[00:03] world were fixed on XP. The entire world began to scrutinize every detail of every XP group operation, and each hair on the head began to be examined. Small, unknown, with questionable credibility, XP is taking a stand against the [00:16] American consulting firm that made accusations of operating a pyramid scheme. Who is Grizzly Research? Grizzly Research, also known as Grizzly Research. He said that XP [00:28] operates there in a scheme that's more or less like a like a pyramid scheme, right? Let's see how it works things. Hey, if you have investments in GSP, you [00:40] should reconsider which brokerage firm you're using to invest your money, okay? Give it a small investor, a financial market specialist and also a YouTuber, who posted a video reading the Grizzly report. XP Investimentos is a [00:54] pyramid scheme. You all know I'm always badmouthing São Paulo here, right? I think SP is one our world. His content was online for less than a His content was online for less than a week and then [01:11] their mistake? Daniel took his investment and ran off with it. And that. That's exactly what she did. When Gris posts the report, nobody says anything here in the comments. When XP talks about removing videos and [01:26] threatens to sue influencers, the comments start pouring in. you're taking a risk. Guys, how much did you get paid to cheat? And they didn't speak. Man, I couldn't believe what those guys did [01:39] faith. Ready. These people only get a bonus when they screw over the client; it's a predatory scheme, really, from XP. Dude, at what point did we normalize this? The entire country of Brazil [01:53] asked me the same thing: to tell a new story on this channel. Speaking of guilt, this video isn't going to make any accusations, but it will ask all the questions. How does XP manage to turn R$ 50,000 [02:09] into R$ 175 million in 9 years? How is it possible that an investment fund from XP is currently operating with almost 35,000% profitability? Why is the XP group considered own money, but the worst in the world, according to legal processes, when managing [02:23] other people's money? But the only question everyone is asking is whether XP is doing anything wrong. There's only one way to answer that question. Discovering how a company went from bankruptcy to [02:37] becoming a billionaire. Investigating why Itaú Unibanco bought 49.9% of XP in 2017 and now owns 0%. And has he stopped believing in the impossible? And if you, like me, are finding it hard to believe in the impossible, [02:52] get ready, because today there's a new story. Not millions, nor A trillion-dollar story, not a company, not a brokerage, not a bank, but all of that and more. Today you're going to learn the untold story of [03:06] XP. [music] [03:43] The world of investing is a jungle, bulls, bears, danger around every corner. That's why we at Stratan Oakmond pride ourselves on being the best to guide you through the jungle of finance. Stability, [03:59] integrity, pride. Brazilian brokerage firm founded in 2001. It is one of the largest independent brokerage firms XP today is an investment company that has approximately 225 billion in [04:16] assets under custody. That's over 1 million customers. These are three Clear [music] brand, and the XP brand. There are 700 offices in Brazil, and I don't think even in my wildest teenage dreams, from childhood, I ever imagined that [04:29] I could be leading XP. In other words, the person who was fired back then and thought he was the worst man in the world is now the Brazilian financial market, helping people invest better. [04:42] How did a company that was on the verge of bankruptcy reach a billion? That 's the first thing you'll discover. Early in his business, friend Júlio Capoá to keep afloat and prevent the [04:56] I didn't have R$1,000 in my account, and I owned a company. Yeah. And then account, and I owned a company. Yeah. And then Júlio, our former partner here, R$ 5,000 because I'm here, life is tough, [05:10] way." He lent us R$ 5,000, we placed an ad in the Z0 Hora newspaper, for the " Learn Investing in the Stock Market" course, price R$ 300, and 30 students showed up. [05:23] our customers. We realized that it was actually much easier to convince someone to come consequences of that process. Benchimall, the founder of XP, wrote on LinkedIn, and I quote, "We had the first few months [05:38] of surplus at the company." So, XP Investimentos didn't make money from investments, it made money from courses. But it's okay, no problem, right? If the business is profitable, it's time to expand. The next step was to leave the [05:51] courses and go into brokerage. Around 2007, during one of our weekly dinners, about some kids from the South who had an education business and wanted to buy his brokerage firm. The conversation progressed, and Clébinho introduced me to the boys, [06:05] Guilherme Benchimol and Marcelo Maisonave. In 2007 we bought a brokerage firm had saved up until that point, we put into buying that brokerage firm. formerly America Invest brokerage. In 2007, America Invest brokerage was the [06:21] lowest-ranked brokerage firm on the B3 stock exchange. A former owner, Clebinho, us. Seven years pass, and in 2014 XP's total revenue grew from 420 million in 2014 to 1.3 billion in 2016, a [06:37] growth of 230%, while six times, going from 42 million to 261 million. At this time, courses, which used to account for 100% of revenue, now represent less than 5% of the total. So I [06:52] ask you something, how does a company that lived solely off selling courses, that couldn't make money from investments, suddenly discover a business so lucrative that it abandons the courses and earns over R$1 [07:05] million in a year? I didn't understand anything. XP was convicted of operating against its own clients, yet it profited 117 million. All the banks in same type of business they were doing. However, to avoid the [07:21] doing. However, to avoid the same problems that XP created, the CVM (Brazilian Securities and Exchange Commission) and B3 (Brazilian Stock Exchange) regulated and created laws for this type of operation and changed the name from type of operation and changed the name from client facilitation to RLP (Retail Liquidity Provider) operation. [07:34] client facilitation to RLP (Retail Liquidity Provider) operation. So, the largest banks in Brazil use their own investment funds, closed-end funds, where they manage their own money to carry out RLP operations. Let's [07:46] look at the largest funds of each bank. Itaú Unibanco has the largest OIT FIN CPIE fund, with R$ 32 billion in assets and liquidity, and Itaú is the sole investor. BTG [07:58] Pactual bank has the FIN CP LSE fund with R$ 17.39 billion in net assets. And the bank is also the sole shareholder. Santander has the Diamantina Multimercado CPIE investment fund with over 6.94 [08:13] billion reais in liquidity. And Santander is also the sole shareholder. The largest fund authorized by Banco Bradesco to conduct RLP (Retail Long-Term Refinancing) is called Fim CP and is a pioneer in the field. It has is called Fim CP and is a pioneer in the field. It has 2.94 billion in liquidity and one shareholder, [08:28] Banco Bradesco itself. In the case of XP, their largest fund authorized to XP, their largest fund authorized to perform RLP (Reliability-Based Loan) is called Gláudius F CPI. It has 5.61 billion in liquidity and XP is the sole shareholder. Hey Daniel, I didn't understand [08:42] fund is closed, he only manages [music] with the bank's own money, okay? And how much money does the bank make? Over the past 12 months, Itaú has had a return of 19.63%. BTG Pactual negative 0.85%. [08:59] Santander positive 11.01%. Bradesco Bank down 21.44%. Bradesco Bank down 21.44%. XP Investimentos positive, 120.30%. all of them in just the last 12 months. Something even more interesting [09:15] happens if you broaden the timeframe to 9 years, from February 16, timeframe to 9 years, from February 16, 2016 to March 16, 2025. The profitability of each fund was: Itaú Unibanco, 70.11%; [09:30] Itaú Unibanco, 70.11%; BTG Pactual, 48.12%; Santander Brasil, 115.33%; Banco Bradesco, negative, 96.64%. [09:52] And look how interesting the consistency is. Itaú, highest return 113%, lowest return negative 38.3%. Negative months: 87, positive months: 113. Negative months: 87, positive months: 113. BTG's highest return: 36.07%. Lowest return [10:05] -3.48. Negative month: 75 positive months: 108. 5.99%. Lowest return: negative 10.49%. [10:17] Negative months: 18. Positive months: 132. Banco Bradesco, highest return: 22.10%, lowest return: negative, 97.33%. lowest return: negative, 97.33%. Negative months, 67 positive months, 174. [10:32] Negative months, 67 positive months, 174. XP Investimentos highest return, 115.67% [10:44] Negative months, positive months, 109. To help you understand, in real life it would work like this. At Itaú's bottom line, each R$1 [10:56] became R$1.70. So 50,000 would become R$ 85,054.99. [11:08] turned into R$1.48. So R$ 50,000 would become R$ 74,059. 