An excellent piece by Liam Halligan in The Telegraph:
Halligan observes:
“Marketing spiel
aside, it is certainly true that EM currencies have tumbled as the dollar has
strengthened, which not only makes shares relatively cheap but has also helped
various countries to tackle current accounts deficits that had previously made
investors nervous. …
As a life-long EM
watcher, I care far less about timing the turning of the cycle than I do about
the long-term trend….The EMs account not just for 75pc of humanity, but also
70pc of global currency reserves and 55pc of global GDP – up from just 30pc a
decade ago.”