É por isso que grandes investidores não investem em Fundos Imobiliários (REACT)

A technical analysis of liquidity, tax exemption (markup), and the real reason why large pension funds are keeping their way away from publicly traded REITs. 👉Learn to invest with me in Brazil and abroad" https://membros.canaldoholder.com.br/... In this video, I react to viral content questioning the Real Estate Investment Trust (REIT) market with the argument that "institutional investors don't buy REITs". Using public data from the CVM (such as the BRCR11 annual report), I show that large investors are indeed present, but I explain the mathematical reason why the multi-billion dollar industry doesn't dominate the buying side of our home broker. We address essential technical concepts that separate the retail investor (even the "Private") from the true institutional investor. I explain the liquidity restriction for large pension funds and, mainly, the Markup effect – the tax asymmetry that makes income tax exemption a huge advantage for individuals, but irrelevant for a pension fund (which is already exempt by nature and prefers to allocate to assets in the market). (Yield curve, aiming at matching liabilities via ALM). Understand why this dynamic is actually a gift for those who follow the Buy and Hold philosophy. 👉In this video you will learn: 00:00 Do large investors really ignore REITs? 00:48 Documentary evidence at the CVM (The BRCR11 case and the 90 million) 02:42 What is, in fact, an institutional investor according to the legislation? 05:37 Private/High Net Worth vs. Institutional (What is the "leftovers" of the market?) 06:29 The difference in exemption: Incentive Debentures and Pension Funds 08:08 The Liquidity Factor: Why the stock market is "small" for billions 09:20 Do institutional investors need monthly income? (The concept of ALM) 11:23 Pension funds and direct investment in real estate 12:35 The trick: The Effect Markup and the Tax Risk Premium 16:03 Conclusion: Why not having "sharks" in REITs is excellent for you How I got here... 17 years old - I started investing in the Brazilian stock market, buying my first stocks and Real Estate Investment Trusts (REITs). 18 years old - I enrolled in the Civil Engineering course at the University of Brasília. 19 years old - I started to venture into the real estate market. 20 years old - I created the habit of investing my work profits every month in companies on the stock exchange for the long term. 21 years old - After much study, I decided I wanted to work in the financial market. 22 years old - I graduated in Civil Engineering. 23 years old - I went to Harvard to study Accounting and Macroeconomics. 23 years old - I got my first job as an equity analyst in the financial market. 24 ​​years old - I made my first investment in dollars and created a routine of investing every month in the US market in Stocks, REITs, and ETFs. 24 years old - I worked as an equity analyst at one of the Largest pension funds in Brazil. 25 years old - Completed my MBA in Finance from the Brazilian Institute of Capital Markets (IBMEC). 26 years old - Created the Holder Channel to teach ordinary people how to invest for the long term. 27 years old - My investment income already exceeded all my monthly expenses. 28 years old - I quit my last job in the financial market to work 100% of the time teaching online. 28 years old - Created the From Zero to Holder course, where we had 175 students in the first class. 28 years old - More than 100,000 investors were subscribed to the Holder Channel (today we are more than 300,000). 29 years old - Expanded my teaching network to other platforms besides YouTube (@fabio.holder on all of them). 30 years old - Created Dólar Masters, the best teaching program for those who want to build wealth in dollars, and we had 415 students in the first class. 31 years old - Our student platform. Reaches the milestone of 3,000 students. 32 years old - I took a sabbatical year to reflect on what was truly important in my life. 33 years old - I returned to producing content on all my social media platforms. Today: Thanks to starting to invest early and with a lot of discipline, I can live a life of peace and tranquility. To all the holders here, know that we are all in the same boat and building our stories - inside and outside the stock market. Having money isn't everything in life, but building wealth helps you have security, realize your dreams, and help others. If you're new here, make yourself at home. To those who are already part of the family, welcome back. Start investing and never stop, Fabio Holder (CNPI n. 6770) In this class, I share my investment method that I have used for the last 16 years investing in the stock market and that has allowed me to invest my money in the best possible way to live off the income. This is the Method Holder of Wealth Accumulation.