9.99 At the bottom of XP's portfolio, each real the bottom of XP's portfolio, each real became 347.6. [11:25] R$ 50,000 became R$ 353,245. compares these closed-end funds directly with a single investor. [11:40] Brazilian competitors with RLP funds include regional industry giants such as BTG Pactual, Itaú Unibanco, Banco Bradesco, and Banco Santander Brasil, which each have a revenue and resource base approximately 10 to 30 times larger than LAXP. If a [11:53] non-fraudulent strategy can provide such high levels of return on Brazilian liquidity, why haven't the giants copied this strategy? Why are n't the other participants taking the initiative to participate in this [12:05] highly lucrative action? Look, I'm saying, okay? And that's fine, no problem. But the question is: [12:21] Some may still want to continue believing in the impossible. It's all right, it's your right, it's your money. But you also need to know why Grizzly doesn't believe in the impossible. The world's finest Renaissance collection. It's called [12:38] Medalion. Literally, the best mathematicians in the world got together and they manage only their own money. They have been closed since 1993 and they have a 39.1% [12:51] closed since 1993 and they have a 39.1% annual return. [13:17] investments who aren't even investing their own money, they're investing the annual return. We operate within the inefficiency of the market. The traditional investment market is an inefficient market. And because [13:31] we operate very intensely in an inefficient market, the result ended up being exponential. Why and how do XP employees earn 93% annually managing the company's money? At XP, we always look for ways to [13:46] do the impossible for the client. XP Investimentos contacted me and said, "Hey, we have an opportunity, I'd like talk to you." The advisor's focus is exclusively on the client. [14:00] His sole objective is to provide advice that is 100% aligned with the client's interests. do for a living?" I said, "Hey, I have a video game channel." Dude, I like video games too. Damn, that guy's my friend, son. This guy is right [14:14] here. And it is through our consulting services that we wake up every invest better. Daniel, but Itaú is the biggest bank in [14:26] Latin America and they believe in the impossible, you know? XP is part of Itaú. It did. It did. XP is no longer part of Itaú. In 2017, Itaú acquired 49.9% of XP. The deal with Itaú was undoubtedly very symbolic, but it [14:41] marks a moment for us where we're perhaps leaving adolescence and right? Think about it, a Brazilian company has traders and employees who can perform trading and operations on the [14:55] stock exchange, surpassing the best math department in the world. Itaú Bank, which is out of this, right? So, in addition to buying 49.9%, they could acquire almost 100%. The contract stated that Itaú had the right [15:10] contract stated that Itaú had the right to acquire another 12.5 in 2020, and in 2022 it acquired another 12.5, eventually owning almost 75%. [music] almost 75%. [music] But Itaú didn't buy anything else [15:23] after the first purchase. It seems that Itaú [music] regretted it, because on December 31, 2024, Itaú Cobra's shareholding [music] was zero, marking its exit from the shareholder structure [music] [15:37] of XP Investimentos. If the richest bank in Latin America, which once believed in the impossible, has stopped believing, why shouldn't I ? Daniel Moban from Itaú said he recommends buying XP shares. Of course I [15:51] someone has to buy it. Oh, Daniel, but they said they would recommend it after they had already sold it. Beautiful, lovely. They don't trust buying XP shares with their own money, but they tell you to buy them with [16:06] yours. Did Itago know something [about music] that was wrong? Whether he knew or not, it was too late now. 72 days after Itaú Unibanco sold its entire [16:20] shareholding and divested itself. from the XP group. Gris's investigation, he goes public saying, and quotes, is the IOC's Ponze scheme. Oh, what is COI? Imagine that a COI, or structured operation certificate, is a vehicle that [16:36] provides access to different types of assets. Thus, through it, you can obtain, for example, returns on the American stock market or the European stock market, without needing to invest directly in those markets. For example, you can buy a COI (Certificate of Investment) [16:51] where you win if the US stock market goes up, but you don't lose if it goes down. In other words, you can have a variable income return with the security of fixed income. Wonder. Furthermore, XP, responding to Grizzly, stated the following: "In 2024, [17:06] XP participated [in music] with 8.5 billion, representing 23% of the market share." What's wrong, Daniel? For every four items