Not gonna lie, Milei's victory in Argentina this weekend surprised me. I thought that the very public and very large ($20 billion in currency swap lines plus up to an additional $20 billion in direct US Treasury purchases of Argentine debt) American support for the peso and the Milei regime would galvanize the opposition and be a negative for popular opinion leading up to this weekend’s vote. Totally wrong! Milei’s win was not only a big plus for him (obviously) but it was also an enormous shot in the arm for US foreign economic policy, Scott Bessent, and his pal Rob Citrone's investment portfolio.
More generally, Milei's decisive win was a clear, unadulterated, no-question-about-it victory for the United States and the status quo monetary system.
Which I’m happy about! I guess?
One of the hardest things in investing is the tension between wanting to be right and wanting to make money. Those desires often go together, but sometimes they don't.
