As usual, he outlines things brilliantly. Of course you can draw whatever conclusions you want to but...
My take from the article :
Brazil is a dump, so best risk reward is buying companies ahead of the curve; because best balance sheets, not current eps, will endorse rich 15x valuations. Hence my pounding the table for top tier tier builders to merge to capitulate flippers faster.
Great, great article. This guy really knows how to tear apart a bank. NPL Coverage ratio and NIMs comparative graphics were my favorites. He makes a great point about the drawbacks of having too much dedicated to Tier 1 also.
I also liked the breakdown of Brazilian consumer markets. Thanks for bringing this up.