sold here in Brazil, one was sold bought COIS think. The 15 million would be invested in [17:22] structured operation certificates. COI ( Certificate of Investment) for structured operation; it's designed to deceive the client and generates high commissions for both the bank and the independent agent/ [17:36] financial market, and if the advisor a ton of money. But for the client, in most cases, 99% of them, COI is rubbish, you're going to lose money. Now, do you know why so many COIs are sold? [17:50] So it doesn't matter if you make money or lose money, they actually make money regardless. The IOC pays a lot of commission. An investment advisor doesn't need to recommend any product they do [18:02] pay anything to have access to the advisory service, which is You think you're getting free treatment, but in practice the guy is shoving a huge internal osmosis device up your ass. If he's not charging you anything, then you are the product [18:18] the brokerage firm earns. So, if you're going to invest in a bad financial product, it does Each portfolio we design, each solution, each product is conceived that family. And then you're the sucker for buying it. I [18:32] have friends who worked at XP, and one of them even sent me this table . Annual award presented by XP to recognize the top 15 best-performing law firms. There's a COI (International Organisation for International Cooperation) line there. What bankers really think [18:47] when they sell a COI (Central Investment Office) is how good it feels to put another sucker's money to work for my bank. I've never seen a satisfied [music] client because they had COI. The only people I've ever seen defending the IOC are those [19:01] I have clients who came to me from another consultancy who have contracts in their Wow, this one isn't so bad, because I have a guarantee of my Attach a screenshot] I've seen portfolios from well-known firms, I won't [19:14] from well-known firms, I won't name them, almost 50% COI (Credit Impact Tax). Do you have any idea what that means? That's a case of vulnerability. Now, it's funny that XP was born with the argument of taking clients away from banks, because banks sold [19:26] when it grew, it started doing the same thing that all banks the first question you have to answer to know if the investment is good or bad is this: will your money be insured? Insured, Daniel. What do you mean [19:38] ? The FGC (Credit Guarantee Fund)? Oh, I don't know what that is. Simple. FGC insurance. If the bank goes bankrupt, the FGC is insurance that guarantees you will receive the money invested in savings, left in the checking account. In case of bankruptcy, you receive [19:52] back up to R$ [amount missing]. 250,000. On the official website, XP stated: "Our COI has the security of fixed income." Google, the credit guarantee fund, which is the insurance, credit guarantee fund, which is the insurance, covers COI. No, COIs represent an [20:05] alternative way for banks to raise funds . So, when you bought one, the FGC understands that you decided, on your own and at your own risk, to lend your money to the bank. If the debtor bank goes bankrupt, there is no insurance. [20:20] But the COI has a contract, does the bank have to invest my money in fixed income? invested your money exactly as stated in the contract, there's no way they can pay you. I'll show you in quotes. Internal sources told us that [20:33] salespeople receive 5% of the nominal value of a COI as commission, and the average internal profit margin after all costs for XP is about 4%. Then there's a wonderful product for you here." 100% of the invested capital, if the [20:46] negative, you get your money back at any time." What is this, that will guarantee 100% of your assets. That's what the advisor has to explain to you. It's an investment like any other. [21:00] You have to ask these questions. Otherwise, well, then it's even your fault, for not Look at the study. It's a scam. Researchers point out that 252 out of 284 things had a lower profit potential than government bonds. Is there any [21:15] risky investment, but with which you should earn something similar to what you would receive if you left the money quietly in savings? What the hell is this, man? What is this thing? I don't know, I still do n't know, I didn't understand. It's a [21:28] completely crazy operation that I didn't understand. He's not obligated to know. He's paying XP to offer him good products or just manage his portfolio. Now, what I can't understand is how a company that [21:40] works with investments, it is Greedy enough to cheat clients to make more money, because eventually you'll go broke. because eventually you'll go broke. 