Dave and Carl discuss the Peso Devaluation in Mexico (1994). Dave recounts this event as one of his most important lessons in the investing world (learned the hard way). They talk about the importance of currency in international investing and keeping your mind at peace.

1:00 Background

1:50 Cultural Events

2:50 Socio-Political Backdrop

5:45 Peso Devaluation

8:45 Currency and International Investing

12:20 Response to Market Sell-Off

15:00 Learning from Mistakes

18:45 Unforcastable Events and Freeing Your Thoughts

21:25 Importance of Currency in International Investing

23:45 Humbling Experience (Have to Do it Yourself)