1. Petrobras demonstrates industry-leading margins and low breakeven costs, supported by resilient cash flows and strong financial health; 2. Despite political risks from state ownership and potential dividend volatility, its undervalued stock and high dividend yield justify a Buy rating; 3. The PBR.A share class is preferred over PBR for its superior yield, as voting rights hold limited practical value under government control.

1. The article analyzes two stocks, SLB and Costco, with SLB having potential upside due to its strong position in the oil industry and Costco facing risks from its high valuation. 2. Interest in low-volatility growth stocks reflects a risk-averse market, but investing in cyclicals and emerging markets may offer better long-term safety. 3. The author suggests that high-quality cyclical and emerging market stocks, despite their volatility, may provide more safety and value in the long run.