Through decades of Cold War and geopolitical bipolarity, corporate lawyers advising global investors with business interests in Latin America were taught to be skeptical of "the left." To many, the premise has been that leftist politicians will rule with no fiscal discipline, interfere too much in the market, and in some cases even breach contracts.

In its coverage of the 2022 Brazilian elections, mainstream media sources have reinforced this stereotype by portraying incumbent President Jair Bolsonaro's main opponent, the former president and Workers' Party icon Luiz Inácio Lula da Silva, as a market antagonist. Major outlets are critical of Bolsonaro for his contempt for democracy and science, which was demonstrated by his behavior during the pandemic. But for months, these same outlets had hopes that another market-friendly candidate would rise and gain traction, representing a "third way" between Bolsonaro and Lula.