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Buy dollars, sell stocks: Legacy’s bets against the new Brazilian government

By Vinícius Andrade

Legacy Capital recently set up a small long position (bet on the rise) in the dollar against the real amid expectations of a deteriorating fiscal situation under the elected government of Luiz Inácio Lula da Silva (PT, progressive-globalist).

“The current exchange rate does not reflect the fiscal worsening that will be contracted”, said Gustavo Pessoa, founding partner of Legacy, which has more . . .

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