100,000, 1 year, 9%. When you invest [21:54] 100,000, 1 year, 9%. When you invest in COI (Certificate of Investment), the advisor, employee, call them what you want, they receive a 5% commission. The XP brokerage receives 4%. And then there are the costs, right? Bureaucracy, structure, energy, the lowest cost is 1%, 10% of your [22:07] money is commission and costs. So your 100,000 became 90,000. If your money was invested exactly as stipulated in the contract, at the end of a year, [music] In other words, they won't have the money [22:20] to pay you. But if the product is so bad and so risky, why does XP like The issue is this, [music] most of the solutions that clients need don't bring good remuneration to the [22:35] However, simple solutions don't pay the advisor very well, unless they offer products [music] to the client that, let's say, are n't really what the client needs. Do you know why? When you borrow money [22:51] loan, where does the money go? there, will the bank monitor what you spend it on? No. If you want to buy a house, a car, renovate your property, invest in your business, the bank does [23:04] n't care. It won't monitor it. The COI works on the same logic, only COI works on the same logic, only inverted. In practice, the COI is the only way for Brazilian banks to borrow money [23:17] from ordinary people without having to offer any additional insurance or guarantees. And then, consequently, when you they begin to realize that the investment they considered a [23:32] dream is no longer that. This starts to bother them, they n't know if it comes from their wallet, then, right? Selling " Pocket. Come on, it comes from the pocket. So, ah, Daniel, but it's all right. XP isn't a bank, it's a brokerage firm. That [23:46] 's wrong again. XP has a bank. Bank XP can issue COIs. When you buy a COI from Bank XP, the bank incorporates your money, which has now been [23:58] lent, and that money becomes the bank's equity. The bank has the right to put that money into its own investment fund, like Gláudios, for example. That's what the Grizly investigation said. The secret [24:11] to Gláudios' profitability is that it records cash inflows from COI products as profits. The business isn't growing on its own; it's growing because XP continues to attract more Brazilian investors to the fund. [24:23] This scheme, obviously, introduces enormous risks to XP and capital outflows from Gláudios and Coliseu to XP are effectively from client investments and not from operating profits or [24:37] commercial gains. XP withdrew the equivalent of R$ 27 billion.66 billion from Gláudios." From 2020 to 2024 and from the Coliseum from 2021 to 2024. During this period, [24:49] XP's corporate net profit was only 17.52 billion. Without receiving money from these two funds, XP would have had a negative accumulated net profit in recent years. But after all this, Daniel, I understood the following. Is XP [25:03] doing something wrong or not? Fact number one, Grizzly failed to prove that XP is a pyramid scheme, okay? Fact number two, Grizzly managed to bring to light a lot of big problems that were swept under the rug. [25:28] Investimentos stated in a note that it rigorously follows regulations and values ​​absolute transparency in the conditions and deadlines of its investment products. The article accuses investment advisors of [25:43] misaligned with investors' profiles , with promises of higher returns. The businessman claims to have been misled by brokers so that they could profit from his assets. A [25:58] fraudulent practice known as churning. We really do have this, and if it's actually characterized as churning, it's going to be bad for XP. Churning, in fact, is considered a crime against the national financial system, and [26:11] criminally punished [music] if it's proven. What is if it's proven. What is churning? It's a fraudulent operation. It's when you, as a professional, induce your client into error, and every time they [26:23] buy, sell, buy, sell, buy, sell, that client pays a lot in brokerage fees, and the advisor is well compensated because they receive a percentage of those fees. And in return, I spent three years in a [26:36] Nevada pigsty that I had never even heard of . As my father said, one day the house will fall. We need to talk about churning. For a crime against the [26:52] financial system, a financial crime [music] of churning, to occur, we need three factors. control of the portfolio. Then they introduced me to the person responsible Portuguese. He told me: "No, but you don't need to