In short: Raskin's final trade — a relatively new holding (42:36). "It's a little risky with the Brazilian election next month, but nine times earnings and if the election goes the right way, we think there's a lot of upside."
Itaú is Brazil's largest private bank, traded in the US as an ADR (a US-listed stand-in for the foreign share). At about nine times earnings it is cheap. The catch is Brazil's presidential election next month: Raskin admits it is risky, but if the result is market-friendly she expects the discount to narrow and the stock to rise a lot.
In short: The archive's first mention, and only as a comparator — one of the "traditional banks it competes against" in the Fiscal.ai forward-P/E chart (as ITUB4): 8.7x forward against Nu's 16.2x, its multiple up 29.3% since December 2022 while Nu's fell 63.3%. "It's worth noting that Nubank trades at a much higher valuation than the traditional banks it competes against." No view expressed.
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