Anyway, built a good ibovespa position that i think i'm gonna be fine sleeping on: 1. the index just fully retraced the bolsonaro rally, but just like the first rally was absurd in magnitude compared to the news, this dump was equally absurd 2. despite what the chart may tell you for today, Lula was never bad for the Brazilian market 3. the congress is still a right wing congress that Lula will have to deal with One day will come for Indonesia as well, but the next election there is still more than 2y away and Prabowo is seemingly not worried about his approval rates going down in flames, at least not enough to bend the knee (yet). Chart attached, although you can also easily argue that these returns have NOTHING to do with Lula (global run up to GFC + recovery and then commodities cycle this time around). What I want to say is that Lula is not actively BAD for the index.