Ambev: Improving Performance At 6x FCF

Investment Strategy - The investment strategy focuses on protecting principal and thinking long-term, with a 5-10+ year investment horizon [1] - The strategy includes being long on treasuries and select high-quality companies, with no use of margin [1] - The approach covers multiple sectors, employing both dividend and non-dividend long-only stock strategies [1] Global Market Performance - Brazil is highlighted as one of the worst-performing markets historically, with the iShares MSCI Brazil ETF mentioned as an example [1] - The strategy occasionally seeks stock investments outside the US, particularly during periods of macroeconomic stress [1] Macroeconomic Focus - The strategy includes coverage of macroeconomics, particularly monetary policy and global excessive debt levels [1]