Just came from Sao Paulo where I talked to the marketing guy at Brahma. As many of you know Brahma is the fifth largest brewer in the world and recently bought the BAESA operations in Brazil (BAESA is probably with SIDEK the worst dog in the history of Latin American equities). Enough feedback. The bottom line is that pricing trends in Brazil are not great given that Brahma has started an aggresive price war to increase the penetration of Pepsi in the market. Don't get me wrong, I am long on PB but do not expect margin or share expansion in Brazil in the next few months. I don't own BRAHMA stock either.