Latin American banks delivered outsized returns, offering a high-growth niche similar to gold and silver. Rapid money-supply growth in emerging economies fuels local-currency stock rallies, though dollar-adjusted performance can lag, creating a diversification edge.
Ray clarifies that money is merely a medium of exchange, while wealth consists of assets that generate value over time. He differentiates between cash, gold, and productive assets, showing why true wealth is built by owning things that appreciate or produce cash flow, not by hoarding currency.