Venezuela's Maduro Has Staying Power and That's OK to Bulls

With opposition parties in disarray, Maduro should be able to win re-election next year, according to money managers and strategists including Stone Harbor Investment Partners and JPMorgan Chase & Co. That may be a good thing for investors in the shortest-term debt, as he’s seen as far more likely than any potential replacement to make payments at least through 2018, even as foreign reserves dwindle. “He could win democratic elections and then go back to the international community and say, ‘I was elected by the Venezuelan people. You have to respect me,”’ said Ray Zucaro, chief investment officer at Miami-based RVX Asset Management, who holds Venezuelan debt. “I don’t think this is his end.” More…