Lack of near-term upside for the Bovespa ( quote ) means funds like EWZ ( quote ) have correspondingly little upside ahead. Brazilian stocks have been a nasty trade for a long time, especially for casual players who bought into the short-lived spikes on the Bovespa. For one thing, local economists currently expect to see inflation slow only slightly over the next year, to a robust 5.11% annualized rate.