EM by EM #1 – Time to buy Brazilian sovereigns?
While the global macro wheel is heading for a slowdown, could Lula prove to be the least anticipated fiscal hawk given the current state of affairs?
In my last Rewind, I emphasized the importance of a financial system to be antifragile (to loosely quote the title of Nassim Taleb’s compelling book from 2012). I used this chart to underline my point: No bank crisis in Brazil because banks down there know the importance of interest rate risks unlike in Silicon Valley:
While the global macro wheel is heading for a slowdown, could Lula prove to be the least anticipated fiscal hawk given the current state of affairs?
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