4
Relatório Semanal
Período
21/01 a 21/01
Divulgação
22/01/2023
Este material destina-se única e exclusivamente aos assinantes do DesmistificandoFII
Research independente de fundos imobiliários mais antigo do Brasil
Rodrigo Costa Medeiros
Analista de Valores Mobiliários
CNPI 1597
Fundos abordados:
Carta aos Leitores
Ouvir
Dados econômicos
Esta semana começaram a surgir notícias sobre um eventual interesse de o novo Governo trabalhar no sentido de alterar a meta de inflação do Brasil, como podemos ver na notícia do UOL no seguinte LINK. Curiosamente cheguei a escrever sobre isso para o último relatório, mas acabei apagando, já que não havia nenhum fato que pudesse apontar.
Mas no meu horizonte não descarto que o Governo tente realmente aumentar a meta de inflação, que para 2023 é de apenas 3,25%, muito baixa para a história do Brasil. Uma meta de inflação muito baixa vai gerar uma taxa de juros muito elevada, no entanto, caso haja uma mudança, isso poderia permitir uma redução desses juros.
Ocorre que podemos ter um outro lado da moeda. Uma mudança, no meio do jogo, das metas de inflação já fixadas, pode trazer mais desconfiança do investidor externo e isso gerar pressão sobre o câmbio e jogar a inflação para cima, mantendo os juros elevados.
Ou seja, é um verdadeiro jogo de xadrez e por isso no último relatório comentei que os primeiros 100 dias do Governo deverão ser marcados por muito diz que diz, tentativas de mudanças que não dão certo, para então podermos observar para que lado a nossa economia vai caminhar.
Falando em inflação, esta semana foi divulgado a segunda prévia do IGPM de janeiro, o qual fechou em 0,35%, já fugindo da deflação e mantendo os patamares mais baixos.
Em compensação, os juros futuros esta semana voltaram a subir. O Tesouro IPCA 2035 voltou a fechar acima dos 6,20% na semana (6,26%).
Carteira recomendada – Movimentação na Carteira Recomendada
Reforço que a Carteira Recomendada consta em todos os relatórios semanais, com a atualização de se o fundo está com recomendação de “compra” ou “manutenção”. Ela pode ser encontrada ao final do relatório, depois dos comentários sobre os fundos.
Nós recebemos muitos novos assinantes recentemente. Assim, importante lembrar a lógica de nossa carteira recomendada.
A nossa carteira recomendada foi idealizada em janeiro de 2020 para um investidor médio, que teria R$ 100 mil de recursos para investir de uma vez só e teria a capacidade de fazer novos investimentos de R$ 2 mil por mês, além de reinvestir todo o rendimento.
A carteira foi idealizada desta forma pois ela conseguiria auxiliar tanto pessoas que tivesse um valor menor, como R$ 10 ou R$ 20 mil e fizesse investimentos menores, como pessoas que tivessem um valor maior. Fora isso, temos as diversas recomendações ao longo dos relatórios.
Outro ponto é que, mesmo com a carteira crescendo ao longo do tempo, ela ainda poderia ser acompanhada por novos investidores, visto que toda a semana os fundos são revisados e marcados com a opção “compra” ou “manutenção”. Caso haja a recomendação de venda, importante, ela será destacada nesta parte do relatório.
As movimentações de recomendação de compra também são destacadas nesta parte.
Dessa forma a carteira foi idealizada para dar um norte aos assinantes todos os meses. É comum o assinante ter o rendimento dos FIIs, ter o seu salário ali e não saber direito no que investir. É por isso que a carteira foi idealizada como simular um investidor real, que faz esses investimentos todos os meses.
Foi assim que fizemos no primeiro relatório do ano.
Dito isso, este mês, considerando os rendimentos já pagos e o “salário”, o nosso investidor simulado tem R$ 3.610,89 disponível, já considerando os rendimentos que vão liquidar antes de D+2, para investir e vamos fazer.
E como vamos fazer este investimento. Será 50% em RBRL11 e 50% em LVBI11. No último relatório comentei sobre priorizar um pouco mais os FIIs de recebíveis, como fizemos em KCRE11, mas essas quedas de RBRL11 e LVBI11, possivelmente ocasionadas pelo evento da Lojas Americanas não faz sentido e vamos aproveitar. No caso, vamos comprar 20 cotas de LVBI11 e 23 cotas de RBRL11.
Lojas Americanas
Eu sei, você não aguenta mais ouvir este assunto. Eu sei, você não investe em ações justamente para não ter este risco; no entanto, precisamos voltar ao tema, pois ele tem gerado algumas oportunidades no mercado de FIIs.
A Lojas Americanas teve o seu pedido de recuperação judicial deferido. Eu tive acesso à petição que pede a recuperação judicial e destaco alguns pontos.
Segundo consta na petição apresentada em Juízo, caso não deferida a recuperação judicial a empresa terá dificuldades de honrar com seus compromissos. Isso ocorre, segundo explicam, em razão dos rebaixamentos de rating e que os bancos estão negando adiantar os recebíveis de cartões de créditos. A empresa também alega que algumas dívidas foram declaradas vencidas de forma antecipadas por alguns bancos e esses retiveram valores que deveriam ser repassados para as Lojas Americanas.
Um dos pedidos na recuperação judicial é que os bancos sejam impedidos de reter valores devidos a AMER3, justamente para proteger a geração de caixa da empresa, bem como devolver os valores já retidos.
