Luiz Inácio Lula da Silva narrowly outran Jair Bolsonaro in a tight race for Brazil’s presidency and will take office on January 1, 2023. Setting aside his campaign-trail assurances of fiscal responsibility, investors are already expressing concern about Lula’s left-wing populism and how his Workers’ Party will shape the domestic economy. And Mario Lima, a senior analyst covering Brazil for Medley Global Advisors, believes Lula’s term will be no “cakewalk.” In conversation with Andreas Steno Larsen, Marios shares his perspective on South America’s largest economy, including an assessment of Lula’s policy priorities and their potential knock-on effects. Brazil’s economy and its stock market have surprised to the upside in 2022. Can that good fortune continue under the new regime? Recorded on October 31, 2022.