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Return-Path: <bounce-948287-35-5926-fernandomota=feminize.com.br@s17.avl3.acemsrvc.com> Delivered-To: fernandomota@feminize.com.br Received: from vps-4622408.feminize.com.br by vps-4622408.feminize.com.br with LMTP id f5KLBrcECl6uRwAAJ9OYcA (envelope-from <bounce-948287-35-5926-fernandomota=feminize.com.br@s17.avl3.acemsrvc.com>) for <fernandomota@feminize.com.br>; Mon, 30 Dec 2019 11:07:51 -0300 Return-path: <bounce-948287-35-5926-fernandomota=feminize.com.br@s17.avl3.acemsrvc.com> Envelope-to: fernandomota@feminize.com.br Delivery-date: Mon, 30 Dec 2019 11:07:51 -0300 Received: from s17.avl3.acemsrvc.com ([192.92.97.211]:38327) by vps-4622408.feminize.com.br with esmtps (TLSv1.2:ECDHE-RSA-AES256-GCM-SHA384:256) (Exim 4.92) (envelope-from <bounce-948287-35-5926-fernandomota=feminize.com.br@s17.avl3.acemsrvc.com>) id 1ilvi0-0004lj-Rh for fernandomota@feminize.com.br; Mon, 30 Dec 2019 11:07:51 -0300 DKIM-Signature: v=1; a=rsa-sha256; c=relaxed/relaxed; s=dk; d=liberta.com.vc; h=To:From:Subject:Date:MIME-Version:Content-Type:Content-Transfer-Encoding: List-Unsubscribe:Message-ID; i=relacionamento@liberta.com.vc; bh=8ZOTeMs2Yj87IVRvFKKFqwqTOZVYmADZyjSJVLXCYIM=; b=Zf2jzUgduZ/mElCHaO6QvBI3ku0ge1dLy2NOnJ2pLyIT8DBb+CaQttYDE+Dq6JDswC00WGct72uL k5Qy5fRtTxwzuxcRtkJNa07C68J2wsmaCG6fqbBGclmkjGe2eitmgL2GBQ4kDLlqGt9d5ARiVu2c bVdZCvlfTnzERcjFJw8= Received: by s17.avl3.acemsrvc.com id h182b82lalsd for <fernandomota@feminize.com.br>; Mon, 30 Dec 2019 14:07:48 +0000 (envelope-from <bounce-948287-35-5926-fernandomota=feminize.com.br@s17.avl3.acemsrvc.com>) To: "fernando" <fernandomota@feminize.com.br> From: "Fernando Ulrich" <relacionamento@liberta.com.vc> Subject: Minha retrospectiva de 2019. Date: Mon, 30 Dec 2019 08:02:33 -0600 MIME-Version: 1.0 Content-Type: multipart/alternative; boundary="_=_swift-1835294425e0a03797a90f4.77572860_=_" Content-Transfer-Encoding: 7bit X-mid: ZmVybmFuZG9tb3RhQGZlbWluaXplLmNvbS5iciAsIGMzNSAsIG00NiAsIHM0MDgy Feedback-ID: 948287:activecampaign X-250ok-CID: 948287-35 List-Unsubscribe: <mailto:unsubscribe-7af4962006d3bd12aeeb421681ea70e3-35-e24ce8981161cf6fdf7b4521be8f58c2@s17.avl3.acemsrvc.com>, <https://liberta.acemlnc.com/box.php?nl=8&c=35&m=46&s=e24ce8981161cf6fdf7b4521be8f58c2&funcml=unsub2&luha=1> Message-ID: <20191230140748.23659.1484021355.swift@liberta.activehosted.com> X-Spam-Status: No, score=4.0 X-Spam-Score: 40 X-Spam-Bar: ++++ X-Ham-Report: Spam detection software, running on the system "vps-4622408.feminize.com.br", has NOT identified this incoming email as spam. The original message has been attached to this so you can view it or label similar future email. If you have any questions, see root\@localhost for details. Content preview: Olá, tudo bem? Content analysis details: (4.0 points, 5.0 required) pts rule name description ---- ---------------------- -------------------------------------------------- 0.8 BAYES_50 BODY: Bayes spam probability is 40 to 60% [score: 0.5000] 0.0 URIBL_BLOCKED ADMINISTRATOR NOTICE: The query to URIBL was blocked. See http://wiki.apache.org/spamassassin/DnsBlocklists#dnsbl-block for more information. 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Estamos praticamente no último dia do ano e eu preparei um email especial para você que tem me acompanhado em 2019. Achei que seria pertinente encerrar esse ciclo fazendo uma retrospectiva com o que aconteceu de importante no cenário econômico mundial. São conteúdos que produzi ao longo do ano e que continuam relevantes para quem deseja entender melhor o ciclo que estamos vivendo. Também separei algumas dicas de leitura, caso você tenha um tempo e queira se aventurar no que estou lendo. Começo minha retrospectiva com os 5 vídeos mais assistidos do meu canal neste ano. Se você ainda não viu algum deles, vale a pena dar uma conferida. Se já viu, aproveite para ver com novos olhos. (é só clicar nos nomes para assistir) * A maior crise financeira global está por vir * Como se proteger da crise financeira global * Alemanha é o problema da Europa * A Argentina vai quebrar. De novo. * Debate Bitcoin entre Ricardo Schweitzer e Fernando Ulrich \| Inversa Pub Agora vamos aos livros: O primeiro é o excelente "Boombustology: Spotting Financial Bubbles Before They Burst" (Identificando bolhas financeiras antes de estourar, em português) de Vikram Mansharamani, relido neste ano por causa da edição atualizada. Para qualquer um interessado no mercado financeiro e na "ciência" por trás das bolhas, a obra é fantástica. Interdisciplinar, teórica e muito prática. Em segundo, um livro que estou quase terminando, mas que já posso recomendar pois se tornou um clássico: "Antifrágil" de Nassim Taleb. Não importa o seu campo de atuação, a obra magna do filósofo, matemático e trader Taleb é imprescindível. Mudará a sua forma de encarar a vida, sua profissão e seus investimentos. Por fim, o primeiro que lerei em 2020: "The Man Who Solved the Market" de Gregory Zuckerman. O livro conta a história do discreto investidor Jim Simons, matemático, bilionário e gestor do Medallion Fund, simplesmente o melhor fundo da história. Em retorno anual, bateu todos os grandes investidores do planeta. Um título de causar inveja a qualquer um. Não vejo a hora de começar! Aproveitando esse período de reflexões, gostaria de falar também sobre o desempenho dos mercados mundiais neste ano que se encerra. Sem dúvida alguma, 2019 entrará para a história como um dos anos mais espetaculares para quase todas as classes de ativos. Nas bolsas americanas, foram recordes sucessivos. Os principais índices acionários alcançaram as máximas históricas: S&P500 bateu 3.247 pontos, o Dow Jones 28.707 e Nasdaq 9.052, altas de 29,25%, 22,80% e 36% no ano, respectivamente. Depois de um 2018 turbulento, e com um dos piores dezembros desde a Grande Depressão, várias ações registraram as máximas. Apple subiu nada menos que 84% em 2019, ultrapassando a marca de US$1,29 trilhão de valor de mercado. Na Europa e na Ásia, vários índice tiveram excelente performance. Se não atingiram as máximas históricas, ficaram muito próximas delas. Aqui no Brasil, o Bovespa também registrou seu