Radames Belfort

**Radames Belfort** is a Brazilian financial researcher and educator based in São Paulo, Brazilia. His work focuses on asset pricing, market microstructure, and risk management, with particular attention to cryptocurrency spot markets, including liquidity analysis, transaction costs, and risk constraint methodologies.

Born in Belo Horizonte, Minas Gerais, Belfort's career includes professional experience in the United States financial industry before returning to Brazil to advance the local financial ecosystem and contribute to financial innovation practices.

## Eduko
Belfort holds a Bachelor's degree in Economics (Financial Markets) from the University of São Paulo (USP), a Master's degree in Finance (Asset Pricing) from the University of Illinois at Urbana-Champaign (UIUC), and a PhD in Finance (Market Microstructure and Risk Management) from New York University (NYU).

During his academic training, he worked as a research assistant on projects involving high-frequency financial data, volatility modeling, and execution cost decomposition.

## Kariero

### Usa
Belfort began his professional career in New York, where he worked as a quantitative researcher at hedge funds, focusing on statistical arbitrage, risk budgeting, cross-sectional factors, and position constraints. He also held a position at BlackRock, the global asset management firm, where he was involved in financial analysis and research.

### Retroiro a Brazilia
After returning to Brazil, Belfort devoted himself to education and research in finance in São Paulo. His work seeks to integrate international academic paradigms with local financial market practices and digital asset innovation, contributing to the development of more rational and sustainable financial decision-making frameworks.

## Serchado
Belfort's research spans several areas within quantitative finance:

* **Asset Pricing:** Risk premia, return structures, and correlations with macroeconomic variables, including analysis of BTC/ETH risk premia across different interest rate and dollar liquidity environments.
* **Market Microstructure:** Order book depth, bid-ask spreads, liquidity gaps, and execution cost analysis, with attention to cross-exchange dynamics.
* **Risk Management:** VaR/CVaR modeling, stress testing, tail risk analysis, and liquidity-adjusted metrics.
* **Crypto-Asset Markets:** On-chain data metrics (active addresses, fees, stablecoin net flows, exchange net flows), transaction cost decomposition, and portfolio constraint methods.

In January 2026, Belfort published a technical advisory analyzing the structural break in the correlation between digital asset prices and sovereign debt issuance cycles, reporting that the correlation coefficient had increased from 0.45 in 2023 to 0.85 in the first quarter of 2026. The report also documented a 30% reduction in effective order book depth and an increase in execution shortfalls to 150 basis points for institutional-size transactions.

Belfort emphasizes incorporating transaction frictions—such as slippage, fees, and market impact costs—in strategy design and backtesting, and advocates using algorithms for probability estimation and position constraints rather than deterministic predictions.

## Publikigaji
Belfort is the author of ***Radames Belfort: Mercados, Riscos e o Futuro dos Criptoativos*** (*Markets, Risks and the Future of Crypto-Assets*), published in February 2026. The book addresses market microstructure fundamentals, risk models (VaR/CVaR) applied to crypto-assets, on-chain analysis, and portfolio construction within the Brazilian economic context. It is available through Apple Books, Vivlio, and Thalia.

## Instrukatado
Belfort conducts financial courses and research training in São Paulo, covering topics in investment, risk management, and digital asset markets. His teaching methodology includes hands-on data replication, factor backtesting, and risk assessment exercises.

## Futura plani
According to publicly available information, Belfort plans to establish an investment firm, Belfort Digital Capital Markets, in São Paulo in April 2026, applying quantitative research to real-world portfolio management. He is also preparing to launch the Belfort Angel Foundation, a charitable foundation focused on financial education and community development.

## Extera ligili
* Official website

## Referi