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Olitef 2026 | Correção Comentada da Prova Nível 3 | Saiba sua NOTA! — Transcript

by Prof. Mansinho Jr. · 10,362 words · 1,534 segments · language en · Watch on YouTube

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0:00Hello, everyone. Let's do our highly
0:02anticipated correction of the 2026
0:05Olitef level 3 exam, right? Many people
0:08have been asking me in the comments of
0:10other videos and in our WhatsApp group.
0:13"Professor, do the correction, release
0:15the answer key." Calm down, I had to
0:19wait for the confidentiality process,
0:21right? The exam takes place in early
0:25September, but some schools end up
0:27having issues. So, the board allows for
0:30a week of application, which went until
0:33Saturday. After that, the board
0:36requests at least 15 days of total
0:38confidentiality, right? Do not return
0:41the exam to students, do not release
0:44the answer key anywhere, because after
0:47taking the tests, the schools have to
0:50scan the answer sheets and send them to
0:52the board. And during this period, it's
0:56not good for questions to leak. So I
0:58did my part, right? I stayed quiet. Now
1:01, yes, the response registration period
1:04has ended. Most likely, the preliminary
1:07results are very close to being
1:09released now in early October. Teachers
1:12will now be able to get the booklets at
1:14their schools, return them to students,
1:15and review them together, right?
1:17Correcting something. And then we can
1:21talk about how the exam went, what
1:23appeared, what appeared less, what
1:25appeared more, what the difference is
1:27from 2025 to 2026, right? Already
1:30projecting for the 2027 exam. And we
1:33will do this, this conversation during
1:35the resolution of the questions, okay?
1:37I know everyone wants the questions,
1:40but every now and then I'll make a
1:42little comment. What did I think of
1:44this one compared to last year? What do
1:46I expect for 2027, right? A really cool
1:49exam. Olitef is an Olympiad that will
1:52most likely engage, it will gain
1:54momentum, right? It is still in its
1:57third edition; 2024, 2025, and 2026 was
2:00the third edition. Different from other
2:02very traditional Olympiads, right?
2:04OBMEP has almost 25 years of OBMEP,
2:07something around that, right? More than
2:1020 years of OBMEP. But financial
2:12education is something that is
2:14increasingly entering schools and
2:15should have entered a long time ago.
2:18And through this Olympiad, many people
2:19are starting to develop a taste for it.
2:22I see this in my classroom, when I
2:24start dealing with the topics, the
2:26curiosity it generates in the students,
2:28who want to know more and now everyone
2:30wants to know how to invest in fixed
2:32income and wants to discuss variable
2:34income, and wants to read books about
2:36it. It's pretty cool, right? By the way
2:40, here in the description link, I
2:42usually include one or two books
2:44involving financial education content.
2:47If anyone wants to, just click on the
2:49links and you'll go to an online
2:52bookstore to purchase one of those
2:54books. That's also great, isn't it? You
2:56get a taste for it, start understanding
2:58the economy, the world of finance, the
3:00world of money that's present in our
3:01lives all the time. But let's not
3:04linger too long, the idea here is to
3:07solve the questions and, as we work
3:10through them, we can talk about these
3:13topics, okay? The level three test has
3:16the same structure as the other levels,
3:17right? 20 questions: 10 on economics,
3:21basic financial math, personal finance,
3:23history of money, and the national
3:26financial system. And of those 10
3:29questions, the first five are worth
3:31three points. Questions 6, 7, and 8 are
3:34worth four points, and 9 and 10 are
3:36worth five points. So you can already
3:38start grading it, if your teacher
3:41returns your question booklet, right?
3:44It's good to see exactly which ones you
3:46got right, because beyond just how many
3:49questions I got right, your score can
3:51change based on which specific
3:53questions I got right or wrong, since
3:55the questions have point variations,
3:58right? They don't all have the same
4:00score. There are questions worth three,
4:03four, and five points. So you can build
4:05your score; at the end of each question
4:08, I'll indicate what that question is
4:10worth, okay? So let's go, look.
4:13Question: Natália studied the role of
4:16banks in the national financial system.
4:20The teacher explained that banks
4:22connect people with extra money to
4:24people who need credit, in addition to
4:26offering services like accounts, cards,
4:28and investments. Which alternative
4:31correctly describes this intermediation
4:34function? And it's very clear, isn't it
4:36? The text of the alternatives makes it
4:39very clear. So this one shouldn't be
4:42missed, but let's go. Letter A: banks
4:45only print currency for the government.
4:47No. The one that prints currency is the
4:50Mint, which is a factory, not a bank.
4:54And then that money goes to the Central
4:56Bank, and that is the only bank that
4:59issues this initial money after it's
5:01produced at the Mint. So that makes no
5:04sense; banks don't print money. Okay?
5:07Do banks exist only to charge fees with
5:09no role in the economy? Of course not.
5:11And I always tell the kids this, right,
5:13during the prep sessions. There will be
5:16a question about banks. The option that
5:19speaks most favorably about banks is
5:20the one you should mark, right? They
5:22won't create a critical bank question.
5:25There's a lot of bad stuff we could say
5:27about banks, but they won't put that on
5:30a test, since it's a system headed by
5:32the Central Bank, the National Treasury
5:34, and ultimately, it funds this
5:36Olympiad. So they will never speak ill
5:39of banks on any OLITEF test. Letter C,
5:42banks only serve to receive savings
5:44from each individual, no, right? D. The
5:48bank can only lend money from its own
5:50cash, never from depositors. Never.
5:53They make money by doing exactly that,
5:55right? They take the depositor's money
5:56and lend it to someone else. And so,
5:58letter E is the only one that will be
5:59correct. Banks organize the circulation
6:02of money between surplus agents, those
6:04with extra money, and deficit agents,
6:06facilitating credit and payments. See,
6:09that’s a nice way to talk about a
6:11bank, isn't it? A facilitator, an agent
6:14that makes this circulation happen,
6:16right? It's there to help us, to assist
6:19us. That is the view you must have of a
6:22bank when answering a test. All good?
6:25Let's go to...Ah, that one was worth
6:27three points. So, if you got it right,
6:30add three points to your tally, okay?
6:33Let's go to question two, which says
6:35the following. Fernanda was analyzing a
6:39digital contract she received after
6:41formalizing her home insurance. She was
6:45impressed by the premium amount and
6:46decided to opt for a single installment
6:48. The following month, she had a claim
6:52and called the center to understand how
6:54to receive the indemnity, what is the
6:56name given to the document she was
6:58analyzing? Let's go. She took out
7:01insurance, right, for her house and it
7:03has a premium. The following month she
7:06had a claim, it’s all related to
7:08insurance companies, right? And that
7:10will be, with absolute certainty, the
7:12correct answer. Letter A is an
7:14insurance policy, okay? No, I won't
7:17even read the others. Legal contract,
7:20diligence, minutes, apostrophe, no,
7:22it's an insurance policy, since she was
7:24dealing there with insurance taken out
7:26from an insurer. Another question not
7:29to get wrong under any circumstances,
7:31right? As I said while we were talking,
7:34from the 2025 to the 2026 OLITEF test,
7:36I didn't see any increase in level,
7:38okay? In terms of question difficulty.
7:42That's for the coming years; I have
7:44nothing to do with the organization,
7:46okay? For heaven's sake, I'm a school
7:47teacher; I prepare the kids, and I
7:49prepare the folks here on YouTube too.