pico a 117 mil pontos. Cerca de 33% de ganho no ano. Em dólares, contudo, ainda não chegamos na máxima de 2008. Analisando ações individuais, há performances invejáveis acima de 200% como BPAC11, Banco BTG Pactual. Mas o fato é que não são apenas os índices bursáteis que tiveram ganho expressivo. Quem alocou fundos em dívida soberana também se deu bem. Treasuries, Bunds, Gilts, e vários outros títulos de dívida de 10 anos viram seus rendimentos caírem ao longo do ano. O mesmo cenário se verificou em crédito corporativo. No mercado doméstico, a SELIC na mínima histórica derrubou os rendimentos dos títulos do tesouro e turbinou a rentabilidade bruta. Quem entrou na NTN-B Principal 2045 no início do ano, teve a possibilidade de realizar quase 80% em novembro. Ao fim do ano, esse papel acumula ainda expressivos 59%. Vários outros papéis apresentaram retornos acima da média. As commodities não ficaram de fora da festa. Ouro superou a marca de US$1.500/onça em meados de 2019, acumulando uma alta de 15% no ano . Prata idem, subindo cerca de 14%. Petróleo registra 35% de aumento no ano. Na classe de ativo das criptomoedas, o bitcoin não decepcionou. Pelo contrário, apresenta mais de 100% de ganho em 2019. Por fim, os fundos imobiliários se proliferaram e os retornos se multiplicaram. Um dos grandes destaques no mercado brasileiro de 2019. Inegavelmente, parece que tudo deu certo -- a não ser para aqueles que estavam short em Tesla, a empresa de Elon Musk renovou as máximas neste fim de ano, para surpresa dos céticos (inclusive este vos escreve). Contudo, a grande notícia, na minha opinião, foi a guinada expansionista dos bancos centrais, que assumiram o protagonismo em 2019 ao reiniciar um ciclo de redução de juros aliado a compras maciças de ativos em mercado aberto. Para alguns analistas, jaz aí uma das principais forças por trás do rally de vários ativos neste ano. Compartilho dessa tese e já explorei o tema em detalhe no meu canal no YouTube. Se eu puder arriscar uma projeção sobre o que está por vir nos próximos meses, diria que teremos um cenário extremamente desafiador. Por um lado, temos o Federal Reserve encurralado em virtude de uma brutal crise de liquidez bancária, sendo obrigado a injetar dinheiro no sistema com uma intensidade não vista desde a quebra do banco Lehman Brothers em 2008. Enquanto isso, os índices de ações estão nas máximas. Fragilidade financeira e mercados eufóricos não é uma boa combinação. Na economia real, vários indicadores globais se deterioraram durante o ano, sinalizando uma possível recessão nos EUA em 2020/21 e na Europa ainda neste ano. Por ora, parece que os bancos centrais estão conseguindo adiar uma contração econômica. Sigamos monitorando. Aqui no Brasil, os sinais da retomada da economia se intensificaram nas últimas semanas e diversas projeções de crescimento para 2020 foram revistas para cima. Arrisco afirmar, porém, que a Bolsa já deu uma boa precificada na recuperação econômica que está se materializando. Além disso, a taxa de juros no nível atual não permitirá uma redução significativa para 2020. DIgamos que há pouco espaço para ganhar na queda dos juros. Por todos esses fatores, acho que 2020 se aproxima com desafios e contradições que testarão os investidores mundo afora. Aguardemos. Para finalizar essa retrospectiva, desejo um excelente final de ano a você e que 2020 seja ainda melhor. Aliás, se gostar desse conteúdo, por favor responda o email me contando. Boas Festas! Fernando Ulrich _________________ Sent to fernandomota@feminize.com.br Cancelar a inscrição: http://liberta.acemlnc.com/proc.php?nl=8&c=35&m=46&s=e24ce8981161cf6fdf7b4521be8f58c2&act=unsub Liberta Investimentos, Av. 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= mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"layout-row193" cla= ss=3D"layout layout-row widget _widget_picture " align=3D"center"><td id=3D= "layout-row-padding193" valign=3D"top"><table width=3D"100%" border=3D"0" c= ellpadding=3D"0" cellspacing=3D"0" style=3D"font-size: 14px; min-width: 100= %; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr><td class=3D"image-td= " align=3D"center" valign=3D"top" width=3D"650"><img src=3D"https://liberta= .imgus11.com/public//8e4b98882a8cb4b60e8163871163a278.jpg?r=3D343194878" al= t=3D"" width=3D"650" style=3D"display: block; border: none; outline: none; = width: 650px; opacity: 1; max-width: 100%;"></td>=0A</tr>=0A</table>=0A</td= >=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr><td id=3D"layout-row-margin194" = valign=3D"top"><table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspa= cing=3D"0" style=3D"font-size: 14px; min-width: 100%; mso-table-lspace: 0pt= ; mso-table-rspace: 0pt;"><tr id=3D"layout-row194" class=3D"layout layout-r= ow widget _widget_spacer "><td id=3D"layout-row-padding194" valign=3D"top">= <table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" styl= e=3D"font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rsp= ace: 0pt;"><tr><td valign=3D"top" height=3D"30"><div class=3D"spacer" style= =3D"margin: 0; outline: none; padding: 0; height: 30px;"><table cellpadding= =3D"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D"font-size: 14= px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr><td= class=3D"spacer-body" valign=3D"top" height=3D"30" width=3D"650">=C2=A0</t= d>=0A</tr>=0A</table>=0A</div>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>= =0A</table>=0A</td>=0A</tr>=0A<tr><td id=3D"layout-row-margin192" valign=3D= "top"><table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0= " style=3D"font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-tab= le-rspace: 0pt;"><tr id=3D"layout-row192" class=3D"layout layout-row widget= _widget_text " style=3D"margin: 0; padding: 0;"><td id=3D"layout-row-paddi= ng192" valign=3D"top"><table width=3D"100%" border=3D"0" cellpadding=3D"0" = cellspacing=3D"0" style=3D"font-size: 14px; min-width: 100%; mso-table-lspa= ce: 0pt; mso-table-rspace: 0pt;"><tr><td id=3D"text_div177" class=3D"td_tex= t td_block" valign=3D"top" align=3D"left" width=3D"650" style=3D"line-heigh= t: 140%; margin: 0; outline: none; padding: 0; color: inherit; font-size: 