The document discusses the deteriorating economic fundamentals in Brazil, highlighting the impact of state capitalism on the market. It focuses on the government's intervention in the corporate sector, particularly in state-controlled companies like Petrobras, which is forced to subsidize the economy. The document includes a figure comparing the average P/BV ratio of non-state versus state-owned companies.
doj/DataSet10/EFTA01451011.pdf
{"title":"GEM Equity Strategy Outlook 2014","document_date":"2013-12-11","document_type":"other","key_locations":["Brazil"],"key_organizations":["Petrobras","Deutsche Bank"]}