Blackrock, the largest asset manager in the world, has been avoiding investing further in shares of Petrobras at the moment. Will Landers, its manager who oversees $ 6.5 billion in investments in Latin America, showed his frustration in an interview with newspaper Estado de Sao Paulo.

The manager told the paper that the sharp drop in the stocks recently is not really an opportunity for investors to get in… in other words, he called the company a “bull trap”. He said the company has no positive catalysts to lift the stock in the next few years. Landers mentioned that even the company’s CEO Graca Foster warned that the company will not show growth until after 2014. His negativity lies in the history of the company to “failing to deliver on its the goals”.

And remember, Will Landers is the guy who predicted that Bovespa would reach 85,000 points in 2011 and 2012… here we present his very own words from an interview in mid-2011 ( the year that Bovespa lost 20%):

… economic fundamentals have not deteriorated. We are at an interesting ‘buying’ point. With the recent slide, the return potential has become interesting. I’m not changing my expectations for the index to reach 85,000 by the end of the year.”

Given his erratic forecasts from the past, perhaps is it time to buy Petrobras now? The contrarian signal has flashed green.

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