I was sent this note by a friend in Argentina. It's a very solid assessment of the situation on the ground from the folks at Copernico, a fund manager specializing in Latin America. Author Claudio Maulhardt has been a fairly regular contributor to the World Money Analyst. If he is right about the mismatch between perception and reality, the Argentine market could turn out to be one of the best EM plays over the next year.

Argentina is a basket case. Current President Kirchner is a disaster. She is gone late this year. I have several hedgie friends making trips there, as there could be a remarkable turnaround. Argentina is a civilized country with an educated populace but a ridiculous government that has destroyed the economy. Give them half a chance, and they could have a very good run. Nothing better than to find a place at the bottom with the potential to get it together.