Brazil Market’s 10% Slump Shuts Trade for 30 Minutes. Lula Pans US Casino

    Covering the Bovespa

    Covering the Bovespa Brazil's stock market plunged this Monday, September 29, 334 points or 9,36%, the worst one-day fall in close to a decade. The situation was so volatile that at 2:49 pm, when stocks had already fallen 10%, the trading session was interrupted for 30 minutes by the so-called circuit breaker.

    The stock market's big fall occurred in response to the rejection, by the US House of Representatives of a US$ 700 billion-dollar package presented by the Bush administration to bail out Wall Street.

    "Today is an atypical day and a special case and we cannot anticipate what's going to happen from now on," said Rubens Sardenberg, chief economist of Febraban (Brazilian Federation of Banks). Sardenberg fears that the American crisis might put a brake on Brazil's Gross Domestic Product (GDP).

    Bovespa's decline represents a fall of about 40% vis-a-vis the historical peak of the stock market, just last May.

    This was the biggest drop since January 14, 1999, when the Bovespa fell 9,97%, the day before Brazil adopted a system of free exchange. On Monday, Rossi Resid and BMF Bovespa had the heaviest losses: 21.06% and 20.21% respectively.

    Brazilian authorities expressed their confidence in the strength of the Brazilian economy. President Luiz Inácio Lula da Silva, Central Bank chief, Henrique Meirelles and Guido Mantega, Finance Minister, all stressed the Brazilian finances good health and the country's capacity to weather the crisis.

    Lula noted that emerging countries cannot turn into victims of the casino that has become the American economy:

    "They need to have responsibility because the emerging countries and the poor countries that have done all they could to have a good fiscal policy, that have done all they could to make the economy stable, cannot become victims of the casino they set up in the American economy. It is not fair that Latin American, African and Asian countries have to pay due to the American financial system's capriciousness," said Lula.

    "We know that the crisis is serious, we know that this is going to reduce the credit in the world but we are convinced that our exports will keep on doing pretty well, our industry will keep on growing, we have important projects from our Growth Acceleration Program, we have important projects of infrastructure that we are not going to stop, we will carry on because Brazil is not going to throw away this chance after so many years waiting to grow."

    Mantega recognized that there will be problems with credit and that Brazil must be prepared to future challenges to its economy.

    For the Finance minister, the Brazilian situation is different from that of developed countries. "The inflation is in check below the higher limit of our target. We are in a favorable situation to tackle this graver international situation."

    The Central Bank chief said he was surprised at the US's Lower House decision. "We have just had another surprise, notice that the international situation is volatile and we did well not devoting ourselves to make predictions," said Meirelles.

    "The country has today a better stability in terms of GDP growth." he noted mentioning just-released glowing economic data from the second quarter. "Today we have better conditions to resist. Not that the country is immune to crisis, but it's capable of  tackling problems with more serenity than in the past."

    Real Fall

    Brazil's real plummeted the most in nine years, weakening past the 2-per-dollar level, as a direct consequence of the US House of Representatives rejection of the 700 billion US dollars bailout package for the financial system.

    The real sank 6.1% to 1.9650 per dollar in mid afternoon trading from 1.8445 last Friday. The decline was the biggest since January 1999, when the government scrapped its defense of the currency and let it trade freely. Earlier in the day the real dropped as much as 7.8% to 2.0014, its weakest since August 2007. Brazil's currency has lost 17% against the dollar this month.

    Demand for emerging-market assets also eroded after European governments rescued financial institutions. The UK Treasury seized Bradford & Bingley Plc, Britain's biggest lender to landlords, while Belgium, the Netherlands and Luxembourg extended an 11.2 billion euro lifeline to Fortis, the largest Belgian financial-services firm.

    The real was also hurt by a tumble in commodity prices, which will push down the value of the country's exports of products such as coffee, sugar, soybeans and orange juice.

    Brazil's national development bank, BNDES received a 15 billion real cash injection from the Treasury to aid companies facing tight credit markets. The bank will lend as much as 95 billion reais to Brazilian companies next year, bank President Luciano Coutinho told reporters in São Paulo, Monday.

    During the weekend, President Lula had already blamed the United States for the global financial crisis and said its financial bailout plan was unfair to poor people.

    "They want to help the banks and not help the poor," Lula said on Saturday in São Paulo during a campaign rally ahead of the October 5 municipal elections.

    "Why give US$ 700 billion to the banks and no money to the poor guys who lost their houses?" Lula asked, according to local media. He was referring to the US housing market and massive foreclosures.

