Ever since the military returned to the barracks in 1985, Brazil has struggled to rebuild its political system along democratic lines. The path toward democracy however, has been rocky at best. The first direct presidential elections in 1989 demonstrated the complexity of making the transition from authoritarian rule in an environment with weak leadership and a fragmented political party system. This article compares the 1989 elections to the political environment of the 1994 presidential race. Unlike the campaign experience in 1989, the electorate in 1994 had the previous election as a basis for comparison. This vantage point made the work of the neopopulists all the more challenging. The electorate demanded political realism. However, a deteriorating economic situation, coupled with a fragmented political party system, provided fuel for the political ambitions of neopopulists. This article focused on the political strategies of two candidates: Luis Inacio „Lula“ da Silva and Fernando Henrique Cardoso. Their campaigns are analyzed in relation to two neopopulist models: neoliberalism and popular democracy. In a concluding section, the article provides a cross-country comparison (Mexico, Argentina, Chile, and Peru) from which insights can be drawn about populism in Latin America.