Brazil Update

& 3 Portfolio Changes

May 08, 2025

∙ Paid

This letter reads WAY better in your browser than in your email - so do yourself a favor and click on the title above to read it that way.

First a quick housekeeping note - I will be traveling for the next 4 days so the next letter will likely run in the middle of next week.

The Dollar

I zoomed in today to show the recent bounce in the Dollar.

The Scoreboard

Ten countries up by more than 10% and 9 countries in the red on the year including the US. Great day for LatAm as you can see on the daily returns. And naturally Turkey since I sold it yesterday!

Interesting Data

Malaysia - EWM 0.00%↑

Beat the estimate handily on Malaysian IP.

Germany - EWG 0.00%↑

Same in Germany and about to go positive for the first time in well over a year.

Mexico - EWW 0.00%↑

Inflation in Mexico continuing to creep higher. The central bank’s target is 2%-4% so we are now uncomfortably close to the high end of the range. This is not great given the recent rate cuts…