    The former factory worker and union leader, who obtained record approval ratings this month, said the United States had the primary responsibility to fix a crisis with global repercussions that it had caused.

    "I'm not at fault if they turned their economy into a casino," Lula da Silva said in reference to accusations that lax US financial regulations worsened the crisis.

    He underlined that Brazil was in a better position to withstand the crisis than it was years ago, he added.

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    • Show Comments (23)

    • dnbaiacu

      Joao
      THANKS!! 🙂 🙂
      Trust that I am very aware of how they love to spend “other peoples money.’ That is exactly why I am putting certain things on hold until I am there fulltime. With everything that is going on it is really time to sit tight. It is a mess here in the States. And the “powers that be” are trashing the market teasing them going back and forth with the “bailout”. PLEASE get it over with already. They are going to have people begging for a bailout in the weeks to come. And crazy part about it , NOTHING WILL CHANGE except for the Fed Bank continuing this financial coup.
      I am happy about the dollars gain in Brazil , no matter how brief it may be. And since Brazil “is” a casino I don’t sympathize much with the reals drop. Ch.c really helped me to see the particulars.. I never brought “decoupling for a minute. But it is to see the data and stats and how decoupling could never be real.
      That being said, I am really considering focusing just on “flipping properties” while they can still be flipped. I barely got out of the realestate debacle here. Since I plan to live off the sea, I should be ok until the Atlantic is poisoned. 🙂

    • dnbaiacu

      John Miller.
      You have to get used to Ch.c. 😀 😀
      Actually he is cool. He just tells it like it is. And his expertise IS finance. To be sensitive about what he says and take it as a personal attack on Brazil would be to take what he says out of context. The WORLD has issues. And none of the “movers and shakers” know what they are doing anyway. Things are being manipulated beyond human control. It is actually great and practical to understand the “game” for what it is. And that is the whole point. Most people discount the real unseen forces we are all dealing with. And they live in fantasy worlds. Get lured by quick profits. Get in debt. Have more kids than they can afford.. Who’s to blame , if your eyes aren’t open to the “game” on an “individual” basis.?
      Everyone of us has a shot at understanding what’s REALLY going on. You just have to open your eyes and see and believe.
      [quote]

      I think that one of the things to keep in mind in all this is that real, every day, ordinary people ( Brasilians and for the matter, people from all over the world) get hurt in these financial crisis. People who have saved all there lives to buy an apartment or house, put a roof over the head there family[/quote]
      These are people that try to lead “normal” lives in a world that is FAR FROM NORMAL. Then they don’t understand when someone pulls the rug from underneath their feet.

      [quote]Do not put YOUR trust in nobles,
      Nor in the son of earthling man, to whom no salvation belongs.[/quote]
      [b]Psalms 146:3[/b]

      Lula and his “decoupling”. 😀 😀 And people actually believed it. NONE of them can be trusted , because they don’t know what they are doing themselves.
      [quote]I well know, O Lord, that to earthling man his way does not belong. It does not belong to man who is walking even to direct his step. [/quote]
      Jerimiah 10:23
      🙂 🙂 🙂 😀 😀 😀
      I laugh , because if you don’t believe in GOD you got to be high on something to stay sane.
      Ch.c on Prozac? More power to him 😀 😀 😀 😀 😉

    • dnbaiacu

      This is good to know…
      [quote]Conclusion : Brazil stock market will for the next decades remain HIGHLY volatile on UP & DOWN MOVES !!!!!
      Brazil is THE CASINO in both its stock market and on its currency !!!!!
      [/quote]

      It’s the obvious in general. But it is good to get it confirmed by an expert. 😉 Thanks Ch.c

    • jtdangerfield

      Messy place
      What a terrible situation we are in. I don’t think we understand fully what kind of a situation we are in. Investor confidence has gone out the door worldwide. What I am most worried about is the fact that so few banks are now able to offer loans making business impossible to move forward. We need something to correct the situations occurring around the globe.

