“If you bet on Brazilian macro you will lose. Because there is only one certainty about the Brazilian market – we always disappoint. And even if I lower your expectations, we’re still going to disappoint because it’s a very complicated country of high interest rates and low growth.”
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BR Partners’ founder and chief executive, Ricardo Lacerda doesn’t mince his words when explaining why his niche investment bank eschewed a big international IPO roadshow when the company listed on the B3 in June this year.
Lacerda was speaking to Euromoney on October 18 – days before the latest financial turmoil in Brazil set in.
The country’s flirtation with financial chaos changes just a little every cycle, but the ingredients are the same: political dysfunction leads to fiscal mismanagement and overreliance on monetary policy.
