Latin America was more severely impacted by the global shocks of the last few years than any other region in the world. To make matters worse, several countries in the region had become distinctly populist in their policies. However, many of the external and domestic headwinds are now turning into tailwinds. The economic cycle is improving and commodity prices have found a floor. Democracies are working as they should by allowing populations to vote for better governments to replace discredited populists. Against this backdrop, Latin America today offers the cheapest valuations in all of EM, making the region perhaps the strongest investment proposition in the world today.