Industries – Metals & Mining: Third

After three years in first place, São Paulo–basedFelipe Hirai落在第三;美国银行美林(Merrill Lynch)analyst also ranks as runner-up in Equity Strategy. Hirai downgraded MMX Mineração e Metálicos from neutral to underperform in September, at 5.37 reais, predicting that declining iron-ore prices would tighten the Rio de Janeiro–based mining company’s financing options for new projects. The shares had plunged to 1.17 reais by mid-July, for a jaw-dropping 78.2 percent decline that lagged the sector by 49.6 percentage points. “He saw what was coming and made the right call,” cheers one asset manager in New York. —Ben Mattlin