Ken Heebner is general partner at Capital Growth Management in Boston and runs the CGM Focus Fund (CGMFX). Among his many interesting picks, I'll focus on Petroleo Brasileiro SA, better known as Petrobras (PBR). Latin America's largest company by market capitalization, Petrobras is an integrated oil and natural gas company based in Rio de Janeiro, Brazil. Its stock sells for a discount to most international oils at 7 times earnings, 2.3 times book value and 1.2 times revenue. Debt is larger than I prefer but tolerable at 86 percent of equity. Last year Petrobras earned a sparkling 43 percent return on equity. The American depositary receipts trade on the New York Stock Exchange.