In 2009, Ibovespa’s (Brazilian equity index) poised a performance of +145% in USD. How will it behave in 2010? Is it possible that Brazilian economy will deliver a higher return than developed economies? Many analysts are predicting that the index will reach over 82.000 points in 2010. It is a fact that Brazil country risk has come down significantly in the past 5 years. The country is now trading around 13x P/E and might come to 16x according to BTG PACTUAL estimative. This number would mean a 10% premium to the S&P500. Domestic demand is expected to continue expanding and is seen as a hedge to global economy.