Fund Tycoon Says He Ran Out of Cash Betting on Stocks in Brazil
- Alaska’s key fund posts worst loss since 2010 inception
- Founder says Brazil stocks to rebound as soon as next year
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Luiz Alves Paes de Barros made his fortune by buying in Brazil when everyone else was bailing. This time, he ran out of money doing it.
The 72-year-old founder of Alaska Investimentos Ltda., whose family fund was briefly worth $1 billion at the start of the year, embarked on a stock buying spree late in the first quarter as markets worldwide reeled and Brazil’s benchmark Ibovespa index tumbled as much as 58% year-to-date in dollar terms. While Barros acknowledges now that maybe he got in “a little earlier” than he should have, he says it hasn’t changed his appetite for under-appreciated Brazilian assets.