“It is unacceptable to have a PPR for 23 years and lose money.”

I'll start by asking you to tell us about the meeting that the Casa de Investimentos holds every year, which will be held this Saturday, or tomorrow, and which will bring together a few hundred people.
We will have over 900 people, 900 clients and some friends from home and it will be at Altice Fórum Braga. This is our annual customer meeting. Basically, it's a little inspired by Warren Buffett's annual meeting at Berkshire.

The idea is thus to democratize stock investing according to the value investing philosophy that Buffett and other investors have followed for many years.
Between 2010 and 2020, Aldar managed individual assets in individual management accounts starting from €100,000. Obviously, from the beginning, the dream I had was that I could help democratize access to good investment philosophy, better profitability, and for people to have knowledge, to better understand what to do with their money, how to protect themselves, how to protect themselves. Negotiate better, how to protect your money from excessive commissions that the financial system continues to practice. That is why having an investment philosophy accessible to small savings was essential for us and why we obtained a fund manager license from the CMVM and in 2020 launched a fund in the PPR format. In fact, it has a range of very attractive tax benefits, although people often first look at what a tax deduction is. For us, the biggest benefit is actually at the exit rather than at the entrance. Because if we invest eight years or more, the capital gains tax drops from 28 to 8.6% or 8% at retirement age.

So the customer must hold the order for at least eight years to get this tax advantage?
exactly. This makes sense, because actually, in our case, our PPR is a 100% stake in PPR, and therefore, investing in stocks is very safe when we do it for the long term. Obviously if this is done for a month or for half a year or for a year, it is very risky and therefore it did not make sense for us nor is this what we want to do, because no one adds value to a year.
(…) Like Buffett, we believe that it is better to have an exceptional business purchased at a reasonable price than to have a reasonable business purchased at an exceptional price. The House has done a very good job on this. And last year, in fact, our profitability, both in the PPR fund and in discretionary management, was approximately 34%, and it also naturally recovered from a year of declines, but PPR was the best PPR in Portugal, almost 4% higher than the next.

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