top of page
  • Writer's pictureAndrew 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.

Click to read more!

Submerging Markets - January 2021
Download PDF • 373KB


Recent Posts

See All

Berkshire Hathaway 2024 Annual Meeting Summary

“[What we do] is such a simple approach that it’s almost deceptive.” – Warren Buffett I had the great pleasure of attending the Berkshire Hathaway annual meeting in Omaha, Nebraska this past weekend.

2023 Year-End Review: Five Years

After rate-hike upheaval in 2022, markets in 2023 offered a nice rebound. The year also contained the five-year anniversary of Conover, a welcome opportunity for reflection. In this letter, I: 1. Revi

2023 Mid-Year Review: Almost Never

After rate-hike upheaval in 2022, the beginning of 2023 has felt like the first semi-normal year in markets since the COVID crash of 2020. In this letter, I: 1. Am reminded why I don't short stocks 2


bottom of page