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JOSEPH SAFRA could apparently do no wrong. He has built Banco Safra into the ninth-largest bank in Brazil. His personal investment empire has almost invariably made the correct calls for close to half a century. His conservative strategy continues to keep his bank strong and able to stay one step ahead. But things are starting to change. For the first time in his career market commentators are asking if Mr Joseph, as his colleagues fondly call him, is losing his touch.
The doubts and speculation stem from two main sources.
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