Legal

Terms of use

What you sign up for when you subscribe to Machina, what you receive and what is outside the service.

Effective October 6, 2026

• Terms of use
• Privacy
• Cancellation

Who we are

The website machinainvestimentos.com.br and the subscriber area (app.machinainvestimentos.com.br) are operated under the name Machina Investimentos. The analyst responsible for the content is Thiago Ramos Almeida, a securities analyst certified by APIMEC (CNPI no. 10381). Contact: [email protected].

What the service is

Machina publishes securities research produced with proprietary quantitative models and reviewed by the responsible analyst, under Brazilian Securities Commission (CVM) Resolution 20/2021. The content is the same for every subscriber of a plan: it is not personalized investment advice, does not consider your financial situation, goals or risk profile, and does not replace an investment advisory service.

The personalized advisory service (CVM Resolution 19/2021) will only be offered once the CVM authorization is completed, and will be contracted separately under its own agreement.

Plans and what each delivers

• Observatory (free): monthly macro letter by email and a panel with 12 indicators.
• Data: macroeconomic data panel for Brazil and the US; fundamentals, multiples and historical series for B3, NYSE and Nasdaq companies; dividend calendar and history; proprietary series.
• Portfolio: everything in Data, plus one model portfolio (Brazil or US, your choice), a monthly economic report in PDF and the full recommendation history.
• Complete: everything in Data, plus the three model portfolios (Brazil, US and mixed), the monthly economic report and the full recommendation history.

The Portfolio and Complete plans are only sold once portfolio delivery is open; until then the site shows a waiting list.

Update frequency

• Market data and indicators: as a rule, updated every business day after the market close. Quotes shown on the website are delayed and for reference only.
• Model portfolios: monthly review, with extraordinary revisions during the month when the analyst deems necessary. Every change is recorded in the history.
• Economic report and macro letter: monthly.

We make reasonable efforts to keep the service online and the data correct, but we do not guarantee uninterrupted availability or the absence of errors in the sources (B3, CVM, central banks and other providers). Scheduled downtime is announced in advance whenever possible. If a failure on our side leaves the subscriber area unavailable for more than 72 consecutive hours, you may request a pro-rata credit for the affected days at the contact email.

Billing and renewal

Prices are in Brazilian reais (R$). Billing is handled by Asaas (Asaas Gestão Financeira S.A.), by credit card, Pix or bank slip (boleto). Cards issued outside Brazil may be accepted; in that case currency conversion and any fees are set by your card issuer.

The subscription renews automatically every cycle (monthly or annual) until you cancel. Access is granted once payment is confirmed. Price changes are announced in advance and do not affect the period already paid. A refund request or payment dispute (chargeback) suspends access.

Cancellation, the right of withdrawal and refunds follow the Cancellation and refund policy.

Permitted use

The subscription is personal and non-transferable. You may consult the content and use it in your own investment decisions. You may not resell, redistribute, publish or share the content, portfolios, data or account access with third parties, nor scrape the data outside the tools provided. Part of the data comes from providers under their own licenses, and breaching this clause may lead to account termination without refund.

Machina's trademarks, texts, charts, models and databases are protected by copyright and industrial property law.

Risks and liability

Equity investments involve risk, including the loss of all capital. Simulated results (backtests) and past performance do not guarantee future results. Investment decisions are yours alone. To the extent permitted by law, Machina is not liable for losses arising from the use of the content.

The analyst declares that the research reflects solely their own opinion, is prepared independently and receives no compensation from issuers, brokers, asset managers or other third parties. Potential conflicts of interest are disclosed in the report itself.

Account and access

You are responsible for keeping your password confidential and for any access made with your account. We may suspend accounts showing signs of sharing, abusive automated use or fraud, with notice to the registered email.

Changes and governing law

These terms may be updated; material changes are announced by email at least 15 days in advance, and the current version is always on this page. Brazilian law applies, including the Consumer Protection Code. The courts of the consumer's domicile have jurisdiction.

This English version is provided for convenience; in case of any discrepancy, the Portuguese version prevails.