Look at what’s happening in the stock market right now—there are plenty of people sleeping on opportunities because they think cheap stocks are synonymous with risk. But if you understand the game, you know that 2025 has opened interesting doors for people with patience who do their homework properly.

The Brazilian market is surging in certain sectors. Construction, retail, energy—these areas have shares being traded far below what they should be worth. There are companies out there with P/VPA of 0.05, 0.15... numbers that seem like a joke. And it’s not a coincidence. A lot of people fled these assets when they got scared, leaving “gold on the ground.”

Let me be direct: the cheapest stocks I’m following are PDG Realty (PDGR3), Americanas (AMER3), and Helbor (HBOR3). PDG is showing zero P/VPA—yes, ZERO—because it went through heavy restructuring. But for those who believe in a turnaround, that’s exactly what attracts investors with strong nerves. AMER3 bounced back from the “valley of death” in 2023 and is reshaping itself. HBOR3 keeps expanding in real estate with solid operating numbers.

But it’s not just these three. Metalúrgica Gerdau (GOAU3) is the most discounted stock in the steel sector right now, precisely when infrastructure in the country starts to move. HBR Realty (HBRE3) is strong in corporate and logistics real estate. These are companies with financial discipline—not hacks.

There’s also a bunch of stocks below R$10 that nobody’s talking about: Serena Energia (SRNA3), Marfrig (MRFG3), Gafisa (GFSA3), Mobly (MBLY3), Multilaser (MLAS3). Each one is in a different sector—renewable energy, food, technology, retail. That gives you flexibility to build a diversified portfolio without spending a fortune.

Now, why do cheap stocks make sense? First, return. When you invest in undervalued shares, the potential for multiplication is much higher than in already consolidated, expensive stocks. These companies have room to grow, and when they do, the value rises exponentially. Second, diversification. If you only buy mega caps, you end up very concentrated. With cheap stocks, you spread risk across different sectors and company sizes. Third—and this isn’t obvious—you learn. When you invest in lesser-known shares, you need to do serious analysis. It forces you to study balance sheets, understand sectors, and keep up with news. You end up becoming a real student of the market.

But look, a low price by itself means nothing. You have to check the numbers: P/VPA, Dívida/EBITDA, ROE. You need to understand the sector—is it growing or declining? You need to follow news about restructuring, mergers, and management changes. And governance, you see? The company’s transparency matters a lot.

The truth is that cheap stocks can become capital-multiplying machines if you know how to choose them and have patience. It’s not quick money—it’s a medium- and long-term strategy. But for anyone willing to do their homework, the opportunities are right there under the nose of people who think that everything expensive is expensive anyway.