No longo prazo a taxa de cambio não importa - investimentos no exterior
comentada em 27/10/2018 16:27

Bem interessante, retirado de um livro do Siegel, citando justamente o caso brasileiro:

"Despite short-term exchange rate fluctuations, there is very strong evidence that in the long run the returns on foreign stocks cancel out these currency movements. Over the long run, movements in exchange rates are determined by relative inflation between the countries, and stock returns will compensate investors for this difference in inflation.

Brazil and China illustrate this point. Since 1992 the Brazilian currency has depreciated more than eighty times relative to the dollar, but this was more than compensated for by appreciation of Brazilian stocks.

Brazilian stock prices held up well because when inflation hits, investors run to tangible assets, such as real estate, precious metals, and stocks. The impact on foreign investors of the depreciating currency is offset by the rising price of output and increasing profit margins, as wages generally lag inflation." (The future for investors, Jeremy Siegel)