worry, take care of [27:08] your life, your..." "Daughters, don't worry, you bring the money here, we'll take care of it for you." In other words, there's no clarity and much more, right? Take action for yourself. Why? Because they had total control of this structure [27:22] they created in another country. According to excessive negotiations. Then I said: "I sent much more money." Where? Calm down, friend. Calm. What? No. If you bring more money from Brazil, [27:39] recover it. Third, excessive commissions. Investors at XP Investimentos have filed a lawsuit accusing the country's largest brokerage firm of engaging in abusive practices that led to [27:53] millions of dollars in losses on financial investments. There is a case in which the client claims that the brokerage fees charged alone exceeded his net worth by millions of reais. Our. Businessman Márcio Santos reports that he [28:06] invested 10 million and lost half of it with XP. The brokerage fees for the transaction that resulted in the loss alone amount to R$2.1 million. What is control, Daniel? The law states that from the moment you don't [28:19] understand something and your advisor does, they have control. Or if your advisor is close relationship with you, they also have some control. For example, in this case here, as it appears here, the advisor sent this to his father, and he [28:34] received this message here. Try sending it through your IOC hub and tell them you know how to even know how to do. I still accepted the terms, he replied, but the order wasn't carried out terms, he replied, but the order wasn't carried out . It's as if he himself had ordered it [28:49] . It's as if he himself had ordered it and accepted it, as if it were the father through the device there, through the father's cell phone, anyway, for that to happen, the advisor would have to be someone very close to the client, right? The son in this case. [29:02] And what did XP Investimentos say about this story? Oh dear, let's see, shall we ? The brokerage firm says the investor is blatantly lying. [29:16] lying, okay? But for there to be turnover, in addition to the broker having control, there have to be excessive transactions and excessive commissions. This happened in the case of the musician Célio. Musician Célio Carvalho claims in the [29:30] court proceedings that, following instructions from XP, he was led to offer all of his assets as collateral for operations in the financial market. He said that the value of the leveraged transactions made by the [29:43] leveraged transactions made by the advisor reached 1.1 billion, equivalent to 56 times his net worth , which was around 20 million. , which was around 20 million. That's 20 million reais in commissions. [29:58] However, since churning is a financial crime, it's something that Brazilians don't know much about, and when it comes time to properly file a lawsuit, In fact, so far I've only found one case where XP was ordered to [30:13] reimburse the client. News. Investor loses all invested money. IVM orders XP to reimburse. XP claims that the decision sets a bad precedent for the market, creating legal uncertainty. Therefore, the company has already filed an appeal with the CVM (Brazilian Securities and Exchange Commission). [30:28] In other words, I can't return it from just one person, because if I return it from one, I 'll have to return it from everyone. And there? And then things went wrong, right? But if you look closely at the lawsuits being filed against XP by people who [30:42] lost all their money , it becomes clear that the advisors, in most cases, had control of the portfolio, and the money was mostly lost because there were too many transactions and too [30:54] many commissions. Márcio Barbeiro, for example, lost R$ 31 million more. for example, WhatsApp conversations between clients and advisors. At least according to the evidence presented, the advisor affiliated with XP acted as if the [31:09] one of the dialogues, Thiago responds with a thumbs-up to a question about bank loans being paid off with money from the "cois" (a slang term for people who are considered unethical or corrupt). When questioned about the client's checking account, the advisor says he 's in a small meeting. Thiago goes on to [31:23] assure the client that they wouldn't lose everything and says he would create a chart or think of some way to explain the situation. And what did XP say about this case? In the court documents, the company states that the online lawsuit filed by Wind is inept because it is [31:39] based on a false narrative. In other words, the same thing they said about