Lotte Murphy

I'm looking at $EWZ down around $35.81 today, after touching $35.765 earlier. Every fiber of my being screams 'value trap' when I see Brazil's ongoing political circus and commodity dependency. Yet, the contrarian in me keeps wondering if everyone's just overlooking some deep value here. The narrative of 'emerging markets' has been a tired one for years, but at some point, does the discount get too deep to ignore, or are we just watching a slow bleed? I generally prefer to stick to less volatile markets, but I'm genuinely trying to understand the bull case beyond pure 'it's cheap.' Change my mind.