Happy Holidays!
December 22, 2011

Untitled Document

What a year!!! Protests, earthquakes, political turbulences, volatility in the stock market…

From the Arab spring to the Occupy Wall Street movement, in China, Europe and Russia, manifestations were so frequent that "The Protesters" won the title of Person of the Year from Time Magazine.

The European crisis is like a soap opera, one of those that never ends, full of repetition, empty statements whose sole purpose is to calm the markets. Instead of the regular villains we usually find in soap operas, there are leaders who can't lead, decision makers who can't decide. In the USA, the political paralysis continues to be a threat to the weak economic recovery. We just overcame another potential shutdown in the government, only to have the extension of the payroll tax cut rejected by the Republicans in the House. The official end of the Iraq war leaves the Republicans looking for another war (boy, do they like a war!). In the debates, only one candidate- Ron Paul- is against wars.

In Brazil, despite having 6 Ministers leaving the Government on corruption accusations, the economy is doing relatively well. Who would imagine that? However, upon landing in Rio de Janeiro last Saturday, it took us 3 hours to leave the airport (pick up luggage, immigration and customs). It seemed difficult for them to handle the arriving of 3 flights which make me wonder how they will manage the World Soccer Cup in 2014.

The up and down on Wall Street is the new normal, but there are investors who still have hopes of a Santa Claus rally. Sometimes it looks like that dream would come true. The news of the ECB's bank loan program, which contributed for a successful bond auction in Spain with rates near their lowest of the year, and the reports that housing starts rose in November gave a boost to the stock market in the beginning of the week but it faded the next day.

All in all, there were no lack of emotions and dramatic headlines in 2011.

Beyond the wishes of a healthy prosperous 2012, I have one more wish to share will my friends, family and those who have followed me in 2011: I wish I will not wake up one day with the news of a major bankruptcy in the financial sector, in Europe, which would lead to a repeat of 2008 and more destruction of wealth. In the meantime don't try to beat the market, just try to preserve your capital.

November 23, 2015
Much ado about nothing
October 27, 2015
Brazil, we can only pray (or hope)
August 18, 2015
Looking back, looking forward
June 30, 2015
Lack of good news
April 14, 2015
What if...
February 24, 2015
What to expect in 2015
November 17, 2014
The American conundrum or just plain stupidity?
October 27, 2014
What is next?
September 09, 2014
Lessons we should have learned
August 12, 2014
US and Brazil: 2014, what to expect next
June 26, 2014
Headwinds ahead but still optimistic
April 26, 2014
Roller Coaster
March 14, 2014
Brazil in perspective
February 07, 2014
Stay the course. Change the course.
January 17, 2014
Diversification. Or not.
November 25, 2013
Who buys a US$ 500 pillow?
October 02, 2013
September 03, 2013
What a mess...
July 31, 2013
Of Protests and Stocks
June 19, 2013
Betting in the future
April 30, 2013
Nowhere else to go
March 26, 2013
Cyprus: not enough to stop the US market
February 25, 2013
The Sequester
January 23, 2013
2013: what is ahead for investments
December 07, 2012
Brazil: uncertainty and mixed signals
November 05, 2012
It is not about the economy!
September 20, 2012
The Country is better off
July 05, 2012
The New Normal
May 30, 2012
Half empty, half full
April 30, 2012
How to restore prosperity
April 21, 2012
Brazil became poorer
February 27, 2012
Romney, Obama and the American Imbroglio
January 25, 2012
On storms and calmness, waiting for next round
November 23, 2011
Impasse and Paralysis
October 24, 2011
The rally has legs. Or not
September 23, 2011
Preparing for the crisis
August 24, 2011
Kicking the can down the road: is there an end in sight?
July 24, 2011
Can the politicians be rational?
June 24, 2011
Global Economy: where are the world leaders bringing us?