We continue to watch Petrobras (PBR) and their trend lower and are left to shake our heads. At one point this was a big winner with their exposure to the vast oil reserves off of the coast of Brazil and a management team working to create shareholder value and doing a great job at it. Then the government stepped in, as is more the rule than the exception in South America, and since then all hell has broken loose. We are simply left to wonder how this story ends as it appears at this time that the government is simply using investor funds to pay for this expensive development as they move to use the entity for their own political goals. At some point this situation is going to deteriorate to the point where the investors simply walk away or the government moves in to steal these assets from beneath investors. Brazil is a great country with an impressive economy, but in the next few years they will have to loosen their grip on Petrobras in order to appease the investor community and guarantee that these projects are completed on time. This is something we are keeping on our radar as it could have far ranging effects.