Who hasn’t been there? You’re at a barbecue with friends and, somewhere between the grilled meat and the conversation, the topic of investing comes up. Suddenly someone proudly says, “I’m into Nvidia… I also nailed Tesla”—as if they were the financial equivalent of buying a luxury car. Everyone nods, someone raises a glass, and the moment feels epic. But when someone says, “I’m investing in BCI” or “I bought SQM-B,” the table goes quiet: as if betting on Chilean stocks were second-tier, almost “for the poor,” or simply “not glamorous.”
The point is that this reaction doesn’t come from the numbers; it comes from the narrative: we hear far more about what happens in Silicon Valley than about what happens in the local stock market. And that’s where we miss out on data and opportunities that (almost) nobody is talking about.
Many avoid investing in Chile because “the market is small,” and the media amplifies stories of mega-gains in the U.S. (Nvidia, Palantir). But 2025 showed that the Chilean market can indeed deliver outstanding returns, with the IPSA hitting record highs and several stocks up more than 100%. The key isn’t choosing “Chile or the U.S.” but building smart diversification that includes both.
The bias in a single phrase: “The Chilean stock market is too small; the U.S. is better.” 🧠❌
It’s true that the U.S. is a much larger market in terms of GDP and financial depth. But confusing size with investment value is a classic bias: returns depend on valuations, cycles, sectors, and flows; not just on the scale of the market.
Why do we prefer the U.S.? Three drivers of media bias 📺📣
- Global coverage and “star brands”: names like Nvidia and Palantir are in the headlines every day. In 2025, Palantir rose roughly ~130% to 145% depending on the time frame — that takes up front-page space and attracts retail investors.
- Tech and AI narrative: the U.S. concentrates high-impact announcements in semiconductors, data centers, and software, which amplifies its media presence (and public attention).
- Availability bias: you hear far more about U.S. rallies than about Chilean ones. But that doesn’t mean it doesn’t happen in Chile — it just gets far less coverage.
IPSA at all-time highs in 2025. Image generated with M365 Copilot.
The Chilean reality in 2025: records, return dispersion, and several “triple-digit” winners 🇨🇱🚀
- The IPSA —the main index of the Santiago Stock Exchange— had a historic year: 70+ record highs, breaking through 10,000 points and closing with a return of over 60% (in pesos, according to local media). (Sources: Emol; Ex‑Ante)
- Top local performers: ILC (+121.97%), SalfaCorp (+116.12%), Mallplaza (+104.71%), BCI (+104.71%). (Source: Emol, Dec 26, 2025)
- Throughout the year, the rally also included retail and airlines (Ripley, Falabella, LATAM), with gains above 50%. (Sources: La Tercera; Emol)
Key message: There were triple-digit returns in Chile. Not all the value is in the U.S.
Advantages and risks: local vs. U.S. (without fanaticism) ⚖️🌍
Aspect | Chilean Stock Market | U.S. Stock Market |
|---|---|---|
Access and regulation | Clear infrastructure, CMF oversight, electronic trading; IPSA/IGPA indexes. | Global depth and liquidity; SEC regulation and a wide variety of instruments. |
Narrative/Marketing | Less international coverage (but with real opportunities). | Massive coverage; “star brands” in tech and consumer sectors. |
Opportunities in 2025 | IPSA at record highs and several local stocks >100%. | Winners of the year with “explosive” gains in some sectors (storage, semiconductors, fintech). |
Risks | Uneven liquidity across share series; sensitivity to local cycles; CLP currency risk. | High valuations in tech; thematic concentration risk; USD currency risk. |
How to break the bias and build a thoughtful portfolio 🧭🧩
- Define objectives and time horizon: short term (liquidity), medium term (specific goals), long term (wealth building).
- Diversify geographically: Chile and the U.S. — reduce the risk of a single cycle/currency.
- Choose efficient vehicles:
- Local: IPSA stocks or ETFs that track it (e.g., IT NOW S&P IPSA or MSCI Chile).
- U.S.: broad indexes (S&P 500, Nasdaq), sectors/themes, or diversified ETFs.
- Local: IPSA stocks or ETFs that track it (e.g., IT NOW S&P IPSA or MSCI Chile).
- Avoid “media concentration”: a good story in the news ≠ a good entry today. Look at valuations and flows.
- Monitor with local and international sources: Chilean media (Emol/La Tercera/DF/El Mercurio Inversiones) to catch “silent” rallies and research for the U.S.
Conclusion: it’s not Chile vs. the U.S.; it’s Chile and the U.S. ✅🌐
The bias against the local market is born from media noise and our familiarity with global brands. The 2025 data show that Chile does reward —and quite a lot— in certain cycles. It’s not about choosing sides; it’s about balancing and diversifying with reliable information, clear costs, and discipline.
Friendly disclaimer: This article is for informational purposes only and does not constitute financial advice. Investing involves risks. Assess your own profile and, if needed, consult a professional.