UNDERSTAND WHY THE BRAZILIAN STOCK MARKET MAY BE THE BEST INVESTMENT NOW

First, first point, I think the global scenario is very favorable for emerging markets in general, right? We are experiencing a slowdown in the main developed economies, most central banks are in a process of monetary easing. So, normally, this benign scenario, a slowdown with a dollar depreciation, is usually good for emerging markets, right? Furthermore, we are seeing Trump's fiscal and economic policies leading investors—we've spoken with sovereign wealth funds, global investors—to seek investment alternatives outside the United States, or eventually invest in the US because companies like Microsoft, Nvidia, are unique, and you might hedge that. So, we don't see people wanting to buy an American company for a long time because it's truly unique. We believe in American exceptionalism, but you hedge the currency, right? You don't want to be dollar-exposed, but you want exposure to these companies. So we are starting to see this, and we are seeing growing demand within the bank for products from investors from many places around the world. So, I think this global situation—if we always say, if there's a small shift in flow from the US, it's a lot of flow to emerging markets. So we believe that after, say, 30, 40 years of dollar allocation, US stock market allocation, a huge generation of value and wealth, there will eventually be diversification, which we are seeing in practice, and it will benefit emerging Latin America in general. I think Brazil stands out. Why does Brazil stand out? Basically, when you look at Latin America today, I think there are fundamental reasons. The