Yes, EWZ ( quote ) is ahead of even the top performers of yesteryear like Colombia's GXG ( quote ): Stay with the banks and domestic stocks that have already priced in a lot of the current wave of inflation concerns. Headlines around today's announcement that Brazil is extending its 6% tax on foreign purchases of local bonds may look bearish, but the real news is not so bad. This will have some impact on the pressure that is currently driving the real back up to levels higher than the Brazilian government likes.