Martín Escobari

So that was the control group.

And that's how we studied it.

When one of the companies is the beer company, Brahma, Giorgio Paolo Lehmann and Marcel Tellez and Beto Cicupira had bought in 1989, that was competing against the other beer company called Antarctica that was owned by the Germans and a foundation who in 1989 was a better, more profitable,

more valuable company.

But by a decade later, when these two merged, the Brahma shareholders kept 95% of the equity value.

So it was 10x by the creation relative to the comparison twin.

How did they do it?

They're great spear fishermen.

You don't chase the fish.

You wait.

You decide where you're going to anchor.

You drop down with no equipment other than the spear, and you hold your breath for one minute, for two minutes.

You let little fish go by.

You're not there to hunt.

Little fish, you're waiting for the big fish.

And then when you're almost running out of oxygen, you got two or three seconds to get the big fish and then go up as you're both feeling this lack of oxygen, he feeling a spear through his chest.

But it's an exercise of waiting.

Why do they say these are great spear fishermen?

The step number one of spearfishing is deciding where you're going to anchor.

In looking to buy their beer company, they started to think about it five years before.