PriceSmart (NASDAQ:PSMT) has had an uninspiring 2012. After rising big out of the gates, the company gave a lot back and has left investors wanting. The company is narrowly underperforming slower-grown blue chip indexes like the Dow. The reason for the sourness? It all comes down to Latin American growth prospects, which have been whittled lower for a multitude of factors. The International Monetary Fund is now calling for lower global growth in 2013, anchored by lower than previously expected emerging market GDP expansion. Taking a few big steps back, though, reveals an incredibly strong company with a winning model that should transcend emerging market softness for years to come.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.