Marcos Severine
Itaú BBA
First-place appearances: 0

Total appearances: 4

Team debut: 2010

Repeating in third place is Marcos Severine of Itaú BBA. In August 2012 the São Paulo–based researcher, who covers 19 stocks, downgraded Centrais Elétricas Brasileiras, or Eletrobras, from outperform all the way to underperform, at 14.90 reais, citing harsh renewal conditions for tariff concessions. He was right. In November the government, eager to control inflation in general and soaring electricity costs in particular, unveiled a plan that was even more draconian than pessimists feared. By mid-July the Rio de Janeiro–based power transmitter’s shares had plummeted 67.9 percent, to 4.78 reais, and trailed the sector by 34.8 percentage points. “Marcos is the only analyst in the space who merges company valuations with top-down analyses, and as such he was the first to call attention to the risks we faced,” observes one appreciative client. — Ben Mattlin