EWZ: Cheap And Volatile [Seeking Alpha]
Petroleo Brasileiro S.A. Petrobras American Depositary Shares representing Preferred Shares (PBR.A)
US:NYSE Investor Relations:
investidorpetrobras.com.br/en
Company Research
Source: Seeking Alpha
Politics and institutional dysphoria provide risk and volatility. Consensus points to 18% upside potential. Summary Investing in Brazil is frustrating, the nation has all the ingredients to grow into a developed nation, and anyone who has been to Sao Paulo feels and sees a dynamic modern growth engine. However, in my view, the country consistently shoots itself in the foot via dysfunctional political and institutional decision making i.e. populism and corruption. Thus, Brazil is more a medium-term trade idea vs a long-term compounder. The iShares MSCI Brazil ETF ( NYSEARCA: EWZ ) is a reasonable vehicle to trade Brazil. Performance As can be seen in the charts, the EWZ had a massive return up to 2008 and has given most of it back by 2023. The main detractor has been the currency. When I lived in Brazil the BRL was volatile, the currency peg broke in 1999, with the BRL climbing from $1 to $3.5 at the start of Lula's first term in 2003 and then back to $1.5 pre-GFC in 2008. S
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