It turns out the West’s most successful export has been entrepreneurial capitalism. From Brazil to Beijing, we are seeing a sea of companies emerging out of the developing economies. They are often family-owned. They are usually small cap. They are frequently traded on highly volatile local exchanges. And they are increasingly developing surprisingly strong competitive moats and professional management. These types of companies are among the most attractive hunting grounds for global value investors today.

With this in mind, we spoke with Jose La Rosa about Latin America in general and Grupo Gloria in particular. Jose runs a family- style fund based in Lima and focused on Latin America. (continued here).

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