Martín Escobari

They're like, no, no, I don't invest in funds.

I invest directly because I created a business and I'm so good and I'm good at getting the big fish.

And I'm like, I asked him a very simple question.

I say, hey, what percent of your net worth do you have in Brazil?

And they're like, hmm, like liquid net worth?

No, no, no, no, total.

net worth.

And they're like, hmm, the number's typically between 90 and 95%.

I said, that's very interesting.

And I said, close your eyes.

Imagine you're now Brazilian.

You're a citizen of the world.

What percent of your wealth would you put in Brazil?

And they're like, oh, 3%.

So I find that argument to be generally effective because it's genuinely in their best interest.

And I think people have a natural tendency to overinvest in that in which they understand.

And of course, those families understand what it is to invest in Brazil.

But in doing that, they're massively undiversified.

And the world has become really, really risky.

And there's only one free lunch in finance.