7:51I'm a teacher who also participates in
7:55Olitef. I don't have it, but the Olitef
7:57organization will eventually have to
8:00either increase the level of the
8:02questions or include more syllabus
8:04content—which they didn't change for
8:072025 to 2026—or they'll need to hold
8:09a second stage, like the OBMEP does,
8:12right? First and second phase. Because,
8:16before long, if this level stays the
8:17same for the next few years, many
8:19people will get a perfect score almost
8:20every year, and then you'll have a
8:22bunch of people with gold, silver, and
8:23bronze medals, everyone having aced the
8:25test, which isn't cool, right? I don't
8:29know how they’ll think about this, I
8:31don't know how they’ll do it, but I
8:33see the engagement, all the schools
8:34wanting to participate, the students
8:36developing a taste for financial
8:38literacy. Many people who prepared here
8:42, and at my school too, in 2025, were
8:44energized in 2026, saying: "Oh, let's
8:46study more, let's go deeper." The test
8:49was basically at the same level, right?
8:52It barely increased in difficulty at
8:54all. This will cause, in my expectation
8:57—I don't know if it will be confirmed
8:59—many people to get a perfect score,
9:01because the test wasn't that hard, the
9:03test wasn't that heavy. Those who
9:06prepared a little bit, who had the
9:08notions we covered in class, managed to
9:10get a perfect score with some ease,
9:12okay? But let's move on. I'm still on
9:15the first ones, macro-topic one and the
9:17easiest ones, right? The ones worth
9:19three points. Question three. Mr. José
9:24was advising his grandson to start
9:26investing in a fixed-income bond while
9:28he is young, so he will have the effect
9:31of time in his favor; what is the
9:33interest rate that has exponential
9:35growth called, right? This macro-topic
9:40two is also very straightforward,
9:42dealing with basic financial
9:43mathematics, right? Percentage,
9:47calculations, simple interest, and it
9:49was practically forgotten. It barely
9:52appeared on any level, and when it did,
9:53there was almost no calculation like
9:55this one. Look, define, determine,
9:58identify the interest nomenclature that
10:00the syllabus itself mentions, right? We
10:04are going to study simple interest and
10:05compound interest. These are the two
10:07that the market names, okay? There is
10:10no geometric interest, no factorial
10:12interest, no harmonic interest, no
10:14weighted interest; there is only simple
10:16interest and compound interest. Simple
10:19interest, linear growth; compound
10:21interest, exponential growth. Answer
10:24key, letter D. Easy, three points in
10:26the bag. Let's move on to the fourth
10:28question. Daniel is researching to buy
10:32a new cell phone. And then I have the
10:35options. Product at store 1, $ 2400.
10:39Down payment of 400 plus 12
10:41installments of $ 195 each. The same
10:44device costs $ 2100 cash at store 2.
10:49Okay. What can be verified when
10:52comparing the two options? Let's read
10:54the alternatives. We can make a
10:56comparison here, it's just basic math,
10:58right? But it always happens, at least
11:02in 2024 it did, in 2025 it did, in all
11:04levels, it gives a situation of a cash
11:06purchase and an installment purchase
11:08and certain installments, and in the
11:10end, it's obvious, right? Buying cash
11:13is always cheaper. Letter A, it says
11:16that financing is cheaper than cash. No
11:18, it isn't. If you add 400 there with
11:2212 x 195, you easily exceed 2100, right
11:27? Financing is more expensive,
11:30indicating the high cost of credit.
11:33Perfect, right? Uh, do installments not
11:36change the total cost of the purchase?
11:37Yes, they do. Do cash and financed have
11:40the same cost? No. Is the cash price at
11:43both stores the same as well? No, right
11:45? 2400 versus 2100. So, only letter B,
11:49right? Sometimes in some questions it
11:51says that buying cash is always cheaper
11:54. That will be correct in these
11:56situations. Here it just inverted the
11:58sentence, but said the same thing.
12:01Buying financed is more expensive
12:03because there is the cost of credit,
12:05okay? So, letter B, correct answer key.
12:08Uh, and then let's go to the last
12:10question that was worth three points,
12:12which is question five, right? If you
12:14got this one right, three points there,
12:16keep gathering your points. Let's go.
12:18Question five. Fabiana received an SMS
12:21from an unknown number. Your account
12:24has been blocked. Update your data in
12:2610 minutes via the link. And then there
12:28is the link, right? At the same moment,
12:31she opened the official bank app and
12:32saw that there was no block alert.
12:34Which attitude is the safest? Be
12:37suspicious, do not click, do not
12:39provide data, and contact the bank
12:41through the official channel. A very
12:43similar one appeared at another level,
12:45I don't remember if it was level one or
12:46level two, right? The test seems to
12:50have been built to talk about the same
12:51things, creating different questions.
12:54Ah, if you watch, I even recommend
12:55watching it, right? Especially those
12:58who will prepare for 2027. If you are
13:00at level three, you might be in your
13:02senior year, so there’s no more
13:04Olitef in your life, but if you’re in
13:06your second or first, Olitef is back
13:08next year. So, take a quick look at the
13:10level two exam. Take a look at the
13:13level one exam, a slightly easier
13:15approach, but practically the same
13:17content. That way you get a feel for
13:20what the board always tests, right? Uh,
13:24and this letter A is already wonderful.
13:26That is exactly what should be done,
13:28right? The others will certainly be
13:29wrong. Click the link quickly. Do not
13:31do that. Enter your password and tax ID
13:33. Do not do that. Forward the message
13:36to your colleagues. Then you're going
13:39to, right? Even if you didn't fall for
13:42the scam, you might cause someone else
13:43to fall for it, and installing any app
13:45the link suggests—don't do that
13:47either. Only letter A would be the
13:50correct option for question five. Did
13:53you get that right? Three little points
13:54. So, so far we have 15 points in these
13:57first five questions. The level will go
14:00up just a tiny bit, you won't even feel
14:02it, but the next three questions will
14:04be worth four points, okay? Karina
14:07analyzed the family's credit card bill
14:10and the bill is 2400 reais. However,
14:14the minimum payment offered by the bank
14:18is 480 reais, right? And it states that
14:21there is a revolving interest rate of
14:2415.78%per month on the outstanding
14:26balance, meaning if you pay 480, what's
14:29left, which in this case would be 1920
14:32reais, will accrue interest of almost
14:3716%per month. Got it? These are the
14:40account details. Considering the
14:42revolving interest, what is the most
14:43appropriate analysis? Paying the
14:46minimum is always more advantageous, no
14:48, never. Pay nothing and delete the
14:51bank's app. That's a wonderful idea,
14:52but it makes no sense at all and it
14:54won't work. Just because you deleted
14:57the app, it doesn't mean the bank won't
14:58charge you; you will still have the
14:59debt. Do not do that. Paying the full
15:03bill amount avoids high revolving
15:05interest, answer key letter C. Correct?
15:08Okay? Pay the minimum and increase the
15:10card limit. Makes no sense, right?