    • João da Silva

      Jon
      [quote]I found a copy of CH C’s booked entitled the “Lothario of Geneva” in the bottom of a detergent pack![/quote]

      How can you be so dumb, Jon? This book distributed along with the low quality detergent pack you found was written by Ch.CÀ‚´s competitor. Ch.C took some “Energetic Measures” that resulted in his competitor RIP (ing) at the muddy bottoms of Lake Geneve. 😀 😉

    • jon

      Joao,

      I found a copy of CH C’s booked entitled the “Lothario of Geneva” in the bottom of a detergent pack! 😀 😀

    • João da Silva

      Ch.C !
      [quote]John why dont you ask Joao for confirmation that I wrote in this site, quite timely but not necessarily at the top

      – Sell the Brazilian home builders and real estate companies
      – Sell the Brazilian rates, they are going to go higher
      – Sell the Brazilian currency
      – how bearish I was on oil stocks, grains prices, precious metals or not [/quote]

      Yes, I confirm that you wrote these facts. For those who did not pay attention, only suggestion I have is to follow Marta SuplicyÀ‚´s advice in [i]any[/i] ordeal: “Relax and enjoy” 😉

    • João da Silva

      Ch.C
      [quote]I should write a book on my LOVE relations history ! [/quote]

      That is a great “New Product” idea, Ch.C and I fully endorse it.I bet every single blogger here is anxious to learn from your experience as how to ” bridge the gap” between different cultures,races, religions, etc; Never mind the [i]uninvited and unwarranted[/i] criticisms you receive about your English. It is perfect and full of new and powerful expressions.BUT..BUT…, for the British edition of your book, I suggest we request Lord Augustus to rewrite it in QueenÀ‚´s English in order to get a Royal Seal, thus making it a “More Value Added Product”. 😀 😉

    • observer

      CH C is apparently the “Warren Beatty” of Geneva, a playboy of no peer. a certain je ne sais qoui 😉 😉 😉

    • VinnyCarioca

      Joao
      [quote][/And your Portuguese, Spanish, French and German?quote]
      Hello, my dear fellow. I have zero proficiency in German and French. (Iknow how to say I love you in French- my wife speaks fluent French, Portuguese, Spanish, and English- and has aspirations to learn Mandarin and Arabic) I have above average comprehension in Portuguese and Spanish and can conversate in Portuguese while frequenly injecting “devagar”.
      🙂

    • CH.C.

      John and Joao !!!!!
      John why dont you ask Joao for confirmation that I wrote in this site, quite timely but not necessarily at the top

      – Sell the Brazilian home builders and real estate companies
      – Sell the Brazilian rates, they are going to go higher
      – Sell the Brazilian currency
      – how bearish I was on oil stocks, grains prices, precious metals or not

      and last but not least if I did not wrote the USA are by now the world best Emerging nation, including its currency ??????

      bubbles are bubbles.And what follows bubbles are BURSTS !!!!!

      Buy low…sell high is my investment theory ! And a leverage above 3 in real estate is suicide. And a permanent leverage in stocks, commodities or bonds above 1,5 is also a suicide.
      I did a leverage of 3 to 1 in Brazilians bonds in local currency…….but I shielded the risk by using an offshore company !
      Thus on a worst case I would have lost 100 %….not more ! And I put only SPECULATIVE CAPITAL that I could have lost without hurting me. But I would have not owned money !

    • CH.C.

      To John Miller “People who have saved all there lives to buy an apartment or house, put a roof over the head there family,etc. ”
      Somewhat DEAD WRONG !!!!!!
      WHO HAS SAVED ALL their lives when they were offered mortgages…with ZERO DOWN PAYMENTS ….or 5 % at most ????

      Your maths dont match with what happened !!!! Sorry for you John ! What savIngs are you talking about…when they had NO savings but already large debts with…THEIR CREDIT CARDS ??????

      hmmmmm…doesnt smell right your explanations to defend PURE SPECULATORS !!!!!!

      Who has disclosed HIGHER INCOMES than actual real incomes….in order to get Y ZEROD DOWN PAYMENTS…or 5 % at most ??????

      Your maths dont match with what happened !!!!!!! Sorry for you John !

      Reality is that those who took these loans…WERE 100 % SURE…they will get a quick profit with ZERO COLLATERAL or 5 % at most !!!!

      John…if I told you in May…..look buy Petrobras shares…..the stock should go up……and that I will lend you 100 % of the money at a low rate for 2 years, what is actually your leverage ???? There is no number since you put ZERO DOWN !!!!!
      And had you put 5 % as down payment, your leverage would be 20 to 1 !!!!!!

      Right ???????

      Tell me now if a leverage of 20 to 1 is NOT PURE SPECULATION ???????
      Let alone the ones who had a leverage of more than 100000000000000000 to 1….since they put ZERO DOWN PAYMENT !!!!!

