There was a referendum in Ecuador over the weekend. President Daniel Noboa, who is generally regarded as friendly to foreign investors, wanted the referendum to set the stage for new constitutional deliberations. I won't discuss here want kind of new constitution he wants. I'll only say that potential investors -- buyers of Ecuador's bonds or of stakes in its corporations, etc., have expressed ambivalence about the result of the vote, and something slightly darker than ambivalence about Noboa's plans for a constitutional convention. In general, they think, a "yes" vote would enhance Noboa's political capital. That would be good. On the other hand: why does he have to want THIS? A convention in 2026 could prove unpredictable and, so, definitionally, risky. Who knows but that populist opposition to Noboa, and to the aforesaid investors, could sway whatever deliberative body is actually convened? A recent report from Gramercy, an influential...