The state stake in this enterprise being too big, the government of the country being too socialist and the corporate management- too ineffective, I'm on short position concerning Petroleo despite of all its huge pre-salt oil potential story.It's of no surprise that the performance of PBR in 2010 have been disastrous.I bought the stock for 19 $ during the worst moments of the financial crisis and then sold it for 37 $ in the summer of 2010. I'm glad having done it because it DID NOT move since then.
Source: Bloomberg
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