“It is unacceptable to have a PPR for 23 years and lose money”

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The institution is holding its annual assembly this Saturday, which will bring together around 900 people at the Altice Fórum, in Braga. In an interview with JE, CEO Emília Vieira says that there is increasing interest in the philosophy of investing in value on the part of the Portuguese and criticizes financial institutions that for years have not made their customers’ savings profitable.

I’ll start by asking you to tell us about the meeting that Casa de Investimentos holds every year, which will take place this Saturday, so tomorrow, and which will bring together a few hundred people.
We will have more than 900 people, 900 customers and some friends from home and it will be at Altice Fórum Braga. This is an annual customer meeting. Basically, it is a little inspired by Warren Buffett’s Berkshire annual meeting.

The idea is, therefore, to democratize investment in shares in accordance with the philosophy of value investing followed for many years by Buffet and other investors.
Between 2010 and 2020, the House managed Individual Assets in Individual Management Accounts starting at 100 thousand euros. Obviously, from the beginning, a dream I had was to be able to help democratize access to a good investment philosophy, better profitability, for people to have knowledge, to better understand what to do with their money, how to protect themselves, how to negotiate better. , how to protect your money from the excessive commissioning that the financial system continues to practice. And that’s why having an investment philosophy accessible to smaller savings was essential for us and that’s why we obtained the license to be a fund manager from the CMVM and in 2020 we launched a fund in PPR format. In fact, it has a set of tax benefits that are very attractive, although people look a lot at the beginning at what the tax deduction is. For us, the great benefit is, in fact, at the exit and not at the entrance. Because if we have invested eight or more years, the capital gains tax drops from 28 to 8.6% or 8% at retirement age.

So the client has to maintain the application for at least eight years to have this tax advantage?
Exactly. And that’s what makes sense, because effectively, in our case, our PPR is a 100% share PPR and, therefore, investing in shares is very safe when we do it in the long term. Obviously, if it is done for the month or for half a year or for a year, it is extremely risky and therefore it did not make sense for us nor is that what we want to do, because no one adds value to a year.
(…)Like Buffett, we think it is preferable to have an exceptional business purchased at a reasonable price than to have a reasonable business purchased at an exceptional price. And the House has done very well with this. And last year, in fact, our profitability, both in the PPR fund and in discretionary management, was almost 34%, also naturally recovering from a year of declines, but the PPR was the best PPR in Portugal, almost 4% above the following.

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