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Illustration: Pete Ellis |
Brazil went back 20 years with the downgrade, and we are in a low-growth environment with a lot of volatility and a lot of political uncertainty. We have a government with a very bad fiscal situation. Families are very indebted and many companies are very, very leveraged… Yes, there are good opportunities in a market like that, but it’s not for everyone – it’s for grown-ups.”
There have been many bleak assessments of the Brazilian macroeconomic and financial landscape over the past couple of years.
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