In today's episode, Marcelo López talked to Otávio Costa, better known in the financial markets as Tavi Costa. Tavi is a portfolio manager at Crescat Capital and he is responsible for macro research.

Tavi begins by talking about his trajectory in the financial markets and tells us more about Crescat Capital, an American company that manages hedge funds. He has been working for this company for the past 6 years.

Then Tavi talks about the main topics he's looking at right now and gives us an overview of those topics.

Tavi then discusses each of the themes in more detail, exploring historical data and using Crescat's proprietary models.

He has a very interesting insight into the US position in the current cycle, and presents data to justify his opinion.

When it comes to precious metals, Tavi discusses the current scenario and outlook for the sector. Also, Tavi talks about the relationship between the US Dollar and gold, with a very different point of view from the market.

Tavi also talks about China, likely future developments in that country, and what Crescat Capital is doing now.

Finally, Tavi reviews his investment thesis and says what can make him change his mind about his investment positions.