It's difficult for non resident foreigners to access local Brazilian markets. Some large Brazilian companies like Vale and Petrobras are listed on international markets, but the majority of Brazilian stocks like MEAL3 are only available locally.
It is possible to open a brokerage account as a non resident, but it can be complicated and often cost prohibitive for retail investors.
If you do decide to open a local account, two very popular local brokerages are XP and BTG. Major banks like Itau, Santander, or Bradesco should also be able to help you.
Will include in my Monday links post... This sounds like a Brazilian version of Mitra Adiperkasa, Minor Food Group, Americana Restaurants etc - although its typically better to do a mix of foreign franchises while developing your own brands for the long-haul (an expensive learning process...) e.g. Pizza Company was developed by Minor after they had the Pizza Hut franchise in Thailand, but I guess had a falling out with the parent many years ago and the contract was not renewed.
I am thinking the only good sources for objective Latin America investment relevant news (in English albeit browser translators can work ok) will come from fund commentaries or IB / research reports e.g. see some of the Latam funds I found and their investments mentioned at https://emergingmarketskeptic.substack.com/p/em-fund-stock-commentary-january-10-2023
American restaurant brands tend to do well in Brazil, when they are managed effectively. Outback, McDonalds, Dominos, Burger King, for example. In addition to Pizza Hut and KFC owned by IMC. That's not to say local franchises don’t do well, they absolutely can and do. Oak Berry is a great recent example, they seem to be popping up all over the world.
As for objective media sources, their really aren't any. At least not that I know of or trust. You already have Valor and Exame listed. You could add Veja, https://veja.abril.com.br/
But I don’t consider any of these objective, basically just the same spin as Bloomberg, translated to Portuguese.
Occasionally a very good fund letter pops up on my Linkedin feed, so fund letters are certainty a good place to look for objective info. I would be careful with IB reports in Brazil , they tend to be very "correct" in what they are willing to say. See this article from 2014 to understand why, and why this will continue:
I don’t have any good individual influencer recommendations, not to say there aren’t any, just that for whatever reason, Brazilian finance twitter tends to end up talking more about politics than finance, so I end up un following.
But here is a good account with A LOT of individual accounts you can filter through yourself. ( I wouldn’t pay much attention to the “influence rankings”) just use it as a master list.
@scharlab
Personally I prefer to go to the source material and draw my own conclusions when looking at investments in LATAM. The lack of good information in English is one of the reasons I started publishing some of my research here.
Hope this helps!
Also your site is amazing! One of the best lists of EM sources I have come across, thanks for sending!!
Hello Patrick, which Brazilian broker do you recommend? I don't see stocks like Meal3 on IB or Degiro. Thanks.
Hi David,
It's difficult for non resident foreigners to access local Brazilian markets. Some large Brazilian companies like Vale and Petrobras are listed on international markets, but the majority of Brazilian stocks like MEAL3 are only available locally.
It is possible to open a brokerage account as a non resident, but it can be complicated and often cost prohibitive for retail investors.
If you do decide to open a local account, two very popular local brokerages are XP and BTG. Major banks like Itau, Santander, or Bradesco should also be able to help you.
I hope this helps!
Best,
Patrick
Sorry, I asked you the same question on twitter. I didn't know if it would take you long to answer over here. Thanks for the reply, have a nice day.
No problem!!
I'm always happy to talk both here or on Twitter!
Will include in my Monday links post... This sounds like a Brazilian version of Mitra Adiperkasa, Minor Food Group, Americana Restaurants etc - although its typically better to do a mix of foreign franchises while developing your own brands for the long-haul (an expensive learning process...) e.g. Pizza Company was developed by Minor after they had the Pizza Hut franchise in Thailand, but I guess had a falling out with the parent many years ago and the contract was not renewed.
Are there any good media sources for objective Brazil + Latin America news - especially business and investment related? The Latin America Risk Report substack does a Friday links post that reads like a Council on Foreign Relations PR piece or rather all the links come from sources reflecting "correct" USA-western political opinions... I have links to Brazil media that I know of at http://www.emergingmarketskeptic.com/emerging-market-adrs/latin-america-adrs/south-america-adrs/investing-in-brazil-adrs-brazilian-stocks/ and at the bottom of http://www.emergingmarketskeptic.com/
I am thinking the only good sources for objective Latin America investment relevant news (in English albeit browser translators can work ok) will come from fund commentaries or IB / research reports e.g. see some of the Latam funds I found and their investments mentioned at https://emergingmarketskeptic.substack.com/p/em-fund-stock-commentary-january-10-2023
Thanks for the comment!
American restaurant brands tend to do well in Brazil, when they are managed effectively. Outback, McDonalds, Dominos, Burger King, for example. In addition to Pizza Hut and KFC owned by IMC. That's not to say local franchises don’t do well, they absolutely can and do. Oak Berry is a great recent example, they seem to be popping up all over the world.
As for objective media sources, their really aren't any. At least not that I know of or trust. You already have Valor and Exame listed. You could add Veja, https://veja.abril.com.br/
But I don’t consider any of these objective, basically just the same spin as Bloomberg, translated to Portuguese.
Occasionally a very good fund letter pops up on my Linkedin feed, so fund letters are certainty a good place to look for objective info. I would be careful with IB reports in Brazil , they tend to be very "correct" in what they are willing to say. See this article from 2014 to understand why, and why this will continue:
https://www.wsj.com/articles/banco-santanders-brazil-unit-fires-analyst-others-after-political-comment-1406665764
Most analyst pages tend to look like this, everyone agrees, no one wants to stand out. Job preservation above all else.
https://ri.direcional.com.br/en/share/analyst-coverage/
For a Macro perspective on LATAM I do Like JP Morgan’s "Guide to the markets"
https://am.jpmorgan.com/br/en/asset-management/adv/insights/guide-to-the-markets/gtm-viewer/
I don’t have any good individual influencer recommendations, not to say there aren’t any, just that for whatever reason, Brazilian finance twitter tends to end up talking more about politics than finance, so I end up un following.
But here is a good account with A LOT of individual accounts you can filter through yourself. ( I wouldn’t pay much attention to the “influence rankings”) just use it as a master list.
@scharlab
Personally I prefer to go to the source material and draw my own conclusions when looking at investments in LATAM. The lack of good information in English is one of the reasons I started publishing some of my research here.
Hope this helps!
Also your site is amazing! One of the best lists of EM sources I have come across, thanks for sending!!