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None at this point. I've owned Cielo (CIOXY) and Ambev (ABEV) in the past (essentially the Brazilian Visa and Latin American Budweiser), but do not plan on going back to those anytime soon because the situation in Brazil is likely to not get better, plus you have the likely decline of the Brazilian Real. I thought the Brazilian Real couldn't go down much lower against the dollar and now it looks like it could definitely go quite a bit lower, which will drag down the Brazil ETF and Brazil stocks that much further.
I wouldn't go anywhere near Brazil from an investment standpoint for the foreseeable future. My EM exposure is focused pretty much entirely on Asia.
"BRASILIA—Brazil’s President Dilma Rousseff said Saturday that there was embezzlement at government-controlled oil producer Petróleo Brasileiro SA .
The company, known as Petrobras, has been at the center of a corruption scandal allegedly involving people connected to Ms. Rousseff’s Workers Party, or PT.
“I will do all I can to reimburse the country,” Ms. Rousseff said during a news conference at the presidential residence late in the afternoon. “There was” deviation of public money, she said according to a transcript of the interview published on her official campaign website."
I wonder, how much does a vote cost in Brasil these days? Silva could not match the going rate, I suppose. Or she chose not to do that stuff. I understand the final run was between Rousseff and Neves. What a shame. There's a Ukraine vote coming, too. I read in WSJ the kind of bullshit shenanigans that go on there as a matter of routine: DELIBERATELY confuse voters by putting someone else on the ballot with nearly an identical name as the genuine, real candidate. We confuse voters here instead with half-truths and lies about the other Party. And a Third Party is all but locked out. The Dems. and Reps. won't let them in.
Comments
Regards,
Ted
http://www.businessinsider.com/fleeing-investors-are-decimating-brazilian-equities-after-the-election-2014-10
I wouldn't go anywhere near Brazil from an investment standpoint for the foreseeable future. My EM exposure is focused pretty much entirely on Asia.
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You also have Jim Chanos calling Petrobras a "scheme, not a stock" (http://www.valuewalk.com/2014/10/jim-chanos-says-petrobras-is-a-scheme-not-a-stock/) and Rousseff admitting wrongdoing at Petrobras (http://online.wsj.com/articles/brazils-rousseff-admits-wrongdoing-at-petrobras-1413731140)
"BRASILIA—Brazil’s President Dilma Rousseff said Saturday that there was embezzlement at government-controlled oil producer Petróleo Brasileiro SA .
The company, known as Petrobras, has been at the center of a corruption scandal allegedly involving people connected to Ms. Rousseff’s Workers Party, or PT.
“I will do all I can to reimburse the country,” Ms. Rousseff said during a news conference at the presidential residence late in the afternoon. “There was” deviation of public money, she said according to a transcript of the interview published on her official campaign website."