One of Fragas best bets during the past year actually had little to do with emerging markets.
At the same time he was a research associate for the Cambridge, Massachusettsbased National Bureau of Economic Research, before moving back into investment banking in July 1989.
Today he is chairman and CIO of Gávea Investimentos, Brazils biggest independent investment company, with.1 billion in assets under management, including.8 billion in hedge funds.
He seems genuinely happy managing a hedge fund.Since 2006, Gávea has expanded into private equity and wealth management, two areas that have grown, respectively,.6 billion and 700 million in assets.Based on previous conversations with Cardoso, Fraga je cherche un partenaire stable cordoba had thought he might be tapped for the position of governor one day but was surprised by the timing.Theres little doubt, however, about what Fraga is thinking.New investment ideas pop up frequently and are discussed informally.Fraga likes to keep his mornings mostly free of scheduled meetings, and he spends the time reading or brainstorming with colleagues.And generally doesnt leave before 8:00.m.Krugman quickly recanted, admitting that he didnt have any direct knowledge of what had happened and apologizing for what he said was a serious error in judgment.We still manage plenty of money, but we had significant redemptions from a few large investors.He says he tries to avoid second-guessing colleagues, as he wants to foster lively, open debate and ensure that people are not afraid to take risks.The orthodox macroeconomic strategy put in place by Cardoso, Fraga and Malan formed the basis for Brazils current economic stability.
In economics from Princeton University, Fraga is one of the most Western-minded business leaders in Brazil, and one of the best connected.