15:12Uh-huh. Credit cards never charge
15:15revolving interest. Keep thinking that,
15:17keep dreaming that they don't charge,
15:18right? Pay the full bill amount always,
15:21always, always. The best idea is to
15:24never need a credit card. You say: "Ah,
15:26in an ideal world, in a fictional world
15:28, it's the topic, okay? If you need it,
15:30use as little as you can. Use the
15:32minimum, right? Pay the minimum you can
15:34, use the minimum you can. You used the
15:37card, the bill is due, pay it. Find a
15:40way to pay it. If you let credit card
15:44interest, if you let the revolving
15:45credit kick in, the snowball grows very
15:48fast. So the idea is to always pay the
15:50full amount of the bill, right? Found
15:53it heavy, next month, use less. I know
15:55it's difficult, isn't it? There are all
15:57sorts of situations, but the idea is
16:00not to go around using the card left
16:02and right. Four points for getting this
16:05very calm question right, okay? And
16:07then question seven, which will also be
16:09worth four points, has a slightly
16:11longer text. I don't know if it will be
16:13difficult or not, but anyway. When you
16:15see the alternatives, here is a tip,
16:17but you have to read the whole question
16:18, okay? When you see among the
16:20alternatives a single one taking up
16:23more space than the others, meaning a
16:25much longer text than the others, look
16:27favorably upon that alternative. I
16:31learned that at the DMV back in the
16:33days of getting my driver's license
16:34many years ago, the teacher gave me
16:36this tip: look, are you in doubt? Mark
16:40the one with the most text. Of course,
16:42we will read the question and we will
16:43get it right because we will know it,
16:44right? But you can look at that letter
16:46D there, there is something beautiful
16:48about it. Go ahead. Lourenzo's father
16:52has a debt on the family credit card.
16:55This debt started at 2,000 and because
16:57of the revolving interest it is already
16:59at 5,000. Started at two, is at five,
17:01okay? Growing every month due to the
17:04effect of interest on interest from
17:06compound interest. Intending to pay the
17:08debt, he went to the bank to check the
17:11situation and they brought him two
17:13options. Renegotiation, 15 installments
17:16of R $ 410. If needed, we'll do this
17:19math, okay? With interest lower than
17:21the revolving credit. Uh-huh. Option
17:24two, keep the revolving credit paying
17:26only the minimum of R $ 350 with
17:28interest of 14%per month. On the
17:30outstanding balance. I don't think
17:32we'll need to do math to understand
17:34that it's better to renegotiate, right?
17:36Anyway, but if needed we'll do the
17:37calculation. When analyzing the budget,
17:40the family verified that they can pay R
17:42$ 500 per month, right? Up to R $ 500
17:44per month. The bank is offering a
17:45monthly installment of R $ 410. What is
17:48the most recommended decision? Option A
17:51, keep the revolving credit paying only
17:52the minimum. No, we already talked
17:54about that in the previous question,
17:55right? B, refuse any agreement and hope
17:58the situation resolves itself? No,
18:01right? If he went to the bank, let's
18:03try to solve it. And he said in the
18:06text that he can afford to start paying
18:08an installment of up to R $ 500 per
18:10month, okay? Option C, make new
18:12purchases and dilute the debt. That
18:14option doesn't exist. And then letter D
18:17, accept a renegotiation to stabilize
18:19the debt into predictable installments
18:22with lower interest than revolving
18:24credit. Correct option, letter D. And
18:27letter E, ignore the debts for a few
18:29years until they expire. That doesn't
18:32work out very well. It expires for the
18:35purposes of Serasa, SPC, and credit
18:38protection agencies. The bank will
18:41never forget that you owe them. So this
18:44debt will not disappear. You will just
18:47be there, your name will return to the
18:50credit system. You will be able to
18:52start doing that after 5 years, right?
18:55But anyway, some people think that." Oh
18:57, I owe this bank, I owe that finance
18:59company, I owe that store. "" In 5
19:01years, the debt will expire. "No, your
19:04name returns, it leaves the SPC, it
19:07leaves Serasa. But the debt with that
19:10store is eternal and they can even try
19:12to collect it in other ways, okay? So
19:15there is no such thing as the debt
19:17expiring. But the correct answer here
19:19would be letter D, right? Accept the
19:22renegotiation, stabilize, start paying,
19:24because the interest is lower than
19:25revolving credit, that's the
19:27alternative available, okay? And so you
19:30got these four points right. Question
19:33eight. Consider that Mateus works at a
19:38private company with a formal labor
19:40contract. He lost control of his
19:44finances, went into overdraft, and now
19:47is watching the debt grow rapidly. Just
19:50like revolving credit interest,
19:51overdraft grows very fast, very fast,
19:54okay? What is the most recommended
19:56alternative for Mateus to resolve this
19:57situation? A student commented in class
19:59:" Professor, I think question eight
20:01will be annulled. "" I think question
20:03eight has no answer. "" Oh, the text of
20:06the options isn't great. "I will answer
20:09it, I will give an answer key. I am not
20:12the exam board, I don't have the
20:13official answer key. And then, we'll
20:15analyze it later, when the official
20:17answer key comes out, if there was
20:19anything wrong. If...But I think I
20:22would even place this question at
20:25number nine, for it to be worth its, uh
20:27, its five points, because, uh, the
20:33alternatives really bring something
20:34that, you're like, but is that even
20:35possible, right? He he works for a
20:38private company, right? With a formal
20:40employment contract. But let's look
20:42here, option A, taking out an INSS
20:45payroll loan. He can't do that. The
20:48ones who take out INSS payroll loans
20:51are retirees, those who are pensioners
20:54of the INSS, right? So, retirees, those
20:57who receive a pension, who are insured
20:59by the INSS, these are the ones who get
21:02an INSS payroll loan, okay? Use the
21:06credit card revolving interest to pay
21:08off the overdraft. Six of one, half a
21:10dozen of the other. We've already seen
21:12in previous questions that credit card
21:13revolving interest is very high, just
21:15like the overdraft. Sometimes they even
21:17use the same base interest rate, so it
21:20wouldn't solve the situation, okay?
21:23Taking out a loan from a lender that
21:25lends to people with bad credit, he
21:27isn't in that situation yet. Nothing in
21:30the text indicates that he has bad
21:31credit. The debt is rising, and also,
21:33loans for those with bad credit. Those
21:37interest rates are perhaps even higher
21:38than the overdraft interest, so don't
21:40mark that one either, okay? Do nothing,
21:43because workers with formal contracts
21:46never have overdraft debt. They do,
21:48right? And they usually do, yes. And
21:51then option E was the one a student
21:53came to tell me:" But professor, it's a
21:54payroll loan. Payroll loans aren't
21:56allowed, but they are, okay? Take out a
21:58payroll loan to pay off the overdraft
22:01debt. "And the doubt this student who
22:04approached me has is that he
22:05understands that payroll loans are only
22:07for retirees, pensioners, and public
22:09servants. Yeah, but recently private
22:13companies, not all of them, right, but
22:15private companies can also offer
22:17payroll loans. The private sector
22:20payroll loan is new, right? Not
22:24everyone uses it, not every company is
22:26able to get it with the bank, right?
22:28You have to have your payroll with that
22:30bank, there has to be a series of
22:32criteria. It can't be a company that is
22:34constantly changing its employees,
22:35right? How could I have taken out a
22:37payroll loan and four months later my
22:39employee, who has a four-year debt with
22:41the bank, gets fired? Of course the
22:44bank has an alternative for that, but
22:46yes, payroll loans do exist in the
22:48private sector nowadays and option E is
22:50the correct answer, okay? We'll see
22:54when the official answer key comes out,
22:56when the correction made by the exam
22:59board is released, if there is anything
23:01in that question to be annulled, but I
23:03don't think so. Your four points would
23:07come from marking letter E, since
23:10payroll loans in the private sector, I
23:12don't remember the exact date, but it
23:15was approved and it started being used
23:18at least two or three years ago. Look,
23:21look, if there's no more time, okay? So
23:23, payroll loans do exist in the private
23:25sector. Letter E, four points, and
23:27let's move on to nine. Fernanda saw a
23:32news report where an economist
23:34explained that in a contractionary
23:37monetary policy, to retract, right, the
23:39interest rates, then we have to say
23:42what it does, does it decrease or
23:44increase, right, when inflation is
23:47rising or falling. And in an
23:51expansionary monetary policy, the
23:53interest rate, we have to say, does it
23:55decrease or increase when inflation is
23:58falling or controlled. So let's go. Our
24:01SELIC, our interest rate, it tends to
24:05rise when inflation is rising. So the
24:09rate increases when inflation is rising
24:12. For now, I have that where it
24:14increases while rising. I have it in A
24:17and D, right? Increases while rising.
