"No Brasil, as pessoas subestimam o risco" — o gestor do BRCO11 explica

Rafael Fonseca left investment banking and private equity to become one of the most respected names in the Brazilian logistics warehouse market. Today he is CIO and partner of Bresco, manager of Bresco Logística (BRCO11) — one of the most recommended REITs in the country, with over 140,000 shareholders and income distributed every month. In this episode of Encontros, he tells Sidney what he learned by observing great investors — from Warren Buffett to Sam Zell and Armínio Fraga — and what they all have in common: behind a complicated business, they think simply. Rafael recalls his time at Wharton and the "lesson in humility," his years at Gávea, the origin of Bresco alongside the owners of Natura, and the advice from Sam Zell that changed his mind: anyone who wants to venture into real estate should start by selling. Along the way, he explains in simple terms what separates a good fund from a dangerous one—the difference between income and development (the "hunter" and the "farmer"), why he avoids leverage, and why "in Brazil people underestimate risk." And he shows how understanding the real estate cycle led Bresco to close only long-term and atypical contracts before the crisis, reaching 2014 with zero vacancy. A conversation about warehouses, rent, and real management—with a manager who wakes up saying, "Thank God it's Monday." ⏱️ Chapters 02:07 Who is Rafael: CIO and partner of Bresco 03:50 The Bresco culture: people who stay for 20 years 13:00 The owners of Natura and the seed of Bresco 14:29 Sam Zell's advice: "start by selling" 17:01 How Bresco was born with Carlos Betancourt 24:14 "Be the best, not the biggest" 33:27 Following the passion 39:00 What Buffett, Sam Zell and Armínio Fraga have in common 43:18 Buying a warehouse in the 2014 crisis: anticipating the trend 48:36 "In Brazil, people underestimate risk" 55:33 Vacancy, default and the Americanas case 1:01:00 ESG: LEED, B Corporation and decontamination 1:05:45 Why the public still Doesn't really understand REITs 1:10:26 Reading the cycle: zero vacancy in the crisis -- I'm Sidney Angulo, an entrepreneur and investor with over 40 years of experience in the real estate market. On this channel, I share reflections, analyses, and lessons learned about wealth, real estate investments, and mature financial decisions, always focusing on discipline, consistency, and a long-term vision. Subscribe to my channel to follow weekly content about REITs, the real estate market, and building long-term wealth. 👉 https://www.youtube.com/@sidneyangulo... 🔗 Official website: https://sidneyangulo.com 🔗 Instagram:   / sidneyangulo   🔗 LinkedIn:   / sidneyangulo   🔗 E-Business Park: https://www.ebpark.com.br Check out the playlists of the interviews I participated in: 🎙️ https://www.youtube.com/@sidneyangulo... ⚠️ The information and opinions presented here reflect exclusively my personal view as an investor and entrepreneur in the real estate market. This content is for educational and informational purposes only and does not constitute a recommendation to buy or sell securities. Investments involve risks and decisions should consider the profile, objectives and circumstances of each investor.