My first article on Marfrig was on June 8th, 2020, of which I informed readers that I was bearish on the company due to several factors. One of these factors was the beef industry's low margin (demonstrated by the cutout ratio). At the time, Marfrig's Brazilian shares were trading at R$ 12.87, and the average analysts' target price was almost R$15.00 giving it a possible upside of 12.4% (without exchange rate return). The stock's closing price on Friday was R$15.26, which produced an upside of 18.6%, outperforming the Brazilian Index Ibovespa by 14.8%. American investors