24:21And then to finish, to clear the doubt
24:23between A and D, since in an
24:25expansionary monetary policy, the
24:27interest rate decreases when inflation
24:29is falling or controlled. And so we are
24:33left with option letter A. It increases
24:36when inflation is rising, and in the
24:39expansionary one, it decreases when
24:41inflation is controlled. OK? Question
24:45nine, five points, okay? And now let's
24:48go to question 10, which will also be
24:50worth five points. Mateus and his
24:53economic studies team are evaluating
24:56two fictional countries. Country A had
24:58a high GDP and country B showed a much
25:02lower GDP compared to the previous year
25:05. Analyzing only the GDP, what is the
25:08correct interpretation of the economic
25:10condition of the two countries? Let's
25:13look at the alternatives. So, letter A.
25:15The monetary policy of country A was
25:18expansionary, while the monetary policy
25:21of country B was contractionary. Hmm.
25:24Leave it under scrutiny, right? Letter
25:28B. Both countries recorded exactly the
25:31same growth, sorry, exactly the same
25:33growth in per capita income. No,
25:36probably not, right? C. The quality of
25:40life of the citizens of country B
25:42improved in relation to country A. Ah,
25:44it's at this point that I, right, might
25:46need to make a comment and no, it has
25:48nothing to do with it. D. The economic
25:54health of country A is fragile because
25:57a high GDP hinders innovation. That was
26:00way off, wasn't it? The most
26:02off-the-wall one now was D. For now
26:04we're still looking at A, but anyway,
26:07letter E. And also because of that
26:11theory I learned in driving school
26:13about the longest answer, right?
26:17Country A shows a strong and growing
26:19economy, while country B had a decrease
26:22in its economic activity. That's it.
26:24And that's that, okay? Letter E is the
26:26correct answer. Let's go. GDP, when we
26:29studied it, is an important indicator
26:31for all countries, right? They all have
26:35their GDP released, there are
26:36comparisons from one to another, but it
26:39only shows how the economy behaved from
26:41one period to the previous one, right?
26:45It increased, went up, grew, fell in
26:47relation to last year, will it go up or
26:50down next year, okay? It indicates that
26:53, but it doesn't correlate with per
26:56capita income. It doesn't mean a high
26:59GDP is a good country and a low GDP is
27:01bad. You have, we've already mentioned
27:03the case, right? A country where you
27:05don't have much economic activity, but
27:07the country is all organized, the
27:08quality of life for the people is
27:10really nice. Even though the GDP is
27:12only in the millions, right? And not in
27:15the billions or trillions. While you
27:18have countries that still have social
27:20inequality, ours, our GDP...since we
27:23are a huge country, we are a country
27:25that produces a lot, has a trade
27:27balance, sells, and well, we have a
27:29huge generated wealth compared to other
27:32countries in Europe, organized
27:34countries. However, we have social
27:37inequality, we have infrastructure
27:39problems; that is, despite having a
27:41high GDP, it doesn't mean we are an
27:44organized country, that we are a
27:46country without, uh, this social
27:48inequality. GDP going up just indicates
27:51that the economy is growing, right?
27:54While if GDP retracts, it indicates
27:55that the economic activity in that
27:57country at that moment has cooled down.
28:00So it can only be letter E. You got
28:02this one right, five points on the
28:04board, we've closed the first block,
28:06which is macro-topic 01. From now on,
28:10we're going to talk about investments.
28:12The first ones, actually, up to the
28:1418th, right? Fixed income investments,
28:17and then to finish the exam, variable
28:19income investments. The last two
28:21questions. So let's go, look, question
28:2311. Artur is explaining to Laura that
28:26fixed-income investments aren't all the
28:29same, as the profitability can change
28:31according to each product's rules.
28:34Laura went to the Tesouro Direto
28:36website and saw several investment
28:38options. Which government bond has
28:41hybrid remuneration, meaning it uses
28:43two mechanisms, right? The
28:46prefix-indexed Treasury bond doesn't.
28:47The prefix-indexed Treasury is a
28:50percentage rate, right? 13%, 14%, 15%,
28:538%, and you know that's what your money
28:55will earn during the period it stays
28:57there. Tesouro IPCA +. Exactly. With
29:02IPCA +, it takes, I give you, right?
29:05You lend to the Tesouro Direto and to
29:07the national treasury. And the
29:09agreement is exactly this. First, I
29:11cover your inflation, meaning whatever
29:13inflation is generated in that period,
29:15I give you. And besides that, of course
29:18, so it's not just a break-even, so
29:20it's not just beating inflation, I also
29:22add some percentage of real gain. So,
29:25inflation plus 6%, inflation plus 5%.
29:29And so I have a hybrid remuneration,
29:31since I have a part that is
29:32post-indexed; I give you the inflation,
29:35but I don't know what the inflation
29:37will be, meaning I'll only know later.
29:40But besides that, I give you a fixed
29:41gain on top of that inflation. So, a
29:43post-indexed part, a prefix-indexed
29:45part, I have Tesouro IPCA + in a hybrid
29:48form, okay? Prefix-indexed Treasury
29:50with semiannual interest, no, that
29:51remains prefix-indexed. Tesouro Selic,
29:53no, Tesouro Selic is post-indexed. I
29:56don't know how much I'm going to earn.
29:57I know I'm going to earn the Selic rate
29:59, but I don't know what the Selic will
30:01be at the time, right? Oh, and the
30:03Tesouro Reserva? No, the Tesouro
30:04Reserva is something new. I thought the
30:06exam would ask something about the
30:08Tesouro Reserva; I didn't see it in the
30:10three levels, but the Tesouro Reserva
30:11is also based on the Selic, okay? So
30:14it's just a new modality because of the
30:16liquidity, which is faster, but it is a
30:19Tesouro Selic, meaning it is a
30:21post-indexed Treasury bond. The only
30:24hybrid one there is the one in letter B
30:26, IPCA +. And so this question is worth
30:28three points. So, if you got it right,
30:30write down three points in your
30:32notebook, then go back through the
30:34whole video and add up your score, as I
30:36want you to comment on it at the end of
30:37the video, okay? 12th question. Rafael
30:40is starting to invest and wants to
30:42understand what differentiates fixed
30:44income from variable income; what is
30:46the main characteristic that defines a
30:48fixed income investment? OK. Letter A.
30:52The rules for remuneration, rate, or
30:54indexer are defined at the moment of
30:56the investment. There, no need to read
30:59the rest. That's it, right? In fixed
31:02income, I have the rules of the game
31:04set on the table before making the
31:06investment. I already know how much I
31:09will earn, what percentage I will earn,
31:11when I will redeem this money, when the
31:13money will return to my account. All
31:17remuneration rules are set at the
31:19moment I make the investment, okay? The
31:24profitability can only be known after
31:25selling, no. A security on the stock
31:27exchange is even worse, right? Because
31:29fixed income is not about the stock
31:31exchange. The return depends
31:32exclusively on the appreciation of the
31:34shares. That is variable income. There
31:36is no type of risk involved in fixed
31:38income. It's very low, very low. But we
31:42always have to announce that there is
31:44some market risk, some credit risk,
31:47some liquidity risk, because there is
31:50no such thing as zero risk. It's almost
31:54zero, but we have to inform that there
31:56is risk. If someone says there is no
31:58risk, be suspicious. Are they a liar or
32:00is it a scam? So there is. Life has
32:03risk, the economy has risk, right? Ah,
32:06they are very low in fixed income, but
32:08do all fixed income investments have a
32:1130-day lock-up period? No, no, no. You
32:14can have investments that have daily
32:15liquidity. I put it in today, tomorrow
32:17I change my mind about this investment,
32:19I'll click there and the money will
32:21return to my account just fine, okay?
