attractive, though political risk remains. 🟢 $ITUB — BUY — Itaú offers profitable banking exposure to an improving Brazilian macro backdrop. 🟢 $BBDO — BUY — Bradesco offers more turnaround leverage if Brazilian financial conditions continue improving. 🟢 $XP — BUY — Lower-rate expectations would be a strong tailwind for Brazilian investing and capital-market activity. 🟢 $UGP — BUY — Energy distribution gives Ultrapar exposure to improving Brazilian domestic activity. 🟢 $ELPC — BUY — Utility exposure provides a more defensive way to participate in Brazil's rerating. 🟡 $GGB — HOLD — Gerdau benefits from infrastructure and industrial demand, but steel remains highly cyclical. 🟡 $TX — HOLD — Strong steel exposure, but commodity cycles make me less aggressive after a 52-week high. 🟢 $TBBB — BUY / SPECULATIVE — Mexican discount retail offers a structural consumer-growth story but carries greater emerging-market risk. Brazil deserves its own narrative today: the Ibovespa surged 7.7%, while Petrobras and Itaú jumped roughly 8% and 10% amid a major post-election rerating. TANKERS & GLOBAL TRADE — THE SHIPPING TRADE IS STILL AFLOAT 🟢 $HAFN — BUY — Strong product-tanker economics can continue supporting cash flow and shareholder distributions. 🟢 $INSW — BUY — Tight tanker supply and global oil-trade dislocations remain supportive for rates. 🟡 $EXPD — HOLD — High-quality logistics franchise, but at a 52-week high I'd prefer a better entry point. MEDIA — THE TURNAROUND / DEAL TRADE 🟡 $WBD — HOLD — Strategic optionality can support the stock, but debt and execution risk keep this from being a straightforward momentum Buy. 💧 CONSUMER / INDUSTRIAL — QUIETER BREAKOUTS 🟢 $JCI — BUY — Data-center cooling, smart buildings and energy efficiency provide attractive structural demand. 🟡 $P — HO