Num País acovardado, este gestor dá a cara a tapa

In Brazil, a deeply divided nation where many are afraid to voice their opinions, a Faria Lima manager has emerged as an unlikely voice of discomfort with politics and economics. Over the past 18 months, Walter Maciel, the CEO of AZ Quest, a firm with nearly R$ 40 billion in assets, has built a digital presence that now boasts over 400,000 followers, making him one of the most vocal business figures advocating for a change in government, always citing economic trends as the main motivation.

When he first joined Instagram, Maciel initially posted about investments, the economy, and his daily life as a manager. However, he decided to focus on politics when he realized that discussing the economy without mentioning Brasília was impossible. "In Brazil, if you only know about companies, you break. The Supreme Court change an understanding and it can have a huge impact on companies.

There is a lot of uncertainty, insecurity. You can't talk about the economy without talking about what the Government is doing," he told Brazil Journal. His main motivation, however, is his growing discontent with the direction of the country. Maciel said he has "ethical and moral differences with the PT," but his biggest concern with the current government is "a country about to enter fiscal dominance."

"They [the PT] are doubling down! They've already said it publicly. How can I stay silent while this happens?" But politics and economics are not the only topics Maciel covers. He has made videos on the ethics of Clint Eastwood in Unforgiven, the lessons from Muito Além do Jardim, the last film starring Peter Sellers, and stoicism.

His most recent hit was a video criticizing Minister Flávio Dino for using the name Aristotle incorrectly in a controversial STF session. In the video, Maciel corrected the minister, reminding him that the phrase is not from Aristotle, but from Gorgias, a sophist. He defined sophists as "the category that Aristotle defined, in writing, as 'men who sell apparent wisdom, not real wisdom.'

The philosopher only records the phrase to condemn them." He ended the video saying, "Virtue for Aristotle is not to cite, it is to act. Who cites the rule and distorts the rule is not wise, is a sophist. And a sophist always speaks beautifully. That's why it's better for us to read and know what we cite, so we don't pay the price."

The video, seen by over 3 million people, sparked controversy, causing Dino to publicly declare being the victim of a "regional and racist prejudice" for being from Maranhão. Maciel, who graduated in economics at PUC-Rio alongside figures like Gustavo Franco, Edmar Bacha, and Dionisio Dias Carneiro, began his career at Safra's international desk and treasury, then at Banco Garantia.

When he joined AZ Quest in 2006, the firm had only R$ 200 million in assets and a single macro fund. Three years later, it managed R$ 3.5 billion, but suffered a setback during the 2008 crisis when its four largest clients (the hedge funds of major banks) withdrew almost all their resources, dropping AZ Quest's assets under management to R$ 500 million.

Maciel learned three key lessons from this episode: "I can't depend on a client, and I can't depend on a product." A third major lesson he learned years later when the star fund manager at AZ Quest decided to leave with five other analysts. "I learned there that I can't depend on a single star manager." Today, AZ Quest manages R$ 38 billion across 18 strategies and 180 products.

The team relies on no single name, with a highly diversified portfolio of over 350,000 investors, including individuals and funds. (The idea of starting a presence on social media was to reach this vast investor base.) Maciel's most impactful social media presence is 'I'm going to say what needs to be said,' a rallying cry that taps into the zeitgeist of a nation where many people only speak privately.

"Much of Brazil's elite is cowardly, with a passive position and no sense of citizenship," Maciel says. "In recent years, we've created a society of 'every man for himself,' where people only think of their own interests." Maciel's other two channels are 'Cultural Bonus,' where he discusses films, books, and philosophy, and 'Economics without jargon,' where he explains topics like inflation and fiscal dominance.

All video text is written by Maciel, who also films himself with his cell phone. A team handles final editing. Despite focusing on politics and having a clear candidate - Flávio Bolsonaro, "in the first round," Maciel has never been affiliated with a political party. "My cause is seeing the country fall apart. I can't stay silent.

I have my companies, employees, and five children here. I'm not leaving Brazil under any circumstances. If Lula wins, I'll continue fighting. And I can speak my mind because I don't want anything for myself."