      Come on John, everyone speculated as much as they could ! Banks, Brokers did it, Individuals did it, speculators in real estate buying on plan a second or third house or condo with very low down payments did it in the expectation of a quick and large profit !!!!!!!!

      Could you not smell a bubble? Wellll then you dont know what it is !!!!
      Never heard of the techno bubble ? There too people wanted to be in !!!! They too bought HIGH with a zero or lower leverage than in real estate, and they also lost all or most of their savings. Because had they made a profit they could have bought real estate…WITH A HIGHER DOWN PAYMENTS THAN….ZERO…for the reasons YOU mentionned !!!!!!!

      LETS SHOW IT DIFFERENTLY
      John if you had the money, would you lend me, without GUARANTEE, collateral or at best 5 % ONE MILLION US DOLLARS SO THAT
      I can buy/sell stocks, currencies, derivatives or real estate ?????
      If you say yes….lets do the deal !!!!!
      If I can repay you….fine I repay…..but if I cant…..sorry for you John !
      And it is no different now.
      Borrowers cant repay and suffer, and lenders also suffer and go bankrupt !!!!
      Could I then tell you….YOU SHOULD NOT HAVE…lent me the money ??????
      Could I then tell you…sorry John….now it is YOUR PROBLEM….because actually it is !!!!!

      Smillllllles !

      To Joao : somewhat right but certainly better than Forrest !!!!!!!
      😀
      As to my French it is my mother tongue, and speak German somewhat ok, but dont really use it and even less in writing !!!!

      But as long you understand what I clearly mean, that should be ok !
      This said when I speak English, Brits and Cowboys really LOVE IT !!!!
      Apparently charming voice and charming accent !
      I said…apparently ! smiles
      But that should not be too wrong either !
      I easily pick and Àƒ§%&/&/ English or U.S. women !!!!!
      I should write a book on my LOVE relations history !

      Ohhh and to the idiot who said I need anti depressants, sorry, dont need them.
      I work from my home office and often watch the Asian markets at night !!!!!
      That explain you could see me writing regularly in this site !!!!!

      😀 😉

    • João da Silva

      VinnyCarioca
      [quote]CH.C- Your English is still atrocious[/quote]

      And your Portuguese, Spanish, French and German?

    • VinnyCarioca

      CH.C- Your English is still atrocious
      [quote]Now those responsible are of course…..the USA !!!!! Never ever Brazilians are responsible for the errors or goofings they commit !
      NEVER EVER ! Not even Vinny the Idiot ! And of course…even less Robin the Crook ![/quote]
      I agree that the USA is responsible for this “crisis”. Anytime you see mortgages being touted to illegal aliens, when people are encouraged to lie on mortgage applications, and home equity (ATM) withdrawals fueling consumer spending, it is not a prelude to a happy ending.
      When someone admits a mistake, it’s called accountability. [quote]
      [quote]It is always the others who are wrong and guilty !
      Have heard the same songm time and again, daily, since Bin Lula has been elected and since Vinny the Idiot is commenting with his MINOR errors, or MINOR stats manipulations.
      At times I y wonder if the real father of Vinny is not Bin Lula.
      Certainly the same genes and traits !!!!![/quote]
      I’m not going to take the time to correct your spelling. (songm?) Are you guilty of your serial spelling and grammatical errors or prepubescent petulance? Let’s see if accountability is something you can muster.
      By the way, my brother survived the World Trade Center attack on September 11, 2001 so I’ll consider your Bin Lula remark as a component of your consistent lack of dignity and class.

    • João da Silva

      dnbaiacu
      Hi Dnb,

      Great to hear from you. Since you are involved in a nice project in Brazil, I would like to reproduce two sentences that Ch.C wrote and he is absolutely correct. Worth remembering them to avoid future problems!

      [quote]You see when a company producing and selling hard physical goods….DONT HEDGE……it means THEY SPECULATE !!!!! [/quote]

      [quote]It is quite well known how MOST brazilians, wether entrepreneurs, managers or farmers….ENJOY TO SPECULATE !!!!!! [/quote]

      Only thing Ch.C did not add was that they “ENJOY SPECULATING with OTHERS money”.

      So when your venture is launched in BA, I suggest you keep a strict control over the finances!

    • João da Silva

      [quote]Why not comment on Lula panning the American markets, instead of the Swiss guy?[/quote]

      It seems he takes immense pleasure in panning the American markets. For those who can read Portuguese, posting the following link:

      [url]http://www.estadao.com.br/economia/not_eco250794,0.htm[/url]

      Probably tonight, we will hear the Presidents of Brasil and Venezuela issuing a joint statement regarding the financial “Melt Down” in U.S. and assuring the “subjects” of their respective countries that they are not going to be affected!

