner and Portfolio Manager at Crescat Capital. It’s a big part of what we do in terms of picking stocks. Max is a CFA Level I Exam Candidate. And I think that anybody who is willing to do that will probably have an edge on a lot of things. We are, we’re a global macro shop in the sense that that we we like to look for big picture themes relative to to global GDP, you know, whether it’s the most overvalued US equity market in history, according to a composite of eight different indicators that we look at. Max currently assists the Chief Investment Officer with day-to-day tasks and supports research and trading. She is a Certified Public Accountant. Native of Featured in The Wall Street Journal, Bloomberg, MarketWatch, others. Client Service Associate. And so Crescat Capital means essentially let your money grow. 303-271-9997 . Where did that come from? And that’s really when we started to build those models. If you don’t mind me asking, How did you find the opportunity to work at crescat? Early in his career he worked for major gold mining companies including Homestake Mining (now Barrick Gold Corp.), Newcrest Mining, and Newmont Corp. Later, Dr. Hennigh founded Novo Resources Corp (TSXV: NVO), acting as its CEO and currently serving as Chairman. What are things that I can look at that other people are not looking at? In this part, Tavi and Kevin discuss the passive investing bubble and the ETF industry, the sectors which are not in a bubble, and their portfolio construction process.. Q4 2019 hedge fund letters, conferences and more But really wearing a lot of hats and kind of didn’t want to be much of the marketing and wanted to be more on the analytical side and kind of grew and, you know, at the wheel. cfischer@crescat.net (303) 350-4000 . Raul Panganiban: Oh, nice. But Kevin was always very, into a not just value investing but but macro overall. He built Crescat’s macro model that identifies the current stage of the US economic cycle through a combination of 16 factors. And, so we’re willing to take you in as a value investor, too, I think you have to have a pretty high risk tolerance, because because intrinsic value and market price can, can differ so so much, and those tend to be the things we get the most excited about. (function () { And seeing if anything, if there’s a real trend on on anything, if there’s anything alarming for me to to point out, and that was really the beginning of that was, you know, sort of leading a macro presentation that we had on a weekly basis with Kevin and the team and it was just kind of sharing some of the things I was finding and that kind of evolved from there and then started to combine and use Kevin’s process of building models in terms of ranking things in general and started to apply the same idea on the macro side. Ryan is responsible for the firm’s investment management operations and trading, including trade staging and execution. Tavi is a native of São Paulo, Brazil and is fluent in Portuguese, Spanish, and English. As Chief Operating Officer, she manages Crescat’s business operations, including finance, regulatory compliance, and client service. With a strong background in finance, he works with clients to understand their needs, explain the firm’s strategies, open new accounts, and respond to inquiries. Otavio (“Tavi”) Costa – Member & Portfolio Manager Tavi is a Member and Portfolio Manager at Crescat Capital and has been with the firm since 2013. Tavi graduated cum laude from Lindenwood University in St. Louis with a B.A. © 2011-2021 VALUEWALK LLC. He helps produce firm marketing materials, updates consultant databases, and assists the investment team. Oil-service stocks “have never looked so cheap,” Costa said in a tweet. ALL RIGHTS RESERVED. Apr 6, 2020, 9:05 am. Otavio (Tavi) Costa's Email. Richard is a Data Scientist at Crescat Capital where he is responsible for quantitative research and risk management. Partner & Portfolio Manager . Crescat Capital: Silver world's most attractive asset for under $ 30. Dr. Hennigh began his career in gold exploration after obtaining his PhD in Geology/Geochemistry from the Colorado School of Mines. Crescat Capital On The “Bill Gross Widowmaker Trade”. He has played a key role in major global discoveries such as Novo’s Pilbara assets in Western Australia, First Mining Gold’s Springpole gold deposit in Ontario, Kirkland Lake Gold’s Fostervillegold mine in Australia, the Rattlesnake Hills gold deposit in Wyoming, and Lion One’s Tuvatu gold project in Fiji, among many others. With a background in both finance and marketing, Cassie strives to perfect the Crescat client journey. Email: jacob(at)valuewalk.com - Twitter username: JacobWolinsky - Full Disclosure: I do not purchase any equities anymore to avoid even the appearance of a conflict of interest and because at times I may receive grey areas of insider information. Guess that’s a that’s an interesting question. Tavi played NCAA Division 1 tennis for Liberty University. jo.src = 'https://www.financialjuice.com/widgets/voice-player.js?mode=inline&display=1&container=FJ-voice-news-player&info=valuewalk&r=' + r; ValueWalk’s Raul Panganiban interviews Crescat Capital ’s Kevin Smith And Tavi Costa, discussing their trade of the century idea. We respect your privacy. Native of Sao Paulo, Brazil https://t.co/RGrU5z0kIY I also own a few grams of Gold and Silver. Denver, Colorado. Client Service Associate. cfischer@crescat.net (303) 350-4000 . For more information including how to invest, please contact: Marek Iwahashi. Can you tell me more about your process and elaborate on each of those? In this part, Tavi and Kevin discuss the Chinese currency bubbles and banking Ponzi scheme, how high can consumer confidence go, and buying the dip. Tavi is a partner and portfolio manager at Crescat Capital and has been with the firm since 2013. Now, when you were developing those macro models, how do you go about it? And then the risk management just the other third key tenet of the investment process. And, you know, this idea that that the on debt the the ongoing liquidity that that that the Fed is providing is somehow going to support rising stock prices indefinitely, you know, has been, you know that that was such a pervasive narrative. Before joining Crescat, he worked with the underwriting of financial products and in international business at Braservice, a large logistics company in Brazil. Mining Opportunities with Kevin Smith, CFA, CEO, CIO and Tavi Costa, PM, Partner Crescat Capital Transcript: Raul Panganiban: Hello podcast listeners. Q4 2019 hedge fund letters, conferences and more degree in Business Administration with an emphasis in Finance and a minor in Spanish. So I think that combined with, with the value investing approach was a big difference. My insurance obviously it’s a little shorter given my age, but I was born and raised in Brazil, moved to the US to play tennis in college.