1= 2px; font-weight: inherit; line-height: 1.4; text-decoration: inherit; font= -family: Arial; mso-line-height-rule: exactly;"> <div style=3D"line-height:= 140%; margin: 0; outline: none; padding: 0; font-size: 12px; line-height: = 1.4; mso-line-height-rule: exactly;" data-line-height=3D"1.4"> <div style= =3D"margin: 0;=0Aoutline: none; padding: 0;"> <p style=3D"margin: 0; outlin= e: none; padding: 0; color: inherit; font-size: inherit; font-weight: inher= it; line-height: inherit; text-decoration: inherit;"></p>=0A <div style=3D"= margin: 0; outline: none; padding: 0; text-align: justify; font-size: 15px;= "></div>=0A <b style=3D"margin: 0; outline: none; padding: 0; font-weight: = normal; font-size: 15px; font-family: verdana, arial, sans;" class=3D""><sp= an style=3D"color: #000000; font-size: inherit; font-weight: 400; line-heig= ht: inherit; text-decoration: inherit; font-style: normal;">Ol=C3=A1, tudo = bem?</span><br><br><b style=3D"margin: 0; outline: none; padding: 0; font-w= eight: normal;"><span style=3D"color: #000000; font-size: 15px; font-weight= : 400; line-height: inherit; text-decoration: inherit; font-family: verdana= , arial, sans; font-style: normal;">Estamos praticamente no =C3=BAltimo dia= do ano e eu preparei um email especial para voc=C3=AA que tem me acompanha= do em 2019. Achei que seria pertinente encerrar esse ciclo fazendo uma </sp= an><span style=3D"color: #000000; font-size: 15px; font-weight: 700; line-h= eight: inherit; text-decoration: inherit; font-family: verdana, arial, sans= ; font-style: normal;">retrospectiva com o que aconteceu de importante no c= en=C3=A1rio econ=C3=B4mico mundial</span><span=0Astyle=3D"color: #000000; f= ont-size: 15px; font-weight: 400; line-height: inherit; text-decoration: in= herit; font-family: verdana, arial, sans; font-style: normal;">.</span><br>= <br><span style=3D"color: #000000; font-size: 15px; font-weight: 400; line-= height: inherit; text-decoration: inherit; font-family: verdana, arial, san= s; font-style: normal;">S=C3=A3o conte=C3=BAdos que produzi ao longo do ano= e que continuam relevantes para quem deseja entender melhor o ciclo que es= tamos vivendo. Tamb=C3=A9m separei algumas dicas de leitura, caso voc=C3= =AA tenha um tempo e queira se aventurar no que estou lendo.</span><br><br>= <span style=3D"color: #000000; font-size: 15px; font-weight: 400; line-heig= ht: inherit; text-decoration: inherit; font-family: verdana, arial, sans; f= ont-style: normal;">Come=C3=A7o minha retrospectiva com os </span><span sty= le=3D"color: #000000; font-size: 15px; font-weight: 700; line-height: inher= it; text-decoration: inherit; font-family: verdana, arial, sans; font-style= :=0Anormal;">5 v=C3=ADdeos mais assistidos do meu canal neste ano</span><sp= an style=3D"color: #000000; font-size: 15px; font-weight: 400; line-height:= inherit; text-decoration: inherit; font-family: verdana, arial, sans; font= -style: normal;">. Se voc=C3=AA ainda n=C3=A3o viu algum deles, vale a pena= dar uma conferida. Se j=C3=A1 viu, aproveite para ver com novos olhos. (= =C3=A9 s=C3=B3 clicar nos nomes para assistir)</span></b></b><br style=3D'f= ont-size: 14px; font-family: "Open Sans", Roboto, "San Francisco", Helvetic= a, Arial, sans-serif;'><div style=3D"margin: 0; outline: none; padding: 0; = text-align: justify; font-size: 14px;"><em style=3D'margin: 0; outline: non= e; padding: 0; color: #000000; font-family: "Open Sans", Roboto, "San Franc= isco", Helvetica, Arial, sans-serif;'></em></div>=0A <p style=3D"margin: 0;= outline: none; padding: 0; color: inherit; font-size: inherit; font-weight= : inherit; line-height: inherit; text-decoration: inherit;"></p>=0A </div>= =0A </div>=0A<!--[if (gte mso 12)&(lte mso 15) ]>=0A<style data-ac-keep=3D"= true" data-ac-inline=3D"false"> #text_div177, #text_div177 div { line-heigh= t: 140% !important; };=0A</style>=0A<![endif]--></td>=0A</tr>=0A</table>=0A= </td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr><td id=3D"layout-row-margin2= 01" valign=3D"top" style=3D"padding: 0;"><table width=3D"100%" border=3D"0"= cellpadding=3D"0" cellspacing=3D"0" style=3D"font-size: 14px; min-width: 1= 00%; mso-table-lspace: 0pt; mso-table-rspace: 0pt; border-collapse: initial= !important;"><tr id=3D"layout-row201" class=3D"layout layout-row widget _w= idget_text style201" style=3D"margin: 0; padding: 0;"><td id=3D"layout-row-= padding201" valign=3D"top" style=3D"padding: 0;"><table width=3D"100%" bord= er=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"font-size: 14px; min-= width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr><td id=3D"t= ext_div186" class=3D"td_text td_block" valign=3D"top" align=3D"left" width= =3D"650" style=3D"line-height: 140%; margin: 0; outline: none; padding: 0; = color: inherit; font-size: 12px; font-weight: inherit; line-height: 1.4; te= xt-decoration: inherit; font-family: Arial; mso-line-height-rule: exactly;"= > <div style=3D"line-height: 140%; margin: 0; outline: none; padding: 0; fo= nt-size: 16px;=0Aline-height: 1.4; mso-line-height-rule: exactly;" data-lin= e-height=3D"1.4"> <div style=3D"margin: 0; outline: none; padding: 0;"><b s= tyle=3D"margin: 0; outline: none; padding: 0;" class=3D""><div style=3D"mar= gin: 0; outline: none; padding: 0;"><br style=3D"font-family: verdana, aria= l, sans;"></div>=0A<ol style=3D"margin: 0 0 0 40px; padding: 0;"><li dir=3D= "ltr" style=3D"display: list-item; line-height: inherit; list-style-type: d= ecimal; margin: 0 0 0 3px; color: #000000; font-style: normal;"><span style= =3D"color: inherit; font-size: inherit; font-weight: inherit; line-height: = inherit; text-decoration: inherit; font-family: verdana, arial, sans;" clas= s=3D""><a href=3D"https://liberta.acemlnc.com/lt.php?s=3De24ce8981161cf6fdf= 7b4521be8f58c2&i=3D35A46A8A46" style=3D"margin: 0; outline: none; padding: = 0; color: #045FB4; text-decoration: underline; font-style: normal;" data-ac= -default-color=3D"1" target=3D"_blank"><span style=3D"color: ; font-size: i= nherit; font-weight: inherit; line-height: inherit; text-decoration: inheri= t;">A maior crise financeira global est=C3=A1 por vir</span></a><span style= =3D"color: #000000; font-size: inherit; font-weight: inherit; line-height: = inherit; text-decoration: inherit; font-style: normal;"> </span></span></li= ></ol><br style=3D"font-family: verdana, arial,=0Asans;"><ol style=3D"margi= n: 0 0 0 40px; padding: 0;" start=3D"2"><li dir=3D"ltr" style=3D"display: l= ist-item; line-height: inherit; list-style-type: decimal; margin: 0 0 0 3px= ; color: #000000; font-style: normal;"><span style=3D"color: inherit; font-= size: inherit; font-weight: inherit; line-height: inherit; text-decoration:= inherit; font-family: verdana, arial, sans;" class=3D""><a href=3D"https:/= /liberta.acemlnc.com/lt.php?s=3De24ce8981161cf6fdf7b4521be8f58c2&i=3D35A46A= 8A47" style=3D"margin: 0; outline: none; padding: 0; color: #045FB4; text-d= ecoration: underline;" data-ac-default-color=3D"1" target=3D"_blank"><span = style=3D"color: inherit; font-size: inherit; font-weight: inherit; line-hei= ght: inherit; text-decoration: inherit; font-style: normal;">Como se proteg= er da crise financeira global</span></a><span style=3D"color: #000000; font= -size: inherit; font-weight: inherit; line-height: inherit; text-decoration= : inherit; font-style: normal;"> </span></span></li></ol><br style=3D"font-= family:=0Averdana, arial, sans;"><ol style=3D"margin: 0 0 0 40px; padding: = 0;" start=3D"3"><li dir=3D"ltr" style=3D"display: list-item; line-height: i= nherit; list-style-type: decimal; margin: 0 0 0 3px; color: #000000; font-s= tyle: normal;"><span style=3D"color: inherit; font-size: inherit; font-weig= ht: inherit; line-height: inherit; text-decoration: inherit; font-family: v= erdana, arial, sans;" class=3D""><a href=3D"https://liberta.acemlnc.com/lt.= php?s=3De24ce8981161cf6fdf7b4521be8f58c2&i=3D35A46A8A48" style=3D"margin: 0= ; outline: none; padding: 0; color: #045FB4; text-decoration: underline;" d= ata-ac-default-color=3D"1" target=3D"_blank"><span style=3D"color: inherit;= font-size: inherit; font-weight: inherit; line-height: inherit; text-decor= ation: inherit; font-style: normal;">Alemanha =C3=A9 o problema da Europa</= span></a><span style=3D"color: #000000; font-size: inherit; font-weight: in= herit; line-height: inherit; text-decoration: inherit; font-style: normal;"= > </span></span></li></ol><br=0Astyle=3D"font-family: verdana, arial, sans;= "><ol style=3D"margin: 0 0 0 40px; padding: 0;" start=3D"4"><li dir=3D"ltr"= style=3D"display: list-item; line-height: inherit; list-style-type: decima= l; margin: 0 0 0 3px; color: #000000; font-style: normal;"><span style=3D"c= olor: inherit; font-size: inherit; font-weight: inherit; line-height: inher= it; text-decoration: inherit; font-family: verdana, arial, sans;" class=3D"= "><a href=3D"https://liberta.acemlnc.com/lt.php?s=3De24ce8981161cf6fdf7b452= 1be8f58c2&i=3D35A46A8A49" style=3D"margin: 0; outline: none; padding: 0; co= lor: #045FB4; text-decoration: underline;" data-ac-default-color=3D"1" targ= et=3D"_blank"><span style=3D"color: inherit; font-size: inherit; font-weigh= t: inherit; line-height: inherit; text-decoration: inherit; font-style: nor= mal;">A Argentina vai quebrar. De novo.</span></a><span style=3D"color: #00= 0000; font-size: inherit; font-weight: inherit; line-height: inherit; text-= decoration: inherit; font-style: normal;">=0A</span></span></li></ol><br st= yle=3D"font-family: verdana, arial, sans;"><ol style=3D"margin: 0 0 0 40px;= padding: 0;" start=3D"5"><li dir=3D"ltr" style=3D"display: list-item; line= -height: inherit; list-style-type: decimal; margin: 0 0 0 3px; color: #0000= 00; font-style: normal;"><span style=3D"color: inherit; font-size: inherit;= font-weight: inherit; line-height: inherit; text-decoration: inherit; font= -family: verdana, arial, sans;" class=3D""><a href=3D"https://liberta.aceml= nc.com/lt.php?s=3De24ce8981161cf6fdf7b4521be8f58c2&i=3D35A46A8A50" style=3D= "margin: 0; outline: none; padding: 0; color: #045FB4; text-decoration: und= erline;" data-ac-default-color=3D"1" target=3D"_blank"><span style=3D"color= : inherit; font-size: inherit; font-weight: inherit; line-height: inherit; = text-decoration: inherit; font-style: normal;">Debate Bitcoin entre Ricardo= Schweitzer e Fernando Ulrich \| Inversa Pub</span></a><span style=3D"color:= #000000; font-size: inherit; font-weight: inherit; line-height: inherit;= =0Atext-decoration: inherit; font-style: normal;"> </span></span></li></ol>= </b></div>=0A </div>=0A<!--[if (gte mso 12)&(lte mso 15) ]>=0A<style data-a= c-keep=3D"true" data-ac-inline=3D"false"> #text_div186, #text_div186 div { = line-height: 140% !important; };=0A</style>=0A<![endif]--></td>=0A</tr>=0A<= /table>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr><td id=3D"layout-r= ow-margin203" valign=3D"top"><table width=3D"100%" border=3D"0" cellpadding= =3D"0" cellspacing=3D"0" style=3D"font-size: 14px; min-width: 100%; mso-tab= le-lspace: 0pt; mso-table-rspace: 0pt;"><tr id=3D"layout-row203" class=3D"l= ayout layout-row widget _widget_spacer "><td id=3D"layout-row-padding203" v= align=3D"top"><table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspac= ing=3D"0" style=3D"font-size: 14px; min-width: 100%; mso-table-lspace: 0pt;= mso-table-rspace: 0pt;"><tr><td valign=3D"top" height=3D"25"><div class=3D= "spacer" style=3D"margin: 0; outline: none; padding: 0; height: 25px;"><tab= le cellpadding=3D"0" cellspacing=3D"0" border=3D"0" width=3D"100%" style=3D= "font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rspace:= 0pt;"><tr><td class=3D"spacer-body" valign=3D"top" height=3D"25" width=3D"= 650">=C2=A0</td>=0A</tr>=0A</table>=0A</div>=0A</td>=0A</tr>=0A</table>=0A<= /td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr><td id=3D"layout-row-margin20= 8" valign=3D"top" style=3D"padding: 0;"><table width=3D"100%" border=3D"0" = cellpadding=3D"0" cellspacing=3D"0" style=3D"font-size: 14px; min-width: 10= 0%; mso-table-lspace: 0pt; mso-table-rspace: 0pt; border-collapse: initial = !important;"><tr id=3D"layout-row208" class=3D"layout layout-row widget _wi= dget_text style208" style=3D"margin: 0; padding: 0;"><td id=3D"layout-row-p= adding208" valign=3D"top" style=3D"padding: 0;"><table width=3D"100%" borde= r=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"font-size: 14px; min-w= idth: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr><td id=3D"te= xt_div191" class=3D"td_text td_block" valign=3D"top" align=3D"left" width= =3D"650" style=3D"line-height: 140%; margin: 0; outline: none; padding: 0; = color: inherit; font-size: 12px; font-weight: inherit; line-height: 1.4; te= xt-decoration: inherit; font-family: Arial; mso-line-height-rule: exactly;"= > <div style=3D"line-height: 140%; margin: 0; outline: none; padding: 0; fo= nt-size: 15px;=0Aline-height: 1.4; mso-line-height-rule: exactly;" data-lin= e-height=3D"1.4"><span style=3D"color: inherit; font-size: inherit; font-we= ight: bold; line-height: inherit; text-decoration: inherit; font-family: ve= rdana, arial, sans;" class=3D"">Agora vamos aos livros:<br><br></span></div= >=0A<!