| Account | Shares | Price | Value | % of acct | Cost/sh | Gain $ | Gain % | Target |
|---|---|---|---|---|---|---|---|---|
| 401K | 539 | $10.16 | $5,476 | 0.22% | $9.28 | $474 | +9.5% | — |
| HSA | 310 | $10.10 | $3,131 | 2.90% | $9.66 | $136 | +4.6% | — |
| RLT | 326 | $10.16 | $3,312 | 0.20% | $9.13 | $336 | +11.3% | — |
| Total | 1,175 | $11,919 | 0.27% | $947 | +8.6% | — |
In short: His vehicle for a Brazil breakout he has no bandwidth to research stock by stock: "I just buy the Brazilian stock exchange. You can buy that. I think it has an ADR here in the US… I think the symbol's B3… that's how I'm playing it." Brazil may lag the rest of Latin America but will participate on "agricultural and energy prowess."
B3 is the company that runs Brazil's stock, futures and over-the-counter markets. It earns fees every time Brazilians trade, list a company, clear a derivative or register a security — so its revenue rises with market activity in Brazil as a whole, not with any one company's fortunes.
Polomny is bullish on Latin America as a region (political reforms, agriculture, energy) and thinks Brazil will join in, but he says plainly he doesn't have time to research individual Brazilian stocks. Owning the exchange operator is his shortcut: if Brazil's market wakes up, trading volumes and listings rise and the exchange collects on all of it. "I just buy the Brazilian stock exchange… that's how I'm playing it."
The risk is that it is still a Brazil bet — currency swings and politics hit it too — and he frames Brazil as a likely laggard behind Argentina.
38:25I don't know, a rising tide lifts all boats. I'm playing this, one of the ways I like this is you can now trade Brazilian stocks on Interactive Brokers. I'm not going to do a lot of research because I don't have a lot of bandwidth to dive into the Brazilian market. There's people that you can follow that do that. You can curate their work and then go from there. I just buy the Brazilian stock
In short: ★ Today's rating change — upgraded to Strong Buy (SB) on the Buy List. Lot dated 07/13/2026 at $9.85, marked $9.21 (−6.50%) — i.e. the upgrade comes on a name that is down since the July-13 "amped up" reiteration, consistent with Haymaker's habit of raising the rating as the price falls against an intact thesis (Brazil's monopoly exchange at trough P/S with a ~5% dividend, into an expected collapse in record-high Brazilian real rates).
B3 is Brazil's stock exchange — the only one — so it collects a small toll on essentially every trade in the country. Haymaker owns it and this week raised it to Strong Buy, even though the position is down about 6.5% since he bought in mid-July. That is his usual pattern: when a business is doing fine but the share price falls, he raises the rating rather than lowering it. The underlying bet is that Brazil's extremely high interest rates come down sharply, which would spark a bull market in Brazilian shares — and more trading means more tolls for the exchange, which already pays about a 5% dividend.
In short: Reiterated and "amped up." The owner of Brazil's leading exchanges has dipped ~8.5% since the initial highlight (its own swoon ~25%) despite "extremely robust first quarter earnings" — the likely culprit is Brazilian-market weakness (commodity-linked), "rather than a company-specific set of problems." At trough valuations on both Price/Sales and P/E with a ~5% dividend ("we suspect it will be north of that"). A "serious correction" after multi-year breakouts over overhead resistance = a better entry. Exchange operators are outstanding long-term performers trading "20x earnings or more"; BOLSY's discount ties to Brazil's single-digit-P/E market, driven by the highest real rates "of any major economy" — which Hay expects to fall "in a big way," triggering "a massive bull market in Brazilian equities." Risk: a Lula re-election (age 80; dead-heat polls) "likely to weigh on share prices" despite his economic pragmatism. Bottom line: upside outweighs downside; the correction "materially improved the risk/reward."
BOLSY is the company that owns and runs Brazil's stock exchange — essentially the only game in town for trading Brazilian shares, so it collects a toll on the country's financial activity (a business model that tends to be very steady and highly profitable). Its US-listed shares have fallen roughly 8.5% (the stock itself swung down about 25%) even though it just reported strong earnings — the drop is really about the whole Brazilian market being weak lately, not anything wrong with the business. That's exactly the kind of dip Hay likes: a great, steady company on sale, now at some of its cheapest-ever valuations with a dividend around 5%.
His bigger bet is on Brazil itself. Brazilian stocks trade at rock-bottom prices largely because the country has punishingly high interest rates (the highest of any major economy). Hay thinks those rates will eventually come down a lot, which historically ignites a big rally in a country's stock market — and the exchange operator would be a leveraged way to ride that, since trading volumes (its revenue) rise in a bull market. The main risk he flags is the October-ish election: if the 80-year-old incumbent Lula wins re-election, markets may wobble, even though his past record on the economy was fairly business-friendly. Net-net, he thinks the potential reward now clearly outweighs the risk.
In short: Pick #1 — Brazil's monopoly exchange operator (owns the main exchange + OTC listings), a "HALO" (Hard Assets/Low Obsolescence) cash machine with network effects/high switching costs; credit to Trader Ferg. Zero net debt, EPS $0.75 (2022) → $0.97 → $1.20E 2026 (~10%/yr, no down years), ~6% dividend yield. At ~14× (forward ~9–11×) vs peers' 20–30×; PT $21.60 at 18×. Two chart breakouts in six months. Risks: Brazil politics/currency, market already up a lot — but falling rates are a tailwind.
BOLSY is the U.S.-traded version (an ADR) of B3, the company that owns and runs Brazil's stock exchange — and almost all trading in Brazilian shares has to go through it. That makes it a near-monopoly toll booth: it collects a small fee on a huge volume of trades, has very few costs and almost no debt, and competitors essentially can't get in (you can't build a second national exchange overnight). Haymaker and Trader Ferg call these "HALO" businesses — hard assets, low obsolescence — and note that almost every long-established exchange has beaten its home stock market over time. They're even "anti-fragile": when markets panic, trading volume rises, so the business does fine in chaos.
It's also cheap and pays you to wait: ~6% dividend, profits growing about 10% a year with no down years, and it trades at roughly 9–14× earnings versus 20–30× for exchange operators elsewhere — so even a modest re-rating (to 18×) implies a ~$21.60 target. The chart has broken out twice in six months, which this team loves. The catch is Brazil itself — volatile currency, swing-y politics, and a market that's already run up — but falling Brazilian interest rates should keep pushing local stocks higher.
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Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.