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Fortress Exec Predicts Brazilian Economy

May 05, 2014
Jing Chen

Fortress Investment Group principal Michael Novogratz predicted at the 19th annual Ira Sohn Investment Conference in New York Monday that Brazil’s President Dilma Rousseff will lose her election bid, sparking a rally in the country’s stocks and bonds.

According to Bloomberg, Novogratz said at the prestigious investment conference that Brazil will face a “long, dark period” if Rousseff, who is the first female president of Brazil, wins the election. He added that Rousseff’s popularity will likely drop as the World Cup—which is being held in the country this year--will spark inflation.

A poll conducted from April 2 to April 3 by public opinion research company Datafolha indicated that Brazilians are increasingly pessimistic about the economy; Novogratz explained that financial regulation following the 2008 crisis has removed most risk from the largest banks in the U.S., which resulted in a movement of banking executives into less-regulated industries including private investment firms.







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