via BCA Research - Brazil Bank Stocks

With the collapse of trust companies in China, and the sell off in the Yuan, the annexation of Crimea in Russia, along with sanctions affecting Russian bonds a la LTCM, and the weak Ruppee in India, you would have to look to Brazil for a denoument in the BRICs thesis, and by that I also mean the 'commodities supercycle.'

Not to mention that oil prices remain stubbornly high, which is recessionary.

http://blog.bcaresearch.com/brazilian-banks-not-out-of-the-woods-yet

-F6