Is Nubank About to Become My Third Portfolio Position?

Right now, my entire investment portfolio is concentrated in just two companies: Hims & Hers Health and Oscar Health.

I am all-in — not partially, not cautiously — but fully committed to these two businesses.

This is not a temporary state. It is a deliberate, deeply thought-out strategy.

I don’t diversify across dozens of stocks.

Instead, I diversify over time — by building my conviction, scaling into positions at different stages, and staying patient as businesses evolve.

Why I Invest This Way

Take Hims & Hers as an example:

I began building my position when the stock was trading in the single-digit dollar range.

After my initial buy, I waited for several quarters before adding again.

Only recently, when the company proved itself operationally, did I add again around the $25 mark — not because I was chasing the stock, but because the fundamentals had matured, and the resilience of the business had become even clearer.

Every new investment decision I face comes down to one simple, unforgiving choice:

Is it better to add to my two existing companies —

or does a new company deserve a spot alongside them?

Every new candidate must not just be good — it must be exceptional.

It must positively compete with Hims & Hers and Oscar Health across multiple dimensions:

• Asymmetry of opportunity

• Strength and durability of culture

• Management integrity and long-term focus

• Market potential and tailwinds

I have set a personal limit: maximum four positions.

Four companies I can fully understand, monitor deeply, and commit to long-term.

In this, I find a strong parallel to Charlie Munger, who also kept his partnership concentrated in just a few ideas.

It’s not about doing a lot — it’s about doing a few things very well.

What I Admire About Nubank

Now, there’s a new candidate standing at the door: Nubank.

There’s a lot I admire about this business:

• The company culture is outstanding — a real, living operating system for innovation and resilience.

• The backing from Sequoia Capital and Berkshire Hathaway gives me confidence that Nubank is playing the long game.

• Management is not optimizing for short-term quarterly wins; they are building fundamental strength for decades.

Nubank stands in front of a massive market opportunity — millions of people underserved by traditional financial institutions, especially across Brazil and Mexico.

But it’s not just the obvious TAM (Total Addressable Market) that excites me.

It’s the way they are building: patient, customer-first, technology-driven, culturally aligned with the markets they serve.

The Open Questions I Am Still Watching

Yet despite all the admiration, there are still critical points I am closely watching:

• In both Brazil and Mexico, there are already many low-barrier alternatives for the underbanked. Informal solutions, fintech apps, and hybrid models are gaining adoption fast. Nubank is not the only option, especially for the lower third of the population.

• Many so-called “unbanked” customers already have informal financial solutions in place. Changing these habits — especially in a cost-sensitive environment — is a real challenge.

• I am also carefully watching the government policies and currency dynamics in these countries. Political shifts, inflation, and economic instability can quickly change the long-term landscape.

• Lastly, Nubank’s ability to move upmarket into the high-net-worth and affluent segments is critical. They must evolve beyond being a “better bank for the underbanked” and become a full-service financial ecosystem for a growing middle and upper class.

Why I Also Admire Wise — And Why I Must Compare Them

Interestingly, as I’ve been analyzing Nubank more deeply, another company has increasingly entered my thinking: Wise.

I admire Wise for many of the same reasons I admire Nubank:

• A strong, mission-driven culture

• True customer alignment

• Durability of business model

• Relentless focus on simplicity, transparency, and value creation

There are clear cultural and strategic parallels between Wise and Nubank.

Both companies are building businesses designed to endure, not just to grow fast.

Both are reshaping old, inefficient industries through better technology and better alignment with customers.

Which means:

If I am serious about Nubank, I must also seriously consider Wise.

And then, ultimately, I must compare both Nubank and Wise directly against Hims & Hers and Oscar Health — the two companies that have already earned my highest conviction.

Where This Leaves Me

Nubank is very close.

Wise is increasingly in my field of view.

But I am not in a hurry.

I will move only when the asymmetry — the 5x, 10x, 20x potential — is as clear and compelling as what I already see in Hims & Hers and Oscar Health.

When I do move, I will move with full conviction — not hesitating, not half-committing.

Because if there is one lesson I keep learning over and over again, it is this:

Concentration is not a risk when you know what you own.

Half-conviction is the real danger.

Thanks for reading.

Stay focused. Stay patient. Stay decisive.