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

Rising interest rates take no prisoners; market action in 2022 was no exception to this rule. In this annual review letter, I: 1. Review my investment performance against a difficult market backdrop 2

In the first part of 2022, undercurrents that began to appear in 2021 turned into riptides, sending stock and bond markets down in concert. In my most recent newsletter, I: 1. Explore the market's

"It really feels good to get back and be doing this in person. It’s been three years. And it’s a lot better seeing actual shareholders, owners, partners... ...I mean, for example, if we had a manager

bottom of page