DISCLAIMER & DISCLOSURE: This interview was recorded for the MOI Global investment community, but is reproduced here on James’ own Substack for the benefit of his subscribers. James and Cristiano may hold positions in the companies discussed. The views expressed are those of the participants and may change without notice. Past performance is not indicative of future results. All investments carry risk, including financial loss. This analysis is for educational purposes only and does not constitute investment advice or recommendations of any kind. Conduct your own research and seek professional advice before investing.

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Fireside Chat with Cristiano Souza

In today’s podcast, James interviews one of the best investors you’ve probably never heard of — Cristiano Souza.

He’s quietly delivered stunning returns — consistently in the high teens to low 20% range — for decades. And despite a remarkable 30-year career, Cristiano has kept a low profile. In fact, before this conversation, he’d only ever done two interviews: one in English, one in Portuguese. So we are honored that he agreed to join us for this fireside chat.

Cristiano’s journey began in Brazil, where he earned a degree in Economics from Candido Mendes University in Rio. At just 19, he joined the legendary investment firm Dynamo. Over nearly three decades there, he rose to become a senior partner and co-managed Dynamo Cougar — a fund that compounded at an incredible 24% annually.

In 2015, he helped launch Dynamo’s UK office. That eventually led to a spin-off: Zeno Equity Partners, where he now leads the fund management team.

Based in London, Zeno is a long-only, low-turnover, high-conviction fund investing across the Americas and Europe. Since its inception, it’s compounded at an impressive 19% a year.

Cristiano’s approach is refreshingly disciplined. He looks for dominant businesses with deep moats, aligned incentives, and enduring cultures. His investment strategy revolves around three key pillars:

* Market Power — Can the business sustain or grow a dominant position?

* Reinvestment Opportunity — Can it reinvest excess profits at high returns?

* Founder Mindset — Do the leaders think and act like true owners?

In just over an hour, this episode dives into Cristiano’s philosophy, his approach to finding great businesses, and his broader thoughts on investing.

Enjoy the conversation.

Books discussed in this interview:

* Mastery, by Robert Greene

* Range, by David Epstein

* One Up On Wall Street, by Peter Lynch

* Fabric of Success, by James Emanuel

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