Gustavo Ballvé on December 1st, 2010
Corporate Governance, Food for thought, Home, Investment Themes, Mental models, Portfolio Management, Quotes

Abraham Lincoln supposedly said: “How many legs does a dog have if you call the tail a leg? Four. Calling a tail a leg doesn’t make it a leg.”

A recent report had us thinking about an issue that we’ve been discussing here repeatedly: fiscal accounts in Brazil have been deteriorating. It’s unusual for this blog to mention sell-side research, but a piece by Santander’s Alexandre Schwartsman called “Brazil: The Naked Truth” (PDF, Nov. 22nd, 2010) is very well written and unfortunately recalls Mr. Lincoln’s quote. Mr. Schwartsman posted the main arguments (in portuguese) in his blog, which is a great source.

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