    • observer

      ….so much for the decoupling theory 😮 😮

    • Ric

      Hate?
      Why not comment on Lula panning the American markets, instead of the Swiss guy?

      Is he helping by doing that?

      Were not these the same guys saying BrasilÀ‚´s markets could withstand pressures from abroad?

      Almost 10% lost yesterday?

      Stop panning, said the teacher in cinematography 101. “Most common amateur mistake,” said he. “Shows you’re a rookie”.

    • John Miller

      Hey CH.C, you stopped taking your prozac haven’t you?
      I think that one of the things to keep in mind in all this is that real, every day, ordinary people ( Brasilians and for the matter, people from all over the world) get hurt in these financial crisis. People who have saved all there lives to buy an apartment or house, put a roof over the head there family,etc.
      So CH.C, when you rant,rave and vent your anger like this, are you directing this also at these poor innocent victims, because it sure sounds like it.
      It is not easy to understand your writing when you are so emotionally worked up. Have you thought about seeking medication or professional help with your condition?
      Having read so many of your postings, with the same general theme of hate for everything Brasilian, many of readers would like to know about the origins of this hatred so we could help organize some treatment? Perhaps a week in Natal relaxing on the beach? Or a week of bossa nova in Rio? A month cruising the Rio Amazonas?
      Whatever, but gees, please get some help, medicinal to start with. Your kama needs serious re-allignment.

    • CH.C.

      Laugh….laugh…Laugh ! What a coincidence……
      I just found this :
      ““There’s scarcity in liquidity and the situation abroad appears to be worse than people had thought,” said Debora Morsch, who helps manage the equivalent of $305 million at Solidus Brokerage in Porto Alegre, Brazil. “The question with the currency risk is which companies were hedging and which were actually speculating on the currency or made bad transactions. We really don’t know at this point.”

      Just re-read my previous thread abovr !!!!!

      You got a confirmation that afterall I was/am not only a bad mouth !

      It is quite well known how MOST brazilians, wether entrepreneurs, managers or farmers….ENJOY TO SPECULATE !!!!!!

      Good on the upside. You will take pride ! Why on the downside….it is due to OTHERS such as the USA or whoever ?

      Another proof that Brazil is THE CASINO and you have tens of thousands local players…totally addicted to speculation !
      this is how you grew and how you failed so many times !!!!!

      and then you wondered at times why the Price Earnings of your stocks are LOWER than in developed nations !!!!!

      Nothing new !

    • CH.C.

      not over…sorry !!!!
      But naturally, in Brazilians minds, when things are sunnier, it is due to THEM AND THEM ONLY …..never due to OTHERS !

      Brazilians will never ever change.
      Never change and continue to lag and fail….just as you did during your history !!!!

      Stupid question to the “clever” Brazilians

      When Sadia just took A FEW DAYS AGO a loss of around Brl 760 millions because they “hedged” the currency “long Brl / short US$” is it due to the USA ???????? Smiles
      Should they not had to do “long US$ / short Brl” for a real hedge ??????
      Hmmmmm !!!!!
      Just think about it ! Never has anyone taken a LOSS when it is a currency hedge. A hedge is to guarantee a future profit margin on futures deliveries/receipts !!!!! Nothing else !
      oNE MAY HAVE A LOSS…..IN ONE SIDE….compensated by the profits…the OTHER SIDE !!!!
      A hedge is an INSURANCE !
      Fact is they DID NOT HEDGED ! They speculated TWICE…BEING SURE…the Brl would go UP !!!!!

      Ohhhh on my ” Never has anyone taken a LOSS when it is a hedge” is not totally correct :
      Banks tried to hedge their toxic debts !!!!!

      But hedging a currency is fairly simple, contrary to hedging various types of debts !
      I do this regularly ! When I hedge at a bad time and take a loss, the profit is in the underlying investment !
      Unless Sadia believed they knew how to hedge, but knew nothing how to do !
      Thus they screwed themselves AND DID THE INVERSE of what they wanted to do.
      MINOR error…..is what VinnyCarioca…is going to invoke !
      So MINOR the stock price LOST 50 % in just TWO DAYS !!!!
      And it is NOT a financial company….from what I know !

      Ohhhh and CSN slid the most since 2003 after JPMorgan Chase & Co. said it may have lost as much as $600 million on a derivatives contract.
      They too ? First time a Brazilian company may admit it…..so far !

      Vale plunged 12 percent to 30.30 reais. Iron-ore prices probably will rise by 10 percent next year and fall 20 percent in 2010, Citigroup analyst Alexander Hacking wrote in a note to clients today. Citigroup previously forecast a 30 percent jump in 2009 and no change in 2010.
      Quite a difference in estimates…right or wrong !!!!

      Brazilian pulp and paper makers Aracruz Celulose SA and Votorantim Celulose e Papel SA both dropped more than 8 percent after UBS AG said they may report third-quarter losses on currency fluctuations.
      Forgot to hedge ? They should have done the type of hedging Sadia did !!!! smiles

      You see when a company producing and selling hard physical goods….DONT HEDGE……it means THEY SPECULATE !!!!!

      And speculation has its reward but forgetting it also has RISK is quite strange.
      But looks like it is not so strange and unusual….in the Brazilian economy !!!

      Conclusion : Brazil stock market will for the next decades remain HIGHLY volatile on UP & DOWN MOVES !!!!!
      Brazil is THE CASINO in both its stock market and on its currency !!!!!

      But AES recently told me how Brazilians love swinging the Bossa Nova !
      So true !

      Smiiiiiiiiiles

    • CH.C.

      not over
      and by the way… HAD NOT Robin the Liar and his gang said publicly many times not so lomg ago that Brazil is IMMUNE to the USA financial crisis ?????

      Hmmmmm !

      😀 😉 😀 😉

    • CH.C.

      Bovespa’s decline represents a fall of about 40% vis-a-vis the historical peak of the stock market, just last May.
      Therefore the Casino is in Brazil. Because a foreign investor would not had lost “ONLY” 40 % from its peak, but alseo many many percents in the currency ! net results ? LOSS of well over 50 % in just over……a few months.

      Foreigners were thus right…to leave the Brazilian Casino ! Those still in such as YOUR largest pension funds who had a 70 % exposure in stocks, despite the law put a cap at 50 %, are the ones making the most losses…….FOR YOU….Brazilians citizens !

      Yesssssss it is YOUR pensions funds who cheated your Casino laws.

      But dont worry, your government official in charge already said publicly “we cant force them to reduce their exposure when the market is down”
      When did he said so ?????
      Around 3-4 weeks ago….when the market was still MUCH HIGHER !!!!
      Smiles !!!!

      BUT DONT WORRY BRAZILIANS…….By now or very shortly….your 50 % cap in stocks in your pensions funds will be balanced as per the law……THROUGH THE NATURAL MELTDOWN of your stocks !!!!! No need any longer to reduce.
      The market did rebalanced your pensions funds…NATURALLY !

      Around a month or so ago, Shelly1, in one of her comments said something like “China and Brazil are like the hips of a body, they are closely related”
      If the comparison is right then the Brazilian stock market has NO reason NOT to do what the Chinese stock market did : DOWN 70 % from its peak to its recent bottom……. in less than ONE YEAR !!!!!!

      Strange….suddenly….no Brazilian agree anymore !!!!!
      WHY ? Because you think you are better than Chinese !
      But dont worry…you are quite close of the DOWN 70 %….when you take in account your stock markez & currency devaluation since its peak !!!! At least for a US$ based account !!!!!
      But not quite there for your large local pensions funds which are BRL based acounts !!!!

      Do I am bearish ? Noooooo ! I start accumulating….but slowly…slowly..and lightly…lightly !!!!
      No one can pick The LOW OR The TOP ! BUT SELLING HIGH WHEN THE MARKET IS STRETCHED ON THE UPSIDE…..AND ACCUMULATING WHEN THE MARKET IS STRETCHED ON THE DOWNSIDE…..HAS ALWAYS BEEN REWARDING SOONER OR LATER !

      What have your pensions funds done ? The exact opposite of course and as usual !
      Now those responsible are of course…..the USA !!!!! Never ever Brazilians are responsible for the errors or goofings they commit !
      NEVER EVER ! Not even Vinny the Idiot ! And of course…even less Robin the Crook !

      It is always the others who are wrong and guilty !
      Have heard the same songm time and again, daily, since Bin Lula has been elected and since Vinny the Idiot is commenting with his MINOR errors, or MINOR stats manipulations.
      At times I y wonder if the real father of Vinny is not Bin Lula.
      Certainly the same genes and traits !!!!!

      😉 😀 😉 😀 😉 😀 😉 😀 😉

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