32:23It doesn't stay stuck there for 30 days
32:24, no. Some stay even much longer than
32:27that, but not all of them. So only
32:29letter A will be the correct answer.
32:32Remuneration is defined at the moment
32:35of the application. Well, let's take
32:37three points for this one. For this one
32:39. Let's go to question 13, the 13th.
32:42Fill in the blanks, right? When the
32:45rate rises, the benchmark interest rate
32:49of the economy increases. OK. When the
32:53rate, most likely the Selic rate, right
32:56, the benchmark interest rate of the
32:58economy increases. That's why banks
33:02tend to offer CDBs. The bank doesn't
33:06offer stocks, the bank doesn't offer
33:08debentures, right? Even though you buy
33:11debentures there on the bank's app, the
33:13bank's brokerage, the bank doesn't
33:14offer a debenture itself. The bank
33:17doesn't offer, I mean, government bonds
33:19, yes, but it is also just a seller,
33:21right? Savings, no, CDB. So, we'll go
33:25with option E. When the SELIC rate goes
33:28up, the economy's benchmark interest
33:31rate increases. Therefore, banks tend
33:34to offer CDBs with higher interest
33:36rates. Or, if the SELIC rate rose, the
33:39CDB's rate of return should also
33:41increase, right? Both for those taking
33:44out a loan and those lending money,
33:47higher rates mean higher returns as
33:49well, okay? So, letter E is the answer
33:52for this one, and it would also be
33:54worth three points in fixed income. The
33:57three-point ones are finished. I think
33:59I have the next three questions worth
34:01four points now. Bianca is researching
34:05fixed-income investments and saw a CDB,
34:08which is a bank deposit certificate,
34:10paying 200%of the CDI. She was
34:14surprised by the rate, which is much
34:16higher than the average, right? What
34:18factors should Bianca analyze before
34:21making a decision? Go ahead. Just the
34:24profitability and choose the one that
34:26yields more. No, it's not good to pay
34:29attention only to that, is it? 200%of
34:31the CDI, let's not even mention that
34:33there was a bank last year. Last year.
34:35Last year, right? Offering something
34:37like that, and by the end of the year,
34:39that bank was liquidated, right? Anyway
34:42. B, the profitability and the issuer's
34:46debt rating, right? In other words, the
34:48credit rating, right? There are
34:50companies that only do this, that
34:53analyze and issue a rating of A +, BB,
34:55B minus, anyway. Ah, there you go,
34:58profitability and the rating; for now,
35:00that's the most complete one, right?
35:02Who is it, who is it that is offering
35:08this 200%of the CDI? And so, the most
35:12complete one is probably what we'll
35:14mark: profitability, the rating, and
35:16the liquidity rule. For how long will
35:18this money be locked up? Good. Letter C
35:21becomes the most complete one. The
35:23profitability history of this issuer
35:25for the last 12 months, no. I prefer
35:27letter C, which I'll be paying
35:28attention to. How is the profitability?
35:31How secure is this issuer? And what is
35:34the liquidity rule? Will this money be
35:36locked up for 6 months, will it be
35:37locked up for a year? And letter E,
35:40whether the bank has shares traded on
35:42the stock exchange, no, right? Having
35:46or not having shares traded is not
35:48something more important than looking
35:50at these three factors, right? Risk,
35:53return, and liquidity. When does the
35:56money come back, how safe is this
35:58investment, and how much will I earn
36:01from it. So, it's that little tripod we
36:03talked about in the preparatory classes
36:05. Did the classes, comment here. Did it
36:07make a difference during the test,
36:10write that in your comment too, okay? I
36:12didn't ask at any point for you to
36:14subscribe to the channel and leave a
36:17like on the video. You're at level
36:19three, third year, bye, we won't see
36:21each other anymore. I can't even invite
36:23you to see the prep for the Enem that
36:26we'll do in 2027, right? But if you're
36:29level three, watching here, grading
36:31your test, or if you're in your second
36:33year, first year, next year there's Olf
36:35again, next year there's Enem, right? I
36:38know someone in their second year will
36:40already be a trainee. Next year is the
36:42real Enem, like, the actual Enem for
36:44you. Those in their first year will
36:46take it as trainees next year. So, next
36:48year we have a project to do both prep
36:50for the Enem and prep for the Litef. So
36:53, if you subscribe now, turn on
36:55notifications, stay here with us. There
36:58are some people on WhatsApp that I'm
37:00going to close the group for, but there
37:02are people on WhatsApp with me for a
37:03long time. If you're in high school,
37:07stick around because in 2027 we'll have
37:10time and space to use YouTube for Enem
37:13and Oltef prep, okay? They asked me for
37:18BMEP, but then the calendar won't match
37:20up, it won't line up, it will be too
37:22rushed. I won't promise BMEP, but Oltef
37:25and Enem, we'll be there next year,
37:28okay? So subscribe and turn on
37:30notifications if you're in your first
37:33or second year. Uh, question 15, four
37:36points for this one, okay? Question 15,
37:39match the indicators to the
37:41descriptions. Oh, I see. You have to
37:44say what the IPCA is, what the IGPM is,
37:45what the Selic rate is, what the CDI is
37:47. The good thing is that in the
37:49material and in the classes we covered
37:51three of them, the IPCA, Selic rate,
37:53and the CDI. So you can't say," oh, I
37:55won't get this right because Mancinho
37:57didn't talk about IGPM. "If you put the
38:00IPCA, Selic, and CDI in the right place
38:02, whatever is left is the IGPM, right,
38:04which is the general market price index
38:06, which is an inflation that isn't the
38:09official one for the country, right?
38:12the country's official one is the IPCA,
38:14which is calculated by the IBGE, it’s
38:16measured by the IBGE, okay? So start
38:19noting, the IPCA will be the official
38:21inflation index measured by the IBGE,
38:23alright? The IGPM is also an inflation
38:27index, however, it is measured by the
38:29FGV, the Getulio Vargas Foundation.
38:32It’s used, there are people who rely
38:34on the IGPM, but it is not official,
38:37it’s not the one the National
38:38Treasury uses in its indexers. It won't
38:42be the inflation rate that everyone
38:44will, you know, have in their salary
38:45contracts. For example, the minimum
38:48wage should have inflation, it should
38:50be adjusted for inflation, retiree
38:52salaries too. So, the official one is
38:55the IPCA and the IBGE, the IPCA is
38:57calculated by the IBGE. The IGPM is
39:01another inflation measure, generally
39:03used in rental contracts. People who
39:07rent properties, who rent stores, real
39:09estate funds, they use the IGPM, okay?
39:13So it is another price index, it is
39:14another inflation measure, but it is
39:16calculated by the FGV, okay? So I
39:19already have A in the second box and B
39:22in the fourth box. Maybe we can already
39:24mark it, right? But of course, we know
39:26what the Selic rate is. The SELIC rate
39:28is the basic interest rate of the
39:29economy defined by the COPOM. We saw
39:31this in our classes. And the CDI is the
39:35reference rate for the main
39:36fixed-income investments, right? Many
39:39fixed-income investments. use the CDI.
