T he case for investing in emerging markets seems beguilingly simple. They are growing and urbanising fast. They have young populations who aspire to consume as we do in the west. They generally have sound public finances, with no bloated welfare states or dependency cultures. So companies that are active in those markets should be able to increase profits and dividends rapidly, and their share prices should reflect that.
投资新兴市场的理由似乎简单得令人难以置信。新兴市场正处于高速增长期，城市化进程也在快速推进。新兴市场的年轻人渴望能像西方人一样消费。新兴市场国家的财政状况通常较为稳健，没有臃肿的福利制度或依赖这种制度的文化。因此，活跃于新兴市场的企业应该有能力快速提高利润和股息，它们的股价也应该反映出这一点。
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