May: a haunted month for Brazilian markets?

May: a haunted month for Brazilian markets?

Among the most standard pieces of advice about investing is that past returns do not ensure future profits. However, when it comes to previous losses, investors do seem to believe in patterns. To this end, some speculators have been cautious about this month of May—which has historically been one of poor performances for Brazilian markets.

In the 24-year run between 1994 and 2018, the São Paulo stock exchange benchmark index Ibovespa has risen only eight times during the month of May. Since 2009, the month has been the textbook definition...

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