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Brazil

Go long LATAM ex. Brazil banks / short global bank stocks. Brazilian bank equities will underperform due to poor and worsening macro fundamentals. 

Diverging Inflation Paths Favor Mexico Over Brazil…
A Hawkish BCB Mounts Risks To Brazilian Markets…
LatAm Inflation Update…
Brazil: On Thin Ice Brazil…
Brazil: Measured Easing Only…
Brazil: Are Rate Cuts Imminent?…
Brazil: Opportunity Meets Reality…

Brazil’s bleak macro outlook persists – rising debt, weak productivity, and political inertia. With 2026 elections looming, genuine reform seems unlikely, though Argentina’s bold turnaround could pressure Brasília to rethink its cycle of governability over growth.

Mexico And Brazil: Inflation And Macro Paths Diverge…