Nicolás Dujovne, CIO and founder of Tenac Asset

Management and former Treasury Minister of Argentina joins Monetary Matters to discuss the evolution of emerging market economies, EM debt investing, and why even though the US’s failure to address fiscal issues may be reminiscent of emerging markets it still falls short of full EM status even if it risks the US Dollar’s reserve currency status over the long run. Dujovne also identifies the opportunities he's watching now, explains why he thinks the dollar is moving lower, and makes the case for EM debt becoming more common in investor portfolios.

Learn more about Tenac Asset Management: https://tenacam.com

Follow Jack Farley on Twitter https://x.com/JackFarley96

Follow Monetary Matters on:

Apple Podcast https://rb.gy/s5qfyh

Spotify https://rb.gy/x56dx5

YouTube https://rb.gy/dpwxez

Timestamps:

00:46 The Impact of the Dollar on EMs Like Argentina

04:59 The Impact of the Fed and US Rated on EMs Experiencing Crisis

08:15 The Causes of Argentina's Inflation

15:17 The Mechanics of Money Printing

18:38 Macro Investing in Emerging Markets

28:30 Dollar Bonds vs Local Currency Bonds

34:55 Why Do Countries Issue Dollar Bonds?

40:05 The Case for EM Debt as an Asset Class

44:21 Balance of Payments

47:51 Economics vs Trading

52:58 Rebalancing the US vs the Rest of World

55:40 The Weakening US Dollar

57:54 Tariff Impacts on US GDP

01:01:36 One Year Dollar Outlook

01:03:25 Current Positioning

01:05:26 Current Market Anomalies

01:08:52 Is the US Becoming an Emerging Market

01:13:54 LATAM Tariff Winners

01:17:16 Opinions on Milei

01:21:18 Argentina Market Views