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Luciane Macedo _247 - Economic instability in Europe and the United States has been reflected, to a greater or lesser degree, but continuously, in the national financial market. And while this prolonged volatility can make many veteran investors nervous, the scenario becomes even less inviting for the novice investor or even for those who already have experience but have spent some time away from the market and intend to return now.

Although there are still excellent investment options, not everyone knows how to consider them individually or combine them in the best possible way. And while diversifying a portfolio is a good idea, in practice it doesn't always hold true. A crisis scenario and an investor unwilling to take any risks challenge the effectiveness of a diversified portfolio.

But what is your risk profile? Are you willing to take risks or would you prefer to stay far away from them? If your preference is for security, but you would still like to invest and profit, even during crises, then know that it is possible. André Paes, Director of Strategies and Products and Equity Manager at Infinity Asset Management, has developed different investment suggestions, especially for "Your Money," covering three classic profiles in the current context:

The conservative, who is unwilling to take any risks;
The moderate investor, who can invest in an unstable environment, provided they know where the best chances of winning lie and where the greatest risks are; and finally,
The daring one, the one who is almost always willing to take risks, especially when the potential for profit increases.

"The conservative investor is, by definition, the one who doesn't accept losses," says Paes. "Investing is only worthwhile if it guarantees a profit," he adds. Perhaps for this very reason, this profile is the easiest to please when living in an emerging economy that, at least for now, is shielded from the vicissitudes of the global economic scenario. The recipe for success for the conservative investor couldn't be simpler: Treasury Direct – and nothing else. In the opinion of the director of Infinity, there's no way to lose money with government bonds when Brazilian real interest rates are at the top of the world list. According to Paes, only Hungary currently has positive real interest rates, coming in second place after Brazil.

"The Brazilian Treasury Direct program still pays very well; it offers the highest return in the world in terms of real interest rates," explains Paes. "It's an excellent investment, especially for individuals," indicates the manager, referring to the democratic access to Treasury Direct bonds, which can be traded directly online. But the main advantage is being able to invest with little capital—starting from R$100—and still obtain the most attractive rates on the market. "To get the same rates as Treasury Direct in another type of investment, you need a lot of money," warns Paes.

Among the available titles (read more about the Direct Treasury at Issue #7 of "Your Money"According to the director of Infinity, he recommends investing 70% in NTN-B or NTN-B Principal bonds, which are indexed to the IPCA (Broad Consumer Price Index), and 30% in LTF bonds, indexed to the Selic rate. "The prices of IPCA-indexed bonds may improve even further," Paes indicates.

For the moderate investor, the recommendation is to invest 70% in Treasury Direct and distribute the other 30% equally between CDBs (Bank Deposit Certificates), securities issued by banks with pre- or post-fixed returns, and the stock market. "The moderate investor is starting to buy stocks," says Paes. "And in a volatile and risky scenario like the current one, the Ibovespa could fall further and discourage investors with short-term goals," he warns. The director of Infinity indicates stocks in the domestic consumer sector – retail, construction, and food companies – as some of the most profitable, even with the Ibovespa falling.

For those with more capital and thinking about long-term gains, an even better option in the variable income market is an equity investment fund. "In this case, you don't invest with a brokerage firm mediating the buying and selling of stocks, but you hire a manager whose efforts are entirely focused on generating returns for this equity fund," advises Paes.

Moving from the stock market to fixed income, Certificates of Deposit (CDBs) are a safe option to complete the portfolio of a moderate investor. However, it's worth remembering that the profitability rates of CDBs become more attractive as the amount of capital invested increases. Do some research to find the most advantageous rates among various banks and negotiate. Brokerage firms usually also send bulletins with this information to their clients.

For the daring investor, willing to take more risks, the director of Infinity recommends using half of their capital to buy Treasury Direct bonds, 35% to buy stocks -- of banks and companies in the domestic consumer sector -- and investing the remaining 15% in CDBs (Certificates of Deposit).

Paes does not recommend major portfolio adjustments, or at least not in the short term and with regard to what is invested in the stock market. "The best thing would be to wait for a clearer scenario, for an improvement in the situation in the US and Europe," he recommends. "That would be the trigger to make a change in position in variable income."

With the exception of investors wishing to invest in an equity investment fund, for which they will need to hire a company responsible for its management, the buying and selling of government bonds through the Direct Treasury system can be done online (many brokers do not charge a fee), and the purchase of Certificates of Deposit (CDBs) can be done directly with banks.