Fund that Survived 25 Years of Brazil Crises Is Wary of the Hype

(Bloomberg) Two presidential impeachments, three currency changes and hyperinflation as high as 2,500 percent a year have made Fabio Alperowitch a cautious man. The co-founder of Brazil’s FAMA Investimentos Ltda., a Sao Paulo-based asset-management firm that’s been around for more than two decades, is more conservative than many of his competitors about prospects for Brazil’s much-delayed pension reform. Investors swept up in the enthusiasm about the election of President Jair Bolsonaro last year have pushed stock prices to record highs, betting he’ll succeed in advancing market-friendly policies.

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