Inter & Co looks very cheap at 1.2x book and 5.5x 2027 earnings, with a 16% ROE and growth of about 20-25% a year. The multiple is depressed because it is a small-cap Brazilian bank with hit-or-miss English-language investor relations and some Brazilian consumer stress heading into a presidential election. Compared with Nu, it carries more execution and single-market risk but a lot more upside if it works and gets re-rated. x.com  x.com  x.com  x.com 

XP Inc. is a way to play Brazil's shift to capitalism through its capital markets, which are the best vehicle for that shift. x.com 

Brazilian domestic-market companies such as Nu, XP, Itaú, Bradesco, PagSeguro, CSN and Inter stand to benefit from a falling exchange rate, so positioning belongs in the domestic market. The exporters Petrobras and Vale are the ones falling today, which fits that call. The view was laid out in an iProfesional article on which CEDEARs could take off depending on whether Lula or Flávio Bolsonaro wins Brazil's elections. x.com