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Orbis: How do emerging markets really stack up against the US?

Investment news for Financial Advisers & Paraplanners

26 Jun 2019

Orbis: How do emerging markets really stack up against the US?

The US is expensive, and emerging markets (EMs) are cheap

We’ve observed that before. But price alone isn’t what matters. What matters is the relationship between what you’re paying and what you’re getting, and the US and EMs represent different baskets of businesses.

The caricature is that the US is dominated by high-growth, high-return tech firms, while EMs are dominated by lumbering, low-return state enterprises. If one market is full of great companies and the other is full of junk, the former should command a richer price.

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