Grizzly, fake news. The same thing they said about all the clients: lies. Everyone's lying. But in this specific process, XP goes even [31:53] further. Finally, in its statement, AXP says that if the court recognizes the client's requests as valid, the mere fact that it acted as an investment advisor linked to XP does not allow the conclusion that it is [32:05] responsible for all the acts attributed to Senr. Thiago, says the defense. In other words, XP spoke to its clients. But if they are telling the truth, it's not my fault, it's my employee's fault. But whose fault is it really? Let's [32:20] answer that for us. I worked as an investment advisor affiliated with XP Investimentos. Why did I stop being an investment advisor at XP? Why did I leave the [32:33] Unfortunately, many advisors only look out for their own pockets, and this is generating a bad reputation in the market. When you join a brokerage firm, what they want is for you to keep calling, calling, calling to get as many [32:47] clients as possible. The more I studied the financial market, the more I realized that most of the portfolios of investors, both mine and my colleagues', did Why does every client portfolio have to have 5 to 10% in CO? Why [33:02] automated portfolios charging a much higher brokerage fee? There are many consultants who, the moment they see they've gained the client's trust, start promoting products that aren't so good for the client. [33:14] bothered me quite a bit. I was never the kind of person who prioritized my own finances ended up getting the reputation of the other people who did that. finances, wanting to move up a level, and then you'll look around and wonder, [33:29] earn the most? I'm going to sell this month because I need to earn more. He pushes you, pushes you until you have to sell something you don't agree with. And then the client gets, let's say, quite annoyed with the advisor. [33:41] So, in searching for those responsible, the first thing XP did was say: "It's all a lie." Then some people proved that it 's true. Then XP said: "It's not my fault, it's my employees' fault." Of course, it's Marco Antônio's fault that he [33:54] investment made by his son . It is clearly Márcia's fault that she lost millions of reais. They notified me, saying . No, I can keep talking about what happened to me, okay? Because I don't [34:09] world. If I sue XP, I'll probably lose, because XP will just say, " No, he accepted it." We explained that even though these guys weren't providing support, even though they were n't contacting me, even though they were [34:22] n't doing what they promised, even though there was a conflict of interest between them, they were going to win. That's right , it's a lifetime's savings, it's my blood, it's my sweat, it's my retirement. [34:35] Damn, what's the point, man, of having a job where your job is to rip people off, to make money by gambling away people's money? No, it can't be like that. It cannot be judged in such a frivolous way. No. They [34:49] had no business bringing me here to this structure to do this you realize that you've gambled away half of the wealth I've accumulated my entire life in exchange for a few pennies in commission from [music]? And so I [35:01] want to call on XP Investimentos so that we can consider our responsibility within this process. This is wrong, and it doesn't matter if it's a relative, a father, or whoever ; before being your client, they are the [35:15] individual on the other side. And yes, the responsibility lies with XP Could it be the fault of several XP clients, one after the other, losing all their money on things? Are these the clients' own actions, the employees' actions, or is it [35:30] someone who knows that Brazilians have no knowledge of investing and takes advantage of this to make money? to make money? So, I strongly believe in culture, and [35:44] culture, because our country has a culture, and culture is formed from the top down, and we've always learned that Brazil has always been that country of " jeitinho" [musical] and so, I think that only by having [35:59] so, I think that only by having serious politicians and establishing a culture of a process. Whether XP is making mistakes or not. I can't prove it, I'm not here to prove it, and I don't even want to prove it. Pyramid, [36:13] Grizly couldn't prove it, okay? And I wouldn't even be able to handle it anyway . The only thing we can conclude from all this is that it's impossible to have faith in the impossible without paying a very high price for it. Thank you for your [36:29] attention. Thank you very much and see you in the next video.