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  • Andrew Burns

January 2021: Submerging Markets

In this newsletter, we discuss why emerging market stocks, despite trading at lower valuation multiples than stocks in developed markets, have under-performed over the past decade. We explain the importance of analyzing a mix of valuation levels, inflation, currencies, and interest rates. We argue that investing internationally should be undertaken with more caution than is common and offer our view on the decade to come for emerging markets.


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Submerging Markets - January 2021
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