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Marcello Milman
BTG Pactual
First-place appearances: 2

Total appearances: 6

Analyst debut: 2008

BTG Pactual’s Marcello Milman, who captures top honors for a second consecutive year, is “one of those analysts who make me think in a different way,” observes one buy-side advocate. Milman stands out for his consistently bearish view of Brazilian homebuilders. For instance, in August 2012 the São Paul-based researcher downgraded Brookfield Incorporações from neutral to sell, at 3.76 reais, after the Rio de Janeiro–based property developer posted a big quarterly earnings loss. By mid-July the stock had fallen 59.6 percent, to 1.52 reais, and trailed the sector by 42.9 percentage points. In March the 32-year-old reduced Belo Horizonte–based home seller MRV Engenharia e Participações from buy to neutral, at 10.26 reais, on rising construction costs and declining sales. Those shares had tumbled 40.6 percent, to 6.09 reais, by mid-July; during the same period the sector declined 21.2 percent. “Marcello has deep insights and knowledge,” attests another fan. — Ben Mattlin