Since the middle of last century, Brazil has chosen to develop its transportation infrastructure around roads and trucks, unlike other countries which have fostered railways and trains. This has made the country heavily reliant upon truckers. A few years ago, the government decided to subsidize credit for those interested in…

The recent rise in risk aversion has punished the class of Emerging Markets as whole. Brazil, Turkey and Argentina were the highlights. We believe tightening liquidity conditions in the United States are finally taking their toll. The Federal Reserve has accelerated the pace in which it dumps its holdings, and…