A few years ago, I was waiting to speak as an energy specialist was wrapping up his presentation. He closed with a recommendation of Brazil’s energy giant Petrobras (PBR), boldly predicting that its market value could reach more than a trillion dollars.
While Petrobras stock reached $71 in 2007, it now trades under $5.
And just last month, Brazil itself lost the coveted investment grade status it earned in 2008. (more)
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