This copy is for your personal, non-commercial use only. To order presentation-ready copies for distribution to your colleagues, clients or customers visit http://www.djreprints.com. https://www.barrons.com/articles/brazils-pension-reform-hasnt-yet-boosted-the-stock-market-51567202386 The Amazon rain forest is not the only scene of devastation in Brazil. The iShares MSCI Brazil exchange-traded stock fund (ticker: EWZ) has dropped 15% since July 10, twice as much as global emerging markets over that period. The national currency, the real, has lost 5% against the dollar. The plunge is perplexing because July 10 was the day that Brazil’s lower house of Congress passed pension-reform legislation that investors had touted as a make-or-break event.