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Investments involve risks and may result in losses for the investor.

Disclosure

Empiricus is a digital platform that produces and delivers periodic publications on economics, finance, and investments and is duly established and accredited by CVM (Brazilian Securities and Exchange Commission) and APIMEC (Association of Capital Markets Analysts and Investment Professionals).

All professionals comply with the rules, guidelines, and procedures established by the Securities and Exchange Commission under its Resolution No. 20, as well as the Institutional Policies established by Empiricus' Legal and Compliance Departments.

The technical responsibility for publications containing securities analyses is attributed to Rodolfo Amstalden, a certified professional accredited by APIMEC.

Our functions are carried out with absolute independence, free of any conflicts of interest, and always committed to seeking reliable and accurate information, with the objective of fostering debate and financial education for our audience.

Empiricus' content does not represent any offer to trade securities and/or other financial instruments. Recipients should, therefore, make their own evaluations.

Although Empiricus provides specific investment suggestions based on the thorough evaluation of certified experts, market behavior cannot be predicted with precision. Patterns, history, and past returns analysis do not guarantee future profitability.

Every financial investment, to a greater or lesser extent, involves risks, which can be mitigated but not eliminated. Empiricus advises against allocating funds intended for immediate expenses or emergencies, as well as amounts that could jeopardize the subscriber's assets, in variable income investments.

All material is protected by copyright law and is for the exclusive use of its recipient. Reproduction or distribution, in whole or in part, without prior and express authorization from Empiricus is prohibited and subject to civil and criminal penalties.

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