Peter Cumbo is a Part-Time MBA candidate (PTMBA ’27) and a Managing Consultant at Bates White Economic Consulting in Washington, DC. Originally from Rochester, New York, he studied economics at the University of Pennsylvania before beginning his career in economic consulting. His work centers on mass tort and bankruptcy litigation, where he advises clients on complex economic and strategic issues.
Could you tell us a bit about yourself? What is your professional background, what drew you to the Part-Time MBA program at Darden, and what motivated you to join the Global Residency in Argentina?
I grew up in Rochester, New York, and eventually made my way to Washington, D.C. after studying economics at the University of Pennsylvania. I’ve been fortunate to enjoy traveling for a long time, from fun, chaotic family trips to Paris, to adventures in Harpers Ferry with my girlfriend, to solo explorations in Japan. Each destination has added something distinct to my life; there’s a kind of learning that only comes from getting lost (and then found!) in a foreign city that is hard to replicate in a classroom.
When I started the Part-Time MBA program, I knew that I wanted to complement my classroom experience with a global residency. Argentina stood out immediately. I had never been to South America before, and I’d heard great things about the unique mix of cultures in the country.
Argentina also appealed to me professionally. With a background in economics and a career in economic consulting, where I help deliver economic analysis primarily for litigation, it felt like a natural fit. Simon Kuznets, a Nobel Prize-winning economist, once quipped that there are “four sorts of countries: developed, underdeveloped, Japan, and Argentina.” The quote hints at Argentina’s fascinating, though at times tragic, economic history and its challenges with inflation, global competition, and debt. These issues are increasingly part of the conversation in the U.S. as well.
What were your expectations going into the course, and how did your time in Argentina confirm or challenge them?
Coming to Argentina for the first time, I had a nebulous idea of what to expect, more like a stream of consciousness of different ideas: soccer, steak, inflation, wine, Javier Milei, Pope Francis, etc. Preparing for the global residency helped crystallize these ideas for me into a more coherent view of the country.
The preparation for the course ensured that we entered the country with a solid background. For me, that meant working with two classmates to put together a summary of Argentina’s politics, government, and military (no small topics!). It’s easy to just focus on what is presently in the news (and Milei frequently has been), but this deeper dive helped contextualize current Argentine politics within a history that included both democratic and authoritarian leaders, alternating progressive and conservative governments, and long-standing challenges to the business environment. Other classmates explored topics as varied as healthcare, economics, and Argentine music and dance.
Arriving in Argentina brought these lessons from the classroom and into the real world. It’s one thing to study inflation (at one point around 200%), and another thing to see stores asking for dollars so they could stock up on a more stable currency. It’s a completely different experience learning about tango in the classroom compared to taking a class and fumbling through the steps myself (and even better to see a professional show afterward).
Before this course, what did you know about Argentina’s business environment or economic landscape? How did your experience there influence or reshape that understanding?
Coming into the course, I knew Argentina faced several economic challenges, including high inflation and unemployment, low economic growth, and high inequality. To avoid belaboring the point, these issues create a difficult business environment. On each of our business tours, I was impressed by how the companies faced these issues head-on. It takes both strong business sense and a good amount of grit to not just operate, but actually thrive, amidst these significant challenges.
Plaza Logistica, a logistics company we visited, recognized the risk associated with inflation and currency fluctuations and hedged against them using contracts tied to inflation and the dollar exchange rate. As with any business venture, the risk never disappears entirely, but they have brought it to an acceptable, manageable level. As someone who tends to be more risk averse (yes, I need to be at the airport at least two hours in advance), this was a helpful reminder for both my work and my own appetite for risk.
I was also pleasantly surprised that community and sustainability concerns came up on almost every business tour we went on. Daravi uses “upcycled” industrial discards, such as buttons, coffee bags, and signs, to create new branded products. For them, sustainability is at the core of what they do, while also recognizing that the private sector offers a level of scale they may not be able to achieve as an NGO. Zuelo, an olive oil company, also highlighted its sustainable operations. They pride themselves on organic agriculture and use waste from olive oil production as fertilizer. And, of course, their olive oil is delicious!
What aspects of Argentine culture, in business or daily life, stood out most to you? Were there cultural moments that surprised, challenged, or inspired you?
I loved the Argentine food culture. On the first day in the country, I joined a few other Darden students for a cooking class where we learned how to make empanadas and alfajores, traditional Argentine cookies. While the ingredients were relatively simple—flour, water, ground beef, onions, etc.—the recipes were complex both in technique and as representations of Argentine culture. Empanadas originally came from Spain, which colonized Argentina and much of Latin America, but Argentines adapted the dish to meet their preferences and to the ingredients readily available in the country, such as beef. Even within Argentina, there are many regional varieties of empanadas, each with its own distinctive style.
The technique of folding empanadas proved to be the trickiest part of making the dish. My first attempt was clumsy at best, though I did get better with practice. We tried a few different folding methods, and our instructor explained that the folding technique often signals the filling inside. For example, beef empanadas are folded a certain way.
In the days following the cooking class, we had the chance to explore Buenos Aires’ vibrant restaurant scene. Restaurants stay open late—we had reservations around 10:00 p.m. one night—and steak is featured on many menus. Fogón, a favorite of mine, was a particularly memorable dining experience. About 25 of us were seated around the kitchen, which included a fire pit grill, and each dish was thoughtfully prepared using ingredients as diverse as pinecones (to smoke the meat), ribeye, and Patagonian berries. Everything came from Argentina, which made the meal even more special.
Can you share one moment or lesson from the course that will stick with you long after the program?
What will stick with me most from the course are the friends I made. Because the global residency brings together Part-Time and Executive MBA students, I was able to meet Exec students I might not have crossed paths with otherwise. I also had the opportunity to strengthen relationships with other Part-Time classmates I hadn’t talked with as much before.
Each day of the program blended business visits, cultural excursions, and fun team-building activities. One day that began with an economics lecture (a fun time for me!) led straight into kayaking on Tigre Island, followed by a lunch of steak and flan. It was great to spend time exploring the beautiful natural environment just outside Buenos Aires. Our tango class was another standout experience. Two professionals led us, somehow making tango feel approachable and managing to take my skills from “not good” to a solid “mediocre,” which felt like real improvement. Activities like kayaking and tango offered just the right mix of challenge and fun and ended up being some of the moments where our group bonded most naturally.
How do you see this experience shaping your approach to leadership, teamwork, or decision-making in your professional life?
There were many good lessons and takeaways about leadership that came out of this global residency.
First, conflict can exist at times, and that is okay. Conflict can come from differences in perspectives, information, and values, and often in American business culture, we try to avoid conflict or perceive it as a bad thing. In Mendoza, we learned about differing opinions between those who supported the development of the mining industry and those who supported the advancement of agriculture and wine. These differences were not only economic but reflected geographic and cultural nuances as well. On the one hand, it can be difficult to reconcile these views. On the other, productive conflict can lead to better policy, such as efforts to develop more sustainable mining.
Second, politics and government matter for business. Economic policy, currency exchange rates, and the impact of President Milei’s ideas came up frequently. Some businesses saw easing capital controls and lower inflation as benefits, while others worried that more open trade could hurt local Argentine businesses. Either way, staying up to date on political developments and being engaged in politics is key to business.
Finally, risk exists, and that’s okay. Argentina has historically been a difficult place for business and has faced many economic risks. Despite these challenges, we met with many successful business leaders who have grown and expanded their companies. It can be intimidating to take a business risk, but with risk comes reward. The leaders we met were great examples of the value of taking well-placed bets, even in a challenging economy.
