Sports
Carlos Kawall: High Finance to Ultramarathons, A 60+ Challenge
The economist and co-founder of Oriz Partners shares how the discipline of running permeates his professional and personal life.
Carlos Kawall, a prominent figure in the Brazilian financial market, reveals how running and ultramarathons have become pillars in his life. He details his journey in the sport, overcoming injuries and returning to marathons after turning 60. Kawall also shares his vision for the sport's growth and his passion for wine.
Carlos Kawall, known for his brilliant career in the financial market — with stints as chief economist at Citi and Safra, CFO of B3, and even Secretary of the National Treasury — opened up about his sports life in a chat with Stemma Sports. For him, running, far from being just a hobby, is an essential component that reorganizes and enriches his routine, offering benefits that transcend the physical aspect and are reflected in his daily life.
Despite starting in the running world later in life, at 40, Kawall ran his first marathon in New York in 2000, training with Vanderlei de Oliveira at Run for Life. In 2003, he ran Paris, and in 2006, he achieved his personal best at the Porto Alegre Marathon, finishing in 3h25. However, a series of injuries, including osteitis pubis, kept him away from marathons for a long period, leading him to focus on half marathons, a distance for which he holds special appreciation, as it is challenging but less demanding than a full marathon.
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The Comeback and the Ultramarathon Challenge
Starting in 2010, under the guidance of Marcelo Ortiz from BR Sports, Carlos Kawall resumed his training. Ortiz, known for his conservative approach, only allowed him to return to marathons after Kawall completed four half marathons without injuries. In 2019, he planned the Buenos Aires Marathon for 2020, but the pandemic forced him to run a solo marathon in Ubatuba. His official return to marathons happened in 2022, followed by Porto Alegre in 2023. It was then, inspired by a Stemma podcast with ultramarathoner Nato, that Kawall decided to go further and tackle the Two Oceans, a 56 km ultramarathon in South Africa.
The Two Oceans, which he has run twice (2023 and 2024), is a spectacular race, starting before dawn with breathtaking ocean views. However, its beauty conceals extreme challenges: steep climbs like Chapman's Peak and Constantia Nek, which appear after the marathon mark, demand careful energy management. The 7-hour cutoff time is strict, and Kawall recounts the difficulty of maintaining pace in the final kilometers. The experience was so impactful that he wanted to return the following year to “do the race right,” aiming to refine his strategy.
His next challenge will be the Stockholm Marathon on May 30th, the day he turns 65. Curiously, the race takes place on a Saturday and starts at noon, a peculiarity whose reason he is eager to discover.
An Economist's View on the Sports Market
Carlos Kawall sees enormous potential in the running market in Brazil. He highlights that, although the sport already moves billions annually and involves 13 to 14 million people running weekly (7 million participating in events), Brazil is still far behind markets like the United States. This, for him, signals vast room for growth in services such as physical therapy, sports medicine, and the development of brands and events themselves.
He also detailed his current venture at Oriz Partners, a company he co-founded in 2022. It is a wealth management firm that offers independent consulting, aligned with clients' interests, both in Brazil and abroad, operating similarly to a family office.
From Investor to Winemaker: A Passion for Wine
Beyond numbers and race tracks, Carlos Kawall reveals an unexpected passion: viticulture. He and his wife own a property in Mendoza, Argentina, as part of The Vines of Mendoza project, a vineyard condominium. There, they produce their own wine, selecting the grapes and participating in the winemaking process. It's a hobby that fits his current career stage, allowing him to combine leisure with a deep learning experience about the complex world of wine production, a segment where Argentina is a reference in wine tourism.
The Z2 Moment: Overcoming a Fracture and the Message of Persistence
In a pivotal moment, Carlos Kawall shared his most challenging experience, a true “Z2 moment.” Seven weeks before running the Buenos Aires Marathon in 2022, he was participating in the SP City half marathon. In a tunnel, with less than 4 km to go, his foot got caught in a hole on the track, causing a fall that resulted in a fractured humeral head (shoulder).
Despite the pain and frustration, and without needing surgery, Kawall did not give up on the marathon. With an injured arm but intact determination, he went to Buenos Aires. The race, without holes or unforeseen events, was completed, marking his definitive return to marathons after turning 60. His message is clear: “You have to persist. We have to overcome these moments. Yes, it's possible. If I managed to return to marathons after 60, and I'm running without getting injured, anyone can.”
The Complexity of the National Treasury: Scolding and Discipline
Revisiting his tenure as Secretary of the National Treasury, Kawall lucidly explained the complexity of the role. In simple terms, while the Federal Revenue Service handles collection, the Treasury is responsible for managing public spending and debt. His often-unpopular role is to “turn on the lights at the party,” controlling excessive government spending to prevent indebtedness and its consequences, such as high interest rates and tax increases. A task that requires as much endurance as an ultramarathon.
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