The romance that investors had with Argentina since Javier Milei’s victory in November 2023 is going through its worst slump. But the biggest trigger for this poor performance came in early September, with Milei’s resounding electoral defeat in the province of Buenos Aires. His appointment was met with a more than 22% rise in the Argentine stock market, the largest since 1991. The financial sector welcomed Milei’s promised reforms: a major fiscal adjustment, privatization of public companies, and debt repayment. The Argentine stock market’s losses are even greater — almost 50% in 2025 when measured in dollars — leaving foreign investors in the red for the entire period under Milei’s leadership.