our shery ahn is in sao paulo, along with bloomberg capital and founder sylvio castro. >> given as narrowargin of victory in 40 years, it is not really surprising we have seen of volatility in brazilian assets. we still haven't heard from the president himself. is it really understandable that we are seeing investments going down, up, down again? >> i would say it's very hard to make a final prediction on the direction of the markets. it all boils down to the decision that president lula will have to make about his finance minister. as long as he sticks to a liberal economist, we will probably have the benefit of the doubt and markets will continue to behave reasonably well. but if lula decides to stick to his previous guns and bring someone from a more political side and they left-wing arena, i would definitely be more cautious about the brazilian stocks and interest rates. reporter: which is why we are seeing pressure on the state run companies as well. but i have to ask, is all has been such a heartrate in the emerging-market so far. has most of the good stuff already been priced in, o