I've noticed the underperformance in Brazil equities for many months now. This is discussed here: http://www.bloomberg.com/news/2011-...arket-as-inflation-surges-currency-jumps.html Bovespa: http://finance.yahoo.com/q?s=^BVSP Brazil ETF: http://finance.yahoo.com/q?s=ewz&ql=1 Brazil 10 year: http://www.bloomberg.com/apps/quote?ticker=GEBR10Y:IND Mish has also written two articles about Brazil, mainly discussing the possible overvaluation of the Real, and a possible (consumer / business) debt crisis. http://globaleconomicanalysis.blogspot.com/2011/07/brazil-charges-1-tax-on-bets-against-us.html http://globaleconomicanalysis.blogspot.com/2011/07/credit-crisis-in-brazil-consumer-loan.html US listed Brazillian bank stocks include BBD BSBR and ITUB http://finance.yahoo.com/quotes/BBD,BSBR,ITUB I'm more confident in shorting European (Eurozone and also UK) bank stocks, but I'll keep my eye on the situation in Brazil for any possible opportunities. I notice that BSBR was down 7.6% today. Daal (and anyone else) - any comments on Brazil?