Word: pesos
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Dates: during 1990-1999
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LATIN AMERICA. Michael Lindell, director of global-stock strategy for GT Asset Management, is bullish on the whole region. He expects a continued recovery from the 1994 peso crisis and believes the region is just starting a two- or three-year up-cycle, which will be fueled by corporate cost cutting. Brazil's Petrobras, an oil company, should be one beneficiary. He also likes paper-goods manufacturer Kimberly-Clark de Mexico and land developer IRSA in Argentina...
Soros sank $10 million into the company, and his timing--as usual--was impeccable. In 1991 Argentina's battered economy turned around; an independent currency board has maintained a rock-solid one-to-one parity between the peso and the U.S. dollar, which in turn encouraged Soros to increase his investment; it totals around $250 million. Flush with cash, IRSA has been on a buying spree, investing in everything from a $50 million sports complex to major office buildings to $450 million worth of swank shopping malls. In the posh ski resort of San Carlos de Bariloche in the Andes...
...measure the old order. And the young resent the inequities they see. Today's free-market rulers, like Zedillo and former President Carlos Salinas de Gortari, sport Ivy League Ph.D.s. But Guadalajara lawyer Cristina Organista, 25, saw her dream of graduate study in the U.S. canceled by the peso crisis. "My family's aspirations went from sending me abroad to simply saving our house," she says...
...Only a year ago, Latin America was still reeling from the effects of the 1994 Mexican-peso collapse. Now virtually all its major economies are riding a wave of free-market bullishness...
...millionaire publisher instead advocated reduced government interference in financial relief efforts. For example, he said the recent catastrophic devaluation of the Mexican peso would not have happened without the interference...