A man runs past banners with photos of presidential candidates, Brazil’s President Jair Bolsonaro, Ciro Gomes and former president Luiz Inacio Lula da Silva, in Rio de Janeiro, Brazil September 1, 2022. Faced with that and the likely return of a left-wing government in next month's election, some investors have moved to the sidelines. Despite this year's chaotic news flow, Petrobras has so far vindicated the bulls in the local market. "Petrobras shares are really cheap," said one Sao Paulo fund manager with about 20 billion reais ($3.9 billion) under management. Like many interviewed for this article, he requested anonymity to talk frankly about the state firm amid a heated election.

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