39:43So, the alphabet soup, help me out here
39:46, it will be CADB. CADB is there in
39:50option D, right? Option D, CADB. OK.
39:55Question 15. Let's go straight to the
39:5716th question. How many points was
39:59question 15 worth? Four points. Did you
40:01get it right? Write it down. Keep
40:03building your score so you can tell me
40:05at the end, in the comments, okay? Ah,
40:07question 16 now, right? Fill in the
40:10blanks. When the issuer does not honor
40:14the payment at maturity, we speak of,
40:16we just mentioned this a moment ago in
40:18a past question, risk, return,
40:19liquidity, right? Credit risk, market
40:22risk, and liquidity risk. But let's go.
40:26When the issuer does not honor the
40:28payment at maturity, we speak of credit
40:30risk. They did not credit that payment
40:34they agreed upon with you, you got
40:36stiffed, you will seek this in court,
40:38anyway, there was no credit there,
40:40there was no debt payment, okay? And
40:45there is only this in It's already over
40:47, letter B, right? But let's continue,
40:49okay? If an investor needs to redeem
40:52before the deadline and can't, then
40:54that is liquidity risk, because
40:56liquidity measures how long it takes
40:58for your money to return, right? What
41:01was the agreement? Locked for 6 months,
41:0430 days grace period, D + 1, D + 5,
41:07well, 180 days. Ah, liquidity.
41:10Liquidity is about this, this, this
41:13redemption, right? Because there are
41:16investments that accept early
41:17redemption, that accept immediate
41:19redemption, and others that don't. It
41:22says:" Look, I will pay you, but the
41:24agreement was that I pay you in 2031. "
41:26So now, in 2026, it's too early for you
41:28to ask me; I won't pay you because I
41:29don't owe you yet, right? The agreement
41:32in the document is:" I owe you this
41:35amount, at such a rate, in such and
41:37such of 2031, and that is when I will
41:40pay you, okay? "So, liquidity risk, be
41:42careful where you leave your money; if
41:44it's for an emergency fund, it can't be
41:46in a place where it's locked for a long
41:48time, okay? And then, to finish, price
41:52fluctuations in the secondary market,
41:55when interest rates change, correspond
41:58to market risk, right? Things happen,
42:02you put it in that investment where the
42:04Selic rate was very good for you, the
42:06investor, right? The Selic was at 15%,
42:09but now the Selic is at 13.75%, it will
42:12drop to 13.5%. In other words, you are
42:15saying:" I am losing out on gains, I am
42:17failing to earn, that's market risk. "
42:19And in fixed income, these movements
42:20are actually quite slow, right? They
42:23are predictable and slow. So, but there
42:25is, there is the idea of, ah, I put my
42:27money in a pre-fixed investment of 6%
42:31per year, but inflation hit 9%per year,
42:34right? Things got out of control and
42:36inflation went to 9%, in other words, I
42:39stopped making money, right? My money
42:41wasn't even adjusted for inflation
42:43because market risk occurred, something
42:45happened in the market that made me not
42:48choose the best investment, okay? So,
42:50the correct sequence there is credit,
42:52liquidity, and market, letter B, the
42:55correct answer key. And let's move on
42:57now to the 17th question. Question 16
43:00was also worth four points, okay? And
43:04the 17th. Bete really wants her
43:07daughter Luana, who is 2 years old, to
43:10be able to go to college when she turns
43:1218. Mr. Osvaldo, on the other hand,
43:15wants to invest in a bond to supplement
43:18his retirement. Zeca, Bet's godson,
43:22told them he learned at school about
43:24two Tesouro Direto bonds, that there is
43:27one for each of these goals, and
43:29explained how they work. One, to fund
43:33higher education, the treasury is
43:36indicated and distributes income over
43:39years. Hmm. To supplement retirement,
43:43the treasury that distributes income
43:45over years is indicated. Good thing he
43:48doesn't say, oh, because we're going to
43:50mark the options, okay? So, let's go.
43:53We studied this, we talked about this.
43:54In the classroom, right? I talked to
43:56the boys. Here we have the class I
43:58mentioned, and I thought he would ask
44:01something about Tesouro Reserva, since
44:04it was new. Anyway, he asked about
44:06these which are also new, right? These
44:09two, Educa Mais and Renda Mais, but we
44:11already had them last year, they were
44:12already in the works, already
44:13functioning. Last year, if I'm not
44:16mistaken, they even appeared on the
44:192025 test, and they're back now, right?
44:22Always with the novelty, the Treasury,
44:24which is one of the sponsors of the
44:26Oltef test, will try to use it as a
44:28form of advertising correctly, right?
44:30Announcing that it is evolving, it is
44:33creating the Tesouro Reserva. It's
44:36something very similar to the piggy
44:38banks from digital banks, right? But
44:41here he will talk about Renda Mais and
44:44Educa Mais. Of course, the name says it
44:46all, right? Exactly. The A is
44:48specifically for retirement. Renda Mais
44:51is the one that will help Mr. Osvaldo,
44:56right? Tesouro Renda Mais will help Mr.
44:59Osvaldo, Tesouro Educa Mais will help
45:01Bet's godson. But then, besides that,
45:04we needed to remember how often I will
45:07get paid and for how long I will get
45:09paid. So, this question turned out
45:11really cool. That's why I think it will
45:13be worth five points or four points.
45:14I'll see at the end, okay? But let's go
45:16. Renda Mais has semi-annual payments,
45:20put that aside, right? Payments are
45:23always monthly, so don't read option A
45:25anymore. Educa Mais has weekly payments
45:28, not monthly. Payment is monthly, okay
45:30? Educa Mais monthly for 8 years, no,
45:34only 5 years, okay? And I won't read
45:38any further because it's also wrong.
45:40Renda Mais there. Letter D. Educa Mais.
45:43Monthly payments for 5 years. Perfect.
45:46Renda Mais, monthly payments for 20
45:48years. Letter D, the correct one, okay?
45:51Renda Mais semi-annual, let's not read
45:52it. So, the correct answer is D. Those
45:55are the characteristics of these bonds,
45:57right? You lend to the government for
46:00as long as you want. And then, when you
46:03reach the agreed date, always set at
46:05the start of the investment since it's
46:08fixed income, you start receiving a
46:09monthly amount for 5 years with Educa
46:11Mais, or 20 years with Renda Mais.
46:14That’s why, towards the end of your
46:16life, you know, for supplementary
46:18retirement, you start receiving an
46:20extra monthly amount for 20 years to
46:22help with your retirement, okay? We
46:25talked about all of this in our prep
46:27classes. Correct answer is D. This one
46:30was worth five points, more than fair.
46:32A very cool, well-crafted question. You
46:36needed to remember the terminology here
46:38, the payment periods, and how long the
46:40payments last, right? Cool question.
46:42Five points in the bag. This is
46:45sometimes what separates gold from
46:47silver, silver from bronze, because
46:50some might have tripped up on this one,
46:52right? We studied it, we talked about
46:54it, but remembering it during the
46:56nerves of the exam, recalling all the
46:58little details wasn't so simple. So
47:00here, maybe I'm separating gold from
47:02silver, silver from bronze, and bronze
47:05from honorable mention, right? Question
47:0918, still on fixed income. The last
47:12question on fixed income says the
47:13following. Bruna is researching
47:15debentures and found the following
47:18information on the internet. Debentures
47:22are debt securities issued by companies
47:26to raise funds. Perfect. That is what
47:29debentures are for, right? And that is
47:31what companies do. Companies issue
47:33debentures, right? Uh, option one is
47:35correct. By buying a debenture, the
47:39investor lends money to the company and
47:42receives interest in return. Not that
47:45the company receives it, but the
47:45investor receives interest in return.
