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But all of the Latin American markets have been battered by events in Asia. They are thinly capitalized and when foreign investors flee, prices slump badly. I think (but I do not know, don't jump on me) that Chile was down 50% from its peak -- might have recovered a bit in the last month or two.

And suppose you in 1989 had been forced in Japan to put most of your money in Japanese bank stocks? Your choice, but Nikkei was then 39,000, now 13,000. I'm overweight but even I can't live on 1/3 of the calories I currently consume.
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