In the span of a year, Eike Batista — formerly the world’s eighth-richest person — has seen his personal wealth go from $34.5 billion to $200 million in an amazing fall from grace. Batista’s financial collapse mirrors the Brazilian stock market, which year-to-date has seen a 21% decline through July 29, which is worse than every major market in the world.
Brazil’s economy is based on the export of commodities. With the soaring value of its currency combined with a slowdown in China — its biggest customer — there is little it can do to revive the economy.
While things look pretty bleak for South America’s biggest economy, I believe there still are investment opportunities in Brazil despite all the bad news.
Here are three Brazilian stocks worth owning that trade on a U.S. exchange: