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Liquidity · reserve Very low risk

💵 Cash / CDI

Piggy bank with coins

Asset Guide · Liquidity and reserve

Cash / CDI: the portfolio's dry powder

Safe money that earns close to the Selic, compounds every day and comes out whenever you want.

Key indicator today

Cash has never earned so well

~14.65%

per year: Selic (and CDI) today

Keeping a reserve today costs very little: it works almost like an investment, with total liquidity.

What it really is

Money parked, but earning

  • Daily liquidityredeem today, the money hits your account the same day (or the next)
  • Compounds every dayclose to the Selic, Brazil's base interest rate
  • Safe investmentthe lowest-risk asset in the country
  • Out whenever you wantyou can redeem at any time

What the CDI is

What does "earns 100% of CDI" mean?

  1. SelicBrazil's base interest rate
  2. CDIthe benchmark rate, tracking the Selic almost exactly
  3. Your investment"100% of CDI" = closely follows the Selic
Bank vault door

Why "dry powder"

It's the stored ammunition

The market dropped, a real estate fund got cheap, an opportunity came up: cash is what you use to buy — without selling something else at the worst moment.

What it's for

Cash has three jobs

  • Emergency fund6 to 12 months of living expenses, untouchable, for the unexpected
  • Ammunition for opportunitiesmoney ready to buy discounted assets during downturns
  • Stabilitythe part that doesn't fluctuate, giving you calm to hold the rest

In the short term it keeps pace with inflation and earns the Selic. It's where every investor starts before moving on.

The risk

The lowest risk available in Brazil

  • Tesouro Selicgovernment overnight bond, backed by the government
  • Daily-liquidity CDBbank deposit note covered by the FGC up to R$ 250,000 per institution
  • Chance of losingminimal

The only "risk"

A foundation, not a destination

Too much cash for too long loses out to real assets — stocks, real estate — over the long term. It provides security and ammunition, not wealth.

Where it makes sense x where to avoid

The starting point, not the finish line

Makes sense

always

  • Every portfolio needs a reserve
  • Weigh it higher with no clear market outlook
  • Liquidity to take advantage of dips — or sleep well

Avoid

everything in cash for years

  • Over the long term, inflation pulls ahead
  • And so do real assets

How to invest in practice

Where to keep your cash

OptionWhyVerdict
Tesouro SelicThe safestYes
Daily-liquidity CDBFrom a solid bankYes
DI fundLow management fee (preferably zero)Yes
PoupançaSavings account: earns less than CDIAvoid

Remember this

Three ideas from the guide

  1. Cash is money that earnsDaily liquidity, close to 100% of CDI, which tracks the Selic.
  2. It does three thingsEmergency fund, ammunition for dips and stability.
  3. A foundation, not a destinationEvery portfolio needs it, but everything in cash for years loses to real assets.

Quick test · 1 of 2

What is the only relevant "risk" of cash?

?

It's opportunity cost. Tesouro Selic is backed by the government and CDBs are covered by the FGC up to R$ 250,000 per institution; the problem is too much cash for too long, which loses to stocks and real estate over the long term.

Quick test · 2 of 2

Which of these does the guide say to avoid for your cash?

?

Poupança earns less than CDI. The other three are the way to go: Tesouro Selic (the safest), a daily-liquidity CDB and a low-fee DI fund.

Guide complete

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⚠️ Educational content, written for those who are learning. Not investment advice.