One financial picture. More than one market.

Scale expands the range of choices

Comparing Brazil’s market with the United States requires looking beyond the exchange rate. We are comparing funding environments, companies, sectors and ways of participating in economic activity. For someone who has built wealth in Brazil, understanding another market can broaden the alternatives and reduce dependence on a single combination of country, currency and business activity.

The figures help explain the difference. In August 2026, the World Federation of Exchanges reported domestic market capitalisation of approximately US$1.07 trillion for B3, US$33.61 trillion for NYSE and US$44.26 trillion for Nasdaq-US. These are separate exchanges, measured in the same month and currency. The comparison shows scale; it does not identify the investment that will deliver the best outcome.

Built over decades

The US market combines a long history of capital formation with continuing innovation in financial infrastructure. Nasdaq launched its electronic quotation system in 1971. Consolidation also transformed Brazil’s infrastructure: BM&F and Bovespa combined in 2008, followed by the combination with Cetip that formed B3 in 2017.

My view is that this infrastructure matters because it connects companies seeking capital with investors seeking participation in their results. A broader universe creates room to research different sectors, instruments and strategies. Decisions improve when that universe is organised around a goal rather than becoming a collection of products.

Growth moves through cycles

Technological progress has not removed market corrections. The reversal in internet companies in the early 2000s and the financial crisis of 2007–2009 demonstrate that developed economies also experience imbalances. Prices, credit, interest rates and expectations change. A compelling story can exist alongside an excessive valuation.

That is why I consider time horizon and liquidity as relevant as the opportunity being presented. Investing for a near-term expense calls for a different structure from investing over a decade. International exposure also needs to fit the currency of future expenses, assets retained in Brazil and the investor’s capacity to withstand fluctuations.

Access with a method

Technology has simplified research and transactions. Before beginning a financial relationship, investors should understand the institution, custody arrangements, costs, documents and limits of the service. Eligibility and service availability depend on the investor’s circumstances and jurisdiction. Diversification spreads risks; it does not remove losses or currency effects.

For financial services, Proxy describes a process beginning with information gathering, followed by planning and presentation, implementation and ongoing review. My role in that connection is to organise the initial introduction. Assessment and financial services remain with the institution and the professionals responsible.

The question guiding my perspective is straightforward: what purpose will this investment serve in your life? With a clear objective, time horizon and allocation of responsibilities, comparing Brazil and the United States becomes a more productive conversation.