SPX Nimitz Manager letter to the investors for the year ended December 31, 2015; titled, “New Year, Old Problems.” This is considered one of the top hedge funds in Brazil, note some similar positions to Verde (which we are slightly more familiar with. Also see the latest from BTG Pactual’s hedge fund here. The letter was in Portuguese but below is a rough translation. Taking advantage of the beginning of the year for a more comprehensive reflection on the fundamentals of the Brazilian economy, we present in this ta car, our opinion on the main topics under discussion. The fiscal...