Wij denken dat de manier waarop de Braziliaanse overheid hervormingen doorvoert om haar middelen doelmatiger in te zetten, de sleutelfactor voor haar economische lot zal zijn. De komende drie à vijf jaar kunnen er diepgaande veranderingen worden ingevoerd – als de wil er is.
Brazilië moet duidelijk nog heel wat problemen zien te verwerken, maar ik ben opgelucht te kunnen melden dat ik al iets optimistischer ben over de beleggingsvooruitzichten dan zo’n zes maanden geleden – en dat is onder andere het gevolg van het feit dat vrijwel alle andere beleggers zo pessimistisch klinken!
Volgens ons zou een meer marktgedreven economische benadering in Brazilië, samen met een minder zware bureaucratie, zowel de Brazilianen als de beleggers in het land ten goede komen, maar onze beleggingsmaatstaven suggereren dat een aantal bedrijven met een sterk management en aantrekkelijke posities in hun markten goed geplaatst zijn om te bloeien, zelfs wanneer er niets verandert.
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