With the stock price now at $16.77, "a sub-$32 entry point looks like it could work out for a 2-3+ year horizon" sounds a bit optimistic. I would not be too harsh on the author, though. He did his homework on the company. But Brazil is much more complicated than foreigners, especially Americans, may imagine. It is not a poor cousin: it is a mad poor cousin.Among the risks listed by the author the macro risk deserved more emphasis. The overall fiscal situation is much better than the US's, with debt/GDP under 100% and fiscal deficits not even close to those in the US. There are a few political forces pushing towards financial discipline (in the US there are none significant, since Trump, now in the opposition, was the only president with deficit/GDP exceeding 5% in times of peace and no recession). The reason Brazil's inflation rate is above 10%, much higher than the US's, is the memory of things past: people still believe hyperinflation is not possible in the US. Still, a cold look at the Brazilian fiscal situation is sobering. The fact that it is not as bad as the US's is no guarantee that a collapse will not happen. In particular, Lula is a strong candidate for the 2022 elections. And not long ago, in 2016, his party engineered a 2-year 7% (!) GDP contraction with no pandemics and the world economy humming along. Beware.noted by user