Rossi Jr (2009) warns that adverse external shocks represent a key source of risk for emerging markets,
remembering that several episodes of crises and economic downturns were triggered by external factors.
It remains clear that the outcome could have been very different if these companies had not been
affected by an intense financial crisis which led the market according to the Bovespa index to plummet
53% during the final quarter of 2008, with the US dollar appreciating 36%. A catastrophic combination for
those who had heavily relied on currency stability. This is the risk for the gambler.