JP Smith on Emerging Markets — Great Expectations, Dismal Reality?

Since 2010 emerging market equities have recorded a dismal performance in both absolute and relative terms, despite the overwhelmingly bullish consensus.

In this lecture Smith draws on his 30 years plus experience in financial markets as a strategist and investor to demonstrate how the context and shifts in sovereign and corporate governance related factors have undermined both economic and earnings growth across many of the key emerging markets. Smith then proposes a new investment taxonomy for asset allocation purposes which integrates sovereign and corporate governance with more conventional economic and investment analysis across all global markets, to replace the current tripartite division into frontier, emerging and developed markets.