Today, global capital markets are a complex collection of bubbles. Many commodities are trading near all-time highs – a frothy peak springing directly from Asia’s voracious manufacturing appetite combined with limited global supply capacity. (After all, who wants a new lead-smelting plant or refinery opening up in their backyard?)
Yet few asset classes are perched so precariously high as those that are a bubble on top of a bubble – notably Latin American equity markets.
Almost all equity markets in Latin America are trading near historical highs.
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