Jose Manuel Silva is Chief Investment Officer and Managing Parter at LarrainVial Asset Management in Santiago.  He has worked in finance for most of his career.  Our conversation picks up on the excellent podcast that Jose Manuel recorded with Merryn Talks Money of Bloomberg (linked here), which is where I first came across his firm, and we build on those topics starting first with his background and path into investment management. Before moving to the opportunity set in Latin American markets today, we trace the evolution of the Chilean market as a backdrop to Jose Manuel’s career, and note the growth (from scratch) of an institutional investment landscape, a disciplined fiscal framework and an maturing trade network. We dive then into the current economic outlook for the region, noting the improved monetization of natural resources and the diversification of trading partners, diluting reliance on single trading partners and impact from the current tariff regime. Touching on other topics we discuss the maturing of the institutional investor landscape, the stock market picks in the region. Why we made this? Latin America is a diverse collection of countries each with their own distinct dynamics and risks, and is often bucketed with other Emerging Markets. We wanted to speak to embedded experts to reveal distinct aspects of these markets that may challenge the conventional wisdom.  Why we think you will find it interesting? Jose Manuel Silva has in-depth on-the-ground experience in Latin American financial markets and knowledge spanning their evolution and outlook. He notes dynamics that we often overlook as external onlookers, and his insights can help to enrich our perspectives on the region.This is a replay of the first episode of our Latin American Voices series. With thanks to Baillie Gifford for sponsoring Series 4 of 2025. Baillie Gifford is a long-term investment manager, dedicated to discovering the innovations and changemakers that deliver exceptional growth opportunities for its clients.