Uncharted Waters

Uncharted Waters

The scariest aspect of the 2007 outlook is that everyone's a bull on Latin America. Prices are way over the top, and yet when you scratch the surface not too much has changed fundamentally. However, the technical momentum is overwhelming owing to an avalanche of cash. So long as everyone believes the hype, the good times will continue to roll. Since Brazil first elected President Lula in 2002, Latin America has been all but a one-way bet. The odd pullback, most recently in May/June 2006, has been dismissed as consolidation and base-building for the next leg higher. And for the first time in recent memory, after another strong year the buyside still thinks it's going higher. In this edition

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