U.S. stocks have had an incredible year, with the S&P 500 surging a whopping 29%, something not seen since 1997.
But that’s nothing compared with the year stocks have had in Venezuela.
In November, President Nicholas Maduro called business owners in Venezuela “barbaric capitalist parasites” and accused them of price gouging. The business owners say failed socialist policies and restricted access to foreign reserves have made the Bolivar worthless. Dollars now sell for 64 Venezuelan bolivars on the black market.
For what that’s worth, it’s been great for stocks.
Here’s the year-to-date chart of the Caracas Stock Exchange Stock Market Index via Bloomberg: