Bloomberg – Theodoro Messa’s Paineiras Hedge FIM hedge fund beat 96 percent of its peers this year on bets Brazilian bond yields will fall as the central banks slashes borrowing costs to shore up Latin America’s largest economy.
Messa is buying bonds and avoiding stocks because the global recession will persist longer than investors expect, requiring Brazilian policy makers to deepen interest rate cuts, he said. He predicts zero economic growth for Brazil in 2009.