47:47Perfect. When I create a debenture,
47:50when I issue one, as a company, I put
47:52it on the market, people invest in it,
47:55and then I, the company, have to pay
47:57interest to those people. Option two,
48:00correct, perfect. Three. Debentures
48:03have the same FGC (Credit Guarantee
48:06Fund) protection as bank-issued CDBs.
48:09Mm-mm. No, they don't, okay? The FGC is
48:14a fund that only protects investments
48:18made in banks. And someone might say:"
48:21But I bought my debenture inside
48:23such-and-such bank, through that bank's
48:25app. "You used that app as a brokerage
48:29to buy this bond, but the money that
48:31left your account went straight into
48:34the company's account, so there is no
48:37bank intermediation in the investment.
48:41Therefore, if it is not carried out
48:43through a bank, you do not have the
48:45credit guarantee fund. If the company
48:48does not pay you, you will have to seek
48:50other ways to collect. Don't run to the
48:53banks and don't run to the FGC, because
48:55you don't have FGC coverage, okay? So,
48:58for now, one and two and four.
49:00Debentures can offer higher rates than
49:02federal government bonds to compensate
49:05for the higher credit risk. That is
49:07exactly it. And that's what we learn,
49:08right? As you turn up the risk dial,
49:12you turn up the profitability dial. So,
49:15if it is the riskiest in fixed income,
49:17and I actually think it is, out of all
49:20fixed income, the one I consider
49:22highest risk—some say it's
49:23securitizers in CRI, CRA, but I still
49:25think that is very backed—it is
49:27indeed the debenture. Of course, you
49:31are lending to big companies, to
49:33gigantic companies, but we are seeing
49:36lately, right, companies we never
49:38dreamed of seeing in trouble or seeing
49:40enter judicial reorganization, and
49:42perhaps those companies issued
49:44debentures in some periods. So, ah, I
49:48see debentures in fixed income as the
49:50riskiest investment, still much safer
49:52than going into variable income, but it
49:54is the riskiest. And why would anyone
49:57put money in the riskiest place?
50:00Because it offers a much higher return.
50:02So, if I am going to take a higher risk
50:05, I should earn extra money, right? So,
50:07yes. Four, okay? 1, 2 and 4. It's there
50:13in letter C, which is the correct
50:15answer for question 18. And this one
50:17was also worth five points. And this
50:19one is probably also separating a
50:21silver from a bronze, a silver from a
50:24gold, because it is a well-constructed
50:26question and you had to remember many
50:28things about debentures, right? And a
50:31lot of people think:" Everything in
50:33fixed income is guaranteed by the FGC
50:34and so they think letter E would be
50:36correct, but it is not. "Okay? To
50:39finish on variable income, two little
50:43questions, three points, questions
50:46considered easy. And in fact, if you
50:49remembered what we covered in class,
50:51right? Uh-huh, you would get these two
50:55questions right easily. Much more so
50:57than question 20. I wouldn't do it; if
50:59I were the one writing the Aitef exam,
51:01I wouldn't do it, I wouldn't include
51:04question 20. I don't think so, anyway,
51:06let's get to 20 and we'll see, okay?
51:09But question 20 is very weak. No, it
51:12shouldn't be in an exam that measures
51:14how engaged the student is in financial
51:16education knowledge. I’ll offer my
51:19critique when we get to that question.
51:21Number 19. Yes, 19 is cool. Camila
51:24wants to be a shareholder in the
51:26company that manufactures her phone, a
51:29tech giant based in the United States.
51:31But she doesn't want to open an account
51:33abroad. Maybe she can't even do that,
51:35right? But anyway. What is the security
51:38traded on the B3, our stock exchange
51:40here in Brazil, that allows her to
51:41invest in shares of companies traded on
51:43international exchanges, directly from
51:45here, buying locally? So, what would
51:48that security be? A REIT, a real estate
51:51investment fund? No, real estate
51:54investment funds are funds where you
51:57invest in Brazilian companies, right?
52:01Uh, ETFs, because of the acronym, right
52:03, that someone looked at and thought,"
52:05exchange traded fund, "right?" Oh, this
52:08must be foreign. "No, an ETF is not it.
52:11We’ve seen what an ETF is; it’s a
52:14basket—giving a quick explanation,
52:16right? There are examples in class and
52:19everything, but an ETF is a basket of
52:22several stocks. You want to buy a stock
52:25, you choose a segment, you choose a
52:28sector, you choose a niche in this
52:30market, but you’re undecided about
52:32which stock to buy. You can buy an ETF
52:35for that segment, for that sector. So,
52:38it’s as if I were buying stocks of
52:40several companies in one go, right, so
52:43I don't have to choose between five
52:46agribusiness companies or seven
52:48telephone companies. And so, if I don't
52:51want to make that choice, I can buy an
52:53ETF for that sector, for that segment.
52:55It’s not an ETF, okay? That you will
52:58use to invest in a foreign company. A
53:02Fiagro? No. A Fiagro is an investment
53:05fund for agribusiness production chains
53:07, right? Ah, it would be similar to
53:10real estate funds, only there you are
53:12investing in agribusiness. An
53:15infrastructure investment fund? Also no
53:18. And that’s when the correct option
53:20appears, a Brazilian Depositary Receipt
53:22, right? A BDR. And yes, when I buy a
53:28BDR, I’m investing in an Apple, in an
53:31Uber, in a foreign company, in a large
53:34foreign company, through our stock
53:36exchange here in Brazil, okay? So, a
53:40BDR is this way of purchasing shares of
53:45Amazon, Tesla, Nvidia, or Chevrolet,
53:49right? Right here, directly from Brazil
53:52, without needing to open an account
53:54abroad, because there are financial
53:55requirements too. Not everyone will be
53:58able to open an account abroad; there's
54:00a minimum money limit, okay? So, answer
54:03key for 19 is letter E. And here comes
54:06my criticism. Three points for this one
54:08, okay? And here comes my criticism of
54:11the Olitf exam. Nothing is wrong with
54:14the question, perhaps knowing the
54:16history is important, anyway, but I
54:19wouldn't do it, I wouldn't measure how
54:21engaged my student is in financial
54:24education by needing to know where the
54:27B3 is headquartered. I have nothing
54:30against the question, it's fair enough
54:33here. Whoever knows where the B3 is, OK
54:35? Whoever doesn't know, OK. But I could
54:37have aced the level three test, right?
54:40And of the 60 questions I took, right?
54:43The 20 from level one, the 20 from
54:44level two, and the 20 from level three,
54:46this would be the only one I wouldn't
54:48put on the test. Maybe I'd raise the
54:51level of others, but anyway, I'm not a
54:53curator, I don't write the test, I'm
54:55not on the team that creates the test,
54:56but this one is very much a fish out of
54:58water. I mean, having to remember where
55:02the B3 is, having to remember, you know
55:04, which city the B3 is in. There are so
55:07many other cool questions I can ask
55:09about variable income, about content,
55:11about investments, but this one...And
55:13then someone will say:" My God, I did
55:16everything, but I don't know, I didn't
55:18read it, I didn't remember, I didn't
55:20imagine where the B3 was located. "And
55:22and when I read the material here once,
55:26it starts by telling how Brazil's stock
55:29exchange is in Rio de Janeiro, started
55:33in Rio de Janeiro, right? And then many
55:36people might have gone for letter E.
55:37Others for Brasília because it's the
55:39country's capital. Anyway. Oh, but it's
55:42neither A nor E, okay? Oh, it's letter
55:44B, São Paulo, right? Where is Brazil's
55:46stock exchange located? In São Paulo.
