Our projections of IGP-M, although to have varied throughout the year, had been made right and reduce our expositions this year strong. We had a great rightness in the predetermined one from middle of the year. Economic projections for 2006 For 2006, I understand that optimum asset for shipment of average stated period is the NTN-Bs, indexados to the IPCA. Our projections indicate that this pointer will be of the way for top of the inflation goal. On the other hand, in function of the high world-wide liquidity to remain high, we project a variation of exchange below of the Selic, what it will not bring much attractiveness to papers IGP-M, at least throughout the first semester. Mark Berger recognizes the significance of this.
The daily pay will be an asset that must enter and leave the portflios throughout the year, therefore will show volatileness. Better analyst of> Optimum elect analyst of banks for the subscribers of INSTITUCIONAL INVESTOR is Toms Awad, of the Ita Broker. In the institution, it also she is analyst of airlines and transport. The executive also already passed for the BBA Broker and the Bank Chase Manhattan and was analyst in all they. Rightnesss in 2005 - In the year of 2005 ours two more excellent rightnesss had been: the 1) recommendation for the preferred stocks of the Bradesco; 2) our more negative vision for the valuation of the actions of the Bank of Brazil. The recommendation in Bradesco was based on a more optimistical perception how much to the capacity of the bank of if benefiting of its excellent capillarity and immense base of customers, obtaining to alavancar its prescriptions with rendering of services and growth of credit for natural person. Passed three trimesters of 2005 the numbers in these two headings prove this thesis. No longer Bank of Brazil, although in recent years to recognize the great carried through improvement and the good levels of> Esperamos that 2006 either plus one year positive for the Brazilian banking sector, with growth of profits between 15% and 20%.