GM88: Cycles of Promise and Pain: Argentina’s Unfinished Lesson ft. Nicolas Dujovne
Description
Argentina’s history is one of recurring promises and painful resets. Nicolas Dujovne has lived that cycle from the inside, serving as Finance Minister during a rare attempt at fiscal repair before markets and politics turned against it. Now, as CIO of Tenac Asset Management, he reflects with Alan Dunne on why economic reform so often falters, how short-term pain fuels long-term instability, and what it would take to finally break the trap. Beyond Argentina, the discussion widens to emerging markets at large - their hard-won stability, the new risks born of geopolitics and demographics, and the shifting fault lines of globalization.
-----
50 YEARS OF TREND FOLLOWING BOOK AND BEHIND-THE-SCENES VIDEO FOR ACCREDITED INVESTORS - CLICK HERE
-----
Follow Niels on Twitter, LinkedIn, YouTube or via the TTU website.
IT’s TRUE ? – most CIO’s read 50+ books each year – get your FREE copy of the Ultimate Guide to the Best Investment Books ever written here.
And you can get a free copy of my latest book “Ten Reasons to Add Trend Following to Your Portfolio” here.
Learn more about the Trend Barometer here.
Send your questions to info@toptradersunplugged.com
And please share this episode with a like-minded friend and leave an honest Rating & Review on iTunes or Spotify so more people can discover the podcast.
Follow Alan on Twitter.
Read more about Nicolas.
Episode TimeStamps:
02:24 - Introduction to Nicolas Dujovne
05:32 - Key reflections from Dujovne's former role as ministry of Treasury in Argentina
11:43 - How dollarization could change the overall dynamic of the economy
14:52 - How Dujovne's role as minister has shaped his investment process
16:56 - The state and outlook of emerging markets
21:13 - The relationship between central banks and emerging markets
23:33 - How the current globalization impact the investing landscape
27:43 - Evaluating the U.S from the lens of an emerging market investor
33:25 - How markets respond to fiscal dominance
37:16 - Are we going into a secular decline?
39:19 - How demographics impact emerging market investing
42:35 - Cheap manufacturing chains in emerging markets
44:17 - Finding investment opportunities in emerging markets
46:45 - The maturity of emerging markets
48:14 - The preconditions for structural outperformance of emerging markets
51:08 - How important are commodities for emerging market trading?
52:48 - The energy demand for emerging markets
54:44 - Themes that will dominate the emerging market space in the coming years
56:12 - Advice for other emerging market investors
Copyright © 2025 – CMC AG – All Rights Reserved
----
PLUS: Whenever you're ready... here are 3 ways I can help you in your investment Journey:
1. eBooks that cover key topics that you need to know about
In my eBooks, I put together some key discoveries and things I have learnt during the more than 3 decades I have worked in the Trend Following industry, which I hope you will find useful. Click Here
2. Daily Trend Barometer and Market Score
One of the things I’m really proud of, is the fact that I have managed to published the Trend Barometer and Market Score each day for more than a decade...as these tools are really good at describing the environment for trend following managers as well as giving insights into the general positioning of a trend following strategy! Click Here
3. Other Resources that can help you
And if you are hungry for more useful resources from the trend following world...check out some precious resources that I have found over the years to be really valuable. Click Here