Cosan Limited (CZZ) shares have continued to perform since my last update, rising almost 20% as the underlying companies continue to execute well in a challenging environment in Brazil and as management shows it’s willing to aggressively buy back shares when there’s a significant gap between Cosan Ltd. and the underlying value of Cosan SA (CSAN3.SA) and Rumo SA (RAIL3.SA).
I don’t see much reason for near-term optimism on the sugar or ethanol markets, and African swine fever is likely to continue pressuring Chinese demand for soy, but Cosan SA should still