Well, the ridiculous “BRIC” meme (Brazil/Russia/India/China) suffered another embarrassment after hours, as Standard & Poor’s has downgraded Brazil’s bonds to junk level (and a negative outlook, although I’m not sure what is worse than “junk”). There are probably some people out there who gobbled up EWZ since it looked so “cheap”:

Well, after hours indications show EWZ has already lost another 7%, and it is trading at the same level it was over a decade ago. So if you had held on since August 2005, you’d be at breakeven.