Brazil’s new ranks of shareholders reflect fundamental shift

Mairton Garbelotti is taking a gamble.

Like many Brazilians, the 67-year-old pensioner from São Paulo has grown accustomed to high interest rates, which for decades fed through to double-digit returns in money-market investments backed by Treasury bills. But those high yields have evaporated with cut after cut to the country’s benchmark interest rate. In response, Mr Garbelotti has joined a new army of investors who are turning to riskier assets in search of higher returns.


By Jonathan Wheatley and Andres Schipani via Financial Times


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