The writer is president of Queens’ College, Cambridge, and an adviser to Allianz and Gramercy
After eye-popping price drops in the first half of the year and a bit of a bounce in recent weeks, more analysts are recommending higher across-the-board exposure to emerging market assets.
After all, the valuation metrics for these markets are at historically cheap levels if you look at indices, both on a standalone basis and relative to developed markets. The bulls argue that, with most disruptive forces now in the rear-view mirror, a period of lower volatility and higher returns is immediately ahead of us.
Cheap historical pricing is, in my view, a necessary but not sufficient condition for gainful emerging markets investing, particularly for those with little appetite for volatility.
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