“In almost ten years at the “In almost ten years at the company, I have seen how good company, I have seen how good people who make their teams people who make their teams grow are recognised at SPX.” grow are recognised at SPX.”
João Faria Senior Economist Europe
Senior Economist Europe
I‘m honoured to write the October letter to the team
I would like express from the start how proud I am to be part of a company that, after an admittedly bad year, didn’t shy away from self-reflection And already this year is reaping the rewards.
It’s still too early to celebrate. And, knowing my colleagues, we want more. But we can and should celebrate the goals we score.
The one subject about which I might say something you don’t already know is my professional history. But I won’t subject you to too many lines about me. I’ll limit myself to what I believe my professional experience is useful in highlighting: that there is no ‘proper’ way to do things.
Although I have a master’s degree in economics, my undergraduate degree was in International Relations. My original plan was to pursue a diplomatic career. It only
took a year’s internship in the United Nations Division, one of the most prestigious in Brazil’s Foreign Office, to realise that the results there were not worth the personal and family sacrifices
I insisted on the government I passed the national selection exam for management and advisory positions in the so-called “upper levels” of the Executive My disappointment with the Weberian bureaucracy took a few years to manifest, but it did I resigned from my position – not before receiving a call from my boss’s boss asking if I knew what I was giving up.
While a relatively short period in public service had already shown me that it wasn’t right for me, my first job in the private sector made me realise that I was in the right place
That first job, and the right place, was SPX. I arrived here nine and a half years ago, after my masters in economics at FGV - another challenge I would need a second letter to describe.
I say that SPX was the right place for me because it's an environment of constant learning, full of other people who are also continuously evolving And all working towards the same goal. “If you don't pull your weight, the ship goes down,” Beny Parnes warned me at my interview “This is not a battleship that can face any type of sea” - in typical Beny language that works.
So let me use this space to pass on what I've been taught by more experienced people rather than give you lessons on what to do.
Be meticulous. The very first email I received from Rogério was pointing out an error in the PMI table I sent for the Eurozone. I found it revealing that, in her letter, Marcella described a similar experience regarding one of her first emails! It confirms the attention to detail that will always be given at SPX including by those at the top And it serves as consolation that ifor rather, when - you make a mistake, you'll be in the company of the firms’ partners.
Don’t shy away from debates. Already several years into the company I got into a heated discussion in committee for arguing that inflation in the UK could be more persistent than generally thought The goal was not for people to immediately agree with the conclusion. It was to present the arguments behind it The debate worked: there was a discussion; the discussion led to more informed positions; the positions led to positive returns.
On debates then, what has worked for me is not only having a good grasp of the subject, but also being able to say two things: ‘I don't know’ and ‘I was wrong.’
It's also useful - and, as Marcelo Castro would say, “fascinating” - to think that our job is to reveal something that is hidden. To this day, one of my presentations that the FX team remember most is one from 2017, when I showed that the increase in gold
exports from Turkey coincided with the increase in oil imports from Iran – under international sanction and unable to receive payments in dollars. We were able to anticipate that when this loophole was identified, the market would once again become pessimistic about the country's current account deficit.
That said, the main piece of advice I would pass on is to be ethical. If only for practical reasons: if you're ethical and one day leave the company, you'll leave with a clear conscience; and if you're unethical, you won't get far at SPX. Here in Research, for example, it's easy to manipulate a number or a model. But, as Rogério says, we are dealing with our clients’ savings Clients who have given up the comfort of their homes and time with their families to build these savings We owe it to them to be honest, including intellectually. And leave our vanity at the door.
Conclusion
I leave you with my testimony that, in almost ten years at the company, I have seen how good people who make their teams grow are recognised at SPX. And grow along with the company.
Last year's results were below what we traditionally offer SPX investors are by now accustomed to more. But I am in no way surprised at how quickly we have learned from some mistakes And how quickly we are already turning things around.
by HR
We welcomed students from the INSPER League to our São Paulo office. We provided in-depth insight into SPX and the Equities and Private Equity departments They also had the opportunity to ask questions about the market and careers. The visit was led by Clara Bernardini, Leonardo Lima, Fernando Borges, Antônio Bulcão and the HR team.
by HR
In September, we held the SPX Circuit in Rio de Janeiro. The event took place at the Clássico Beach Club in Lagoa Rodrigo de Freitas and offered a variety of activities, including a warm-up, a run, yoga, a relaxing massage, a Kids area and breakfast.
by IR
On the 11th of September, we held the event ‘SPX Private Equity: Creating Value in Investees’ at our São Paulo office, where we explained to our institutional investors how Private Equity, in addition to providing capital, also provides operational and strategic expertise to optimise processes and boost the expansion of companies.
Thiago Rebello, CEO of Grupo Ri Happy; William Matos, CEO of Vitru Educação; and Paulo Skaf Filho, CEO of ComBio Energia S.A., enriched the event with their contributions and experiences
by IR
1.
Albano Franco, director and head of EM Credit at SPX, was featured in an article published by E-Investidor | Estadão on investing in private credit assets in the face of the rising Selic rate.
Click here for the full content.
2.
FII SPXS11 distributed dividends of BRL 0.100/share for August/24 (Dividend Yield: 1 10% p m or 13 50% p a - DY calculated using the closing price on 30/08). As a highlight according to the Management Report that was released, the transfer phase of the Vitacon and Ticem projects in the credit portfolio began, which will increase the cash sweep in the coming months. The excess cash generated by the company is used to repay debt, rather than being distributed to shareholders or kept as cash balance This reduces the outstanding balance, interest costs and speeds up debt repayment. Another highlight is the 6.0% increase in the value of the share portfolio
Click here to read the Report.
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