--[if (gte mso 12)&(lte mso 15) ]>=0A<style data-ac-keep=3D"true" dat= a-ac-inline=3D"false"> #text_div191, #text_div191 div { line-height: 140% != important; };=0A</style>=0A<![endif]--></td>=0A</tr>=0A</table>=0A</td>=0A<= /tr>=0A</table>=0A</td>=0A</tr>=0A<tr><td id=3D"layout-row-margin209" valig= n=3D"top" style=3D"padding: 0;"><table width=3D"100%" border=3D"0" cellpadd= ing=3D"0" cellspacing=3D"0" style=3D"font-size: 14px; min-width: 100%; mso-= table-lspace: 0pt; mso-table-rspace: 0pt; border-collapse: initial !importa= nt;"><tr id=3D"layout-row209" class=3D"layout layout-row widget _widget_tex= t style209" style=3D"margin: 0; padding: 0;"><td id=3D"layout-row-padding20= 9" valign=3D"top" style=3D"padding: 0;"><table width=3D"100%" border=3D"0" = cellpadding=3D"0" cellspacing=3D"0" style=3D"font-size: 14px; min-width: 10= 0%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr><td id=3D"text_div19= 2" class=3D"td_text td_block" valign=3D"top" align=3D"left" width=3D"650" s= tyle=3D"line-height: 140%; margin: 0; outline: none; padding: 0; color: inh= erit; font-size: 12px; font-weight: inherit; line-height: 1.4; text-decorat= ion: inherit; font-family: Arial; mso-line-height-rule: exactly;"> <div dat= a-line-height=3D"1.4" style=3D"line-height: 140%; margin: 0; outline: none;= padding: 0;=0Aline-height: 1.4; mso-line-height-rule: exactly;"><div class= =3D"droparea" contenteditable=3D"false" style=3D"margin: 0; outline: none; = padding: 0;"><img style=3D"width: 99px; padding-right: 10px; margin: 0px; r= esize: none; position: static; zoom: 1; display: block;" class=3D"imgtext u= i-resizable" data-scale=3D"1" data-image-scale=3D"6.565656565656566" data-f= ull-width=3D"855" data-full-height=3D"1360" data-scaled-width=3D"99" data-s= caled-height=3D"157" data-view-width=3D"855" data-view-height=3D"1360" data= -view-xoff=3D"0" data-view-yoff=3D"0" src=3D"http://liberta.img-us6.com/ari= el.soldatelli/81uc0qxb-l.jpg" align=3D"left" contenteditable=3D"false" widt= h=3D"99"></div>=0A<div style=3D"margin: 0; outline: none; padding: 0;"><spa= n class=3D"" style=3D"color: inherit; font-size: 15px; font-weight: inherit= ; line-height: inherit; text-decoration: inherit; font-family: verdana, ari= al, sans;"> <b style=3D"margin: 0; outline: none; padding: 0; font-weight: = normal;"><span style=3D"color: #000000; font-size: inherit; font-weight: 40= 0; line-height: inherit; text-decoration: inherit; font-style: normal;">O p= rimeiro =C3=A9 o excelente "</span><span style=3D"color: #000000; font-size= : inherit; font-weight: 700; line-height: inherit; text-decoration: inherit= ; font-style: normal;">Boombustology: Spotting Financial Bubbles Before The= y Burst</span><span style=3D"color: #000000; font-size: inherit; font-weigh= t: 400; line-height: inherit; text-decoration: inherit; font-style: normal;= ">" (Identificando bolhas financeiras antes de estourar, em portugu=C3= =AAs) de Vikram Mansharamani, relido neste ano por causa da edi=C3=A7=C3= =A3o atualizada. Para qualquer um interessado no mercado=0Afinanceiro e na = "ci=C3=AAncia" por tr=C3=A1s das bolhas, a obra =C3=A9 fant=C3=A1stica. Int= erdisciplinar, te=C3=B3rica e muito pr=C3=A1tica.</span></b></span><br></di= v>=0A</div>=0A<!--[if (gte mso 12)&(lte mso 15) ]>=0A<style data-ac-keep=3D= "true" data-ac-inline=3D"false"> #text_div192, #text_div192 div { line-heig= ht: 140% !important; };=0A</style>=0A<![endif]--></td>=0A</tr>=0A</table>= =0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr><td id=3D"layout-row-marg= in213" valign=3D"top" style=3D"padding: 0;"><table width=3D"100%" border=3D= "0" cellpadding=3D"0" cellspacing=3D"0" style=3D"font-size: 14px; min-width= : 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt; border-collapse: init= ial !important;"><tr id=3D"layout-row213" class=3D"layout layout-row widget= _widget_text style213" style=3D"margin: 0; padding: 0;"><td id=3D"layout-r= ow-padding213" valign=3D"top" style=3D"padding: 0;"><table width=3D"100%" b= order=3D"0" cellpadding=3D"0" cellspacing=3D"0" style=3D"font-size: 14px; m= in-width: 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr><td id= =3D"text_div195" class=3D"td_text td_block" valign=3D"top" align=3D"left" w= idth=3D"650" style=3D"line-height: 140%; margin: 0; outline: none; padding:= 0; color: inherit; font-size: 12px; font-weight: inherit; line-height: 1.4= ; text-decoration: inherit; font-family: Arial; mso-line-height-rule: exact= ly;"> <div data-line-height=3D"1.4" style=3D"line-height: 140%; margin: 0; = outline: none; padding: 0;=0Aline-height: 1.4; mso-line-height-rule: exactl= y;"><div class=3D"droparea" contenteditable=3D"false" style=3D"margin: 0; o= utline: none; padding: 0;"><img style=3D"width: 113px; margin: 0px; resize:= none; position: static; zoom: 1; display: block; top: 0px; left: 0px; padd= ing-left: 10px;" class=3D"imgtext ui-resizable" data-scale=3D"1" data-image= -scale=3D"5.752212389380531" data-full-width=3D"324" data-full-height=3D"50= 0" data-scaled-width=3D"113" data-scaled-height=3D"174" data-view-width=3D"= 324" data-view-height=3D"500" data-view-xoff=3D"0" data-view-yoff=3D"0" src= =3D"http://liberta.img-us6.com/ariel.soldatelli/41nuhwr4ypl.jpg" align=3D"r= ight" contenteditable=3D"false" width=3D"113"></div>=0A <div style=3D"margi= n: 0; outline: none; padding: 0;"> <div style=3D"margin: 0; outline: none; = padding: 0;"> <div style=3D"margin: 0; outline: none; padding: 0;"> <div st= yle=3D"margin: 0; outline: none; padding: 0;"><div style=3D"margin: 0; outl= ine: none; padding: 0;"> <b style=3D"margin: 0; outline: none; padding: 0; = font-family: arial; color: #000000; font-size: 15px; font-style: normal; fo= nt-weight: normal;"><span style=3D"color: inherit; font-size: inherit; font= -weight: inherit; line-height: inherit; text-decoration: inherit; font-fami= ly: arial;"><span style=3D"color: #000000; font-size: inherit; font-weight:= 400; line-height: inherit; text-decoration: inherit; font-family: arial; f= ont-style: normal;"><br><br>Em segundo, um livro que estou quase terminando= , mas que j=C3=A1 posso recomendar pois se tornou um cl=C3=A1ssico: "</span= ><span style=3D"color: #000000; font-size: inherit; font-weight: 700; line-= height: inherit; text-decoration: inherit; font-family: arial; font-style:= =0Anormal;">Antifr=C3=A1gil</span><span style=3D"color: #000000; font-size:= inherit; font-weight: 400; line-height: inherit; text-decoration: inherit;= font-family: arial; font-style: normal;" class=3D"">" de Nassim Taleb. N= =C3=A3o importa o seu campo de atua=C3=A7=C3=A3o, a obra magna do fil=C3= =B3sofo, matem=C3=A1tico e trader Taleb =C3=A9 imprescind=C3=ADvel. Mudar= =C3=A1 a sua forma de encarar a vida, sua profiss=C3=A3o e seus investiment= os.</span></span></b><br></div>=0A</div>=0A </div>=0A </div>=0A </div>=0A <= /div>=0A<!--[if (gte mso 12)&(lte mso 15) ]>=0A<style data-ac-keep=3D"true"= data-ac-inline=3D"false"> #text_div195, #text_div195 div { line-height: 14= 0% !important; };=0A</style>=0A<![endif]--></td>=0A</tr>=0A</table>=0A</td>= =0A</tr>=0A</table>=0A</td>=0A</tr>=0A<tr><td id=3D"layout-row-margin214" v= align=3D"top" style=3D"padding: 0;"><table width=3D"100%" border=3D"0" cell= padding=3D"0" cellspacing=3D"0" style=3D"font-size: 14px; min-width: 100%; = mso-table-lspace: 0pt; mso-table-rspace: 0pt; border-collapse: initial !imp= ortant;"><tr id=3D"layout-row214" class=3D"layout layout-row widget _widget= _text style214" style=3D"margin: 0; padding: 0;"><td id=3D"layout-row-paddi= ng214" valign=3D"top" style=3D"padding: 0;"><table width=3D"100%" border=3D= "0" cellpadding=3D"0" cellspacing=3D"0" style=3D"font-size: 14px; min-width= : 100%; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"><tr><td id=3D"text_d= iv196" class=3D"td_text td_block" valign=3D"top" align=3D"left" width=3D"65= 0" style=3D"line-height: 140%; margin: 0; outline: none; padding: 0; color:= inherit; font-size: 12px; font-weight: inherit; line-height: 1.4; text-dec= oration: inherit; font-family: Arial; mso-line-height-rule: exactly;"> <div= data-line-height=3D"1.4" style=3D"line-height: 140%; margin: 0; outline: n= one; padding: 0;=0Aline-height: 1.4; mso-line-height-rule: exactly;"><div c= lass=3D"droparea" contenteditable=3D"false" style=3D"margin: 0; outline: no= ne; padding: 0;"><img style=3D"width: 97px; padding-right: 10px; margin: 0p= x; resize: none; position: static; zoom: 1; display: block; top: 0px; left:= 0px;" class=3D"imgtext ui-resizable" data-scale=3D"1" data-image-scale=3D"= 6.701030927835052" data-full-width=3D"325" data-full-height=3D"499" data-sc= aled-width=3D"97" data-scaled-height=3D"149" data-view-width=3D"325" data-v= iew-height=3D"499" data-view-xoff=3D"0" data-view-yoff=3D"0" src=3D"http://= liberta.img-us6.com/ariel.soldatelli/51aow2fmqjl._sx323_bo1204203200_.jpg" = align=3D"left" contenteditable=3D"false" width=3D"97"></div>=0A <div style= =3D"margin: 0; outline: none; padding: 0;"> <div style=3D"margin: 0; outlin= e: none; padding: 0;"><b style=3D"margin: 0; outline: none; padding: 0; fon= t-family: arial; color: #000000; font-style: normal; font-size: 15px; font-= weight: normal;"><span style=3D"color: inherit; font-size: inherit; font-we= ight: inherit; line-height: inherit; text-decoration: inherit; font-family:= arial;"><span style=3D"color: #000000; font-size: inherit; font-weight: 40= 0; line-height: inherit; text-decoration: inherit; font-family: arial; font= -style: normal;"><br>Por fim, o primeiro que lerei em 2020: "</span><span s= tyle=3D"color: #000000; font-size: inherit; font-weight: 700; line-height: = inherit; text-decoration: inherit; font-family: arial; font-style: normal;"= >The Man Who Solved the Market</span><span style=3D"color: #000000; font-si= ze: inherit; font-weight: 400; line-height: inherit; text-decoration: inher= it; font-family: arial; font-style: normal;">" de Gregory Zuckerman. O livr= o conta=0Aa hist=C3=B3ria do discreto investidor Jim Simons, matem=C3=A1tic= o, bilion=C3=A1rio e gestor do Medallion Fund, simplesmente o melhor fundo = da hist=C3=B3ria. Em retorno anual, bateu todos os grandes investidores do = planeta. Um t=C3=ADtulo de causar inveja a qualquer um. N=C3=A3o vejo a hor= a de come=C3=A7ar!</span></span></b><br></div>=0A </div>=0A </div>=0A<!--[i= f (gte mso 12)&(lte mso 15) ]>=0A<style data-ac-keep=3D"true" data-ac-inlin= e=3D"false"> #text_div196, #text_div196 div { line-height: 140% !important;= };=0A</style>=0A<![endif]--></td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</t= able>=0A</td>=0A</tr>=0A<tr><td id=3D"layout-row-margin197" valign=3D"top">= <table width=3D"100%" border=3D"0" cellpadding=3D"0" cellspacing=3D"0" styl= e=3D"font-size: 14px; min-width: 100%; mso-table-lspace: 0pt; mso-table-rsp= ace: 0pt;"><tr id=3D"layout-row197" class=3D"layout layout-row widget _widg= et_text " style=3D"margin: 0; padding: 0;"><td id=3D"layout-row-padding197"= valign=3D"top"><table width=3D"100%" border=3D"0" cellpadding=3D"0" cellsp= acing=3D"0" style=3D"font-size: 14px; min-width: 100%; mso-table-lspace: 0p= t; mso-table-rspace: 0pt;"><tr><td id=3D"text_div182" class=3D"td_text td_b= lock" valign=3D"top" align=3D"left" width=3D"650" style=3D"line-height: 140= %; margin: 0; outline: none; padding: 0; color: inherit; font-size: 12px; f= ont-weight: inherit; line-height: 1.4; text-decoration: inherit; font-famil= y: Arial; mso-line-height-rule: exactly;"> <div style=3D"line-height: 140%;= margin: 0; outline: none; padding: 0; font-size: 12px; line-height: 1.4; m= so-line-height-rule: