Greetings from Peru!
When most investors think about South America, they think about Brazil: the single largest South American economy.
Indeed, even the famous acronym for the most important emerging markets “BRIC” features Brazil (the “B”) as the South American representative.
But Peru is a real gem you should know about.
Peru’s economy has grown at an average pace of 7% for the last 10 years. During that time the Peruvian middle class has literally DOUBLED in size.
I can attest to seeing this in action. When I first came here in 2009, the famous Jockey Plaza mall featured mainly Peruvian brands and stores with middle priced goods.
Today, the mall has completely been designed with luxury goods (I saw Versace, Hugo Boss and the like) and beautiful architecture:
Source: Consultora Metropolis
Everywhere you turn Peruvians are hustling, building new condominiums, selling hand crafted goods, and of course, eating the famed Peruvian cuisine (I’ve already packed on 5lbs in the last two weeks alone!).
And the work ethic is tremendous.
Peruvians don’t believe in sitting around waiting for handouts. There’s a saying in Peru “you don’t work… you don’t eat.” And they live by it.
A friend of mine recently ordered a modern glass dining room table for his 7th floor apartment. The store thought the table would fit in the elevator and so sent only two deliverymen for the 100+lb tabletop to be delivered.
The table didn’t fit in the elevator.
Rather than rescheduling the delivery, the two guys (both of them shorter than 5’5”) hauled the table up the seven flights of stairs. The entire time they had to do so somewhat bent over to fit the table in the stairwell.
The dispatched was irate. Why did they deliver the table instead of requesting more help? Their answer? “We took care of it.”
THAT’S SOME SERIOUS WORK ETHIC.
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Best Regards
Phoenix Capital Research