Michael Aronstein, the president of Marketfield Asset Management, talked yesterday to Bloomberg’s Pimm Fox about the outlook for emerging markets and, especially, Brazil’s economy. Earlier this month, he was already hinting that EMs entered a bear market and said that everyone (mainly institutional investors who poured trillions in EMs) refused to believe it, really. Just ask Morgan Stanley strategists who are still desperately trying to sell the “China Growth” story.

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