exactly;" data-line-height=3D"1.4"> <div style=3D"marg= in: 0;=0Aoutline: none; padding: 0;"> <p style=3D"margin: 0; outline: none;= padding: 0; color: inherit; font-size: inherit; font-weight: inherit; line= -height: inherit; text-decoration: inherit;"></p>=0A <div style=3D"margin: = 0; outline: none; padding: 0; text-align: justify; font-size: 14px;"></div>= =0A <b style=3D"margin: 0; outline: none; padding: 0; font-weight: normal;"= class=3D""><b style=3D"margin: 0; outline: none; padding: 0; font-weight: = normal; font-family: verdana, arial, sans; font-size: 15px;" class=3D""><b = style=3D"margin: 0; outline: none; padding: 0; font-weight: normal;"><span = style=3D"color: #000000; font-size: 15px; font-weight: 400; line-height: in= herit; text-decoration: inherit; font-family: verdana, arial, sans; font-st= yle: normal;"><br>Aproveitando esse per=C3=ADodo de reflex=C3=B5es, gostari= a de falar tamb=C3=A9m sobre o desempenho dos mercados mundiais neste ano q= ue se encerra. Sem d=C3=BAvida alguma, 2019 entrar=C3=A1 para a hist=C3= =B3ria como um dos anos mais espetaculares para quase todas as classes de a= tivos.</span><br><br><span style=3D"color: #000000; font-size: 15px; font-w= eight: 400; line-height: inherit; text-decoration: inherit; font-family: ve= rdana, arial, sans; font-style: normal;">Nas bolsas americanas, foram recor= des sucessivos. Os principais =C3=ADndices acion=C3=A1rios=0Aalcan=C3=A7ara= m as m=C3=A1ximas hist=C3=B3ricas: S&P500 bateu 3.247 pontos, o Dow Jones 2= 8.707 e Nasdaq 9.052, altas de 29,25%, 22,80% e 36% no ano, respectivamente= .</span><br><br><span style=3D"color: #000000; font-size: 15px; font-weight= : 400; line-height: inherit; text-decoration: inherit; font-family: verdana= , arial, sans; font-style: normal;">Depois de um 2018 turbulento, e com um = dos piores dezembros desde a Grande Depress=C3=A3o, v=C3=A1rias a=C3=A7= =C3=B5es registraram as m=C3=A1ximas. Apple subiu nada menos que 84% em 201= 9, ultrapassando a marca de US$1,29 trilh=C3=A3o de valor de mercado.</span= ><br><br><span style=3D"color: #000000; font-size: 15px; font-weight: 400; = line-height: inherit; text-decoration: inherit; font-family: verdana, arial= , sans; font-style: normal;">Na Europa e na =C3=81sia, v=C3=A1rios =C3= =ADndice tiveram excelente performance. Se n=C3=A3o atingiram as m=C3=A1xim= as hist=C3=B3ricas, ficaram muito pr=C3=B3ximas delas.</span><br><br><span = style=3D"color: #000000; font-size: 15px; font-weight: 400;=0Aline-height: = inherit; text-decoration: inherit; font-family: verdana, arial, sans; font-= style: normal;">Aqui no Brasil, o Bovespa tamb=C3=A9m registrou seu pico a = 117 mil pontos. Cerca de 33% de ganho no ano. Em d=C3=B3lares, contudo, ain= da n=C3=A3o chegamos na m=C3=A1xima de 2008. Analisando a=C3=A7=C3=B5es ind= ividuais, h=C3=A1 performances invej=C3=A1veis acima de 200% como BPAC11, B= anco BTG Pactual.</span><br><br><span style=3D"color: #000000; font-size: 1= 5px; font-weight: 400; line-height: inherit; text-decoration: inherit; font= -family: verdana, arial, sans; font-style: normal;">Mas o fato =C3=A9 que n= =C3=A3o s=C3=A3o apenas os =C3=ADndices burs=C3=A1teis que tiveram ganho ex= pressivo. Quem alocou fundos em d=C3=ADvida soberana tamb=C3=A9m se deu bem= . Treasuries, Bunds, Gilts, e v=C3=A1rios outros t=C3=ADtulos de d=C3=ADvid= a de 10 anos viram seus rendimentos ca=C3=ADrem ao longo do ano. O mesmo ce= n=C3=A1rio se verificou em cr=C3=A9dito corporativo.</span><br><br><span st= yle=3D"color: #000000; font-size: 15px; font-weight: 400; line-height: inhe= rit;=0Atext-decoration: inherit; font-family: verdana, arial, sans; font-st= yle: normal;">No mercado dom=C3=A9stico, a SELIC na m=C3=ADnima hist=C3= =B3rica derrubou os rendimentos dos t=C3=ADtulos do tesouro e turbinou a re= ntabilidade bruta. Quem entrou na NTN-B Principal 2045 no in=C3=ADcio do an= o, teve a possibilidade de realizar quase 80% em novembro. Ao fim do ano, e= sse papel acumula ainda expressivos 59%. V=C3=A1rios outros pap=C3=A9is apr= esentaram retornos acima da m=C3=A9dia.</span><br><br><span style=3D"color:= #000000; font-size: 15px; font-weight: 400; line-height: inherit; text-dec= oration: inherit; font-family: verdana, arial, sans; font-style: normal;">A= s commodities n=C3=A3o ficaram de fora da festa. Ouro superou a marca de US= $1.500/on=C3=A7a em meados de 2019, acumulando uma alta de 15% no ano . Pra= ta idem, subindo cerca de 14%. Petr=C3=B3leo registra 35% de aumento no ano= .</span><br><span style=3D"color: #000000; font-size: 15px; font-weight: 40= 0; line-height: inherit; text-decoration: inherit; font-family:=0Averdana, = arial, sans; font-style: normal;">Na classe de ativo das criptomoedas, o bi= tcoin n=C3=A3o decepcionou. Pelo contr=C3=A1rio, apresenta mais de 100% de = ganho em 2019.</span><br><br><span style=3D"color: #000000; font-size: 15px= ; font-weight: 400; line-height: inherit; text-decoration: inherit; font-fa= mily: verdana, arial, sans; font-style: normal;">Por fim, os fundos imobili= =C3=A1rios se proliferaram e os retornos se multiplicaram. Um dos grandes d= estaques no mercado brasileiro de 2019.</span><br><br><span style=3D"color:= #000000; font-size: 15px; font-weight: 400; line-height: inherit; text-dec= oration: inherit; font-family: verdana, arial, sans; font-style: normal;">I= negavelmente, parece que tudo deu certo -- a n=C3=A3o ser para aqueles que = estavam short em Tesla, a empresa de Elon Musk renovou as m=C3=A1ximas nest= e fim de ano, para surpresa dos c=C3=A9ticos (inclusive este vos escreve).<= /span><br><br><span style=3D"color: #000000; font-size: 15px; font-weight: = 400; line-height: inherit;=0Atext-decoration: inherit; font-family: verdana= , arial, sans; font-style: normal;">Contudo, a grande not=C3=ADcia, na minh= a opini=C3=A3o, foi a guinada expansionista dos bancos centrais, que assumi= ram o protagonismo em 2019 ao reiniciar um ciclo de redu=C3=A7=C3=A3o de ju= ros aliado a compras maci=C3=A7as de ativos em mercado aberto. Para alguns = analistas, jaz a=C3=AD uma das principais for=C3=A7as por tr=C3=A1s do rall= y de v=C3=A1rios ativos neste ano. Compartilho dessa tese e j=C3=A1 explore= i o tema em detalhe no meu canal no YouTube.</span><br><br><span style=3D"c= olor: #000000; font-size: 15px; font-weight: 400; line-height: inherit; tex= t-decoration: inherit; font-family: verdana, arial, sans; font-style: norma= l;">Se eu puder arriscar uma proje=C3=A7=C3=A3o sobre o que est=C3=A1 por v= ir nos pr=C3=B3ximos meses, diria que teremos um cen=C3=A1rio extremamente = desafiador.</span><br><br><span style=3D"color: #000000; font-size: 15px; f= ont-weight: 400; line-height: inherit; text-decoration: inherit; font-famil= y: verdana, arial,=0Asans; font-style: normal;">Por um lado, temos o Federa= l Reserve encurralado em virtude de uma brutal crise de liquidez banc=C3= =A1ria, sendo obrigado a injetar dinheiro no sistema com uma intensidade n= =C3=A3o vista desde a quebra do banco Lehman Brothers em 2008. Enquanto iss= o, os =C3=ADndices de a=C3=A7=C3=B5es est=C3=A3o nas m=C3=A1ximas. Fragilid= ade financeira e mercados euf=C3=B3ricos n=C3=A3o =C3=A9 uma boa combina= =C3=A7=C3=A3o.</span><br><br><span style=3D"color: #000000; font-size: 15px= ; font-weight: 400; line-height: inherit; text-decoration: inherit; font-fa= mily: verdana, arial, sans; font-style: normal;">Na economia real, v=C3= =A1rios indicadores globais se deterioraram durante o ano, sinalizando uma = poss=C3=ADvel recess=C3=A3o nos EUA em 2020/21 e na Europa ainda neste ano.= Por ora, parece que os bancos centrais est=C3=A3o conseguindo adiar uma co= ntra=C3=A7=C3=A3o econ=C3=B4mica. Sigamos monitorando.</span><br><br><span = style=3D"color: #000000; font-size: 15px; font-weight: 400; line-height: in= herit; text-decoration: inherit;=0Afont-family: verdana, arial, sans; font-= style: normal;">Aqui no Brasil, os sinais da retomada da economia se intens= ificaram nas =C3=BAltimas semanas e diversas proje=C3=A7=C3=B5es de crescim= ento para 2020 foram revistas para cima. Arrisco afirmar, por=C3=A9m, que a= Bolsa j=C3=A1 deu uma boa precificada na recupera=C3=A7=C3=A3o econ=C3= =B4mica que est=C3=A1 se materializando. </span><br><br><span style=3D"colo= r: #000000; font-size: 15px; font-weight: 400; line-height: inherit; text-d= ecoration: inherit; font-family: verdana, arial, sans; font-style: normal;"= >Al=C3=A9m disso, a taxa de juros no n=C3=ADvel atual n=C3=A3o permitir= =C3=A1 uma redu=C3=A7=C3=A3o significativa para 2020. DIgamos que h=C3= =A1 pouco espa=C3=A7o para ganhar na queda dos juros. </span><br><br><span = style=3D"color: #000000; font-size: 15px; font-weight: 400; line-height: in= herit; text-decoration: inherit; font-family: verdana, arial, sans; font-st= yle: normal;">Por todos esses fatores, acho que 2020 se aproxima com desafi= os e contradi=C3=A7=C3=B5es que testar=C3=A3o os investidores=0Amundo afora= . Aguardemos.</span><br><br><span style=3D"color: #000000; font-size: 15px;= font-weight: 400; line-height: inherit; text-decoration: inherit; font-fam= ily: verdana, arial, sans; font-style: normal;">Para finalizar essa retrosp= ectiva, desejo um </span><span style=3D"color: #000000; font-size: 15px; fo= nt-weight: 700; line-height: inherit; text-decoration: inherit; font-family= : verdana, arial, sans; font-style: normal;">excelente final de ano a voc= =C3=AA e que 2020 seja ainda melhor</span><span style=3D"color: #000000; fo= nt-size: 15px; font-weight: 400; line-height: inherit; text-decoration: inh= erit; font-family: verdana, arial, sans; font-style: normal;">. Ali=C3= =A1s, se gostar desse conte=C3=BAdo, por favor responda o email me contando= .</span><br><br><span style=3D"color: #000000; font-size: 15px; font-weight= : 400; line-height: inherit; text-decoration: inherit; font-family: verdana= , arial, sans; font-style: italic;">Boas Festas!</span><br><span style=3D"c= olor: #000000;=0Afont-size: 15px; font-weight: 400; line-height: inherit; t= ext-decoration: inherit; font-family: verdana, arial, sans; font-style: ita= lic;">Fernando Ulrich</span></b></b></b><br style=3D'font-size: 14px; font-= family: "Open Sans", Roboto, "San Francisco", Helvetica, Arial, sans-serif;= '><div style=3D"margin: 0; outline: none; padding: 0; text-align: justify; = font-size: 14px;"><em style=3D'margin: 0; outline: none; padding: 0; color:= #000000; font-family: "Open Sans", Roboto, "San Francisco", Helvetica, Ari= al, sans-serif;'></em></div>=0A <p style=3D"margin: 0; outline: none; paddi= ng: 0; color: inherit; font-size: inherit; font-weight: inherit; line-heigh= t: inherit; text-decoration: inherit;"></p>=0A </div>=0A </div>=0A<!--[if (= gte mso 12)&(lte mso 15) ]>=0A<style data-ac-keep=3D"true" data-ac-inline= =3D"false"> #text_div182, #text_div182 div { line-height: 140% !important; = };=0A</style>=0A<![endif]--></td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</ta= ble>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>=0A</table>=0A</td>=0A</tr>= =0A</table>=0A</div>=0A<img src=3D"https://liberta.acemlnc.com/lt.php?nl=3D= 8&c=3D35&m=3D46&s=3De24ce8981161cf6fdf7b4521be8f58c2&l=3Dopen" border=3D"0"= width=3D"1" height=3D"1" style=3D"display:block;width:1px!important;min-wi= dth:1px!important;max-width:1px!important;height:1px!important;border:0;ove= rflow:hidden;" /><br /><div id=3D"ac-footer" style=3D"clear:both;background= -color:inherit;background:inherit;min-width:100%;mso-table-lspace:0pt;mso-t= able-rspace:0pt;padding:20px;color:#000000;font-size:11px;font-family:arial= ,helvetica,sans-serif;line-height:140%;line-height:1.4;text-align:center;bo= x-sizing:border-box;">=0A=09<center>=0A=09=09Enviado para: <span style=3D"f= ont-size:11px;font-family:arial,helvetica,sans-serif;font-weight:normal;tex= t-decoration:none;outline:none;">fernandomota@feminize.com.br</span>=0A=09= =09<br>=0A=09=09<br>=0A=09=09<a href=3D"http://liberta.acemlnc.com/proc.php= ?nl=3D8&c=3D35&m=3D46&s=3De24ce8981161cf6fdf7b4521be8f58c2&act=3Dunsub" sty= le=3D"font-size:11px;font-family:arial,helvetica,sans-serif;font-weight:bol= d;text-decoration:underline;"><span style=3D"font-weight:bold;text-decorati= on:underline;">Cancelar a inscri=C3=A7=C3=A3o</span></a>=0A=09=09<br>=0A=09= =09<br> Liberta Investimentos, Av. 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