The antitrust policy is built through antitrust agency's decisions that are, in Brazil, pronounced by CADE. To appraise CADE's decisions, thus, is to appraise the antitrust policy in Brazil. This implies that is necessary to know if such decisions are consistent with the antitrust theory. The purpose of this paper is to verify the theoretical consistency of CADE's decisions. To get there, 330 Counsel's votes are analyzed on the legality lifetime of 8.884/94 Law or between 1994 and 2004. The paper's conclusion is that there is a general fragility in antitrust theory's application by CADE. For example, the demand substituibility test was made in only 14% of that cases in which the consume substituibility was analyzed; and the net economic efficiency computation was made in only 5% of that cases that the economic efficiency was argued.