The hot new trade on Wall Street has nothing to do with crypto, electric vehicles or artificial intelligence. It’s Argentina—the country infamous among investors for serial debt defaults.Hedge funds and other money managers have piled into Argentine markets this year, betting President Javier Milei can overhaul a long-suffering economy. The trade has paid off handsomely, with Buenos Aires stocks on pace to finish 2024 as the world’s best performers and government bond prices soaring. An exchange-traded fund tracking the MSCI Argentina index is up more than 60%.

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