Value Hive Podcast [REPLAY] Harris Kupperman (Praetorian Capital): Brazil, Commodities, and Strategy
Mar 27, 2026
Harris Kupperman, investor and founder known for macro and value-oriented investing, discusses Brazil, commodities, and tactical allocation. He covers country bets, picking mid-cap names, agriculture and beef exporters, copper and LATAM momentum. He also talks gold/miner sizing regrets, riding trends with conviction, and Hong Kong as a financial pivot.
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Brazil Starting A Multiyear Recovery
- Brazil is poised to rebound as politics, a weaker dollar, and commodity/FDI tailwinds converge after a decade‑plus bear market.
- Harris Kupperman buys B3 and XP expecting trading volume, earnings and buybacks to re-rate Brazil's market structure.
Buy The Exchange And Brokers To Play A Country
- When bullish on a country, own the exchange and brokers to capture systemic beta and fee upside rather than just commodity giants.
- Kupperman cites B3 (cheap multiple) and XP as top ways to play Brazil's reopening and inflows.
Talk To Operators Not Only To Government Data
- Kupperman assesses macro by primary business contacts and LPs rather than trusting lagging, politicized government data.
- He hears deterioration from the bottom up: lower‑income businesses slipped first, then middle class, now everyone except top 10%.