Afraid of missing out on an Argentina-like rally, investors are piling into Brazil on bets that a business-friendly candidate will win next year’s election. “It’s one thing to be a manager of an international fund that missed an Argentina rally,” said Ronaldo Patah, investment strategist for Brazil at UBS Global Wealth Management. Brazil is huge, and an emerging-markets fund manager who misses a Brazil rally is out.”UBS Wealth already upgraded the nation’s equities market in June citing discounted valuations and the Central Bank’s expected easing cycle. Foreigners in particular spent 1.2 billion reais (US$226 million) buying stocks in August while locals pulled out that same amount. As early as 18 months before the election, traders were betting that Argentines would ditch left-wing Peronist candidates in favour of someone more market friendly.