LatAm 2026: Not just a Series of Election Bets
The Blind Squirrel's 'Monday' Morning Notes. Year 4; Week 1.
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Like most investors, the 🐿️ has spent much of the festive period analyzing performance metrics for 2025 and thinking about portfolio tweaks for the coming year. Final scores for 2025 in the tables below.
The end of year beat down in precious metals shook me out of half of my PGM position but am sticking with the gold as well as the yella fella’s racy relative, silver.
LatAm 2026: Not just a Series of Election Bets
The dust-encrusted teenage photographer in the picture below is the 🐿️ after emerging from 3 hours down a claustrophobic silver mine at Cerro Rico in Potosí, Bolivia in 1990. It was said that the silver mined (and looted) from that mountain ALONE could have stretched from South America to Spain. Width of that strip is unverified!
For me, thoughts of silver are always synonymous with thoughts of Latin America. Given that the region was the 🐿️’s ‘first love’ in emerging markets and has been a core holding since Covid, I find it surprising that I have not written explicitly on the region for over 18 months - Mexico in June 2024 and Brazil in December 2023.