55:48Where is the B3 located? In São Paulo.
55:50Okay. I think it's uninteresting. I
55:52wouldn't ask this question, but that's
55:54that. Oh, Gabriel learned that in
55:55history class. The first stock exchange
55:56was founded in 1851, and it says there
55:58in our material, right, in the
55:59indicated material, that it was in Rio
56:01de Janeiro. For a long time, the stock
56:03exchange in Brazil, since Rio was the
56:05country's capital, Rio was the economic
56:07and financial center; everything was
56:09there, right? When São Paulo started
56:12gaining strength, uh, Brasília became
56:14the capital, but São Paulo is the
56:15financial center. There's Faria Lima,
56:18the famous Faria Lima there. I have in
56:20that transition period, I'm talking
56:22about the 70s to the 80s, I don't even
56:25have the unification, right? I have
56:27Bovespa, which is the São Paulo Stock
56:29Exchange, and the one in Rio. It was
56:32still in operation then, but it soon
56:34ended its activities. I have the BM&F,
56:37the commodities and futures exchange,
56:39and I have CETIP, which was a custody
56:41house for public securities, right? I
56:44had these three places where I made
56:46fixed-income investments, made
56:48variable-income investments, and
56:49handled the circulation of securities.
56:53And then, this unified around 2000.
56:55First, they unified the BM&F and
56:57Bovespa, and in the end, they took
57:00CETIP, and that's when B3 was created:
57:02Brasil, Bolsa, Balcão. That's why it's
57:05B3, okay? And it is headquartered in
57:08São Paulo, okay? Right there in the
57:11country's financial center, which is
57:13today our state capital of São Paulo,
57:15in São Paulo, the answer is letter B,
57:17okay? I wouldn't ask this question, but
57:21whoever got it right earned their three
57:23points, and then case closed, we
57:25finished the 20 questions, you can know
57:27your score. And now, just wait. The
57:31preliminary result will be released.
57:32Your school coordinator will have
57:34access to it. Aitef may ask that this
57:37teacher send the cards again for
57:40verification. This is part of the
57:43process, and right at the end of
57:45October, October 30th, that's when the
57:51awards will come out: gold medal,
57:52silver medal, bronze medal, probably
57:54the cutoff scores in each state, and
57:55then you can know exactly where you
57:57stand. So the time is coming to know if
58:00you achieved the award or not. And no,
58:04I think if you prepared yourself, which
58:06is the fundamental goal of Olitef, and
58:08I fully agree, right? The medal is a
58:12representation, it's cool, have that
58:14moment at school, invite your parents,
58:16okay? Last year there was a a a a cash
58:21prize of 400 reais, this year there
58:23isn't that specific prize, I don't have
58:25a financial reward this year, but the
58:28medal is just the end of what you
58:30acquired, and the most important thing
58:32is, right? This isn't loser talk, it
58:35isn't consolation talk, it isn't. The
58:39most important thing is the knowledge
58:41you acquired, things you had no clue
58:43about or no knowledge of, no contact
58:46with, about how the economy works, why
58:48money is the way it is, uh, means of
58:51oversight, means of control, means of
58:53security, possibilities to invest. That
58:57is certainly much more important than a
58:59gold medal on your chest, a silver
59:01medal on your chest. And if you got a
59:04taste for it, nobody will ever take
59:05that away from you again. You will be a
59:07curious person and that is what I
59:08recommend, right? Be an eternal curious
59:10learner. You don't need to say, from
59:12now on I'm going to study economics in
59:14college, now I'm going to study
59:15accounting because I want to know the
59:17calculations in depth. No, right? You
59:20can go into law, you can go into
59:22medicine, you can go into nursing, into
59:25physical education, but you live in a
59:27world backed by money. Everything is
59:29money, everything is business,
59:31everything is trade. That is what you
59:33have to grasp. Be it, I'm going to be a
59:35dentist, I'm going to be a driver, I'm
59:37going to be a ah pizza maker, I'm going
59:39to open my business. You have to be
59:41aware of this world you are in, right?
59:44You have banks out there trying to suck
59:46you dry, trying to impose high interest
59:47rates, you have finance companies, you
59:49have situations where you'll buy your
59:50house, buy your car. So you have to
59:52understand, or at least try to
59:54understand, the basics of the economy.
59:56And that's what Olitef brings, right?
59:58It brings concepts that you start
1:00:00studying for a test, but you start to
1:00:02get a taste for it. That's why I always
1:00:03recommend it, right? Here I always post
1:00:05books about financial education that
1:00:08you can acquire, right? You click here
1:00:10on the little shops that are there, and
1:00:12there are some on Shopee, on Amazon, on
1:00:14Mercado Livre, which are cool books
1:00:16that I have read to build the classes,
1:00:19to build the knowledge that I have. I
1:00:21am a math teacher, right? I'm not an
1:00:23economics teacher, I'm not a finance
1:00:25teacher, my background is mathematics,
1:00:26but I have a great passion for studying
1:00:28financial education. I'm taking this to
1:00:31the schools where I teach, you know, in
1:00:33person and now through YouTube, through
1:00:35Olitef, bringing it to us here. I have
1:00:38people from Sergipe, Santa Casa—I
1:00:39won't remember every state, but we have
1:00:41our little group there where I know the
1:00:42kids, right? Sergipe, Santa Catarina,
1:00:44Paraná, there are people from many
1:00:46places here, okay? So, uh, the main
1:00:48focus of Olitef is to bring knowledge,
1:00:50it's to bring education into the
1:00:53schools. And it is succeeding. Olitef
1:00:55is an Olympiad that has everything to
1:00:57be very successful, everything to take
1:01:00off. Let's see in the next editions if
1:01:03they follow through on this idea of
1:01:05trying to adjust the content or raise
1:01:07the level of the questions, or if they
1:01:09will come with a second phase to level
1:01:11things out better, right? Because the
1:01:14first phase is the only phase for now,
1:01:16isn't it? It's already getting easy for
1:01:19the amount of content we've studied. We
1:01:21are already mastering this very, very
1:01:23well. And that's what I want you to say
1:01:25in the comments, right? Did you prepare
1:01:27here through the channel, or another
1:01:29channel, or at your school? Did your
1:01:31school teacher prepare, get ready? And
1:01:33so, how was your performance? Tell me
1:01:35here in the comments, right, teacher,
1:01:37was it through this channel? Was it
1:01:39through another channel, was it through
1:01:40my teacher, and did it yield results? I
1:01:42took the test with total confidence.
1:01:44Did all the content we worked on in
1:01:47class show up or not, right? I didn't
1:01:50understand anything, I didn't see
1:01:51anything. The test was very different
1:01:52from what we had been studying, from
1:01:54what we had been preparing for. Anyway,
1:01:57I want your comments. Leave a like to
1:02:00help the channel produce more videos,
1:02:02to help this video reach other students
1:02:05across Brazil, and subscribe to the
1:02:07channel because next year we will do
1:02:10the OLITEF 2027 prep course, we'll have
1:02:12a WhatsApp group, and we'll do the prep
1:02:15for ENEM 2027. So, if you're in level
1:02:19three, second or first year, next year
1:02:21you'll be taking the ENEM either as a
1:02:23trainee or the real official ENEM,
1:02:25right, which is the same test, but
1:02:27anyway, for you, it will count for
1:02:28college admission. And you can do the
1:02:32math part right here on our channel,
1:02:34okay? So as not to drag this out, I'll
1:02:38say goodbye here. Big hug to everyone
1:02:40and see you later.

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