Investors are realizing Brazil President Bolsonaro's political party is not all that
Jair Bolsonaro, Brazil’s president, is a political animal. He may be pro-market, but that’s not his strong suit. His party, once a minuscule part of the Lower House of Congress, is now the second largest and expected to get bigger. But that’s not helping Bolsonaro lead. His report card for the first 100 days of his presidency is full of C’s and C+’s.
Deputy Daniel Silveira, who was elected to his first term representing the Social Liberal Party , points to his phone showing an image spoofing the jailed former President Luiz Inacio Lula da Silva during a swearing-in ceremony. To some, PSL is more interested in playing around on Twitter and calling out opponents than putting that energy to work debating pension reform in Congress.
“At this point, I think Bolsonaro is a little bit crazy, but I wouldn’t discard Brazil yet,” says Luis Maizel, cofounder and senior managing director of LM Capital Group, a $4 billion wealth management firm in San Diego, California. “If Haddad had won, I would have dumped 90% of my Brazilian holdings.”
A visitor views the electronic board displaying stock activity at the Brasil Bolsa Bacao stock exchange in Sao Paulo. Brazil’s stock market started off the year as the hottest emerging market. Not anymore.
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