A empresa cita que se a recuperação judicial não for deferida e as medidas que impedem os bancos credores de compensarem valores que deveriam pagar a AMER3 com valores que a varejista lhes deve, o seu caixa será “aniquilado” e é aqui que entra o impacto nos fundos imobiliários.
Sem caixa, a empresa simplesmente vai parar de pagar o seu aluguel; no entanto, a recuperação judicial sendo deferida e a empresa funcionando e gerando caixa normalmente, os compromissos poderão ser honrados.
A minha expectativa era que realmente a AMER3 interrompe-se o pagamento de todos os seus aluguéis imediatamente, até como forme de proteger o caixa. Essa também foi a visão de Rodrigo Abbud, responsável pelo LVBI11, como podemos ver no seguinte trecho de sua entrevista para a Infomoney:
Diante da perspectiva de inadimplência, Abbud conta que o VBI Logístico já planeja trabalhar pela retomada do imóvel, como forma de reduzir eventuais prejuízos.
“A coisa mais rápida a ser feita é pedir a retomada do imóvel e alugar o espaço novamente”, pontua. “Tem até um potencial de upside [elevar o atual valor da locação] na troca de inquilino”, detalha.
Chamo a atenção para o trecho em que ele cita a possibilidade de um upside de locação, em caso de buscar-se um novo inquilino, já que o contrato da Americanas já pode estar defasado em razão dos novos preços praticados.
Com o deferimento da recuperação judicial e a notícia de que os bancos devolvem os valores compensados, isso pode gerar um fôlego no caixa da empresa e facilitar os pagamentos de aluguéis.
É importante lembrar que a recuperação judicial não permite que a Lojas Americanas simplesmente fique nos imóveis sem pagar o aluguel. Caso o aluguel fique inadimplente, a empresa poderá ser despejada sim. A recuperação judicial não se presta para que um ciclo de inadimplência ocorra.
Assim, a minha expectativa é que possamos ter algumas inadimplências nos fundos, mas elas devem se resolver de forma rápida, ou com o retorno dos pagamentos ou com o despejo da empresa.
O próprio Gestor da VBI já deu entrevista dizendo que, caso ocorra a inadimplência, primeiro vão trabalhar para o despejo, para só depois ir atrás da multa, pois o mais importante, em um caso desses, é colocar o imóvel para locação novamente.
Esse cenário realmente aumenta muito o risco de MAXR11, pois sem os aluguéis da Americanas o impacto será muito grande no curto intervalo de tempo, por isso vamos tratar dele com mais detalhe a seguir. Também pode impactar de forma mais significativa o GGRC11, que poderia ficar sem o aluguel, mas segue pagando o CRI estruturado para comprar o imóvel.
Apesar de entender que este cenário sempre é passageiro e depois se consegue novos inquilinos, os investidores tendem a se assustar.
Ocorre que nos demais fundos, com baixa exposição, nenhum movimento de desvalorização faz sentido. Os fundos LVBI11 e XPLG11 tiveram uma desvalorização bem considerável em razão dessas notícias, caindo, cada um, aproximadamente 4%, sendo que já tinham tido desvalorização na semana passada.
O investidor precisa entender que, em uma situação como esta, caso esses fundos tenham queda nos seus rendimentos pelos próximos 2 anos de aproximadamente 10%, em razão de uma situação temporária, mas depois voltem ao normal, isso significaria uma queda no valor justo do fundo de aproximadamente 1,50%. Ou seja, as quedas que observamos são totalmente irracionais.
Agora mais estranho ainda são as quedas de RBRL11, o qual já se sabia do interesse da Americanas de rescindir o contrato e que apenas cumpriria o aviso prévio e a multa. O valor de mercado de RBRL11 atualmente equivale a um preço de m² de aproximadamente R$ 2.300,00, já considerando o seu passivo. Este é um valor muito baixo para o setor logístico, onde temos diversas notícias de que com este valor não seria possível nem repor, ou fazer novamente, esses empreendimentos. Considerando um aluguel médio do portfólio de R$ 20,00/m², o que é bem compatível com o portfólio do fundo, teríamos um cap rate de 10% a.a., com grandes expectativas de repassar a inflação para os contratos de locação e ter valorização das propriedades.
Assim, entendo que esses dois fundos de nossa carteira recomendada (LVBI11 e RBRL11). estão com um desconto bastante elevado.
Carta do Núcleo de Real Estate
Esta semana o Núcleo de Real Estate da Poli divulgou a sua carta do último trimestre de 2022 e são sempre excelentes de lermos e permitir adquirirmos conhecimento para reflexões. O título da carta é “O crescimento dos Aluguéis em Edifícios Corporativos na Cidade de São Paulo Acima da Inflação é Inexorável?” do Prof. D. Claudio Tavares de Alencar.
O texto é excelente e fala de um ponto que insisto muito aqui no relatório e no curso, o ciclo do mercado imobiliário e os seus impactos em valores de aluguéis. Também ajuda muito a entender o motivo pelo qual os FIIs tiveram dificuldade de crescer a sua renda frente à inflação nos últimos 10 anos, mas que não significa, obrigatoriamente, que isso vai se repetir nos próximos 10 anos.
Vou deixar com o assinante a leitura, para um maior aprofundamento.
O documento pode ser acessado neste LINK.
Independência financeira com FIIs - Projeto TCC
Alguns assinantes pediram no último plantão de dúvidas o acesso ao meu estudo de TCC, onde mostro se é possível ter uma independência financeira através dos FIIs.
Para facilitar, disponibilizei o material para acesso fácil no seguinte LINK.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry's standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.
Conteúdo exclusivo para assinantes:
DesmistificandoFII e/ou Combo FII + Ações
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