Who knows?

The January rally in Brazil took place even though consensus earnings estimates for 2012 have continued on a downward path. Estimates have been on a fairly consistent downward trajectory for the past year. According to Credit Suisse, consensus 2012 EPS for the Ibovespa is currently 17% lower than it was a year ago. In contrast, estimates for Mexico and Chile are only 9% lower than they were a year ago. 
Something to think about…
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