Odd Lots James Bosworth on the "Orange Wave" Happening Across Latin America
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Apr 24, 2026 
James Bosworth, founder of Hxagon and a Latin America political risk analyst, maps the region’s orange shift. He gets into Trump-era dealmaking, Venezuela’s post-Maduro power structure, and why Sheinbaum and Bukele stay so popular. The conversation also hits Lula’s economic surprise, Milei’s fragile turnaround, Cuba’s possible next move, and China’s growing role.
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Why Sheinbaum And Bukele Keep Winning Support
- Claudia Sheinbaum and Nayib Bukele keep unusually high approval by delivering what voters feel directly in daily life.
- Sheinbaum pairs AMLO-style populism with technocratic management; Bukele’s harsh crackdown made once-dangerous parts of San Salvador walkable again.
Delcy Rodríguez Wins By Being Purely Transactional
- Bosworth argues Delcy Rodríguez is less ideologically pro-Trump than relentlessly adaptive and willing to tell everyone what they want to hear.
- He says Venezuela’s oil now flows through U.S. companies and government-controlled accounts before monthly payments reach her government.
Maduroism Lost Its Ideology Before It Lost Power
- Bosworth says Maduro-era Venezuela lost almost all genuine revolutionary conviction and devolved into competition among corrupt factions.
- Even poor Caracas neighborhoods backed Edmundo González in 2024, showing former Chavistas had turned on Maduro.