About Us

Just as individuals experience peaks and valleys, so too do companies. When a company is trading at its peak, seeming unstoppable, we believe this is the moment for heightened scrutiny. We delve deeper into the technology, business model, and macroeconomic factors, as sometimes optimistic assumptions fail to align with reality — they can, in fact, be too good.

Conversely, when companies face hardship — borrowing heavily just to survive — it doesn't necessarily signal an asset to avoid. On the contrary, we often view this as the moment of peak attractiveness. The most ideal state, however, is reached when the company has begun to "put its house in order" and starts the process of debt repayment.

In every situation, our mission remains consistent: to identify where the consensus has erred. This could be a company just beginning its turnaround or a firm so revolutionary that the market fundamentally misunderstands and misprices its demand. Our name is Lazarus, reflecting our core philosophy: we specialize in seeing dead companies rise again.

Access our portfolio, investment analysis, and highest-conviction ideas on Patreon.

Performance

Monthly performance data (BRL & USD)

Partners

Patrick Appel

CEO/Controlling partner

“I’ve been investing since I was a young teenager with bar mitzvah money, later in life (nowadays) I find myself with my own investing team, people that want to hear what I think and a Wharton tuition to pay every year. I’ve come far, but that’s just the beginning for me and for Lazarus Partners.”

André Massa

Head Trader/Partner

"An Applied Mathematics with emphasis on economics undergraduate at UFRJ. Dedicated to applying structured problem-solving and analytical rigor to optimize operations at Lazarus Partners."

Our Team

Gabriel Porto

Head of Research & Analysis

Maria Rolim

Head of Marketing