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?It's a good time to invest in the stock market'

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Since the beginning of the year, the worsening of the Covid-19 pandemic and the government's lack of commitment to fight the disease weighed on the optimism of one of the country's leading asset managers. Now, Verde Asset is working with a "more challenging" scenario for the economic recovery, full of uncertainties, which tends to translate into market volatility, although prices are already starting to get "interesting" in the stock market.

Pedro Sales, the firm's equity manager, told Valor two measures are key and should be unquestionable at this moment: encouraging the use of masks and putting in place a larger and faster vaccination campaign. "The sad thing is that we keep seeing the government working against these two fronts," he says.

Therefore, without effective control of the virus, there is no recovery of confidence or fiscal balance. The government has not been helping in this aspect. And, in some cases makes things worst, as in the episode of the change of command of oil giant Petrobras.

Just before the most recent crisis erupted, when President Jair Bolsonaro decided to replace the commander of the oil company, Verde had done the math and concluded: the price of gasoline and diesel was reaching the same level that triggered the truckers strike in 2018. That pushed the company to shed Petrobras' shares. "Looking ahead, we need to see how the company's management evolves, but we are not buying Petrobras again and we continue to have a concerned view about this issue," he says.

The good thing is that the strong adjustments left discounts along the way in several shares on the stock exchange. "I don't like to say there is a positive side of it, because it always depends on whether you are looking forward or backward. But we found very good companies in the stock market that had 10% to 15% drop. We keep thinking that it is a good time to invest in the stock market even in a more challenging scenario," says Mr. Sales.

Verde seized the opportunity of the low prices to raise investments in Equatorial Energia, while BR Distribuidora, Suzano, Hapvida and Intermédica remain...

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